MYI vs. AFB
MYI (BlackRock MuniYield Quality Fund III) and AFB (AllianceBernstein National Municipal Income Fund) are both Municipal Bonds funds. Both are actively managed. Over the past 10 years, MYI returned 1.61%/yr vs 1.56%/yr for AFB. At a 0.45 correlation, their price movements are largely independent. MYI charges 2.16%/yr vs 1.56%/yr for AFB.
Performance
MYI vs. AFB - Performance Comparison
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Returns By Period
In the year-to-date period, MYI achieves a 4.49% return, which is significantly lower than AFB's 7.81% return. Both investments have delivered pretty close results over the past 10 years, with MYI having a 1.61% annualized return and AFB not far behind at 1.56%.
MYI
- 1D
- -0.09%
- 1M
- 3.71%
- YTD
- 4.49%
- 6M
- 5.85%
- 1Y
- 12.52%
- 3Y*
- 6.76%
- 5Y*
- -0.55%
- 10Y*
- 1.61%
AFB
- 1D
- 0.18%
- 1M
- 4.12%
- YTD
- 7.81%
- 6M
- 8.92%
- 1Y
- 16.88%
- 3Y*
- 6.94%
- 5Y*
- -1.45%
- 10Y*
- 1.56%
MYI vs. AFB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MYI BlackRock MuniYield Quality Fund III | 4.49% | 4.74% | 0.55% | 8.79% | -20.52% | 6.99% | 11.60% | 16.64% | -8.42% | 7.13% |
AFB AllianceBernstein National Municipal Income Fund | 7.81% | 4.41% | 4.10% | 7.41% | -25.93% | 7.25% | 7.80% | 20.13% | -5.43% | 6.15% |
Correlation
The correlation between MYI and AFB is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.45 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.56 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.54 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.51 |
Correlation (All Time) Calculated using the full available price history since Jan 29, 2002 | 0.45 |
The correlation between MYI and AFB shifts across timeframes, from 0.45 (all time) to 0.56 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
MYI vs. AFB — Risk / Return Rank
MYI
AFB
MYI vs. AFB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BlackRock MuniYield Quality Fund III (MYI) and AllianceBernstein National Municipal Income Fund (AFB). 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.
| MYI | AFB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.68 | ||
| Sortino ratioReturn per unit of downside risk | -1.20 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.41 | -0.14 |
| Calmar ratioReturn relative to maximum drawdown | 1.66 | 2.85 | -1.19 |
| Martin ratioReturn relative to average drawdown | 6.05 | 10.71 | -4.66 |
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Drawdowns
MYI vs. AFB - Drawdown Comparison
The maximum MYI drawdown since its inception was -43.90%, smaller than the maximum AFB drawdown of -50.98%. Use the drawdown chart below to compare losses from any high point for MYI and AFB.
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Drawdown Indicators
| MYI | AFB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -43.90% | -50.98% | +7.08% |
Max Drawdown (1Y)Largest decline over 1 year | -7.58% | -5.96% | -1.62% |
Max Drawdown (3Y)Largest decline over 3 years | -15.07% | -16.32% | +1.25% |
Max Drawdown (5Y)Largest decline over 5 years | -31.84% | -35.17% | +3.33% |
Max Drawdown (10Y)Largest decline over 10 years | -31.84% | -35.17% | +3.33% |
Current DrawdownCurrent decline from peak | -5.68% | -8.19% | +2.51% |
Average DrawdownAverage peak-to-trough decline | -9.38% | -8.98% | -0.40% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.07% | 1.58% | +0.49% |
Volatility
MYI vs. AFB - Volatility Comparison
BlackRock MuniYield Quality Fund III (MYI) has a higher volatility of 2.96% compared to AllianceBernstein National Municipal Income Fund (AFB) at 2.68%. This indicates that MYI's price experiences larger fluctuations and is considered to be riskier than AFB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MYI | AFB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.96% | 2.68% | +0.28% |
Volatility (6M)Calculated over the trailing 6-month period | 6.99% | 6.01% | +0.98% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.83% | 8.06% | +0.77% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.00% | 10.97% | +0.03% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.39% | 11.25% | +0.14% |
MYI vs. AFB - Expense Ratio Comparison
MYI has a 2.16% expense ratio, which is higher than AFB's 1.56% expense ratio.
Dividends
MYI vs. AFB - Dividend Comparison
MYI's dividend yield for the trailing twelve months is around 6.04%, more than AFB's 5.06% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
AFB AllianceBernstein National Municipal Income Fund | 5.06% | 4.72% | 3.83% | 3.62% | 5.26% | 4.32% | 4.18% | 3.93% | 4.53% | 4.71% | 5.34% | 5.80% |
MYI BlackRock MuniYield Quality Fund III | 6.04% | 6.13% | 6.03% | 4.30% | 5.22% | 4.17% | 3.84% | 3.89% | 5.01% | 5.88% | 6.20% | 6.03% |
Frequently Asked Questions
MYI and AFB have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MYI has higher volatility (2.96%) compared to AFB (2.68%). In terms of maximum drawdown, MYI dropped -43.90% vs AFB's -50.98%.
AFB currently has the higher Sharpe Ratio (2.10 vs 1.42), 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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