MISHX vs. AGDAX

Last updated Jun 5, 2026

MISHX (AB Municipal Income Shares) and AGDAX (AB High Income Fund) are both mutual funds - MISHX is a High Yield Muni fund managed by AllianceBernstein, while AGDAX is a High Yield Bonds fund managed by AllianceBernstein. Over the past 10 years, MISHX returned 3.67%/yr vs 4.63%/yr for AGDAX. At a 0.34 correlation, their price movements are largely independent. MISHX charges 0.00%/yr vs 0.84%/yr for AGDAX.

Performance

MISHX vs. AGDAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AB Municipal Income Shares (MISHX) and AB High Income Fund (AGDAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MISHX achieves a 2.04% return, which is significantly higher than AGDAX's 1.78% return. Over the past 10 years, MISHX has underperformed AGDAX with an annualized return of 3.67%, while AGDAX has yielded a comparatively higher 4.63% annualized return.

MISHX

• 1D: -0.09%
• 1M: 0.78%
• YTD: 2.04%
• 6M: 2.35%
• 1Y: 7.87%
• 3Y*: 5.88%
• 5Y*: 1.60%
• 10Y*: 3.67%

AGDAX

• 1D: -0.29%
• 1M: 0.42%
• YTD: 1.78%
• 6M: 2.35%
• 1Y: 7.21%
• 3Y*: 8.91%
• 5Y*: 3.69%
• 10Y*: 4.63%

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

MISHX vs. AGDAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MISHX AB Municipal Income Shares	2.04%	6.41%	5.29%	6.24%	-12.77%	6.81%	6.22%	11.52%	0.80%	9.59%
AGDAX AB High Income Fund	1.78%	8.06%	7.36%	13.63%	-12.45%	3.87%	2.91%	13.71%	-5.29%	7.94%

Correlation

The correlation between MISHX and AGDAX 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	0.57
Correlation (5Y) Calculated over the trailing 5-year period	0.52
Correlation (10Y) Calculated over the trailing 10-year period	0.40
Correlation (All Time) Calculated using the full available price history since Aug 6, 2012	0.34

The correlation between MISHX and AGDAX shifts across timeframes, from 0.34 (all time) to 0.57 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

MISHX vs. AGDAX — Risk / Return Rank

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

MISHX

MISHX Risk / Return Rank: 68
MISHX Sharpe Ratio Rank: 73
MISHX Sortino Ratio Rank: 84
MISHX Omega Ratio Rank: 88
MISHX Calmar Ratio Rank: 49
MISHX Martin Ratio Rank: 45

AGDAX

AGDAX Risk / Return Rank: 67
AGDAX Sharpe Ratio Rank: 57
AGDAX Sortino Ratio Rank: 82
AGDAX Omega Ratio Rank: 79
AGDAX Calmar Ratio Rank: 49
AGDAX Martin Ratio Rank: 69

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.

MISHX vs. AGDAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AB Municipal Income Shares (MISHX) and AB High Income Fund (AGDAX). 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.

	MISHX	AGDAX	Difference
Sharpe ratio: Return per unit of total volatility	2.49	2.22	+0.27
Sortino ratio: Return per unit of downside risk	4.06	3.94	+0.12
Omega ratio: Gain probability vs. loss probability	1.63	1.52	+0.11
Calmar ratio: Return relative to maximum drawdown	2.65	2.68	-0.02
Martin ratio: Return relative to average drawdown	9.45	13.18	-3.72
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MISHX vs. AGDAX - Sharpe Ratio Comparison

The current MISHX Sharpe Ratio is 2.49, which is comparable to the AGDAX Sharpe Ratio of 2.22. The chart below compares the historical Sharpe Ratios of MISHX and AGDAX, 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

	MISHX	AGDAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.49	2.22	+0.27
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.32	0.75	-0.43
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.71	0.82	-0.11
Sharpe Ratio (All Time) Calculated using the full available price history	0.93	0.87	+0.06

Drawdowns

MISHX vs. AGDAX - Drawdown Comparison

The maximum MISHX drawdown since its inception was -19.03%, smaller than the maximum AGDAX drawdown of -45.59%. Use the drawdown chart below to compare losses from any high point for MISHX and AGDAX.

Drawdown Indicators

	MISHX	AGDAX	Difference
Max Drawdown Largest peak-to-trough decline	-19.03%	-45.59%	+26.56%
Max Drawdown (1Y) Largest decline over 1 year	-3.09%	-2.76%	-0.33%
Max Drawdown (3Y) Largest decline over 3 years	-7.89%	-4.24%	-3.65%
Max Drawdown (5Y) Largest decline over 5 years	-18.20%	-16.96%	-1.24%
Max Drawdown (10Y) Largest decline over 10 years	-19.03%	-25.82%	+6.79%
Current Drawdown Current decline from peak	-0.21%	-0.29%	+0.08%
Average Drawdown Average peak-to-trough decline	-3.41%	-4.47%	+1.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.87%	0.56%	+0.31%

Volatility

MISHX vs. AGDAX - Volatility Comparison

AB Municipal Income Shares (MISHX) has a higher volatility of 1.34% compared to AB High Income Fund (AGDAX) at 1.01%. This indicates that MISHX's price experiences larger fluctuations and is considered to be riskier than AGDAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MISHX	AGDAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.34%	1.01%	+0.33%
Volatility (6M) Calculated over the trailing 6-month period	2.47%	2.61%	-0.14%
Volatility (1Y) Calculated over the trailing 1-year period	3.29%	3.33%	-0.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.00%	4.93%	+0.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.19%	5.65%	-0.46%

MISHX vs. AGDAX - Expense Ratio Comparison

MISHX has a 0.00% expense ratio, which is lower than AGDAX's 0.84% expense ratio.

Dividends

MISHX vs. AGDAX - Dividend Comparison

MISHX's dividend yield for the trailing twelve months is around 4.81%, less than AGDAX's 6.70% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AGDAX AB High Income Fund	6.70%	6.85%	5.89%	6.53%	6.79%	4.95%	5.86%	6.27%	7.47%	5.84%	6.25%	7.42%
MISHX AB Municipal Income Shares	4.81%	6.23%	4.80%	3.23%	3.75%	2.77%	3.56%	3.98%	3.77%	3.78%	4.25%	4.38%

Frequently Asked Questions

Can I hold both MISHX and AGDAX in my portfolio?

MISHX and AGDAX 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, MISHX or AGDAX?

MISHX has higher volatility (1.34%) compared to AGDAX (1.01%). In terms of maximum drawdown, MISHX dropped -19.03% vs AGDAX's -45.59%.

Which has better risk-adjusted returns?

MISHX currently has the higher Sharpe Ratio (2.49 vs 2.22), 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.