On the lookout for a Mutual Fund Bond fund? Starting with AB High Income Fund Adviser (AGDYX) should not be a possibility at this time. AGDYX holds a Zacks Mutual Fund Rank of 4 (Sell), which is based on nine forecasting factors like size, cost, and past performance.History of Fund/ManagerAGDYX finds itself in the AllianceBernstein family, based out of New York, NY. AB High Income Fund Adviser debuted in January of 2008. Since then, AGDYX has accumulated assets of about $1.75 billion, according to the most recently available information. The fund's current manager is a team of investment professionals.PerformanceInvestors naturally seek funds with strong performance. This fund in particular has delivered a 5-year annualized total return of 0.02%, and is in the bottom third among its category peers. But if you are looking for a shorter time frame, it is also worth looking at its 3-year annualized total return of -1.44%, which places it in the bottom third during this time-frame.When looking at a fund's performance, it is also important to note the standard deviation of the returns. The lower the standard deviation, the less volatility the fund experiences. The standard deviation of AGDYX over the past three years is 13.88% compared to the category average of 15.81%. The standard deviation of the fund over the past 5 years is 11.09% compared to the category average of 13.76%. This makes the fund less volatile than its peers over the past half-decade.With a beta of 0.2, this fund is less volatile than a broad market index of fixed income securities. Taking this into account, AGDYX has a positive alpha of 0.92, which measures performance on a risk-adjusted basis.RatingsInvestors should also consider a bond's rating, which is a grade ( 'AAA' to 'D' ) given to a bond that indicates its credit quality. With this letter scale in mind, AGDYX 's junk bond component-bonds rated 'BB' or below-is at 73.18%. This means that the fund has an average quality of BBB, and focuses on medium quality securities.ExpensesFor investors, taking a closer look at cost-related metrics is key, since costs are increasingly important for mutual fund investing. Competition is heating up in this space, and a lower cost product will likely outperform its otherwise identical counterpart, all things being equal. In terms of fees, AGDYX is a no load fund. It has an expense ratio of 0.61% compared to the category average of 0.98%. AGDYX is actually cheaper than its peers when you consider factors like cost.Investors need to be aware that with this product, the minimum initial investment is $0; each subsequent investment has no minimum amount.Bottom LineOverall, AB High Income Fund Adviser ( AGDYX ) has a low Zacks Mutual Fund rank, and in conjunction with its comparatively weak performance, average downside risk, and lower fees, this fund looks like a somewhat weak choice for investors right now.For additional information on the Mutual Fund Bond area of the mutual fund world, make sure to check out www.zacks.com/funds/mutual-funds. There, you can see more about the ranking process, and dive even deeper into AGDYX too for additional information. If you are more of a stock investor, make sure to also check out our Zacks Rank, and our full suite of tools we have available for novice and professional investors alike. Zacks Names "Single Best Pick to Double" From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all. It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time. This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.Free: See Our Top Stock and 4 Runners Up >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Get Your Free (AGDYX): Fund Analysis ReportTo read this article on Zacks.com click here.Zacks Investment Research