MUNI vs. ABHYX
MUNI (PIMCO Intermediate Municipal Bond Active ETF) and ABHYX (American Century High-Yield Municipal Fund) are both funds - MUNI is a Municipal Bonds fund actively managed by PIMCO, while ABHYX is a High Yield Muni fund managed by American Century. Over the past 10 years, MUNI returned 2.09%/yr vs 2.79%/yr for ABHYX. A 0.56 correlation means they provide meaningful diversification when combined. MUNI charges 0.35%/yr vs 0.59%/yr for ABHYX.
Performance
MUNI vs. ABHYX - Performance Comparison
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Returns By Period
In the year-to-date period, MUNI achieves a 1.48% return, which is significantly lower than ABHYX's 2.50% return. Over the past 10 years, MUNI has underperformed ABHYX with an annualized return of 2.09%, while ABHYX has yielded a comparatively higher 2.79% annualized return.
MUNI
- 1D
- -0.08%
- 1M
- 1.12%
- YTD
- 1.48%
- 6M
- 1.63%
- 1Y
- 5.90%
- 3Y*
- 3.78%
- 5Y*
- 1.33%
- 10Y*
- 2.09%
ABHYX
- 1D
- 0.00%
- 1M
- 1.97%
- YTD
- 2.50%
- 6M
- 3.11%
- 1Y
- 7.67%
- 3Y*
- 5.20%
- 5Y*
- 0.81%
- 10Y*
- 2.79%
MUNI vs. ABHYX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MUNI PIMCO Intermediate Municipal Bond Active ETF | 1.48% | 4.72% | 1.43% | 6.07% | -6.62% | 0.67% | 4.83% | 7.09% | 0.84% | 4.86% |
ABHYX American Century High-Yield Municipal Fund | 2.50% | 3.77% | 6.16% | 5.90% | -13.90% | 5.61% | 4.68% | 9.72% | 1.48% | 9.27% |
Correlation
The correlation between MUNI and ABHYX is 0.66, 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 | 0.66 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.70 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.72 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.61 |
Correlation (All Time) Calculated using the full available price history since Dec 15, 2009 | 0.56 |
The correlation between MUNI and ABHYX shifts across timeframes, from 0.56 (all time) to 0.72 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
MUNI vs. ABHYX — Risk / Return Rank
MUNI
ABHYX
MUNI vs. ABHYX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PIMCO Intermediate Municipal Bond Active ETF (MUNI) and American Century High-Yield Municipal Fund (ABHYX). 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.
| MUNI | ABHYX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.30 | ||
| Sortino ratioReturn per unit of downside risk | +0.20 | ||
| Omega ratioGain probability vs. loss probability | 1.59 | 1.58 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 2.58 | 2.48 | +0.11 |
| Martin ratioReturn relative to average drawdown | 8.29 | 8.43 | -0.14 |
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Drawdowns
MUNI vs. ABHYX - Drawdown Comparison
The maximum MUNI drawdown since its inception was -11.15%, smaller than the maximum ABHYX drawdown of -26.34%. Use the drawdown chart below to compare losses from any high point for MUNI and ABHYX.
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Drawdown Indicators
| MUNI | ABHYX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -11.15% | -26.34% | +15.19% |
Max Drawdown (1Y)Largest decline over 1 year | -2.29% | -3.16% | +0.87% |
Max Drawdown (3Y)Largest decline over 3 years | -4.09% | -7.40% | +3.31% |
Max Drawdown (5Y)Largest decline over 5 years | -11.15% | -18.54% | +7.39% |
Max Drawdown (10Y)Largest decline over 10 years | -11.15% | -18.54% | +7.39% |
Current DrawdownCurrent decline from peak | -0.56% | 0.00% | -0.56% |
Average DrawdownAverage peak-to-trough decline | -1.73% | -3.10% | +1.37% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.71% | 0.93% | -0.22% |
Volatility
MUNI vs. ABHYX - Volatility Comparison
The current volatility for PIMCO Intermediate Municipal Bond Active ETF (MUNI) is 0.59%, while American Century High-Yield Municipal Fund (ABHYX) has a volatility of 0.87%. This indicates that MUNI experiences smaller price fluctuations and is considered to be less risky than ABHYX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MUNI | ABHYX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.59% | 0.87% | -0.28% |
Volatility (6M)Calculated over the trailing 6-month period | 1.63% | 2.43% | -0.80% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.23% | 3.32% | -1.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.32% | 4.95% | -1.63% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.85% | 4.98% | -1.13% |
MUNI vs. ABHYX - Expense Ratio Comparison
MUNI has a 0.35% expense ratio, which is lower than ABHYX's 0.59% expense ratio.
Dividends
MUNI vs. ABHYX - Dividend Comparison
MUNI's dividend yield for the trailing twelve months is around 3.28%, less than ABHYX's 4.31% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ABHYX American Century High-Yield Municipal Fund | 4.31% | 5.11% | 4.96% | 4.02% | 2.77% | 3.50% | 3.35% | 4.08% | 3.90% | 3.61% | 3.61% | 3.91% |
MUNI PIMCO Intermediate Municipal Bond Active ETF | 3.28% | 3.26% | 3.50% | 3.09% | 2.13% | 1.62% | 1.92% | 2.44% | 2.38% | 2.37% | 2.37% | 2.20% |
Frequently Asked Questions
MUNI and ABHYX have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ABHYX has higher volatility (0.87%) compared to MUNI (0.59%). In terms of maximum drawdown, MUNI dropped -11.15% vs ABHYX's -26.34%.
MUNI currently has the higher Sharpe Ratio (2.66 vs 2.36), 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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