AFB vs IVV
AllianceBernstein National Municipal Income Fund Inc vs iShares Core S&P 500 ETF
Which is better, AFB or IVV?
Municipal Bond against Large Cap Blend.
IVV has a lower expense ratio. IVV led over 1Y, 3Y, 5Y and the full window.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | AFB | IVV |
|---|---|---|
| Expense Ratio | 1.56% | 0.03%Best |
| AUM | $335M | $886.7B |
| Dividend Yield | 4.95% | 1.10% |
| Holdings | 175 | 508 |
| YTD Return | +1.22% | +13.39%Best |
| 1Y Return | +7.96% | +20.08%Best |
| 3Y Return (annualized) | +5.37% | +21.29%Best |
| 5Y Return (annualized) | -2.61% | +12.88%Best |
| Volatility (annualized) | 12.8%Best | 14.8% |
| Max Drawdown | -56.2%Best | -56.5% |
| $10,000 over 5 years | $8,761 | $18,327Best |
| Fund Family | AllianceBernstein L.P. | iShares by BlackRock (US) |
| Category | Tax Preferred | Equity |
| Style | Municipal Bond | Large Cap Blend |
| Inception | Jan 28, 2002 | May 15, 2000 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: Jan 29, 2002 to Sep 4, 2026 (24.6 years).
AFB vs IVV growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view is available from the range buttons; it is not the opening view here because over the whole period one of these two funds moves so much further than the other that its line would sit flat on the axis.
AFB vs IVV Performance
AllianceBernstein National Municipal Income Fund Inc (AFB) is an ETF from AllianceBernstein L.P. and iShares Core S&P 500 ETF (IVV) is an ETF from iShares by BlackRock (US). Over the past year AFB returned +7.96% while IVV returned +20.08%. Year to date, AFB is up 1.22% versus a gain of 13.39% for IVV.
Over three years, AFB compounded at +5.37% per year against +21.29% for IVV; over five years the annualized figures are -2.61% and +12.88% respectively. Across the full 25-year window we track, IVV has the edge at +8.58% annualized vs -0.43%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
IVV has been the more volatile fund, with annualized monthly volatility of 14.8% compared with 12.8% for AFB. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -56.2% for AFB and -56.5% for IVV. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.24. They move largely independently of each other.
Fees and Cost Over Time
AFB charges 1.56% per year while IVV charges 0.03%. On a $10,000 position that is $156 vs $3 annually, a gap of $153 per year that compounds over a long holding period. On income, AFB currently yields 4.95% against 1.10% for IVV.
Holdings Overlap
We hold position weights for 79 holdings in AFB and 505 in IVV, totalling 60.7% and 100.0% of the two funds. The two books name no position in common, so there is no overlap percentage to show.
The two holdings books were reported 186 days apart, AFB as of Jan 31, 2026 and IVV as of Aug 5, 2026, so some of the difference between them is the time between the two reports rather than the funds.
0 positions in common, counted across the 79 positions we hold weights for in AFB and 505 in IVV, against full books of 175 and 508.
You are not choosing between two funds in isolation.
Whichever of AFB and IVV you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, AFB or IVV?
AFB has an expense ratio of 1.56% while IVV charges 0.03%. IVV is the cheaper option, by $153 a year on a $10,000 investment.
Which performed better, AFB or IVV?
Over the past year AFB returned +7.96% vs +20.08% for IVV, so IVV leads on 1-year performance. Over the longest common window we track (25 years), AFB annualized -0.43% vs +8.58% for IVV. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, AFB or IVV?
IVV has been the more volatile fund at 14.8% annualized versus 12.8% for AFB. Worst drawdown: AFB -56.2% vs IVV -56.5%.
Should I hold both AFB and IVV?
AFB and IVV have a monthly-return correlation of 0.24, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
Which pays a higher dividend, AFB or IVV?
AFB yields 4.95% while IVV yields 1.10%, so AFB currently pays the higher dividend yield.
Is IVV better than AFB?
IVV has a lower expense ratio. IVV led over 1Y, 3Y, 5Y and the full window. Which one suits a particular account depends on what it is for. This is information, not a recommendation.