MHF vs. APUSX
Compare and contrast key facts about Western Asset Municipal High Income Fund Inc (MHF) and Cavanal Hill Ultra Short Tax-Free Income Fund (APUSX).
MHF is managed by Franklin Templeton. It was launched on Nov 28, 1988. APUSX is managed by Cavanal Hill funds. It was launched on Dec 25, 2017.
Performance
MHF vs. APUSX - Performance Comparison
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MHF vs. APUSX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
MHF Western Asset Municipal High Income Fund Inc | 2.39% | 7.18% | 11.99% | 4.53% | -17.68% | 10.42% | 2.73% |
APUSX Cavanal Hill Ultra Short Tax-Free Income Fund | 0.21% | 3.88% | 3.65% | 2.63% | -0.18% | -0.40% | 0.15% |
Returns By Period
In the year-to-date period, MHF achieves a 2.39% return, which is significantly higher than APUSX's 0.21% return.
MHF
- 1D
- 4.20%
- 1M
- 0.22%
- YTD
- 2.39%
- 6M
- -1.14%
- 1Y
- -0.66%
- 3Y*
- 6.79%
- 5Y*
- 2.18%
- 10Y*
- 2.65%
APUSX
- 1D
- 0.00%
- 1M
- -0.10%
- YTD
- 0.21%
- 6M
- 0.87%
- 1Y
- 2.54%
- 3Y*
- 3.21%
- 5Y*
- 1.96%
- 10Y*
- —
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MHF vs. APUSX - Expense Ratio Comparison
MHF has a 0.04% expense ratio, which is lower than APUSX's 0.60% expense ratio.
Return for Risk
MHF vs. APUSX — Risk / Return Rank
MHF
APUSX
MHF vs. APUSX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Western Asset Municipal High Income Fund Inc (MHF) and Cavanal Hill Ultra Short Tax-Free Income Fund (APUSX). 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.
| MHF | APUSX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -0.04 | 2.94 | -2.98 |
Sortino ratioReturn per unit of downside risk | 0.05 | 12.78 | -12.73 |
Omega ratioGain probability vs. loss probability | 1.01 | 6.20 | -5.19 |
Calmar ratioReturn relative to maximum drawdown | -0.08 | 15.80 | -15.88 |
Martin ratioReturn relative to average drawdown | -0.12 | 57.56 | -57.68 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| MHF | APUSX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.04 | 2.94 | -2.98 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.16 | 1.60 | -1.44 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.20 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.31 | 1.40 | -1.09 |
Correlation
The correlation between MHF and APUSX is -0.01. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.
Dividends
MHF vs. APUSX - Dividend Comparison
MHF's dividend yield for the trailing twelve months is around 5.88%, more than APUSX's 2.61% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MHF Western Asset Municipal High Income Fund Inc | 5.88% | 5.93% | 5.65% | 3.78% | 3.72% | 3.23% | 3.75% | 4.02% | 4.42% | 4.14% | 4.53% | 4.45% |
APUSX Cavanal Hill Ultra Short Tax-Free Income Fund | 2.61% | 3.69% | 3.68% | 1.69% | 0.33% | 0.00% | 0.25% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Drawdowns
MHF vs. APUSX - Drawdown Comparison
The maximum MHF drawdown since its inception was -29.95%, which is greater than APUSX's maximum drawdown of -1.64%. Use the drawdown chart below to compare losses from any high point for MHF and APUSX.
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Drawdown Indicators
| MHF | APUSX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -29.95% | -1.64% | -28.31% |
Max Drawdown (1Y)Largest decline over 1 year | -10.06% | -0.20% | -9.86% |
Max Drawdown (5Y)Largest decline over 5 years | -26.72% | -1.45% | -25.27% |
Max Drawdown (10Y)Largest decline over 10 years | -26.72% | — | — |
Current DrawdownCurrent decline from peak | -5.89% | -0.10% | -5.79% |
Average DrawdownAverage peak-to-trough decline | -6.35% | -0.30% | -6.05% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.54% | 0.05% | +6.49% |
Volatility
MHF vs. APUSX - Volatility Comparison
Western Asset Municipal High Income Fund Inc (MHF) has a higher volatility of 4.84% compared to Cavanal Hill Ultra Short Tax-Free Income Fund (APUSX) at 0.10%. This indicates that MHF's price experiences larger fluctuations and is considered to be riskier than APUSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MHF | APUSX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.84% | 0.10% | +4.74% |
Volatility (6M)Calculated over the trailing 6-month period | 8.53% | 0.53% | +8.00% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.07% | 1.09% | +13.98% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.99% | 1.24% | +12.75% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.51% | 1.14% | +12.37% |