WPSGX vs. MISHX

Last updated Jul 14, 2026

WPSGX (AB Concentrated Growth Fund) and MISHX (AB Municipal Income Shares) are both mutual funds - WPSGX is a Large Cap Growth Equities fund managed by AllianceBernstein, while MISHX is a High Yield Muni fund managed by AllianceBernstein. Over the past 10 years, WPSGX returned 12.03%/yr vs 3.50%/yr for MISHX. At a 0.01 correlation, their price movements are largely independent. WPSGX charges 0.75%/yr vs 0.00%/yr for MISHX.

Performance

WPSGX vs. MISHX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AB Concentrated Growth Fund (WPSGX) and AB Municipal Income Shares (MISHX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, WPSGX achieves a -4.12% return, which is significantly lower than MISHX's 2.54% return. Over the past 10 years, WPSGX has outperformed MISHX with an annualized return of 12.03%, while MISHX has yielded a comparatively lower 3.50% annualized return.

WPSGX

• 1D: -0.02%
• 1M: 2.06%
• 6M: -6.08%
• YTD: -4.12%
• 1Y: -2.99%
• 3Y*: 7.06%
• 5Y*: 2.34%
• 10Y*: 12.03%

MISHX

• 1D: 0.00%
• 1M: 0.58%
• 6M: 2.08%
• YTD: 2.54%
• 1Y: 7.99%
• 3Y*: 6.22%
• 5Y*: 1.47%
• 10Y*: 3.50%

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

WPSGX vs. MISHX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
WPSGX AB Concentrated Growth Fund	-4.12%	6.29%	11.16%	19.70%	-24.61%	31.53%	21.22%	44.50%	1.56%	22.99%
MISHX AB Municipal Income Shares	2.54%	6.41%	5.29%	6.24%	-12.77%	6.81%	6.22%	11.52%	0.80%	9.59%

Correlation

The correlation between WPSGX and MISHX is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.22
Correlation (3Y) Calculated over the trailing 3-year period	0.21
Correlation (5Y) Calculated over the trailing 5-year period	0.17
Correlation (10Y) Calculated over the trailing 10-year period	0.08
Correlation (All Time) Calculated using the full available price history since Aug 3, 2012	0.01

Over the past year, WPSGX and MISHX have become more correlated (0.22) than their long-term average of 0.01, meaning their price movements have been converging.

Return for Risk

WPSGX vs. MISHX — Risk / Return Rank

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

WPSGX

WPSGX Risk / Return Rank: 2
WPSGX Sharpe Ratio Rank: 2
WPSGX Sortino Ratio Rank: 2
WPSGX Omega Ratio Rank: 2
WPSGX Calmar Ratio Rank: 2
WPSGX Martin Ratio Rank: 2

MISHX

MISHX Risk / Return Rank: 80
MISHX Sharpe Ratio Rank: 89
MISHX Sortino Ratio Rank: 92
MISHX Omega Ratio Rank: 93
MISHX Calmar Ratio Rank: 68
MISHX 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.

WPSGX vs. MISHX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AB Concentrated Growth Fund (WPSGX) and AB Municipal Income Shares (MISHX). 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.

	WPSGX	MISHX	Difference
Sharpe ratio: Return per unit of total volatility	-0.27	2.41	-2.67
Sortino ratio: Return per unit of downside risk	-0.27	3.89	-4.16
Omega ratio: Gain probability vs. loss probability	0.97	1.60	-0.63
Calmar ratio: Return relative to maximum drawdown	-0.23	2.53	-2.76
Martin ratio: Return relative to average drawdown	-0.57	9.33	-9.91

WPSGX vs. MISHX - Sharpe Ratio Comparison

The current WPSGX Sharpe Ratio is -0.27, which is lower than the MISHX Sharpe Ratio of 2.41. The chart below compares the historical Sharpe Ratios of WPSGX and MISHX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

WPSGX vs. MISHX - Drawdown Comparison

The maximum WPSGX drawdown since its inception was -90.28%, which is greater than MISHX's maximum drawdown of -19.03%. Use the drawdown chart below to compare losses from any high point for WPSGX and MISHX.

Drawdown Indicators

	WPSGX	MISHX	Difference
Max Drawdown Largest peak-to-trough decline	-90.28%	-19.03%	-71.25%
Max Drawdown (1Y) Largest decline over 1 year	-15.52%	-3.09%	-12.43%
Max Drawdown (3Y) Largest decline over 3 years	-18.66%	-7.89%	-10.77%
Max Drawdown (5Y) Largest decline over 5 years	-32.60%	-18.20%	-14.40%
Max Drawdown (10Y) Largest decline over 10 years	-36.22%	-19.03%	-17.19%
Current Drawdown Current decline from peak	-7.26%	-0.53%	-6.73%
Average Drawdown Average peak-to-trough decline	-36.61%	-3.39%	-33.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.32%	0.85%	+5.47%

Volatility

WPSGX vs. MISHX - Volatility Comparison

AB Concentrated Growth Fund (WPSGX) has a higher volatility of 4.35% compared to AB Municipal Income Shares (MISHX) at 0.70%. This indicates that WPSGX's price experiences larger fluctuations and is considered to be riskier than MISHX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	WPSGX	MISHX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.35%	0.70%	+3.65%
Volatility (6M) Calculated over the trailing 6-month period	10.76%	2.49%	+8.27%
Volatility (1Y) Calculated over the trailing 1-year period	13.62%	3.25%	+10.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.14%	5.00%	+13.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.41%	5.18%	+14.23%

WPSGX vs. MISHX - Expense Ratio Comparison

WPSGX has a 0.75% expense ratio, which is higher than MISHX's 0.00% expense ratio.

Dividends

WPSGX vs. MISHX - Dividend Comparison

WPSGX's dividend yield for the trailing twelve months is around 8.88%, more than MISHX's 4.83% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MISHX AB Municipal Income Shares	4.83%	6.23%	4.80%	3.23%	3.75%	2.77%	3.56%	3.98%	3.77%	3.78%	4.25%	4.38%
WPSGX AB Concentrated Growth Fund	8.88%	8.52%	11.43%	1.15%	1.95%	10.55%	3.56%	6.53%	8.08%	3.51%	0.44%	2.89%

Frequently Asked Questions

Can I hold both WPSGX and MISHX in my portfolio?

WPSGX and MISHX have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, WPSGX or MISHX?

WPSGX has higher volatility (4.35%) compared to MISHX (0.70%). In terms of maximum drawdown, WPSGX dropped -90.28% vs MISHX's -19.03%.

Which has better risk-adjusted returns?

MISHX currently has the higher Sharpe Ratio (2.41 vs -0.27), 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.