HYFI vs. CAM

Last updated Jun 4, 2026

HYFI (AB High Yield ETF) and CAM (AB California Intermediate Municipal ETF) are both exchange-traded funds - HYFI is a High Yield Bonds fund actively managed by AllianceBernstein, while CAM is a Municipal Bonds fund actively managed by AllianceBernstein. Both are actively managed. At a 0.33 correlation, their price movements are largely independent. HYFI charges 0.40%/yr vs 0.27%/yr for CAM.

Performance

HYFI vs. CAM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AB High Yield ETF (HYFI) and AB California Intermediate Municipal ETF (CAM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HYFI achieves a 1.95% return, which is significantly higher than CAM's 1.29% return.

HYFI

• 1D: -0.24%
• 1M: 0.55%
• YTD: 1.95%
• 6M: 2.21%
• 1Y: 7.81%
• 3Y*: 9.12%
• 5Y*: —
• 10Y*: —

CAM

• 1D: 0.00%
• 1M: 0.60%
• YTD: 1.29%
• 6M: 1.75%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

HYFI vs. CAM - Yearly Performance Comparison

	2026 (YTD)	2025
HYFI AB High Yield ETF	1.95%	1.29%
CAM AB California Intermediate Municipal ETF	1.29%	1.17%

Correlation

The correlation between HYFI and CAM is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 7, 2025	0.33

Return for Risk

HYFI vs. CAM — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

HYFI

HYFI Risk / Return Rank: 65
HYFI Sharpe Ratio Rank: 59
HYFI Sortino Ratio Rank: 67
HYFI Omega Ratio Rank: 63
HYFI Calmar Ratio Rank: 64
HYFI Martin Ratio Rank: 75

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

HYFI vs. CAM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AB High Yield ETF (HYFI) and AB California Intermediate Municipal ETF (CAM). 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.

	HYFI	CAM	Difference
Sharpe ratio: Return per unit of total volatility	1.99	—	—
Sortino ratio: Return per unit of downside risk	3.08	—	—
Omega ratio: Gain probability vs. loss probability	1.38	—	—
Calmar ratio: Return relative to maximum drawdown	3.15	—	—
Martin ratio: Return relative to average drawdown	14.18	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	HYFI	CAM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.99	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.70	1.80	-0.10

Drawdowns

HYFI vs. CAM - Drawdown Comparison

The maximum HYFI drawdown since its inception was -6.34%, which is greater than CAM's maximum drawdown of -2.19%. Use the drawdown chart below to compare losses from any high point for HYFI and CAM.

Drawdown Indicators

	HYFI	CAM	Difference
Max Drawdown Largest peak-to-trough decline	-6.34%	-2.19%	-4.15%
Max Drawdown (1Y) Largest decline over 1 year	-2.49%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-6.34%	—	—
Current Drawdown Current decline from peak	-0.24%	-0.58%	+0.34%
Average Drawdown Average peak-to-trough decline	-0.51%	-0.51%	0.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.55%	—	—

Volatility

Volatility by Period

	HYFI	CAM	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.09%	—	—
Volatility (6M) Calculated over the trailing 6-month period	3.10%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	3.95%	2.12%	+1.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.36%	2.12%	+3.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.36%	2.12%	+3.24%

HYFI vs. CAM - Expense Ratio Comparison

HYFI has a 0.40% expense ratio, which is higher than CAM's 0.27% expense ratio.

Dividends

HYFI vs. CAM - Dividend Comparison

HYFI's dividend yield for the trailing twelve months is around 6.64%, more than CAM's 2.25% yield.

Position	TTM	2025	2024	2023
CAM AB California Intermediate Municipal ETF	2.25%	0.87%	0.00%	0.00%
HYFI AB High Yield ETF	6.64%	6.66%	6.57%	4.17%

Frequently Asked Questions

Can I hold both HYFI and CAM in my portfolio?

HYFI and CAM have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, HYFI or CAM?

On fees, CAM is cheaper at 0.27% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HYFI or CAM?

CAM is cheaper with a 0.27% expense ratio, compared with 0.40% for HYFI.

Which ETF pays a higher dividend yield, HYFI or CAM?

HYFI has the higher dividend yield at 6.64%, compared with 2.25% for CAM.

What is the main difference between HYFI and CAM?

HYFI is categorized as High Yield Bonds, while CAM is Municipal Bonds. Their fees differ too: 0.40% for HYFI and 0.27% for CAM.