NYAAX vs. FXIEX

Last updated Jun 4, 2026

NYAAX (American Funds Tax-Exempt Fund of New York) and FXIEX (PIMCO Fixed Income SHares: Series TE) are both Municipal Bonds funds. Over the past 10 years, NYAAX returned 1.90%/yr vs 2.91%/yr for FXIEX. A 0.71 correlation means they provide meaningful diversification when combined. NYAAX charges 0.61%/yr vs 0.07%/yr for FXIEX.

Performance

NYAAX vs. FXIEX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in American Funds Tax-Exempt Fund of New York (NYAAX) and PIMCO Fixed Income SHares: Series TE (FXIEX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NYAAX achieves a 2.08% return, which is significantly higher than FXIEX's 1.81% return. Over the past 10 years, NYAAX has underperformed FXIEX with an annualized return of 1.90%, while FXIEX has yielded a comparatively higher 2.91% annualized return.

NYAAX

• 1D: 0.20%
• 1M: 0.86%
• YTD: 2.08%
• 6M: 2.40%
• 1Y: 7.96%
• 3Y*: 4.09%
• 5Y*: 0.68%
• 10Y*: 1.90%

FXIEX

• 1D: 0.20%
• 1M: 0.91%
• YTD: 1.81%
• 6M: 2.24%
• 1Y: 6.90%
• 3Y*: 5.23%
• 5Y*: 1.67%
• 10Y*: 2.91%

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

NYAAX vs. FXIEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NYAAX American Funds Tax-Exempt Fund of New York	2.08%	3.67%	2.68%	6.36%	-11.11%	2.67%	4.18%	7.18%	0.37%	5.49%
FXIEX PIMCO Fixed Income SHares: Series TE	1.81%	3.37%	5.16%	8.92%	-10.89%	2.19%	7.22%	8.45%	1.00%	7.71%

Correlation

The correlation between NYAAX and FXIEX is 0.74, 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	0.74
Correlation (3Y) Calculated over the trailing 3-year period	0.83
Correlation (5Y) Calculated over the trailing 5-year period	0.86
Correlation (10Y) Calculated over the trailing 10-year period	0.82
Correlation (All Time) Calculated using the full available price history since Jun 26, 2012	0.71

The correlation between NYAAX and FXIEX shifts across timeframes, from 0.71 (all time) to 0.86 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

NYAAX vs. FXIEX — Risk / Return Rank

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

NYAAX

NYAAX Risk / Return Rank: 71
NYAAX Sharpe Ratio Rank: 78
NYAAX Sortino Ratio Rank: 87
NYAAX Omega Ratio Rank: 88
NYAAX Calmar Ratio Rank: 55
NYAAX Martin Ratio Rank: 49

FXIEX

FXIEX Risk / Return Rank: 78
FXIEX Sharpe Ratio Rank: 73
FXIEX Sortino Ratio Rank: 90
FXIEX Omega Ratio Rank: 88
FXIEX Calmar Ratio Rank: 80
FXIEX Martin Ratio Rank: 60

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.

NYAAX vs. FXIEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for American Funds Tax-Exempt Fund of New York (NYAAX) and PIMCO Fixed Income SHares: Series TE (FXIEX). 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.

	NYAAX	FXIEX	Difference
Sharpe ratio: Return per unit of total volatility	2.57	2.49	+0.08
Sortino ratio: Return per unit of downside risk	4.18	4.35	-0.17
Omega ratio: Gain probability vs. loss probability	1.62	1.61	+0.01
Calmar ratio: Return relative to maximum drawdown	2.86	3.61	-0.75
Martin ratio: Return relative to average drawdown	10.11	11.89	-1.77
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NYAAX vs. FXIEX - Sharpe Ratio Comparison

The current NYAAX Sharpe Ratio is 2.57, which is comparable to the FXIEX Sharpe Ratio of 2.49. The chart below compares the historical Sharpe Ratios of NYAAX and FXIEX, 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

	NYAAX	FXIEX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.57	2.49	+0.08
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.15	0.40	-0.25
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.45	0.73	-0.27
Sharpe Ratio (All Time) Calculated using the full available price history	0.78	0.60	+0.18

Drawdowns

NYAAX vs. FXIEX - Drawdown Comparison

The maximum NYAAX drawdown since its inception was -16.40%, which is greater than FXIEX's maximum drawdown of -15.25%. Use the drawdown chart below to compare losses from any high point for NYAAX and FXIEX.

Drawdown Indicators

	NYAAX	FXIEX	Difference
Max Drawdown Largest peak-to-trough decline	-16.40%	-15.25%	-1.15%
Max Drawdown (1Y) Largest decline over 1 year	-2.76%	-2.42%	-0.34%
Max Drawdown (3Y) Largest decline over 3 years	-6.78%	-5.56%	-1.22%
Max Drawdown (5Y) Largest decline over 5 years	-16.40%	-15.25%	-1.15%
Max Drawdown (10Y) Largest decline over 10 years	-16.40%	-15.25%	-1.15%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-2.84%	-2.90%	+0.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.78%	1.66%	-0.88%

Volatility

NYAAX vs. FXIEX - Volatility Comparison

The current volatility for American Funds Tax-Exempt Fund of New York (NYAAX) is 1.20%, while PIMCO Fixed Income SHares: Series TE (FXIEX) has a volatility of 1.29%. This indicates that NYAAX experiences smaller price fluctuations and is considered to be less risky than FXIEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NYAAX	FXIEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.20%	1.29%	-0.09%
Volatility (6M) Calculated over the trailing 6-month period	2.18%	2.19%	-0.01%
Volatility (1Y) Calculated over the trailing 1-year period	3.09%	3.55%	-0.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.43%	4.37%	+0.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.21%	4.10%	+0.11%

NYAAX vs. FXIEX - Expense Ratio Comparison

NYAAX has a 0.61% expense ratio, which is higher than FXIEX's 0.07% expense ratio.

Dividends

NYAAX vs. FXIEX - Dividend Comparison

NYAAX's dividend yield for the trailing twelve months is around 3.25%, more than FXIEX's 2.79% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FXIEX PIMCO Fixed Income SHares: Series TE	2.79%	2.75%	4.53%	3.98%	3.25%	2.63%	3.37%	3.63%	3.79%	2.67%	0.00%	0.00%
NYAAX American Funds Tax-Exempt Fund of New York	3.25%	4.24%	3.54%	2.29%	1.82%	2.82%	2.34%	2.65%	2.61%	2.70%	2.31%	2.72%

Frequently Asked Questions

Can I hold both NYAAX and FXIEX in my portfolio?

NYAAX and FXIEX have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NYAAX or FXIEX?

FXIEX has higher volatility (1.29%) compared to NYAAX (1.20%). In terms of maximum drawdown, NYAAX dropped -16.40% vs FXIEX's -15.25%.

Which has better risk-adjusted returns?

NYAAX currently has the higher Sharpe Ratio (2.57 vs 2.49), 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.