NMZ Alternatives & Similar Mutual Funds

Nuveen Municipal High Income Opportunity Fund (NMZ) belongs to the High Yield Muni category. Below you'll find alternative mutual funds from the same category, ranked by key criteria, plus funds that investors commonly compare with NMZ. Use the tables to find lower-cost options, better risk-adjusted returns, or a closer substitute for your current allocation.

Cheapest Alternatives to NMZ

NMZ charges 1.50% annually. There are 48 mutual funds in the High Yield Muni category with lower expense ratios, going as low as 0.09%.

Symbol	Name	Expense Ratio	AUM	Inception
VWALX	Vanguard High-Yield Tax-Exempt Fund Admiral Shares	0.09%	17.80B	Nov 2001	NMZ vs VWALX
BATEX	BlackRock Allocation Target Shares Series E Portfo...	0.11%	—	Aug 2014	NMZ vs BATEX
VWAHX	Vanguard High-Yield Tax-Exempt Fund Investor Share...	0.17%	17.80B	Dec 1978	NMZ vs VWAHX
EWHYX	Eaton Vance High Yield Municipal Income Fund Class...	0.18%	—	May 2007	NMZ vs EWHYX
HIMFX	American High-Income Municipal Bond Fund Class F-3	0.31%	—	Jan 2017	NMZ vs HIMFX

Best Risk-Adjusted Alternatives to NMZ

NMZ has a PortfoliosLab risk / return rank of 29. There are 49 mutual funds in the High Yield Muni category with higher risk-adjusted ranks, going as high as 95.

Symbol	Name	Risk / Return Rank	AUM	Inception
PRFHX	T. Rowe Price Tax Free High Yield Fund	95	—	Feb 1985	NMZ vs PRFHX
FHTFX	Federated Hermes Municipal High Yield Advtg Fd	94	—	Apr 1987	NMZ vs FHTFX
WHYIX	Allspring High Yield Municipal Bond Fund	92	—	Jan 2013	NMZ vs WHYIX
ISHYX	Invesco Short Duration High Yield Municipal Fund	91	—	Sep 2015	NMZ vs ISHYX
SRHMX	Columbia High Yield Municipal Fund	91	—	Mar 1984	NMZ vs SRHMX

Top Performing NMZ Alternatives (YTD)

NMZ is at 4.40% YTD. No mutual funds in the High Yield Muni category have higher YTD returns; the top-performing alternatives shown here go as high as 2.40%.

Symbol	Name	YTD Return	AUM	Inception
EWHYX	Eaton Vance High Yield Municipal Income Fund Class...	2.40%	—	May 2007	NMZ vs EWHYX
NHMFX	Nuveen High Yield Municipal Bond Fund Class R6	2.16%	—	Jun 2016	NMZ vs NHMFX
NHMRX	Nuveen High Yield Municipal Bond Fund	2.14%	—	Jun 1999	NMZ vs NHMRX
SRHMX	Columbia High Yield Municipal Fund	2.11%	—	Mar 1984	NMZ vs SRHMX
WHYIX	Allspring High Yield Municipal Bond Fund	2.06%	—	Jan 2013	NMZ vs WHYIX

Lowest Volatility Alternatives to NMZ

NMZ has 9.20% 1-year volatility. There are 51 mutual funds in the High Yield Muni category with lower 1-year volatility, going as low as 2.13%.

Symbol	Name	Volatility 1Y	AUM	Inception
SDHIX	Lord Abbett Short Duration High Income Municipal B...	2.13%	—	Jun 2015	NMZ vs SDHIX
NVHIX	Nuveen Short Duration High Yield Municipal Bond Fu...	2.18%	—	Jan 2013	NMZ vs NVHIX
RWMIX	Redwood Managed Municipal Income Fund	2.28%	—	Mar 2017	NMZ vs RWMIX
ISHYX	Invesco Short Duration High Yield Municipal Fund	2.36%	—	Sep 2015	NMZ vs ISHYX
AHYMX	abrdn Short Duration High Yield Municipal Fund	2.62%	—	May 2013	NMZ vs AHYMX

Lowest Drawdown Alternatives to NMZ

NMZ has a 1-year max drawdown of -5.94%. There are 51 mutual funds in the High Yield Muni category with shallower 1-year drawdowns, going as shallow as -1.71%.

Symbol	Name	Max Drawdown 1Y	AUM	Inception
FDUAX	First Eagle Short Duration High Yield Municipal Fu...	-1.71%	—	Feb 2024	NMZ vs FDUAX
NVHIX	Nuveen Short Duration High Yield Municipal Bond Fu...	-1.79%	—	Jan 2013	NMZ vs NVHIX
ISHYX	Invesco Short Duration High Yield Municipal Fund	-1.89%	—	Sep 2015	NMZ vs ISHYX
AHYMX	abrdn Short Duration High Yield Municipal Fund	-1.98%	—	May 2013	NMZ vs AHYMX
SDHIX	Lord Abbett Short Duration High Income Municipal B...	-2.08%	—	Jun 2015	NMZ vs SDHIX

Other Mutual Funds from Nuveen

The 10 most viewed Nuveen mutual funds shown here include TIEIX, QQQX, TILIX and span 12 categories.

Symbol	Name	Category	Risk / Return Rank	YTD Return	AUM	Inception
TIEIX	Nuveen Equity Index Fund Class I	Large Cap Blend Equities	58	10.32%	—	Jul 1999	NMZ vs TIEIX
QQQX	Nuveen Nasdaq 100 Dynamic Overwrite Fund	Derivative Income, Options Trading, Nasdaq-100, Large Cap Growth Equities, Actively Managed	63	10.40%	—	Jan 2007	NMZ vs QQQX
TILIX	Nuveen Large Cap Growth Index Fund R6 Class	Large Cap Growth Equities	10	0.47%	—	Oct 2002	NMZ vs TILIX
SPXX	Nuveen S&P 500 Dynamic Overwrite Fund	S&P 500	31	8.76%	—	Nov 2005	NMZ vs SPXX
JQC	Nuveen Credit Strategies Income Fund	Bank Loan	3	2.40%	—	Jun 2003	NMZ vs JQC
NPSRX	Nuveen Preferred Securities & Income Fund	Preferred Stock	69	0.93%	—	Dec 2006	NMZ vs NPSRX
NSBRX	Nuveen Dividend Growth Fund	Large Cap Blend Equities	27	5.21%	—	Mar 2006	NMZ vs NSBRX
NWQIX	Nuveen Flexible Income Fund	Diversified Portfolio	96	5.34%	—	Dec 2009	NMZ vs NWQIX
NZF	Nuveen Municipal Credit Income Fund	Municipal Bonds	31	1.26%	—	Mar 2001	NMZ vs NZF
FASEX	Nuveen Mid Cap Value Fund	Mid Cap Value Equities	85	19.43%	—	Dec 1987	NMZ vs FASEX

Often Compared With NMZ

Investors most often compare NMZ with GHYIX, HIMYX, MMHYX. These 20 comparison targets span 4 categories, based on PortfoliosLab usage data.

Symbol	Name	Category	Risk / Return Rank	YTD Return	AUM	Inception
GHYIX	Goldman Sachs High Yield Municipal Fund Institutio...	High Yield Muni	75	1.18%	—	Apr 2000	NMZ vs GHYIX
HIMYX	Pioneer High Income Municipal Fund	High Yield Muni	9	-0.59%	—	Oct 2006	NMZ vs HIMYX
MMHYX	MFS Municipal High Income Fund	High Yield Muni	84	1.51%	—	Feb 1984	NMZ vs MMHYX
AMHIX	American High-Income Municipal Bond Fund	High Yield Muni	81	1.15%	—	Sep 1994	NMZ vs AMHIX
ABHYX	American Century High-Yield Municipal Fund	High Yield Muni	74	1.10%	572.53M	Mar 1998	NMZ vs ABHYX
FRHIX	Franklin High Yield Tax Free Income Fund	High Yield Muni	78	1.35%	—	Mar 1986	NMZ vs FRHIX
NHMAX	Nuveen High Yield Municipal Bond Fund Class A	High Yield Muni	83	2.01%	—	Jun 1999	NMZ vs NHMAX
FQCHX	Franklin Templeton SMACS: Series CH	High Yield Muni	86	1.34%	—	Jun 2019	NMZ vs FQCHX
RTHAX	Russell Investments Tax-Exempt High Yield Bond Fun...	High Yield Muni	85	1.73%	—	May 2015	NMZ vs RTHAX
NSIOX	Nuveen Strategic Municipal Opportunities Fund	High Yield Muni	65	0.70%	—	Dec 2014	NMZ vs NSIOX
STXAX	Western Asset Municipal High Income Fund	High Yield Muni	70	0.56%	—	Nov 1992	NMZ vs STXAX
GWMEX	AMG GW&K Municipal Enhanced Yield Fund	High Yield Muni	70	0.65%	—	Dec 2005	NMZ vs GWMEX
JHTFX	John Hancock High Yield Municipal Bond Fund	High Yield Muni	68	1.68%	—	Dec 1993	NMZ vs JHTFX
SHYTX	DWS Strategic High Yield Tax	High Yield Muni	78	1.21%	—	Jan 1987	NMZ vs SHYTX
FGIYX	Nuveen Global Infrastructure Fund	Infrastructure Equities, Energy Equities	59	11.86%	—	Dec 2007	NMZ vs FGIYX
DHMBX	BNY Mellon High Yield Municipal Bond Fund	High Yield Muni	83	1.76%	—	Sep 2005	NMZ vs DHMBX
MISHX	AB Municipal Income Shares	High Yield Muni	70	0.70%	—	Aug 2010	NMZ vs MISHX
MMHVX	MainStay MacKay High Yield Municipal Bond Fund	High Yield Muni	86	1.55%	—	Mar 2010	NMZ vs MMHVX
TMNIX	Counterpoint Tactical Municipal Fund	High Yield Muni	67	0.40%	—	Jun 2018	NMZ vs TMNIX
FARCX	Nuveen Real Estate Securities Fund	REIT	71	18.37%	—	Jun 1995	NMZ vs FARCX

Compare NMZ with Any Fund or Stock

Compare NMZ with any ETF, mutual fund, or stock using PortfoliosLab's comparison tool.

Symbol name

Diversifiers

Pair NMZ with funds that move differently

Nuveen Municipal High Income Opportunity Fund alternatives help with substitution. Diversifiers are the next step when you want funds with lower historical correlation to NMZ.

Explore NMZ Diversifiers

Nuveen Municipal High Income Opportunity Fund (NMZ) Alternatives