- ISIN
- US64128K4397
- CUSIP
- 64128K439
- Issuer
- Neuberger Berman
- Inception Date
- Jun 21, 2015
- Category
- High Yield Muni
- Min. Investment
- $1,000,000
- Distribution Policy
- Distributing
- Asset Class
- Bond
Share Price Chart
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Performance
NMHIX Performance Chart
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Returns By Period
Neuberger Berman Municipal High Income Fund
- 1D
- —
- 1M
- —
- YTD
- —
- 6M
- —
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
Benchmark (S&P 500 Index)
- 1D
- -0.37%
- 1M
- -0.01%
- YTD
- 9.16%
- 6M
- 8.64%
- 1Y
- 25.22%
- 3Y*
- 19.78%
- 5Y*
- 11.99%
- 10Y*
- 13.88%
NMHIX Monthly Returns History
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 0.76% | 1.39% | -1.77% | 1.21% | -1.07% | 0.48% | |||||||
| 2025 | 0.32% | 1.38% | -2.09% | -0.84% | -0.43% | 0.57% | -0.51% | 0.90% | 2.75% | 1.19% | 0.33% | 0.01% | 3.56% |
| 2024 | 0.77% | 0.76% | 0.53% | -1.07% | 0.43% | 2.93% | 0.96% | 0.75% | 0.95% | -1.27% | 1.27% | -0.83% | 6.27% |
| 2023 | 3.36% | -3.22% | 1.52% | 0.00% | -0.24% | 0.76% | 0.45% | -1.42% | -3.21% | -2.64% | 6.23% | 3.12% | 4.34% |
| 2022 | -2.64% | -0.99% | -3.79% | -3.63% | 1.40% | -3.99% | 3.09% | -2.23% | -5.51% | -1.63% | 5.56% | -0.36% | -14.26% |
| 2021 | 1.64% | -1.32% | 0.71% | 1.36% | 0.98% | 0.96% | 0.86% | -0.32% | -0.95% | -0.34% | 1.05% | 0.22% | 4.90% |
Benchmark Metrics
Neuberger Berman Municipal High Income Fund has an annualized alpha of 2.12%, beta of 0.04, and R2 of 0.02 versus S&P 500 Index. Calculated based on daily prices since January 05, 2016.
- This fund participated in 27.55% of S&P 500 Index downside but only 18.46% of its upside - more exposed to losses than it benefited from rallies.
- Beta of 0.04 may look defensive, but with R2 of 0.02 this fund 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 fund's risk.
- R2 of 0.02 means this fund 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
- 2.12%
- Beta
- 0.04
- R²
- 0.02
- Upside Capture
- 18.46%
- Downside Capture
- 27.55%
Expense Ratio
NMHIX has an expense ratio of 0.52%, placing it in the medium range.
Return for Risk
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for Neuberger Berman Municipal High Income Fund (NMHIX) 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.
| NMHIX | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.37 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 2.78 | — |
| Martin ratioReturn relative to average drawdown | — | 12.44 | — |
Dividends
Dividend History
Neuberger Berman Municipal High Income Fund provided a 4.16% dividend yield over the last twelve months, with an annual payout of $0.39 per share. The fund has been increasing its distributions for 3 consecutive years.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | $0.39 | $0.37 | $0.36 | $0.29 | $0.22 | $0.30 | $0.31 | $0.36 | $0.37 | $0.35 | $0.43 |
Dividend yield | 4.16% | 3.98% | 3.81% | 3.11% | 2.43% | 2.74% | 2.90% | 3.36% | 3.64% | 3.44% | 4.42% |
Monthly Dividends
The table displays the monthly dividend distributions for Neuberger Berman Municipal High Income Fund. 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 | $0.03 | $0.03 | $0.03 | $0.07 | $0.00 | $0.17 | |||||||
| 2025 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.37 |
| 2024 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.36 |
| 2023 | $0.03 | $0.03 | $0.03 | $0.00 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.00 | $0.03 | $0.03 | $0.29 |
| 2022 | $0.02 | $0.03 | $0.02 | $0.03 | $0.03 | $0.00 | $0.00 | $0.02 | $0.00 | $0.03 | $0.03 | $0.03 | $0.22 |
| 2021 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.03 | $0.02 | $0.02 | $0.03 | $0.02 | $0.02 | $0.02 | $0.30 |
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 Neuberger Berman Municipal High Income Fund. 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 Neuberger Berman Municipal High Income Fund was 19.38%, occurring on Oct 25, 2022. Recovery took 836 trading sessions.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
Bear market2022 | -19.38%Oct 2022 | 1y 2mo | 3y 4mo | 4y 6moAug 2021 - Feb 2026 |
COVID crash2020 | -16.38%Mar 2020 | 18d | 9mo 16d | 10mo 4dMar 2020 - Dec 2020 |
2016 pullback2016 | -7.56%Dec 2016 | 2mo 24d | 9mo 1d | 11mo 25dSep 2016 - Aug 2017 |
2026 pullback2026 | -2.62%Mar 2026 | 22d | — | 3mo 23dMar 2026 - now |
2021 pullback2021 | -2.02%Feb 2021 | 9d | 1mo 20d | 1mo 29dFeb 2021 - Apr 2021 |
Drawdown Indicators
| NMHIX | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | — | -56.78% | — |
Max Drawdown (1Y)Largest decline over 1 year | — | -9.10% | — |
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 | — | -1.80% | — |
Average DrawdownAverage peak-to-trough decline | — | -10.71% | — |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 2.03% | — |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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