HYMAX vs. LLDYX

Last updated Jun 5, 2026

HYMAX (Lord Abbett High Income Municipal Bond Fund) and LLDYX (Lord Abbett Short Duration Income Fund) are both mutual funds - HYMAX is a High Yield Muni fund managed by Lord Abbett, while LLDYX is a Total Bond Market fund managed by Lord Abbett. Over the past 10 years, HYMAX returned 2.90%/yr vs 2.72%/yr for LLDYX. At a 0.32 correlation, their price movements are largely independent. HYMAX charges 0.77%/yr vs 0.38%/yr for LLDYX.

Performance

HYMAX vs. LLDYX - 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 Short Duration Income Fund (LLDYX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HYMAX achieves a 2.83% return, which is significantly higher than LLDYX's 0.78% return. Over the past 10 years, HYMAX has outperformed LLDYX with an annualized return of 2.90%, while LLDYX has yielded a comparatively lower 2.72% annualized return.

HYMAX

• 1D: 0.00%
• 1M: 1.06%
• YTD: 2.83%
• 6M: 3.16%
• 1Y: 7.09%
• 3Y*: 5.23%
• 5Y*: 0.15%
• 10Y*: 2.90%

LLDYX

• 1D: 0.00%
• 1M: 0.16%
• YTD: 0.78%
• 6M: 1.21%
• 1Y: 4.44%
• 3Y*: 5.19%
• 5Y*: 2.33%
• 10Y*: 2.72%

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

HYMAX vs. LLDYX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HYMAX Lord Abbett High Income Municipal Bond Fund	2.83%	2.94%	5.89%	6.85%	-17.27%	6.11%	3.50%	11.83%	3.82%	7.39%
LLDYX Lord Abbett Short Duration Income Fund	0.78%	6.19%	5.13%	5.41%	-5.35%	1.07%	3.17%	5.64%	1.47%	2.74%

Correlation

The correlation between HYMAX and LLDYX is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.48
Correlation (3Y) Calculated over the trailing 3-year period	0.47
Correlation (5Y) Calculated over the trailing 5-year period	0.45
Correlation (10Y) Calculated over the trailing 10-year period	0.41
Correlation (All Time) Calculated using the full available price history since Dec 31, 2004	0.32

The correlation between HYMAX and LLDYX shifts across timeframes, from 0.32 (all time) to 0.48 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

HYMAX vs. LLDYX — Risk / Return Rank

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

HYMAX

HYMAX Risk / Return Rank: 57
HYMAX Sharpe Ratio Rank: 53
HYMAX Sortino Ratio Rank: 68
HYMAX Omega Ratio Rank: 75
HYMAX Calmar Ratio Rank: 52
HYMAX Martin Ratio Rank: 36

LLDYX

LLDYX Risk / Return Rank: 69
LLDYX Sharpe Ratio Rank: 41
LLDYX Sortino Ratio Rank: 63
LLDYX Omega Ratio Rank: 89
LLDYX Calmar Ratio Rank: 77
LLDYX Martin Ratio Rank: 74

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.

HYMAX vs. LLDYX - 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 Short Duration Income Fund (LLDYX). 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.

	HYMAX	LLDYX	Difference
Sharpe ratio: Return per unit of total volatility	2.09	1.86	+0.23
Sortino ratio: Return per unit of downside risk	3.37	3.33	+0.05
Omega ratio: Gain probability vs. loss probability	1.48	1.65	-0.17
Calmar ratio: Return relative to maximum drawdown	2.67	3.47	-0.80
Martin ratio: Return relative to average drawdown	7.67	13.94	-6.27
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HYMAX vs. LLDYX - Sharpe Ratio Comparison

The current HYMAX Sharpe Ratio is 2.09, which is comparable to the LLDYX Sharpe Ratio of 1.86. The chart below compares the historical Sharpe Ratios of HYMAX and LLDYX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	HYMAX	LLDYX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.09	1.86	+0.23
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.03	0.86	-0.83
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.55	1.05	-0.50
Sharpe Ratio (All Time) Calculated using the full available price history	0.67	1.09	-0.42

Drawdowns

HYMAX vs. LLDYX - Drawdown Comparison

The maximum HYMAX drawdown since its inception was -39.42%, which is greater than LLDYX's maximum drawdown of -10.54%. Use the drawdown chart below to compare losses from any high point for HYMAX and LLDYX.

Drawdown Indicators

	HYMAX	LLDYX	Difference
Max Drawdown Largest peak-to-trough decline	-39.42%	-10.54%	-28.88%
Max Drawdown (1Y) Largest decline over 1 year	-2.78%	-1.29%	-1.49%
Max Drawdown (3Y) Largest decline over 3 years	-7.51%	-1.29%	-6.22%
Max Drawdown (5Y) Largest decline over 5 years	-22.85%	-7.43%	-15.42%
Max Drawdown (10Y) Largest decline over 10 years	-22.85%	-9.67%	-13.18%
Current Drawdown Current decline from peak	-1.24%	-0.26%	-0.98%
Average Drawdown Average peak-to-trough decline	-6.16%	-1.20%	-4.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.97%	0.32%	+0.65%

Volatility

HYMAX vs. LLDYX - Volatility Comparison

Lord Abbett High Income Municipal Bond Fund (HYMAX) has a higher volatility of 1.24% compared to Lord Abbett Short Duration Income Fund (LLDYX) at 0.73%. This indicates that HYMAX's price experiences larger fluctuations and is considered to be riskier than LLDYX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HYMAX	LLDYX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.24%	0.73%	+0.51%
Volatility (6M) Calculated over the trailing 6-month period	2.55%	1.68%	+0.87%
Volatility (1Y) Calculated over the trailing 1-year period	3.56%	2.40%	+1.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.16%	2.74%	+2.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.29%	2.59%	+2.70%

HYMAX vs. LLDYX - Expense Ratio Comparison

HYMAX has a 0.77% expense ratio, which is higher than LLDYX's 0.38% expense ratio.

Dividends

HYMAX vs. LLDYX - Dividend Comparison

HYMAX's dividend yield for the trailing twelve months is around 4.80%, less than LLDYX's 5.16% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HYMAX Lord Abbett High Income Municipal Bond Fund	4.80%	5.58%	4.04%	3.81%	2.88%	2.78%	3.46%	4.11%	4.01%	4.08%	4.55%	4.64%
LLDYX Lord Abbett Short Duration Income Fund	5.16%	5.21%	4.73%	4.71%	2.58%	2.52%	3.06%	3.79%	4.11%	3.90%	4.15%	4.15%

Frequently Asked Questions

Can I hold both HYMAX and LLDYX in my portfolio?

HYMAX and LLDYX have a correlation of 0.48, 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 LLDYX?

HYMAX has higher volatility (1.24%) compared to LLDYX (0.73%). In terms of maximum drawdown, HYMAX dropped -39.42% vs LLDYX's -10.54%.

Which has better risk-adjusted returns?

HYMAX currently has the higher Sharpe Ratio (2.09 vs 1.86), 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.