AFB vs PICB

Comparison between AllianceBernstein National Municipal Income Fund Inc (AFB, ETF) and INVESCO INTERNATIONAL CORPORATE BOND ETF (PICB, ETF).

5-Year PerformanceAFB has outperformed PICB, delivering a return of -2.1% compared to -2.3%

AFB vs PICB - Performance Comparison

Log

Key Characteristics

Financial metrics and valuation ratios

Metric	AFB(ETF)	PICB(ETF)
Net Assets	$353M	$353M
Expense Ratio	N/A	0.50%
Max Drawdown	56.18%	39.48%
Sharpe Ratio	1.26	-0.52
5Y Beta	0.10	0.09
5Y Dividends CAGR	-2.10%	18.45%

Net Assets

AFB

$353M

Winner

PICB

$353M

Expense Ratio

AFB

N/A

PICB

0.50%

Max Drawdown

AFB

56.18%

Winner

PICB

39.48%

Sharpe Ratio

Winner

AFB

1.26

PICB

-0.52

5Y Beta

AFB

0.10

Winner

PICB

0.09

5Y Dividends CAGR

AFB

-2.10%

Winner

PICB

18.45%

AFB vs PICB - Historical Returns

Returns include dividend reinvestment.

Period	AFB	PICB
1 month	-3.28%	-0.80%
3 months	+0.70%	-2.01%
6 months	+3.05%	-3.78%
1 year	+13.87%	-1.72%
5 years(CAGR)	-2.05%	-2.34%
10 years(CAGR)	+1.28%	+0.70%
Max(CAGR)	+4.35%	+1.80%

AFB

-3.28%

Winner

PICB

-0.80%

Winner

AFB

+0.70%

PICB

-2.01%

Winner

AFB

+3.05%

PICB

-3.78%

Winner

AFB

+13.87%

PICB

-1.72%

5Y(CAGR)

Winner

AFB

-2.05%

PICB

-2.34%

10Y(CAGR)

Winner

AFB

+1.28%

PICB

+0.70%

Max(CAGR)

Winner

AFB

+4.35%

PICB

+1.80%

AFB vs PICB - Annual Returns (2002 - 2026)

Returns include dividend reinvestment.

Year	AFB	PICB
2026	+3.72%	-2.29%
2025	+3.74%	+14.99%
2024	+3.62%	-1.75%
2023	+6.52%	+12.57%
2022	-26.36%	-21.87%
2021	+7.80%	-6.81%
2020	+8.62%	+12.70%
2019	+17.80%	+10.21%
2018	-5.64%	-7.30%
2017	+5.98%	+15.90%
2016	+0.60%	-0.48%
2015	+6.57%	-8.41%
2014	+17.08%	-0.35%
2013	-16.19%	+3.11%
2012	+12.31%	+14.81%
2011	+23.79%	+1.03%
2010	+2.72%	+10.61%
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 PICB Drawdown Comparison

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

The maximum drawdown for PICB was -37.10%, occurring on Sep 27, 2022. This drawdown has not yet recovered.

The current AFB drawdown is -11.33%. The current PICB drawdown is -13.70%.

Rank	AFB	PICB
#1	-51.00% Oct 19, 2006 - Oct 7, 2009	-37.10% Dec 31, 2020 - Sep 27, 2022
#2	-35.14% Dec 16, 2021 - Oct 20, 2023	-23.37% Feb 1, 2018 - Jul 21, 2020
#3	-26.40% Jan 18, 2013 - Jan 7, 2016	-17.26% Jun 30, 2014 - Feb 1, 2018
#4	-23.23% Mar 6, 2020 - Nov 27, 2020	-11.36% Aug 5, 2011 - Aug 28, 2012
#5	-18.03% Oct 7, 2010 - Sep 13, 2011	-9.99% Nov 4, 2010 - Apr 21, 2011
#6	-14.00% Mar 17, 2004 - Nov 1, 2004	-8.39% May 1, 2013 - Oct 18, 2013
#7	-13.99% Jul 8, 2016 - Jun 13, 2019	-4.44% Jan 14, 2013 - Apr 29, 2013
#8	-12.35% Jan 29, 2002 - Apr 28, 2003	-3.31% Oct 14, 2010 - Nov 4, 2010
#9	-9.33% Oct 7, 2009 - Jan 25, 2010	-3.19% May 2, 2011 - Jul 26, 2011
#10	-8.25% Mar 2, 2012 - May 17, 2012	-3.17% Sep 1, 2020 - Nov 6, 2020
#11	-8.16% Jun 13, 2003 - Jan 9, 2004	-2.75% Aug 6, 2010 - Sep 22, 2010
#12	-6.23% Oct 1, 2012 - Jan 7, 2013	-2.18% Oct 24, 2013 - Feb 13, 2014
#13	-6.06% Sep 7, 2005 - Dec 15, 2005	-1.76% Jun 3, 2010 - Jun 14, 2010
#14	-5.38% Jul 11, 2006 - Aug 1, 2006	-1.52% May 6, 2014 - Jun 26, 2014
#15	-5.24% Jan 30, 2012 - Mar 2, 2012	-1.33% Mar 14, 2014 - Apr 8, 2014

Correlation

Correlation between AFB and PICB is 0.62 which considered as a moderate positive correlation - the stocks show some tendency to move together.

0.62

-101

Dividend Comparison (2002 - 2026)

AFB vs PICB dividend yield comparison.

Year	AFB	PICB
2026	3.22%	1.97%
2025	4.72%	3.17%
2024	3.83%	3.19%
2023	3.62%	2.24%
2022	5.26%	1.64%
2021	4.32%	1.34%
2020	4.18%	1.22%
2019	3.93%	1.42%
2018	4.53%	1.70%
2017	4.70%	1.47%
2016	5.34%	2.20%
2015	5.80%	2.39%
2014	6.35%	2.64%
2013	7.06%	2.73%
2012	5.98%	3.09%
2011	6.29%	3.96%
2010	7.19%	1.94%
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%