TAFTX vs. ACTHX
Compare and contrast key facts about American Funds Tax-Exempt Fund of California (TAFTX) and Invesco High Yield Municipal Fund (ACTHX).
TAFTX is managed by American Funds. It was launched on Oct 27, 1986. ACTHX is managed by Invesco. It was launched on Jan 1, 1986.
Scroll down to visually compare performance, riskiness, drawdowns, and other indicators and decide which better suits your portfolio: TAFTX or ACTHX.
Key characteristics
| TAFTX | ACTHX | |
|---|---|---|
| YTD Return | 3.49% | 6.09% |
| 1Y Return | 9.08% | 12.06% |
| 3Y Return (Ann) | 0.02% | -1.09% |
| 5Y Return (Ann) | 1.40% | 1.35% |
| 10Y Return (Ann) | 2.51% | 3.64% |
| Sharpe Ratio | 2.35 | 2.07 |
| Daily Std Dev | 3.84% | 5.76% |
| Max Drawdown | -16.03% | -27.29% |
| Current Drawdown | -0.36% | -3.90% |
Correlation
The correlation between TAFTX and ACTHX is 0.78, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Performance
TAFTX vs. ACTHX - Performance Comparison
In the year-to-date period, TAFTX achieves a 3.49% return, which is significantly lower than ACTHX's 6.09% return. Over the past 10 years, TAFTX has underperformed ACTHX with an annualized return of 2.51%, while ACTHX has yielded a comparatively higher 3.64% annualized return. The chart below displays the growth of a $10,000 investment in both assets, with all prices adjusted for splits and dividends.
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TAFTX vs. ACTHX - Expense Ratio Comparison
TAFTX has a 0.57% expense ratio, which is lower than ACTHX's 1.39% expense ratio.
Risk-Adjusted Performance
TAFTX vs. ACTHX - Risk-Adjusted Performance Comparison
This table presents a comparison of risk-adjusted performance metrics for American Funds Tax-Exempt Fund of California (TAFTX) and Invesco High Yield Municipal Fund (ACTHX). 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.
Dividends
TAFTX vs. ACTHX - Dividend Comparison
TAFTX's dividend yield for the trailing twelve months is around 2.78%, less than ACTHX's 5.03% yield.
| TTM | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TAFTX American Funds Tax-Exempt Fund of California | 2.78% | 2.66% | 2.42% | 2.36% | 2.65% | 2.94% | 2.92% | 2.95% | 3.13% | 3.32% | 3.43% | 3.84% |
ACTHX Invesco High Yield Municipal Fund | 5.03% | 5.03% | 4.72% | 3.95% | 4.33% | 4.34% | 4.78% | 4.71% | 5.17% | 4.99% | 5.21% | 5.91% |
Drawdowns
TAFTX vs. ACTHX - Drawdown Comparison
The maximum TAFTX drawdown since its inception was -16.03%, smaller than the maximum ACTHX drawdown of -27.29%. Use the drawdown chart below to compare losses from any high point for TAFTX and ACTHX. For additional features, visit the drawdowns tool.
Volatility
TAFTX vs. ACTHX - Volatility Comparison
The current volatility for American Funds Tax-Exempt Fund of California (TAFTX) is 0.41%, while Invesco High Yield Municipal Fund (ACTHX) has a volatility of 0.59%. This indicates that TAFTX experiences smaller price fluctuations and is considered to be less risky than ACTHX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.