ACTHX vs. NHMAX
ACTHX (Invesco High Yield Municipal Fund) and NHMAX (Nuveen High Yield Municipal Bond Fund Class A) are both High Yield Muni funds. Over the past 10 years, ACTHX returned 2.79%/yr vs 3.47%/yr for NHMAX. A 0.77 correlation means they provide meaningful diversification when combined. ACTHX charges 1.39%/yr vs 2.00%/yr for NHMAX.
Performance
ACTHX vs. NHMAX - Performance Comparison
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Returns By Period
In the year-to-date period, ACTHX achieves a 2.64% return, which is significantly lower than NHMAX's 3.09% return. Over the past 10 years, ACTHX has underperformed NHMAX with an annualized return of 2.79%, while NHMAX has yielded a comparatively higher 3.47% annualized return.
ACTHX
- 1D
- 0.12%
- 1M
- 0.93%
- YTD
- 2.64%
- 6M
- 2.85%
- 1Y
- 7.62%
- 3Y*
- 4.73%
- 5Y*
- 0.68%
- 10Y*
- 2.79%
NHMAX
- 1D
- 0.21%
- 1M
- 1.30%
- YTD
- 3.09%
- 6M
- 3.75%
- 1Y
- 9.81%
- 3Y*
- 4.99%
- 5Y*
- 0.97%
- 10Y*
- 3.47%
ACTHX vs. NHMAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ACTHX Invesco High Yield Municipal Fund | 2.64% | 4.38% | 5.54% | 4.34% | -13.94% | 6.29% | 3.25% | 10.12% | 1.44% | 9.10% |
NHMAX Nuveen High Yield Municipal Bond Fund Class A | 3.09% | 2.98% | 5.36% | 6.96% | -15.14% | 9.71% | 3.03% | 11.96% | 1.79% | 11.90% |
Correlation
The correlation between ACTHX and NHMAX is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.91 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.90 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.91 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.87 |
Correlation (All Time) Calculated using the full available price history since Jun 8, 1999 | 0.77 |
The correlation between ACTHX and NHMAX shifts across timeframes, from 0.77 (all time) to 0.91 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
ACTHX vs. NHMAX — Risk / Return Rank
ACTHX
NHMAX
ACTHX vs. NHMAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco High Yield Municipal Fund (ACTHX) and Nuveen High Yield Municipal Bond Fund Class A (NHMAX). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
| ACTHX | NHMAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.18 | ||
| Sortino ratioReturn per unit of downside risk | -0.15 | ||
| Omega ratioGain probability vs. loss probability | 1.48 | 1.50 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 2.58 | 2.74 | -0.17 |
| Martin ratioReturn relative to average drawdown | 8.38 | 8.14 | +0.24 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| ACTHX | NHMAX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.03 | 2.20 | -0.18 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.12 | 0.14 | -0.02 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.52 | 0.52 | 0.00 |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.10 | 0.85 | +0.25 |
Drawdowns
ACTHX vs. NHMAX - Drawdown Comparison
The maximum ACTHX drawdown since its inception was -27.29%, smaller than the maximum NHMAX drawdown of -45.60%. Use the drawdown chart below to compare losses from any high point for ACTHX and NHMAX.
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Drawdown Indicators
| ACTHX | NHMAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -27.29% | -45.60% | +18.31% |
Max Drawdown (1Y)Largest decline over 1 year | -2.98% | -3.58% | +0.60% |
Max Drawdown (3Y)Largest decline over 3 years | -10.13% | -10.58% | +0.45% |
Max Drawdown (5Y)Largest decline over 5 years | -19.83% | -21.65% | +1.82% |
Max Drawdown (10Y)Largest decline over 10 years | -19.83% | -22.22% | +2.39% |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -3.55% | -5.49% | +1.94% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.92% | 1.20% | -0.28% |
Volatility
ACTHX vs. NHMAX - Volatility Comparison
The current volatility for Invesco High Yield Municipal Fund (ACTHX) is 1.40%, while Nuveen High Yield Municipal Bond Fund Class A (NHMAX) has a volatility of 1.54%. This indicates that ACTHX experiences smaller price fluctuations and is considered to be less risky than NHMAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ACTHX | NHMAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.40% | 1.54% | -0.14% |
Volatility (6M)Calculated over the trailing 6-month period | 2.73% | 3.13% | -0.40% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.83% | 4.48% | -0.65% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.72% | 6.83% | -1.11% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.39% | 6.70% | -1.31% |
ACTHX vs. NHMAX - Expense Ratio Comparison
ACTHX has a 1.39% expense ratio, which is lower than NHMAX's 2.00% expense ratio.
Dividends
ACTHX vs. NHMAX - Dividend Comparison
ACTHX's dividend yield for the trailing twelve months is around 5.34%, less than NHMAX's 5.87% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ACTHX Invesco High Yield Municipal Fund | 5.34% | 7.14% | 5.64% | 4.22% | 4.72% | 3.95% | 4.33% | 4.70% | 4.78% | 4.71% | 5.11% | 4.93% |
NHMAX Nuveen High Yield Municipal Bond Fund Class A | 5.87% | 6.30% | 5.54% | 7.10% | 5.41% | 4.49% | 4.83% | 4.77% | 5.26% | 5.20% | 5.61% | 5.39% |
Frequently Asked Questions
With a correlation of 0.91, ACTHX and NHMAX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
NHMAX has higher volatility (1.54%) compared to ACTHX (1.40%). In terms of maximum drawdown, ACTHX dropped -27.29% vs NHMAX's -45.60%.
NHMAX currently has the higher Sharpe Ratio (2.20 vs 2.03), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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