AFB vs FEMB

Comparison between AllianceBernstein National Municipal Income Fund Inc (AFB, ETF) and FIRST TRUST EMERGING MARKETS LOCAL CURRENCY BOND ETF (FEMB, ETF).

5-Year PerformanceFEMB has outperformed AFB, delivering a return of +2.6% compared to -1.8%

AFB vs FEMB - Performance Comparison

Log

Key Characteristics

Financial metrics and valuation ratios

Metric	AFB(ETF)	FEMB(ETF)
Net Assets	$353M	$353M
Expense Ratio	N/A	0.85%
Max Drawdown	56.18%	52.52%
Sharpe Ratio	1.30	0.53
5Y Beta	0.10	0.15
5Y Dividends CAGR	-2.10%	-1.78%

Net Assets

AFB

$353M

Winner

FEMB

$353M

Expense Ratio

AFB

N/A

FEMB

0.85%

Max Drawdown

AFB

56.18%

Winner

FEMB

52.52%

Sharpe Ratio

Winner

AFB

1.30

FEMB

0.53

5Y Beta

Winner

AFB

0.10

FEMB

0.15

5Y Dividends CAGR

AFB

-2.10%

Winner

FEMB

-1.78%

AFB vs FEMB - Historical Returns

Returns include dividend reinvestment.

Period	AFB	FEMB
1 month	-2.04%	+0.28%
3 months	+2.08%	-0.68%
6 months	+4.37%	+0.37%
1 year	+15.23%	+7.61%
5 years(CAGR)	-1.81%	+2.60%
10 years(CAGR)	+1.36%	+1.89%
Max(CAGR)	+4.40%	+1.01%

AFB

-2.04%

Winner

FEMB

+0.28%

Winner

AFB

+2.08%

FEMB

-0.68%

Winner

AFB

+4.37%

FEMB

+0.37%

Winner

AFB

+15.23%

FEMB

+7.61%

5Y(CAGR)

AFB

-1.81%

Winner

FEMB

+2.60%

10Y(CAGR)

AFB

+1.36%

Winner

FEMB

+1.89%

Max(CAGR)

Winner

AFB

+4.40%

FEMB

+1.01%

AFB vs FEMB - Annual Returns (2002 - 2026)

Returns include dividend reinvestment.

Year	AFB	FEMB
2026	+4.95%	+1.25%
2025	+3.74%	+20.69%
2024	+3.62%	-5.09%
2023	+6.52%	+17.88%
2022	-26.36%	-10.14%
2021	+7.80%	-13.65%
2020	+8.62%	+2.46%
2019	+17.80%	+11.63%
2018	-5.64%	-7.92%
2017	+5.98%	+12.34%
2016	+0.60%	+7.26%
2015	+6.57%	-14.12%
2014	+17.08%	-3.38%
2013	-16.19%	N/A
2012	+12.31%	N/A
2011	+23.79%	N/A
2010	+2.72%	N/A
2009	+46.56%	N/A
2008	-26.19%	N/A
2007	-7.62%	N/A
2006	+5.59%	N/A
2005	+17.67%	N/A
2004	+6.73%	N/A
2003	+9.12%	N/A
2002	-3.10%	N/A

AFB vs FEMB Drawdown Comparison

The maximum drawdown for AFB was -51.00%, occurring on Oct 10, 2008. Recovery took 746 trading sessions.

The maximum drawdown for FEMB was -30.44%, occurring on Oct 19, 2022. Recovery took 1186 trading sessions.

The current AFB drawdown is -10.27%. The current FEMB drawdown is -3.13%.

Rank	AFB	FEMB
#1	-51.00% Oct 19, 2006 - Oct 7, 2009	-30.44% Dec 18, 2020 - Sep 11, 2025
#2	-35.14% Dec 16, 2021 - Oct 20, 2023	-23.94% Feb 1, 2018 - Dec 7, 2020
#3	-26.40% Jan 18, 2013 - Jan 7, 2016	-20.53% Nov 25, 2014 - Sep 1, 2017
#4	-23.23% Mar 6, 2020 - Nov 27, 2020	-7.58% Feb 25, 2026 - Mar 30, 2026
#5	-18.03% Oct 7, 2010 - Sep 13, 2011	-7.12% Sep 8, 2017 - Jan 24, 2018
#6	-14.00% Mar 17, 2004 - Nov 1, 2004	-1.70% Sep 23, 2025 - Nov 6, 2025
#7	-13.99% Jul 8, 2016 - Jun 13, 2019	-1.40% Nov 18, 2025 - Dec 3, 2025
#8	-12.35% Jan 29, 2002 - Apr 28, 2003	-1.31% Dec 3, 2025 - Dec 23, 2025
#9	-9.33% Oct 7, 2009 - Jan 25, 2010	-1.20% Jan 29, 2026 - Feb 10, 2026
#10	-8.25% Mar 2, 2012 - May 17, 2012	-0.78% Nov 5, 2014 - Nov 18, 2014
#11	-8.16% Jun 13, 2003 - Jan 9, 2004	-0.77% Jan 26, 2018 - Feb 1, 2018
#12	-6.23% Oct 1, 2012 - Jan 7, 2013	-0.65% Nov 13, 2025 - Nov 18, 2025
#13	-6.06% Sep 7, 2005 - Dec 15, 2005	-0.65% Feb 17, 2026 - Feb 25, 2026
#14	-5.38% Jul 11, 2006 - Aug 1, 2006	-0.55% Dec 10, 2020 - Dec 15, 2020
#15	-5.24% Jan 30, 2012 - Mar 2, 2012	-0.49% Sep 17, 2025 - Sep 23, 2025

Correlation

Correlation between AFB and FEMB is 0.46 which considered as a weak positive correlation - the stocks show a slight tendency to move together.

0.46

-101

Dividend Comparison (2002 - 2026)

AFB vs FEMB dividend yield comparison.

Year	AFB	FEMB
2026	3.18%	3.79%
2025	4.72%	5.67%
2024	3.83%	6.09%
2023	3.62%	5.15%
2022	5.26%	6.35%
2021	4.32%	6.12%
2020	4.18%	5.29%
2019	3.93%	5.40%
2018	4.53%	5.86%
2017	4.70%	6.38%
2016	5.34%	5.83%
2015	5.80%	4.89%
2014	6.35%	0.62%
2013	7.06%	0.00%
2012	5.98%	0.00%
2011	6.29%	0.00%
2010	7.19%	0.00%
2009	6.64%	0.00%
2008	8.37%	0.00%
2007	5.91%	0.00%
2006	6.29%	0.00%
2005	6.48%	0.00%
2004	7.14%	0.00%
2003	6.81%	0.00%
2002	5.18%	0.00%