NAARX vs. ASTEX

Last updated Jun 4, 2026

NAARX (American Funds Retirement Income Portfolio - Conservative) and ASTEX (American Funds Short-Term Tax Exempt Bond Fund) are both mutual funds - NAARX is a Diversified Portfolio fund managed by American Funds, while ASTEX is a Municipal Bonds fund managed by American Funds. Over the past 10 years, NAARX returned 5.56%/yr vs 1.58%/yr for ASTEX. At a 0.19 correlation, their price movements are largely independent. NAARX charges 0.34%/yr vs 0.53%/yr for ASTEX.

Performance

NAARX vs. ASTEX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in American Funds Retirement Income Portfolio - Conservative (NAARX) and American Funds Short-Term Tax Exempt Bond Fund (ASTEX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NAARX achieves a 3.45% return, which is significantly higher than ASTEX's 1.00% return. Over the past 10 years, NAARX has outperformed ASTEX with an annualized return of 5.56%, while ASTEX has yielded a comparatively lower 1.58% annualized return.

NAARX

• 1D: 0.30%
• 1M: 1.38%
• YTD: 3.45%
• 6M: 3.78%
• 1Y: 11.28%
• 3Y*: 9.52%
• 5Y*: 4.48%
• 10Y*: 5.56%

ASTEX

• 1D: 0.10%
• 1M: 0.32%
• YTD: 1.00%
• 6M: 1.38%
• 1Y: 4.02%
• 3Y*: 3.79%
• 5Y*: 1.58%
• 10Y*: 1.58%

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

NAARX vs. ASTEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NAARX American Funds Retirement Income Portfolio - Conservative	3.45%	13.24%	6.80%	6.89%	-10.04%	8.51%	8.40%	13.11%	-2.76%	8.89%
ASTEX American Funds Short-Term Tax Exempt Bond Fund	1.00%	5.34%	2.46%	2.91%	-3.25%	-0.29%	2.91%	3.26%	0.94%	1.63%

Correlation

The correlation between NAARX and ASTEX is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.34
Correlation (3Y) Calculated over the trailing 3-year period	0.35
Correlation (5Y) Calculated over the trailing 5-year period	0.30
Correlation (10Y) Calculated over the trailing 10-year period	0.20
Correlation (All Time) Calculated using the full available price history since Jan 5, 2016	0.19

The correlation between NAARX and ASTEX shifts across timeframes, from 0.19 (all time) to 0.35 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

NAARX vs. ASTEX — Risk / Return Rank

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

NAARX

NAARX Risk / Return Rank: 50
NAARX Sharpe Ratio Rank: 59
NAARX Sortino Ratio Rank: 58
NAARX Omega Ratio Rank: 60
NAARX Calmar Ratio Rank: 34
NAARX Martin Ratio Rank: 42

ASTEX

ASTEX Risk / Return Rank: 80
ASTEX Sharpe Ratio Rank: 88
ASTEX Sortino Ratio Rank: 96
ASTEX Omega Ratio Rank: 97
ASTEX Calmar Ratio Rank: 67
ASTEX Martin Ratio Rank: 50

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.

NAARX vs. ASTEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for American Funds Retirement Income Portfolio - Conservative (NAARX) and American Funds Short-Term Tax Exempt Bond Fund (ASTEX). 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.

	NAARX	ASTEX	Difference
Sharpe ratio: Return per unit of total volatility	2.26	2.88	-0.62
Sortino ratio: Return per unit of downside risk	3.20	5.21	-2.01
Omega ratio: Gain probability vs. loss probability	1.43	1.97	-0.54
Calmar ratio: Return relative to maximum drawdown	2.19	3.16	-0.97
Martin ratio: Return relative to average drawdown	8.91	10.34	-1.43
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NAARX vs. ASTEX - Sharpe Ratio Comparison

The current NAARX Sharpe Ratio is 2.26, which is comparable to the ASTEX Sharpe Ratio of 2.88. The chart below compares the historical Sharpe Ratios of NAARX and ASTEX, 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

	NAARX	ASTEX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.26	2.88	-0.62
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.68	0.90	-0.21
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.87	0.96	-0.09
Sharpe Ratio (All Time) Calculated using the full available price history	0.92	1.10	-0.19

Drawdowns

NAARX vs. ASTEX - Drawdown Comparison

The maximum NAARX drawdown since its inception was -15.66%, which is greater than ASTEX's maximum drawdown of -5.73%. Use the drawdown chart below to compare losses from any high point for NAARX and ASTEX.

Drawdown Indicators

	NAARX	ASTEX	Difference
Max Drawdown Largest peak-to-trough decline	-15.66%	-5.73%	-9.93%
Max Drawdown (1Y) Largest decline over 1 year	-5.21%	-1.28%	-3.93%
Max Drawdown (3Y) Largest decline over 3 years	-6.21%	-1.90%	-4.31%
Max Drawdown (5Y) Largest decline over 5 years	-15.66%	-5.62%	-10.04%
Max Drawdown (10Y) Largest decline over 10 years	-15.66%	-5.73%	-9.93%
Current Drawdown Current decline from peak	-0.53%	-0.31%	-0.22%
Average Drawdown Average peak-to-trough decline	-2.53%	-0.70%	-1.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.28%	0.39%	+0.89%

Volatility

NAARX vs. ASTEX - Volatility Comparison

American Funds Retirement Income Portfolio - Conservative (NAARX) has a higher volatility of 1.69% compared to American Funds Short-Term Tax Exempt Bond Fund (ASTEX) at 0.45%. This indicates that NAARX's price experiences larger fluctuations and is considered to be riskier than ASTEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NAARX	ASTEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.69%	0.45%	+1.24%
Volatility (6M) Calculated over the trailing 6-month period	4.10%	1.04%	+3.06%
Volatility (1Y) Calculated over the trailing 1-year period	5.06%	1.40%	+3.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.58%	1.77%	+4.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.41%	1.65%	+4.76%

NAARX vs. ASTEX - Expense Ratio Comparison

NAARX has a 0.34% expense ratio, which is lower than ASTEX's 0.53% expense ratio.

Dividends

NAARX vs. ASTEX - Dividend Comparison

NAARX's dividend yield for the trailing twelve months is around 2.69%, less than ASTEX's 2.74% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ASTEX American Funds Short-Term Tax Exempt Bond Fund	2.74%	3.66%	2.53%	1.73%	0.78%	0.68%	1.31%	1.62%	1.44%	1.32%	0.97%	1.03%
NAARX American Funds Retirement Income Portfolio - Conservative	2.69%	3.27%	3.37%	3.17%	3.19%	2.98%	3.84%	3.28%	3.33%	2.23%	2.21%	0.00%

Frequently Asked Questions

Can I hold both NAARX and ASTEX in my portfolio?

NAARX and ASTEX have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NAARX or ASTEX?

NAARX has higher volatility (1.69%) compared to ASTEX (0.45%). In terms of maximum drawdown, NAARX dropped -15.66% vs ASTEX's -5.73%.

Which has better risk-adjusted returns?

ASTEX currently has the higher Sharpe Ratio (2.88 vs 2.26), 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.