HYMAX vs. LAFFX

Last updated Aug 1, 2026

HYMAX (Lord Abbett High Income Municipal Bond Fund) and LAFFX (Lord Abbett Affiliated Fund) are both mutual funds - HYMAX is a High Yield Muni fund managed by Lord Abbett, while LAFFX is a Large Cap Value Equities fund managed by Lord Abbett. Over the past 10 years, HYMAX returned 2.55%/yr vs 10.64%/yr for LAFFX. Their -0.00 correlation means they have often moved in opposite directions in the past. HYMAX charges 0.77%/yr vs 0.71%/yr for LAFFX.

Performance

HYMAX vs. LAFFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Lord Abbett High Income Municipal Bond Fund (HYMAX) and Lord Abbett Affiliated Fund (LAFFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HYMAX achieves a 2.00% return, which is significantly lower than LAFFX's 11.98% return. Over the past 10 years, HYMAX has underperformed LAFFX with an annualized return of 2.55%, while LAFFX has yielded a comparatively higher 10.64% annualized return.

HYMAX

• 1D: -0.38%
• 1M: -2.04%
• 6M: 1.10%
• YTD: 2.00%
• 1Y: 6.89%
• 3Y*: 4.32%
• 5Y*: -0.39%
• 10Y*: 2.55%
• ALL TIME*: 3.17%

LAFFX

• 1D: 0.36%
• 1M: 0.00%
• 6M: 7.16%
• YTD: 11.98%
• 1Y: 21.64%
• 3Y*: 16.98%
• 5Y*: 10.42%
• 10Y*: 10.64%
• ALL TIME*: 8.13%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
HYMAX Lord Abbett High Income Municipal Bond Fund	$0.00	$0.00	$0.00
LAFFX Lord Abbett Affiliated Fund	$0.00	$0.00	$0.00

HYMAX vs. LAFFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HYMAX Lord Abbett High Income Municipal Bond Fund	2.00%	2.94%	5.89%	6.85%	-17.27%	6.11%	3.50%	11.83%	3.82%	7.39%
LAFFX Lord Abbett Affiliated Fund	11.98%	15.75%	17.30%	10.50%	-9.80%	26.77%	-1.29%	25.24%	-7.59%	16.16%

Correlation

The correlation between HYMAX and LAFFX is 0.20, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.20
Correlation (3Y) Balances recent behavior with more history.	0.17
Correlation (5Y) Shows whether the relationship held over a longer period.	0.11
Correlation (10Y) Provides a long-term view across more market conditions.	0.03
Correlation (All Time) Calculated using the full available price history since Dec 30, 2004	-0.00

The correlation between HYMAX and LAFFX shifts across timeframes, from -0.00 (all time) to 0.20 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

HYMAX vs. LAFFX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

HYMAX

HYMAX Risk / Return Rank: 89
HYMAX Sharpe Ratio Rank: 91
HYMAX Sortino Ratio Rank: 93
HYMAX Omega Ratio Rank: 94
HYMAX Calmar Ratio Rank: 84
HYMAX Martin Ratio Rank: 83

LAFFX

LAFFX Risk / Return Rank: 80
LAFFX Sharpe Ratio Rank: 79
LAFFX Sortino Ratio Rank: 77
LAFFX Omega Ratio Rank: 75
LAFFX Calmar Ratio Rank: 80
LAFFX Martin Ratio Rank: 87

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

HYMAX vs. LAFFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Lord Abbett High Income Municipal Bond Fund (HYMAX) and Lord Abbett Affiliated Fund (LAFFX). 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.

	HYMAX	LAFFX	Difference
Sharpe ratio: Return per unit of total volatility	2.35	1.84	+0.51
Sortino ratio: Return per unit of downside risk	3.74	2.62	+1.13
Omega ratio: Gain probability vs. loss probability	1.55	1.33	+0.22
Calmar ratio: Return relative to maximum drawdown	2.95	2.63	+0.32
Martin ratio: Return relative to average drawdown	10.67	11.03	-0.36

HYMAX vs. LAFFX - Sharpe Ratio Comparison

The current HYMAX Sharpe Ratio is 2.35, which is comparable to the LAFFX Sharpe Ratio of 1.84. The chart below compares the historical Sharpe Ratios of HYMAX and LAFFX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

HYMAX vs. LAFFX - Drawdown Comparison

The maximum HYMAX drawdown since its inception was -39.42%, smaller than the maximum LAFFX drawdown of -60.50%. Use the drawdown chart below to compare losses from any high point for HYMAX and LAFFX.

Drawdown Indicators

	HYMAX	LAFFX	Difference
Max Drawdown Largest peak-to-trough decline	-39.42%	-60.50%	+21.08%
Max Drawdown (1Y) Largest decline over 1 year	-2.78%	-7.59%	+4.81%
Max Drawdown (3Y) Largest decline over 3 years	-6.78%	-15.38%	+8.60%
Max Drawdown (5Y) Largest decline over 5 years	-22.85%	-19.50%	-3.35%
Max Drawdown (10Y) Largest decline over 10 years	-22.85%	-39.59%	+16.74%
Current Drawdown Current decline from peak	-2.04%	-1.24%	-0.80%
Average Drawdown Average peak-to-trough decline	-6.13%	-8.99%	+2.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.77%	1.81%	-1.04%

Volatility

HYMAX vs. LAFFX - Volatility Comparison

The current volatility for Lord Abbett High Income Municipal Bond Fund (HYMAX) is 0.98%, while Lord Abbett Affiliated Fund (LAFFX) has a volatility of 2.47%. This indicates that HYMAX experiences smaller price fluctuations and is considered to be less risky than LAFFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HYMAX	LAFFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.98%	2.47%	-1.49%
Volatility (6M) Calculated over the trailing 6-month period	2.70%	8.39%	-5.69%
Volatility (1Y) Calculated over the trailing 1-year period	3.50%	10.86%	-7.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.18%	14.52%	-9.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.30%	17.38%	-12.08%

HYMAX vs. LAFFX - Expense Ratio Comparison

HYMAX has a 0.77% expense ratio, which is higher than LAFFX's 0.71% expense ratio.

Dividends

HYMAX vs. LAFFX - Dividend Comparison

HYMAX's dividend yield for the trailing twelve months is around 4.48%, less than LAFFX's 6.41% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HYMAX Lord Abbett High Income Municipal Bond Fund	4.48%	5.58%	4.04%	3.81%	2.88%	2.78%	3.46%	4.11%	4.01%	4.08%	4.55%	4.64%
LAFFX Lord Abbett Affiliated Fund	6.41%	7.49%	6.32%	1.69%	7.86%	3.86%	1.93%	4.31%	11.75%	11.96%	7.76%	10.67%

Frequently Asked Questions

Can I hold both HYMAX and LAFFX in my portfolio?

HYMAX and LAFFX have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HYMAX or LAFFX?

LAFFX has higher volatility (2.47%) compared to HYMAX (0.98%). In terms of maximum drawdown, HYMAX dropped -39.42% vs LAFFX's -60.50%.

Which has better risk-adjusted returns?

HYMAX currently has the higher Sharpe Ratio (2.35 vs 1.84), 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.