JCBCX vs. AFB

Last updated Aug 1, 2026

JCBCX (JPMorgan California Tax Free Bond Fund Class C) and AFB (AllianceBernstein National Municipal Income Fund) are both Municipal Bonds funds. JCBCX is passively managed, while AFB is actively managed. Their 0.26 correlation means their historical movements had little consistent relationship. JCBCX charges 1.05%/yr vs 1.56%/yr for AFB.

Performance

JCBCX vs. AFB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPMorgan California Tax Free Bond Fund Class C (JCBCX) and AllianceBernstein National Municipal Income Fund (AFB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

JCBCX

• 1D: —
• 1M: —
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

AFB

• 1D: -0.27%
• 1M: -4.48%
• 6M: 2.19%
• YTD: 3.80%
• 1Y: 12.65%
• 3Y*: 5.36%
• 5Y*: -2.26%
• 10Y*: 1.28%
• ALL TIME*: 4.34%

*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)
AFB AllianceBernstein National Municipal Income Fund	$822.75K	$888.16K	$1.06M

JCBCX vs. AFB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
JCBCX JPMorgan California Tax Free Bond Fund Class C	0.70%	2.85%	0.87%	4.30%	-7.11%	-0.68%	3.42%	5.13%	0.66%	2.97%
AFB AllianceBernstein National Municipal Income Fund	3.80%	4.41%	4.10%	7.41%	-25.93%	7.25%	7.80%	20.13%	-5.43%	6.15%

Correlation

The correlation between JCBCX and AFB is 0.34, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.34
Correlation (3Y) Balances recent behavior with more history.	0.49
Correlation (5Y) Shows whether the relationship held over a longer period.	0.42
Correlation (10Y) Provides a long-term view across more market conditions.	0.35
Correlation (All Time) Calculated using the full available price history since Feb 18, 2005	0.26

The correlation between JCBCX and AFB shifts across timeframes, from 0.26 (all time) to 0.49 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

JCBCX vs. AFB — Risk / Return Rank

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

JCBCX

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

AFB

AFB Risk / Return Rank: 65
AFB Sharpe Ratio Rank: 66
AFB Sortino Ratio Rank: 73
AFB Omega Ratio Rank: 67
AFB Calmar Ratio Rank: 65
AFB Martin Ratio Rank: 56

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.

JCBCX vs. AFB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan California Tax Free Bond Fund Class C (JCBCX) and AllianceBernstein National Municipal Income Fund (AFB). 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.

	JCBCX	AFB	Difference
Sharpe ratio: Return per unit of total volatility	—	1.60	—
Sortino ratio: Return per unit of downside risk	—	2.52	—
Omega ratio: Gain probability vs. loss probability	—	1.30	—
Calmar ratio: Return relative to maximum drawdown	—	2.23	—
Martin ratio: Return relative to average drawdown	—	7.64	—

Drawdowns

Drawdown Indicators

	JCBCX	AFB	Difference
Max Drawdown Largest peak-to-trough decline	—	-50.98%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-5.96%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-15.10%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-35.17%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-35.17%	—
Current Drawdown Current decline from peak	—	-11.61%	—
Average Drawdown Average peak-to-trough decline	—	-8.98%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.73%	—

Volatility

Volatility by Period

	JCBCX	AFB	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	2.67%	—
Volatility (6M) Calculated over the trailing 6-month period	—	6.60%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	8.32%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	11.04%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	11.23%	—

JCBCX vs. AFB - Expense Ratio Comparison

JCBCX has a 1.05% expense ratio, which is lower than AFB's 1.56% expense ratio.

Dividends

JCBCX vs. AFB - Dividend Comparison

JCBCX's dividend yield for the trailing twelve months is around 2.10%, less than AFB's 5.37% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AFB AllianceBernstein National Municipal Income Fund	5.37%	4.72%	3.83%	3.62%	5.26%	4.32%	4.18%	3.93%	4.53%	4.71%	5.34%	5.80%
JCBCX JPMorgan California Tax Free Bond Fund Class C	2.10%	2.39%	2.35%	1.90%	1.38%	0.95%	1.08%	1.72%	2.16%	2.09%	1.99%	2.51%

Frequently Asked Questions

Can I hold both JCBCX and AFB in my portfolio?

JCBCX and AFB have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.