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Nuveen California High Yield Municipal Bond Fund (NCHRX) Sharpe Ratio: 2.29

Mutual Fund · Currency in USD · Last updated Jun 3, 2026

The investment seeks high current income exempt from regular federal, California State and, in some cases, California local income taxes; total return is a secondary objective. Under normal market conditions, the fund invests at least 80% of the sum of its net assets and the amount of any borrowings for investment purposes in municipal bonds that pay interest that is exempt from regular federal and California personal income tax. These municipal bonds include obligations issued by the State of California and its subdivisions, authorities, instrumentalities and corporations, as well as obligations issued by U.S. territories.

NCHRX's Sharpe Ratio of 2.29 indicates that for each unit of volatility, it generates 2.29 units of excess return above the risk-free rate. The ratio is calculated using historical daily returns over the past 12 months (as of Jun 3, 2026).

Sharpe uses total volatility (standard deviation) which includes both upside and downside price movements, making it useful for comparing risk-adjusted returns across different assets.

NCHRX Sharpe Ratio Rank

NCHRX Sharpe Ratio Rank: 60.060
Above Average

NCHRX ranks above 60.0% of all investments in our database based on Sharpe Ratio over the past 12 months, indicating above-average returns relative to volatility. Securities are ranked from 0 (worst) to 100 (best).

What moves the rank

  • Strong returns with low total volatility → Higher rank
  • High volatility (both upside and downside) → Lower rank
  • Consistent returns → Higher rank than volatile returns of same magnitude
  • Sharp drawdowns increase volatility → Lower rank

What you can do with this information

  • Above-average risk-adjusted returns with room for improvement
  • Compare against category peers to gauge relative positioning
  • Monitor for movement toward top tier or decline toward median
  • Consider pairing with top-tier holdings to improve portfolio efficiency

NCHRX Sharpe Ratio Market Positioning

The chart shows NCHRX's Sharpe Ratio relative to all mutual funds on our platform, with color zones indicating percentile rankings. Higher ratios indicate better risk-adjusted returns.

  • Red zone (bottom 25%): 1.41 or lower
  • Yellow zone (middle 50%): 1.41 to 2.51
  • Green zone (top 25%): 2.51 or higher
  • Top 1%: 4.64+
  • Median: 2.09 — half of all investments score higher

How it compares to other similar mutual funds

The table compares Nuveen California High Yield Municipal Bond Fund's Sharpe Ratio with other mutual funds in the Municipal Bonds category across multiple time periods, showing how NCHRX's risk-adjusted performance compares to similar funds.

Data shows 1-, 5-, and 10-year periods, plus each fund's all-time average, as of Jun 3, 2026.

SymbolName1Y Sharpe Ratio5Y Sharpe Ratio10Y Sharpe RatioAll Time Sharpe Ratio
DFABXDFA Short-Term Selective State Municipal Bond Portfolio4.77
DNYMXDFA NY Municipal Bond Portfolio4.63
USMTXJPMorgan Ultra-Short Municipal Fund4.52
DFCMXDFA California Short Term Municipal Bond Portfolio4.46
DFSMXDFA Short Term Municipal Bond Portfolio4.16
USMSXJPMorgan Ultra-Short Municipal Fund4.15
BTMSXBaird Short-Term Municipal Bond Fund3.69
DMREXDFA Municipal Real Return Portfolio3.58
BATVXBlackRock Allocation Target Shares3.57
ATOIXabrdn Ultra Short Municipal Income Fund3.50
NCHRXNuveen California High Yield Municipal Bond Fund2.29

S&P 500 Index

How to choose period

Historical Sharpe Ratio

The chart shows NCHRX's rolling Sharpe ratio over time compared to your chosen benchmark. Rising trends indicate improving returns relative to total volatility, while declining trends may signal deteriorating risk-adjusted performance or increased volatility. Use multiple timeframes to distinguish short-term fluctuations from long-term patterns.

Identify market cycles by observing when NCHRX consistently outperforms (line above benchmark), underperforms (below benchmark), or aligns with the benchmark.

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