PTEAX vs. ATOIX
PTEAX (Principal Tax-Exempt Bond Fund) and ATOIX (abrdn Ultra Short Municipal Income Fund) are both Municipal Bonds funds. Over the past 10 years, PTEAX returned 1.71%/yr vs 1.82%/yr for ATOIX. Their 0.24 correlation means their historical movements had little consistent relationship. PTEAX charges 0.73%/yr vs 0.44%/yr for ATOIX.
Performance
PTEAX vs. ATOIX - Performance Comparison
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Returns By Period
In the year-to-date period, PTEAX achieves a 0.02% return, which is significantly lower than ATOIX's 1.46% return. Over the past 10 years, PTEAX has underperformed ATOIX with an annualized return of 1.71%, while ATOIX has yielded a comparatively higher 1.82% annualized return.
PTEAX
- 1D
- -0.30%
- 1M
- -1.94%
- 6M
- -0.89%
- YTD
- 0.02%
- 1Y
- 4.69%
- 3Y*
- 3.09%
- 5Y*
- -0.20%
- 10Y*
- 1.71%
- ALL TIME*
- 1.90%
ATOIX
- 1D
- 0.22%
- 1M
- 0.22%
- 6M
- 1.20%
- YTD
- 1.46%
- 1Y
- 2.99%
- 3Y*
- 3.02%
- 5Y*
- 2.39%
- 10Y*
- 1.82%
- ALL TIME*
- 1.89%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
PTEAX vs. ATOIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PTEAX Principal Tax-Exempt Bond Fund | 0.02% | 4.68% | 2.10% | 6.35% | -12.18% | 2.71% | 4.80% | 9.05% | 0.44% | 6.44% |
ATOIX abrdn Ultra Short Municipal Income Fund | 1.46% | 3.33% | 3.14% | 3.27% | 0.87% | -0.04% | 0.88% | 1.40% | 1.54% | 2.24% |
Correlation
The correlation between PTEAX and ATOIX is 0.25, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.25 |
Correlation (3Y) Balances recent behavior with more history. | 0.28 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.28 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.29 |
Correlation (All Time) Calculated using the full available price history since Dec 19, 2002 | 0.24 |
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Return for Risk
PTEAX vs. ATOIX — Risk / Return Rank
PTEAX
ATOIX
PTEAX vs. ATOIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Principal Tax-Exempt Bond Fund (PTEAX) and abrdn Ultra Short Municipal Income Fund (ATOIX). 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.
| PTEAX | ATOIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.70 | ||
| Sortino ratioReturn per unit of downside risk | -15.44 | ||
| Omega ratioGain probability vs. loss probability | 1.50 | 11.67 | -10.18 |
| Calmar ratioReturn relative to maximum drawdown | 1.84 | 32.63 | -30.79 |
| Martin ratioReturn relative to average drawdown | 6.06 | 96.00 | -89.94 |
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Drawdowns
PTEAX vs. ATOIX - Drawdown Comparison
The maximum PTEAX drawdown since its inception was -38.72%, which is greater than ATOIX's maximum drawdown of -1.46%. Use the drawdown chart below to compare losses from any high point for PTEAX and ATOIX.
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Drawdown Indicators
| PTEAX | ATOIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.72% | -1.46% | -37.26% |
Max Drawdown (1Y)Largest decline over 1 year | -3.10% | -0.10% | -3.00% |
Max Drawdown (3Y)Largest decline over 3 years | -5.08% | -0.10% | -4.98% |
Max Drawdown (5Y)Largest decline over 5 years | -17.37% | -0.37% | -17.00% |
Max Drawdown (10Y)Largest decline over 10 years | -17.37% | -0.43% | -16.94% |
Current DrawdownCurrent decline from peak | -1.94% | 0.00% | -1.94% |
Average DrawdownAverage peak-to-trough decline | -5.91% | -0.06% | -5.85% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.94% | 0.03% | +0.91% |
Volatility
PTEAX vs. ATOIX - Volatility Comparison
Principal Tax-Exempt Bond Fund (PTEAX) has a higher volatility of 0.92% compared to abrdn Ultra Short Municipal Income Fund (ATOIX) at 0.22%. This indicates that PTEAX's price experiences larger fluctuations and is considered to be riskier than ATOIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PTEAX | ATOIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.92% | 0.22% | +0.70% |
Volatility (6M)Calculated over the trailing 6-month period | 2.26% | 0.59% | +1.67% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.93% | 0.89% | +2.04% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.02% | 0.84% | +3.18% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.40% | 0.79% | +3.61% |
PTEAX vs. ATOIX - Expense Ratio Comparison
PTEAX has a 0.73% expense ratio, which is higher than ATOIX's 0.44% expense ratio.
Dividends
PTEAX vs. ATOIX - Dividend Comparison
PTEAX's dividend yield for the trailing twelve months is around 3.56%, more than ATOIX's 2.94% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ATOIX abrdn Ultra Short Municipal Income Fund | 2.94% | 3.27% | 3.09% | 3.02% | 1.07% | 0.06% | 0.88% | 1.39% | 1.42% | 2.20% | 0.61% | 0.52% |
PTEAX Principal Tax-Exempt Bond Fund | 3.56% | 4.66% | 3.73% | 2.81% | 2.27% | 2.15% | 2.23% | 3.09% | 3.68% | 3.69% | 3.91% | 3.75% |
Frequently Asked Questions
PTEAX and ATOIX have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PTEAX has higher volatility (0.92%) compared to ATOIX (0.22%). In terms of maximum drawdown, PTEAX dropped -38.72% vs ATOIX's -1.46%.
ATOIX currently has the higher Sharpe Ratio (3.65 vs 1.95), 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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