ARSTX vs. NHMRX

Last updated Jun 4, 2026

ARSTX (Nuveen Small Cap Select Fund) and NHMRX (Nuveen High Yield Municipal Bond Fund) are both mutual funds - ARSTX is a Small Cap Blend Equities fund managed by Nuveen, while NHMRX is a High Yield Muni fund managed by Nuveen. Over the past 10 years, ARSTX returned 11.99%/yr vs 3.75%/yr for NHMRX. At a correlation of -0.02, they often move in opposite directions. ARSTX charges 0.99%/yr vs 0.52%/yr for NHMRX.

Performance

ARSTX vs. NHMRX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nuveen Small Cap Select Fund (ARSTX) and Nuveen High Yield Municipal Bond Fund (NHMRX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ARSTX achieves a 10.52% return, which is significantly higher than NHMRX's 3.18% return. Over the past 10 years, ARSTX has outperformed NHMRX with an annualized return of 11.99%, while NHMRX has yielded a comparatively lower 3.75% annualized return.

ARSTX

• 1D: 0.68%
• 1M: 3.02%
• YTD: 10.52%
• 6M: 8.79%
• 1Y: 28.09%
• 3Y*: 16.76%
• 5Y*: 8.27%
• 10Y*: 11.99%

NHMRX

• 1D: 0.28%
• 1M: 1.39%
• YTD: 3.18%
• 6M: 3.87%
• 1Y: 10.14%
• 3Y*: 5.26%
• 5Y*: 1.21%
• 10Y*: 3.75%

*Multi-year figures are annualized to reflect compound growth (CAGR)

ARSTX vs. NHMRX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ARSTX Nuveen Small Cap Select Fund	10.52%	7.78%	16.94%	17.69%	-19.84%	35.98%	18.68%	29.05%	-11.48%	10.13%
NHMRX Nuveen High Yield Municipal Bond Fund	3.18%	3.24%	5.62%	7.31%	-14.96%	9.93%	3.25%	12.59%	2.06%	12.10%

Correlation

The correlation between ARSTX and NHMRX is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.13
Correlation (3Y) Calculated over the trailing 3-year period	0.09
Correlation (5Y) Calculated over the trailing 5-year period	0.09
Correlation (10Y) Calculated over the trailing 10-year period	0.04
Correlation (All Time) Calculated using the full available price history since Jun 8, 1999	-0.02

The correlation between ARSTX and NHMRX shifts across timeframes, from -0.02 (all time) to 0.13 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

ARSTX vs. NHMRX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

ARSTX

ARSTX Risk / Return Rank: 43
ARSTX Sharpe Ratio Rank: 36
ARSTX Sortino Ratio Rank: 37
ARSTX Omega Ratio Rank: 32
ARSTX Calmar Ratio Rank: 58
ARSTX Martin Ratio Rank: 51

NHMRX

NHMRX Risk / Return Rank: 61
NHMRX Sharpe Ratio Rank: 58
NHMRX Sortino Ratio Rank: 73
NHMRX Omega Ratio Rank: 78
NHMRX Calmar Ratio Rank: 54
NHMRX Martin Ratio Rank: 39

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

ARSTX vs. NHMRX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuveen Small Cap Select Fund (ARSTX) and Nuveen High Yield Municipal Bond Fund (NHMRX). 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.

	ARSTX	NHMRX	Difference
Sharpe ratio: Return per unit of total volatility	1.74	2.25	-0.51
Sortino ratio: Return per unit of downside risk	2.55	3.55	-1.00
Omega ratio: Gain probability vs. loss probability	1.30	1.51	-0.22
Calmar ratio: Return relative to maximum drawdown	2.91	2.81	+0.10
Martin ratio: Return relative to average drawdown	10.52	8.50	+2.02
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ARSTX vs. NHMRX - Sharpe Ratio Comparison

The current ARSTX Sharpe Ratio is 1.74, which is comparable to the NHMRX Sharpe Ratio of 2.25. The chart below compares the historical Sharpe Ratios of ARSTX and NHMRX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	ARSTX	NHMRX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.74	2.25	-0.51
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.37	0.18	+0.19
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.52	0.56	-0.04
Sharpe Ratio (All Time) Calculated using the full available price history	0.48	0.89	-0.41

Drawdowns

ARSTX vs. NHMRX - Drawdown Comparison

The maximum ARSTX drawdown since its inception was -56.51%, which is greater than NHMRX's maximum drawdown of -45.45%. Use the drawdown chart below to compare losses from any high point for ARSTX and NHMRX.

Drawdown Indicators

	ARSTX	NHMRX	Difference
Max Drawdown Largest peak-to-trough decline	-56.51%	-45.45%	-11.06%
Max Drawdown (1Y) Largest decline over 1 year	-10.39%	-3.58%	-6.81%
Max Drawdown (3Y) Largest decline over 3 years	-27.97%	-10.49%	-17.48%
Max Drawdown (5Y) Largest decline over 5 years	-27.97%	-21.52%	-6.45%
Max Drawdown (10Y) Largest decline over 10 years	-43.11%	-22.22%	-20.89%
Current Drawdown Current decline from peak	-0.50%	0.00%	-0.50%
Average Drawdown Average peak-to-trough decline	-8.87%	-5.33%	-3.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.87%	1.18%	+1.69%

Volatility

ARSTX vs. NHMRX - Volatility Comparison

Nuveen Small Cap Select Fund (ARSTX) has a higher volatility of 4.86% compared to Nuveen High Yield Municipal Bond Fund (NHMRX) at 1.59%. This indicates that ARSTX's price experiences larger fluctuations and is considered to be riskier than NHMRX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ARSTX	NHMRX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.86%	1.59%	+3.27%
Volatility (6M) Calculated over the trailing 6-month period	12.53%	3.17%	+9.36%
Volatility (1Y) Calculated over the trailing 1-year period	17.41%	4.50%	+12.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.54%	6.85%	+15.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.22%	6.73%	+16.49%

ARSTX vs. NHMRX - Expense Ratio Comparison

ARSTX has a 0.99% expense ratio, which is higher than NHMRX's 0.52% expense ratio.

Dividends

ARSTX vs. NHMRX - Dividend Comparison

ARSTX's dividend yield for the trailing twelve months is around 2.29%, less than NHMRX's 6.09% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ARSTX Nuveen Small Cap Select Fund	2.29%	2.53%	2.42%	0.00%	0.40%	21.05%	1.25%	0.37%	21.67%	10.31%	8.92%	20.02%
NHMRX Nuveen High Yield Municipal Bond Fund	6.09%	6.54%	5.79%	7.34%	5.64%	4.69%	5.03%	5.39%	5.47%	5.38%	5.88%	5.60%

Frequently Asked Questions

Can I hold both ARSTX and NHMRX in my portfolio?

ARSTX and NHMRX have a correlation of 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ARSTX or NHMRX?

ARSTX has higher volatility (4.86%) compared to NHMRX (1.59%). In terms of maximum drawdown, ARSTX dropped -56.51% vs NHMRX's -45.45%.

Which has better risk-adjusted returns?

NHMRX currently has the higher Sharpe Ratio (2.25 vs 1.74), 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.