- Issuer
- Nomura
- Inception Date
- Mar 5, 2025
- Region
- North America (United States)
- Category
- High Yield Muni
- Leveraged
- 1x (No leverage)
- Index Tracked
- No Index (Active)
- Distribution Policy
- Distributing
- Asset Class
- Bond
- Assets Under Management
- $30M
Highlights
- Avg. Volume (1M)
- 5K
- Avg. Volume Value (1M)
- $113.00K
Share Price Chart
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Performance
HTAX Performance Chart
Nomura National High-Yield Municipal Bond ETF (HTAX) is up 2.5% since the beginning of the year. HTAX is currently trading at $24 per share.
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Returns By Period
Nomura National High-Yield Municipal Bond ETF (HTAX) has returned 2.49% so far this year and 8.03% over the past 12 months.
Nomura National High-Yield Municipal Bond ETF
- 1D
- -0.10%
- 1M
- -2.50%
- 6M
- 1.90%
- YTD
- 2.49%
- 1Y
- 8.03%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 2.43%
Benchmark (S&P 500 Index)
- 1D
- 0.70%
- 1M
- 0.09%
- 6M
- 7.94%
- YTD
- 9.41%
- 1Y
- 20.07%
- 3Y*
- 17.84%
- 5Y*
- 11.25%
- 10Y*
- 13.26%
- ALL TIME*
- 8.09%
HTAX Monthly Returns History
Based on dividend-adjusted daily data since Mar 6, 2025, HTAX's average daily return is +0.01%, while the average monthly return is +0.21%. At this rate, an investment would double in approximately 27.5 years.
Historically, 59% of months were positive and 41% were negative. The best month was Sep 2025 with a return of +4.5%, while the worst month was Jul 2026 at -2.2%. The longest winning streak lasted 4 consecutive months, and the longest losing streak was 3 months.
On a daily basis, HTAX closed higher 52% of trading days. The best single day was Apr 10, 2025 with a return of +1.3%, while the worst single day was Apr 8, 2025 at -3.5%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 0.58% | 1.94% | -1.95% | 1.66% | 1.08% | 1.48% | -2.24% | 2.49% | |||||
| 2025 | -1.08% | -1.78% | -1.06% | 0.90% | -2.14% | 0.60% | 4.45% | 1.14% | 0.46% | -0.41% | 0.92% |
Benchmark Metrics
Nomura National High-Yield Municipal Bond ETF has an annualized alpha of 2.06%, beta of 0.03, and R2 of 0.01 versus S&P 500 Index. Calculated based on daily prices since March 06, 2025.
- This ETF participated in 36.44% of S&P 500 Index downside but only 16.89% of its upside - more exposed to losses than it benefited from rallies.
- Beta of 0.03 may look defensive, but with R2 of 0.01 this ETF is largely uncorrelated with S&P 500 Index - low beta reflects independence, not downside protection. See the Volatility section for a true picture of this ETF's risk.
- R2 of 0.01 means this ETF moves largely independently of S&P 500 Index - capture ratios reflect limited market correlation rather than active downside protection. Consider using a more representative benchmark.
- Alpha
- 2.06%
- Beta
- 0.03
- R²
- 0.01
- Upside Capture
- 16.89%
- Downside Capture
- 36.44%
Expense Ratio
HTAX has an expense ratio of 0.49%, placing it in the medium range.
Return for Risk
Risk / Return Rank
HTAX ranks 83 for risk / return — above 83% of ETFs peers on PortfoliosLab. Its historical combined result is among the stronger results in the peer group.
Risk / Return Metrics
The table below present risk-adjusted performance metrics for Nomura National High-Yield Municipal Bond ETF (HTAX) and compare them to S&P 500 Index.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| HTAX | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.49 | ||
| Sortino ratioReturn per unit of downside risk | +0.86 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 1.25 | +0.12 |
| Calmar ratioReturn relative to maximum drawdown | 2.94 | 2.00 | +0.93 |
| Martin ratioReturn relative to average drawdown | 11.27 | 8.49 | +2.78 |
Dividends
Dividend History
Nomura National High-Yield Municipal Bond ETF provided a 4.64% dividend yield over the last twelve months, with an annual payout of $1.13 per share.
| Period | TTM | 2025 |
|---|---|---|
| Dividend | $1.13 | $0.89 |
Dividend yield | 4.64% | 3.67% |
Monthly Dividends
The table displays the monthly dividend distributions for Nomura National High-Yield Municipal Bond ETF. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.09 | $0.08 | $0.09 | $0.10 | $0.09 | $0.10 | $0.10 | $0.64 | |||||
| 2025 | $0.09 | $0.14 | $0.08 | $0.09 | $0.09 | $0.09 | $0.10 | $0.10 | $0.10 | $0.89 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the Nomura National High-Yield Municipal Bond ETF. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the Nomura National High-Yield Municipal Bond ETF was 6.10%, occurring on Jul 18, 2025. Recovery took 42 trading sessions.
The current Nomura National High-Yield Municipal Bond ETF drawdown is 2.50%.
Drawdown | Fall | Recovery | Underwater | Related event |
|---|---|---|---|---|
-6.10%Jul 2025 | 4mo 9d | 2mo 1d | 6mo 10dMar 2025 - Sep 2025 | — |
-3.06%Mar 2026 | 22d | 1mo 1d | 1mo 23dMar 2026 - Apr 2026 | — |
-2.52%Jul 2026 | 17d | — | 27dJul 2026 - now | — |
-1.69%May 2026 | 8d | 8d | 16dMay 2026 - May 2026 | — |
-0.92%Jan 2026 | 5d | 13d | 18dJan 2026 - Feb 2026 | — |
Drawdown Indicators
| HTAX | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -6.10% | -56.78% | +50.68% |
Max Drawdown (1Y)Largest decline over 1 year | -3.06% | -9.10% | +6.04% |
Max Drawdown (3Y)Largest decline over 3 years | — | -18.90% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -25.43% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.92% | — |
Current DrawdownCurrent decline from peak | -2.50% | -1.58% | -0.92% |
Average DrawdownAverage peak-to-trough decline | -1.65% | -10.70% | +9.05% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.80% | 2.14% | -1.34% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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