MISHX vs. ASILX

Last updated Jun 5, 2026

MISHX (AB Municipal Income Shares) and ASILX (AB Select US Long/Short Portfolio) are both mutual funds - MISHX is a High Yield Muni fund managed by AllianceBernstein, while ASILX is a Long-Short fund managed by AllianceBernstein. Over the past 10 years, MISHX returned 3.67%/yr vs 9.09%/yr for ASILX. At a correlation of -0.02, they often move in opposite directions. MISHX charges 0.00%/yr vs 1.55%/yr for ASILX.

Performance

MISHX vs. ASILX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AB Municipal Income Shares (MISHX) and AB Select US Long/Short Portfolio (ASILX). 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 lower than ASILX's 4.55% return. Over the past 10 years, MISHX has underperformed ASILX with an annualized return of 3.67%, while ASILX has yielded a comparatively higher 9.09% 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%

ASILX

• 1D: -0.39%
• 1M: 2.02%
• YTD: 4.55%
• 6M: 4.68%
• 1Y: 13.25%
• 3Y*: 13.21%
• 5Y*: 7.82%
• 10Y*: 9.09%

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

MISHX vs. ASILX - 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%
ASILX AB Select US Long/Short Portfolio	4.55%	9.77%	18.46%	11.06%	-9.94%	17.81%	10.23%	17.17%	-1.61%	12.61%

Correlation

The correlation between MISHX and ASILX is 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.16
Correlation (3Y) Calculated over the trailing 3-year period	0.13
Correlation (5Y) Calculated over the trailing 5-year period	0.10
Correlation (10Y) Calculated over the trailing 10-year period	0.02
Correlation (All Time) Calculated using the full available price history since Dec 14, 2012	-0.02

The correlation between MISHX and ASILX shifts across timeframes, from -0.02 (all time) to 0.16 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

MISHX vs. ASILX — 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

ASILX

ASILX Risk / Return Rank: 76
ASILX Sharpe Ratio Rank: 74
ASILX Sortino Ratio Rank: 72
ASILX Omega Ratio Rank: 73
ASILX Calmar Ratio Rank: 81
ASILX Martin Ratio Rank: 79

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. ASILX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AB Municipal Income Shares (MISHX) and AB Select US Long/Short Portfolio (ASILX). 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	ASILX	Difference
Sharpe ratio: Return per unit of total volatility	2.49	2.48	+0.01
Sortino ratio: Return per unit of downside risk	4.06	3.53	+0.54
Omega ratio: Gain probability vs. loss probability	1.63	1.48	+0.15
Calmar ratio: Return relative to maximum drawdown	2.65	3.66	-1.01
Martin ratio: Return relative to average drawdown	9.45	14.52	-5.07
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. ASILX - Sharpe Ratio Comparison

The current MISHX Sharpe Ratio is 2.49, which is comparable to the ASILX Sharpe Ratio of 2.48. The chart below compares the historical Sharpe Ratios of MISHX and ASILX, 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	ASILX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.49	2.48	+0.01
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.32	0.99	-0.67
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.71	0.98	-0.27
Sharpe Ratio (All Time) Calculated using the full available price history	0.93	0.96	-0.03

Drawdowns

MISHX vs. ASILX - Drawdown Comparison

The maximum MISHX drawdown since its inception was -19.03%, roughly equal to the maximum ASILX drawdown of -18.36%. Use the drawdown chart below to compare losses from any high point for MISHX and ASILX.

Drawdown Indicators

	MISHX	ASILX	Difference
Max Drawdown Largest peak-to-trough decline	-19.03%	-18.36%	-0.67%
Max Drawdown (1Y) Largest decline over 1 year	-3.09%	-3.61%	+0.52%
Max Drawdown (3Y) Largest decline over 3 years	-7.89%	-7.94%	+0.05%
Max Drawdown (5Y) Largest decline over 5 years	-18.20%	-12.30%	-5.90%
Max Drawdown (10Y) Largest decline over 10 years	-19.03%	-18.36%	-0.67%
Current Drawdown Current decline from peak	-0.21%	-0.39%	+0.18%
Average Drawdown Average peak-to-trough decline	-3.41%	-2.46%	-0.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.87%	0.91%	-0.04%

Volatility

MISHX vs. ASILX - Volatility Comparison

AB Municipal Income Shares (MISHX) and AB Select US Long/Short Portfolio (ASILX) have volatilities of 1.34% and 1.33%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MISHX	ASILX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.34%	1.33%	+0.01%
Volatility (6M) Calculated over the trailing 6-month period	2.47%	3.50%	-1.03%
Volatility (1Y) Calculated over the trailing 1-year period	3.29%	5.33%	-2.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.00%	7.96%	-2.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.19%	9.29%	-4.10%

MISHX vs. ASILX - Expense Ratio Comparison

MISHX has a 0.00% expense ratio, which is lower than ASILX's 1.55% expense ratio.

Dividends

MISHX vs. ASILX - Dividend Comparison

MISHX's dividend yield for the trailing twelve months is around 4.81%, less than ASILX's 12.58% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ASILX AB Select US Long/Short Portfolio	12.58%	13.15%	7.18%	1.41%	6.51%	11.92%	4.28%	3.54%	8.71%	5.03%	0.00%	3.35%
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 ASILX in my portfolio?

MISHX and ASILX have a correlation of 0.16, 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 ASILX?

MISHX has higher volatility (1.34%) compared to ASILX (1.33%). In terms of maximum drawdown, MISHX dropped -19.03% vs ASILX's -18.36%.

Which has better risk-adjusted returns?

MISHX currently has the higher Sharpe Ratio (2.49 vs 2.48), 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.