AWF vs VGI
AllianceBernstein Global High Income Fund vs Virtus Global Multi-Sector Income Fund
Quick Verdict
AWF has a lower expense ratio. VGI delivered stronger 1-year returns. AWF offers more diversification with 707 holdings.
Side-by-Side Comparison
| Metric | AWF | VGI | Winner |
|---|---|---|---|
| Expense Ratio | 1.00% | 1.74% | |
| AUM | $969M | $88M | |
| Dividend Yield | 6.92% | 11.98% | |
| Holdings | 1,273 | 646 | |
| YTD Return | -1.71% | +1.20% | |
| 1Y Return | -3.23% | +4.18% | |
| 3Y Return (annualized) | +8.24% | +10.88% | |
| 5Y Return (annualized) | +3.53% | +2.18% | |
| Volatility (annualized) | 18.2% | 14.1% | |
| Max Drawdown | -60.0% | -63.3% | |
| Fund Family | AllianceBernstein L.P. | Virtus Investment Partners | |
| Category | Fixed Income | Fixed Income | |
| Inception | Jul 28, 1993 | Feb 23, 2012 |
AWF vs VGI Performance
AllianceBernstein Global High Income Fund (AWF) is a ETF from AllianceBernstein L.P. and Virtus Global Multi-Sector Income Fund (VGI) is a ETF from Virtus Investment Partners. Over the past year AWF returned -3.23% while VGI returned +4.18%. Year to date, AWF is down 1.71% versus a gain of 1.20% for VGI.
Over three years, AWF compounded at +8.24% per year against +10.88% for VGI; over five years the annualized figures are +3.53% and +2.18% respectively. Across the full 15-year window we track, AWF has the edge at +0.89% annualized vs -2.40%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
AWF has been the more volatile fund, with annualized monthly volatility of 18.2% compared with 14.1% for VGI. 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 -60.0% for AWF and -63.3% for VGI. 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 0.75. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
AWF charges 1.00% per year while VGI charges 1.74%. On a $10,000 position that is $100 vs $174 annually, a gap of $74 per year that compounds over a long holding period. On income, AWF currently yields 6.92% against 11.98% for VGI.
Holdings Overlap
AWF and VGI share 44 holdings out of 1097 unique holdings combined, representing a 2.9% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Top Shared Holdings
| Stock | Weight in AWF | Weight in VGI | Difference |
|---|---|---|---|
| COLOM 7.375 04/25/30 | 0.08% | 0.78% | 0.70% |
| COLOM 8 11/14/35 | 0.05% | 0.72% | 0.67% |
| ARGENT 4.125 07/09/3 | 0.03% | 0.67% | 0.64% |
| ARGENT 0.75 07/09/30 | Pro | Pro | Pro |
| CFIELD 6.625 08/01/2 | Pro | Pro | Pro |
| VENLNG 9.875 02/01/3 | Pro | Pro | Pro |
| MIDCAP 6.5 05/01/28 | Pro | Pro | Pro |
| LXU 6.25 10/15/28 14 | Pro | Pro | Pro |
| MPEL 5.375 12/04/29 | Pro | Pro | Pro |
| OGN 4.125 04/30/28 1 | Pro | Pro | Pro |
Frequently Asked Questions
Which is cheaper, AWF or VGI?
AWF has an expense ratio of 1.00% while VGI charges 1.74%. AWF is the cheaper option. On a $10,000 investment, that is $74 per year of difference.
Which performed better, AWF or VGI?
Over the past year AWF returned -3.23% vs +4.18% for VGI, so VGI leads on 1-year performance. Over the longest common window we track (15 years), AWF annualized +0.89% vs -2.40% for VGI. Past performance does not guarantee future results.
Which is riskier, AWF or VGI?
AWF has been the more volatile fund at 18.2% annualized versus 14.1% for VGI. Worst drawdown: AWF -60.0% vs VGI -63.3%.
Should I hold both AWF and VGI?
AWF and VGI have a monthly-return correlation of 0.75, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between AWF and VGI?
AWF and VGI share 44 common holdings with a 2.9% weight overlap. Combined, they hold 1097 unique securities.
Which pays a higher dividend, AWF or VGI?
AWF yields 6.92% while VGI yields 11.98%, so VGI currently pays the higher dividend yield.
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