MISHX vs. PRFHX
MISHX (AB Municipal Income Shares) and PRFHX (T. Rowe Price Tax Free High Yield Fund) are both High Yield Muni funds. Over the past 10 years, MISHX returned 3.50%/yr vs 2.91%/yr for PRFHX. Their correlation of 0.85 suggests significant overlap in exposure. MISHX charges 0.00%/yr vs 0.63%/yr for PRFHX.
Performance
MISHX vs. PRFHX - Performance Comparison
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Returns By Period
In the year-to-date period, MISHX achieves a 2.54% return, which is significantly lower than PRFHX's 3.61% return. Over the past 10 years, MISHX has outperformed PRFHX with an annualized return of 3.50%, while PRFHX has yielded a comparatively lower 2.91% annualized return.
MISHX
- 1D
- 0.00%
- 1M
- 0.58%
- 6M
- 2.08%
- YTD
- 2.54%
- 1Y
- 7.99%
- 3Y*
- 6.22%
- 5Y*
- 1.47%
- 10Y*
- 3.50%
PRFHX
- 1D
- 0.00%
- 1M
- 0.79%
- 6M
- 3.05%
- YTD
- 3.61%
- 1Y
- 11.12%
- 3Y*
- 6.80%
- 5Y*
- 1.64%
- 10Y*
- 2.91%
MISHX vs. PRFHX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MISHX AB Municipal Income Shares | 2.54% | 6.41% | 5.29% | 6.24% | -12.77% | 6.81% | 6.22% | 11.52% | 0.80% | 9.59% |
PRFHX T. Rowe Price Tax Free High Yield Fund | 3.61% | 5.53% | 7.00% | 7.65% | -14.41% | 6.09% | 3.40% | 9.03% | 0.66% | 7.31% |
Correlation
The correlation between MISHX and PRFHX is 0.79, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.79 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.86 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.89 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.87 |
Correlation (All Time) Calculated using the full available price history since Aug 3, 2012 | 0.85 |
The correlation between MISHX and PRFHX has been stable across timeframes, ranging from 0.79 to 0.89 - a consistent structural relationship.
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Return for Risk
MISHX vs. PRFHX — Risk / Return Rank
MISHX
PRFHX
MISHX vs. PRFHX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for AB Municipal Income Shares (MISHX) and T. Rowe Price Tax Free High Yield Fund (PRFHX). 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.
| MISHX | PRFHX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.96 | ||
| Sortino ratioReturn per unit of downside risk | -1.61 | ||
| Omega ratioGain probability vs. loss probability | 1.60 | 1.81 | -0.22 |
| Calmar ratioReturn relative to maximum drawdown | 2.53 | 4.06 | -1.53 |
| Martin ratioReturn relative to average drawdown | 9.33 | 16.29 | -6.95 |
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Drawdowns
MISHX vs. PRFHX - Drawdown Comparison
The maximum MISHX drawdown since its inception was -19.03%, smaller than the maximum PRFHX drawdown of -24.76%. Use the drawdown chart below to compare losses from any high point for MISHX and PRFHX.
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Drawdown Indicators
| MISHX | PRFHX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.03% | -24.76% | +5.73% |
Max Drawdown (1Y)Largest decline over 1 year | -3.09% | -2.75% | -0.34% |
Max Drawdown (3Y)Largest decline over 3 years | -7.89% | -6.91% | -0.98% |
Max Drawdown (5Y)Largest decline over 5 years | -18.20% | -18.81% | +0.61% |
Max Drawdown (10Y)Largest decline over 10 years | -19.03% | -18.81% | -0.22% |
Current DrawdownCurrent decline from peak | -0.53% | -0.44% | -0.09% |
Average DrawdownAverage peak-to-trough decline | -3.39% | -2.77% | -0.62% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.85% | 0.73% | +0.12% |
Volatility
MISHX vs. PRFHX - Volatility Comparison
AB Municipal Income Shares (MISHX) and T. Rowe Price Tax Free High Yield Fund (PRFHX) have volatilities of 0.70% and 0.72%, 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.
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Volatility by Period
| MISHX | PRFHX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.70% | 0.72% | -0.02% |
Volatility (6M)Calculated over the trailing 6-month period | 2.49% | 2.34% | +0.15% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.25% | 3.31% | -0.06% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.00% | 4.90% | +0.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.18% | 4.64% | +0.54% |
MISHX vs. PRFHX - Expense Ratio Comparison
MISHX has a 0.00% expense ratio, which is lower than PRFHX's 0.63% expense ratio.
Dividends
MISHX vs. PRFHX - Dividend Comparison
MISHX's dividend yield for the trailing twelve months is around 4.83%, less than PRFHX's 5.49% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MISHX AB Municipal Income Shares | 4.83% | 6.23% | 4.80% | 3.23% | 3.75% | 2.77% | 3.56% | 3.98% | 3.77% | 3.78% | 4.25% | 4.38% |
PRFHX T. Rowe Price Tax Free High Yield Fund | 5.49% | 5.46% | 4.75% | 4.19% | 2.81% | 3.01% | 3.47% | 3.52% | 3.71% | 3.64% | 3.88% | 4.02% |
Frequently Asked Questions
MISHX and PRFHX have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PRFHX has higher volatility (0.72%) compared to MISHX (0.70%). In terms of maximum drawdown, MISHX dropped -19.03% vs PRFHX's -24.76%.
PRFHX currently has the higher Sharpe Ratio (3.37 vs 2.41), 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.
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