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 | |
|---|---|---|---|---|---|
| Vanguard High-Yield Tax-Exempt Fund Admiral Shares | 0.09% | 17.60B | Nov 2001 | NMZ vs VWALX | |
| BlackRock Allocation Target Shares Series E Portfo... | 0.11% | — | Aug 2014 | NMZ vs BATEX | |
| Vanguard High-Yield Tax-Exempt Fund Investor Share... | 0.17% | 17.60B | Dec 1978 | NMZ vs VWAHX | |
| Eaton Vance High Yield Municipal Income Fund Class... | 0.18% | — | May 2007 | NMZ vs EWHYX | |
| 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 16. There are 48 mutual funds in the High Yield Muni category with higher risk-adjusted ranks, going as high as 93.
| Symbol | Name | Risk / Return Rank | AUM | Inception | |
|---|---|---|---|---|---|
| T. Rowe Price Tax Free High Yield Fund | 93 | — | Feb 1985 | NMZ vs PRFHX | |
| Federated Hermes Municipal High Yield Advtg Fd | 91 | — | Apr 1987 | NMZ vs FHTFX | |
| Invesco Short Duration High Yield Municipal Fund | 89 | — | Sep 2015 | NMZ vs ISHYX | |
| Columbia High Yield Municipal Fund | 83 | — | Mar 1984 | NMZ vs SRHMX | |
| Eaton Vance High Yield Municipal Income Fund Class... | 82 | — | May 2007 | NMZ vs EWHYX |
Top Performing NMZ Alternatives (YTD)
NMZ is at 5.38% YTD. No mutual funds in the High Yield Muni category have higher YTD returns; the top-performing alternatives shown here go as high as 3.60%.
| Symbol | Name | YTD Return | AUM | Inception | |
|---|---|---|---|---|---|
| Eaton Vance High Yield Municipal Income Fund Class... | 3.60% | — | May 2007 | NMZ vs EWHYX | |
| Nuveen High Yield Municipal Bond Fund Class R6 | 3.41% | — | Jun 2016 | NMZ vs NHMFX | |
| Columbia High Yield Municipal Fund | 3.38% | — | Mar 1984 | NMZ vs SRHMX | |
| Nuveen High Yield Municipal Bond Fund | 3.32% | — | Jun 1999 | NMZ vs NHMRX | |
| Nuveen High Yield Municipal Bond Fund Class A | 3.31% | — | Jun 1999 | NMZ vs NHMAX |
Lowest Volatility Alternatives to NMZ
NMZ has 9.39% 1-year volatility. There are 51 mutual funds in the High Yield Muni category with lower 1-year volatility, going as low as 2.02%.
| Symbol | Name | Volatility 1Y | AUM | Inception | |
|---|---|---|---|---|---|
| Redwood Managed Municipal Income Fund | 2.02% | — | Mar 2017 | NMZ vs RWMIX | |
| Lord Abbett Short Duration High Income Municipal B... | 2.06% | — | Jun 2015 | NMZ vs SDHIX | |
| Nuveen Short Duration High Yield Municipal Bond Fu... | 2.24% | — | Jan 2013 | NMZ vs NVHIX | |
| Invesco Short Duration High Yield Municipal Fund | 2.30% | — | Sep 2015 | NMZ vs ISHYX | |
| Counterpoint Tactical Municipal Fund | 2.56% | — | Jun 2018 | NMZ vs TMNIX |
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 -1.80%.
| Symbol | Name | Max Drawdown 1Y | AUM | Inception | |
|---|---|---|---|---|---|
| Nuveen Short Duration High Yield Municipal Bond Fu... | -1.80% | — | Jan 2013 | NMZ vs NVHIX | |
| Invesco Short Duration High Yield Municipal Fund | -1.89% | — | Sep 2015 | NMZ vs ISHYX | |
| abrdn Short Duration High Yield Municipal Fund | -1.98% | — | May 2013 | NMZ vs AHYMX | |
| Lord Abbett Short Duration High Income Municipal B... | -2.08% | — | Jun 2015 | NMZ vs SDHIX | |
| Counterpoint Tactical Municipal Fund | -2.26% | — | Jun 2018 | NMZ vs TMNIX |
Other Mutual Funds from Nuveen
The 10 most viewed Nuveen mutual funds shown here include TIEIX, QQQX, SPXX and span 13 categories.
| Symbol | Name | Category | Risk / Return Rank | YTD Return | AUM | Inception | |
|---|---|---|---|---|---|---|---|
| Nuveen Equity Index Fund Class I | Large Cap Blend Equities | 63 | 10.07% | — | Jul 1999 | NMZ vs TIEIX | |
| Nuveen Nasdaq 100 Dynamic Overwrite Fund | Derivative Income, Options Trading, Nasdaq-100, Large Cap Growth Equities, Actively Managed | 50 | 7.43% | — | Jan 2007 | NMZ vs QQQX | |
| Nuveen S&P 500 Dynamic Overwrite Fund | S&P 500 | 15 | 3.44% | — | Nov 2005 | NMZ vs SPXX | |
| Nuveen Credit Strategies Income Fund | Bank Loan | 5 | 2.20% | — | Jun 2003 | NMZ vs JQC | |
| Nuveen Dividend Growth Fund | Large Cap Blend Equities | 15 | 1.69% | — | Mar 2006 | NMZ vs NSBRX | |
| Nuveen Preferred Securities & Income Fund | Preferred Stock/Convertible Bonds | 74 | 0.60% | — | Dec 2006 | NMZ vs NPSRX | |
| Nuveen Winslow Large-Cap Growth ESG Fund Class I | Large Cap Growth Equities, ESG | 14 | 6.96% | — | May 2009 | NMZ vs NVLIX | |
| Nuveen Mid Cap Value Fund | Mid Cap Value Equities | 82 | 20.50% | — | Dec 1987 | NMZ vs FASEX | |
| Nuveen Equity Long/Short Fund | Long-Short | 60 | 8.59% | — | Dec 2008 | NMZ vs NELIX | |
| Nuveen New York AMT Free Quality Municipal Income | Municipal Bonds | 70 | 9.70% | — | Nov 2002 | NMZ vs NRK |
Often Compared With NMZ
Investors most often compare NMZ with HIMYX, GHYIX, AMHIX. These 20 comparison targets span 2 categories, based on PortfoliosLab usage data.
Compare NMZ with Any Fund or Stock
Compare NMZ with any ETF, mutual fund, or stock using PortfoliosLab's comparison tool.
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