AFB vs VOO
AllianceBernstein National Municipal Income Fund Inc vs Vanguard S&P 500 ETF
Quick Verdict
VOO has a lower expense ratio. VOO delivered stronger 1-year returns. VOO offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | AFB | VOO | Winner |
|---|---|---|---|
| Expense Ratio | 1.56% | 0.03% | |
| AUM | $341M | $979.0B | |
| Dividend Yield | 4.67% | 1.09% | |
| Holdings | 175 | 509 | |
| YTD Return | +4.75% | +13.80% | |
| 1Y Return | +12.23% | +23.71% | |
| 3Y Return (annualized) | +6.79% | +21.50% | |
| 5Y Return (annualized) | -1.81% | +13.44% | |
| Volatility (annualized) | 12.8% | 14.1% | |
| Max Drawdown | -56.2% | -34.3% | |
| Fund Family | AllianceBernstein L.P. | Vanguard (US) | |
| Category | Tax Preferred | Equity | |
| Inception | Jan 28, 2002 | Sep 7, 2010 |
AFB vs VOO Performance
AllianceBernstein National Municipal Income Fund Inc (AFB) is a ETF from AllianceBernstein L.P. and Vanguard S&P 500 ETF (VOO) is a ETF from Vanguard (US). Over the past year AFB returned +12.23% while VOO returned +23.71%. Year to date, AFB is up 4.75% versus a gain of 13.80% for VOO.
Over three years, AFB compounded at +6.79% per year against +21.50% for VOO; over five years the annualized figures are -1.81% and +13.44% respectively. Across the full 16-year window we track, VOO has the edge at +13.58% annualized vs -0.30%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
VOO has been the more volatile fund, with annualized monthly volatility of 14.1% 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 -34.3% for VOO. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.38. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
AFB charges 1.56% per year while VOO 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 4.67% against 1.09% for VOO.
Holdings Overlap
AFB and VOO share 0 holdings out of 584 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, AFB or VOO?
AFB has an expense ratio of 1.56% while VOO charges 0.03%. VOO is the cheaper option. On a $10,000 investment, that is $153 per year of difference.
Which performed better, AFB or VOO?
Over the past year AFB returned +12.23% vs +23.71% for VOO, so VOO leads on 1-year performance. Over the longest common window we track (16 years), AFB annualized -0.30% vs +13.58% for VOO. Past performance does not guarantee future results.
Which is riskier, AFB or VOO?
VOO has been the more volatile fund at 14.1% annualized versus 12.8% for AFB. Worst drawdown: AFB -56.2% vs VOO -34.3%.
Should I hold both AFB and VOO?
AFB and VOO have a monthly-return correlation of 0.38, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between AFB and VOO?
AFB and VOO share 0 common holdings with a 0.0% weight overlap. Combined, they hold 584 unique securities.
Which pays a higher dividend, AFB or VOO?
AFB yields 4.67% while VOO yields 1.09%, so AFB currently pays the higher dividend yield.
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