CWBFX vs. ASBAX
CWBFX (American Funds Capital World Bond Fund) and ASBAX (American Funds Short-Term Bond Fund of America) are both mutual funds - CWBFX is a Global Bonds fund managed by American Funds, while ASBAX is a Short-Term Bond fund managed by American Funds. Over the past 10 years, CWBFX returned 0.04%/yr vs 1.60%/yr for ASBAX. At a 0.45 correlation, their price movements are largely independent. CWBFX charges 0.95%/yr vs 0.66%/yr for ASBAX.
Performance
CWBFX vs. ASBAX - Performance Comparison
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Returns By Period
In the year-to-date period, CWBFX achieves a -1.51% return, which is significantly lower than ASBAX's 0.34% return. Over the past 10 years, CWBFX has underperformed ASBAX with an annualized return of 0.04%, while ASBAX has yielded a comparatively higher 1.60% annualized return.
CWBFX
- 1D
- 0.13%
- 1M
- -0.79%
- 6M
- -1.39%
- YTD
- -1.51%
- 1Y
- 0.30%
- 3Y*
- 2.44%
- 5Y*
- -2.62%
- 10Y*
- 0.04%
ASBAX
- 1D
- 0.00%
- 1M
- 0.10%
- 6M
- 0.45%
- YTD
- 0.34%
- 1Y
- 2.71%
- 3Y*
- 4.21%
- 5Y*
- 1.65%
- 10Y*
- 1.60%
CWBFX vs. ASBAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CWBFX American Funds Capital World Bond Fund | -1.51% | 7.78% | -3.25% | 5.81% | -17.52% | -5.17% | 9.91% | 7.66% | -1.81% | 7.26% |
ASBAX American Funds Short-Term Bond Fund of America | 0.34% | 5.05% | 4.31% | 3.60% | -4.16% | -0.88% | 3.53% | 2.81% | 1.10% | 0.91% |
Correlation
The correlation between CWBFX and ASBAX is 0.52, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.52 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.57 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.60 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.52 |
Correlation (All Time) Calculated using the full available price history since Oct 4, 2006 | 0.45 |
The correlation between CWBFX and ASBAX shifts across timeframes, from 0.45 (all time) to 0.60 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
CWBFX vs. ASBAX — Risk / Return Rank
CWBFX
ASBAX
CWBFX vs. ASBAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for American Funds Capital World Bond Fund (CWBFX) and American Funds Short-Term Bond Fund of America (ASBAX). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| CWBFX | ASBAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.49 | ||
| Sortino ratioReturn per unit of downside risk | -2.56 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 1.34 | -0.34 |
| Calmar ratioReturn relative to maximum drawdown | -0.02 | 2.19 | -2.21 |
| Martin ratioReturn relative to average drawdown | -0.04 | 7.75 | -7.79 |
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Drawdowns
CWBFX vs. ASBAX - Drawdown Comparison
The maximum CWBFX drawdown since its inception was -27.91%, which is greater than ASBAX's maximum drawdown of -6.29%. Use the drawdown chart below to compare losses from any high point for CWBFX and ASBAX.
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Drawdown Indicators
| CWBFX | ASBAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -27.91% | -6.29% | -21.62% |
Max Drawdown (1Y)Largest decline over 1 year | -4.45% | -1.24% | -3.21% |
Max Drawdown (3Y)Largest decline over 3 years | -7.69% | -1.24% | -6.45% |
Max Drawdown (5Y)Largest decline over 5 years | -26.34% | -6.03% | -20.31% |
Max Drawdown (10Y)Largest decline over 10 years | -27.91% | -6.29% | -21.62% |
Current DrawdownCurrent decline from peak | -15.22% | -0.34% | -14.88% |
Average DrawdownAverage peak-to-trough decline | -4.21% | -0.68% | -3.53% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.81% | 0.35% | +1.46% |
Volatility
CWBFX vs. ASBAX - Volatility Comparison
American Funds Capital World Bond Fund (CWBFX) has a higher volatility of 1.32% compared to American Funds Short-Term Bond Fund of America (ASBAX) at 0.58%. This indicates that CWBFX's price experiences larger fluctuations and is considered to be riskier than ASBAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CWBFX | ASBAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.32% | 0.58% | +0.74% |
Volatility (6M)Calculated over the trailing 6-month period | 3.98% | 1.43% | +2.55% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.94% | 1.85% | +3.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.59% | 2.25% | +4.34% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.65% | 1.84% | +3.81% |
CWBFX vs. ASBAX - Expense Ratio Comparison
CWBFX has a 0.95% expense ratio, which is higher than ASBAX's 0.66% expense ratio.
Dividends
CWBFX vs. ASBAX - Dividend Comparison
CWBFX's dividend yield for the trailing twelve months is around 3.82%, more than ASBAX's 3.75% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ASBAX American Funds Short-Term Bond Fund of America | 3.75% | 3.87% | 3.99% | 2.88% | 1.02% | 0.42% | 2.08% | 1.66% | 1.70% | 1.21% | 0.83% | 1.21% |
CWBFX American Funds Capital World Bond Fund | 3.82% | 2.68% | 3.01% | 2.47% | 1.99% | 2.63% | 3.18% | 2.26% | 1.87% | 1.80% | 2.05% | 0.58% |
Frequently Asked Questions
CWBFX and ASBAX have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CWBFX has higher volatility (1.32%) compared to ASBAX (0.58%). In terms of maximum drawdown, CWBFX dropped -27.91% vs ASBAX's -6.29%.
ASBAX currently has the higher Sharpe Ratio (1.48 vs -0.01), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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