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Nuveen High Yield Municipal Bond Fund (NHMRX) Diversifiers

Mutual Fund · Currency in USD · Last updated Jun 25, 2026

The investment seeks high current income exempt from regular federal income taxes; capital appreciation 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 personal income tax. It invests significantly in lower-quality long-term municipal bonds and may employ effective leverage through investments in inverse floaters.

Looking to diversify beyond NHMRX? The mutual funds below have the lowest correlation with NHMRX — they tend to move on their own, which can help reduce risk when the rest of your portfolio drops. The stock ideas table highlights individual companies that behave independently from NHMRX.

Best Diversifiers for NHMRX

18 mutual funds have low correlation with NHMRX (below 0.3), 0 of which are negatively correlated. The least correlated is Nuveen Small-Cap Value Opportunities Fund (NSCRX) (Small Cap Blend Equities) with a 1Y correlation of 0.13, roughly unchanged from 0.09 over 5 years.

SymbolNameCorrelation 1YCorrelation 3YCorrelation 5YRisk / Return RankCategoryCompare
NSCRX
Nuveen Small-Cap Value Opportunities Fund0.130.110.09
67
Small Cap Blend EquitiesNHMRX vs NSCRX
NSMRX
Nuveen Small/Mid Cap Value Fund0.160.110.09
66
Small Cap Blend EquitiesNHMRX vs NSMRX
NELIX
Nuveen Equity Long/Short Fund0.160.080.08
50
Long-ShortNHMRX vs NELIX
ARSTX
Nuveen Small Cap Select Fund0.170.100.09
54
Small Cap Blend EquitiesNHMRX vs ARSTX
TICRX
Nuveen Large Cap Responsible Equity Fund Class A0.180.140.13
53
Large Cap Blend EquitiesNHMRX vs TICRX
See all 99 diversifiers for NHMRX

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Low-Correlation Stock Ideas

If you're looking for individual stocks that move independently from NHMRX, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to NHMRX and solid risk/return profiles. The least correlated is Blackrock Municipal 2030 Target Term Trust (BTT) (Financial Services) with a 1Y correlation of 0.34, roughly unchanged from 0.37 over 5 years.

SymbolNameCorrelation 1YCorrelation 3YCorrelation 5YRisk / Return RankSector
BTT
Blackrock Municipal 2030 Target Term Trust0.340.400.37
82
Financial Services

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