DHMBX vs. NMZ

Last updated Jul 11, 2026

DHMBX (BNY Mellon High Yield Municipal Bond Fund) and NMZ (Nuveen Municipal High Income Opportunity Fund) are both High Yield Muni funds. Over the past 10 years, DHMBX returned 2.28%/yr vs 2.32%/yr for NMZ. At a 0.26 correlation, their price movements are largely independent. DHMBX charges 0.69%/yr vs 1.50%/yr for NMZ.

Performance

DHMBX vs. NMZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BNY Mellon High Yield Municipal Bond Fund (DHMBX) and Nuveen Municipal High Income Opportunity Fund (NMZ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DHMBX achieves a 3.68% return, which is significantly lower than NMZ's 5.89% return. Both investments have delivered pretty close results over the past 10 years, with DHMBX having a 2.28% annualized return and NMZ not far ahead at 2.32%.

DHMBX

• 1D: 0.09%
• 1M: 0.82%
• 6M: 3.10%
• YTD: 3.68%
• 1Y: 9.59%
• 3Y*: 4.75%
• 5Y*: -0.44%
• 10Y*: 2.28%

NMZ

• 1D: -0.48%
• 1M: 0.83%
• 6M: 3.85%
• YTD: 5.89%
• 1Y: 8.14%
• 3Y*: 6.35%
• 5Y*: -1.95%
• 10Y*: 2.32%

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

DHMBX vs. NMZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DHMBX BNY Mellon High Yield Municipal Bond Fund	3.68%	2.64%	4.41%	6.50%	-17.25%	5.58%	2.85%	10.76%	1.64%	12.78%
NMZ Nuveen Municipal High Income Opportunity Fund	5.89%	1.56%	16.52%	0.69%	-27.36%	10.41%	7.33%	28.36%	-9.47%	12.87%

Correlation

The correlation between DHMBX and NMZ is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.47
Correlation (3Y) Calculated over the trailing 3-year period	0.47
Correlation (5Y) Calculated over the trailing 5-year period	0.44
Correlation (10Y) Calculated over the trailing 10-year period	0.36
Correlation (All Time) Calculated using the full available price history since Sep 30, 2005	0.26

Over the past year, DHMBX and NMZ have become more correlated (0.47) than their long-term average of 0.26, meaning their price movements have been converging.

Return for Risk

DHMBX vs. NMZ — Risk / Return Rank

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

DHMBX

DHMBX Risk / Return Rank: 84
DHMBX Sharpe Ratio Rank: 90
DHMBX Sortino Ratio Rank: 91
DHMBX Omega Ratio Rank: 90
DHMBX Calmar Ratio Rank: 77
DHMBX Martin Ratio Rank: 70

NMZ

NMZ Risk / Return Rank: 18
NMZ Sharpe Ratio Rank: 16
NMZ Sortino Ratio Rank: 18
NMZ Omega Ratio Rank: 16
NMZ Calmar Ratio Rank: 23
NMZ Martin Ratio Rank: 19

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.

DHMBX vs. NMZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BNY Mellon High Yield Municipal Bond Fund (DHMBX) and Nuveen Municipal High Income Opportunity Fund (NMZ). 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.

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.

	DHMBX	NMZ	Difference
Sharpe ratio: Return per unit of total volatility	2.46	0.83	+1.63
Sortino ratio: Return per unit of downside risk	3.81	1.32	+2.49
Omega ratio: Gain probability vs. loss probability	1.55	1.16	+0.40
Calmar ratio: Return relative to maximum drawdown	2.80	1.32	+1.48
Martin ratio: Return relative to average drawdown	10.30	3.57	+6.72

DHMBX vs. NMZ - Sharpe Ratio Comparison

The current DHMBX Sharpe Ratio is 2.46, which is higher than the NMZ Sharpe Ratio of 0.83. The chart below compares the historical Sharpe Ratios of DHMBX and NMZ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

DHMBX vs. NMZ - Drawdown Comparison

The maximum DHMBX drawdown since its inception was -27.66%, smaller than the maximum NMZ drawdown of -58.53%. Use the drawdown chart below to compare losses from any high point for DHMBX and NMZ.

Drawdown Indicators

	DHMBX	NMZ	Difference
Max Drawdown Largest peak-to-trough decline	-27.66%	-58.53%	+30.87%
Max Drawdown (1Y) Largest decline over 1 year	-3.33%	-5.94%	+2.61%
Max Drawdown (3Y) Largest decline over 3 years	-9.55%	-20.72%	+11.17%
Max Drawdown (5Y) Largest decline over 5 years	-22.90%	-39.93%	+17.03%
Max Drawdown (10Y) Largest decline over 10 years	-22.90%	-40.03%	+17.13%
Current Drawdown Current decline from peak	-2.47%	-10.08%	+7.61%
Average Drawdown Average peak-to-trough decline	-4.87%	-9.47%	+4.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.90%	2.24%	-1.34%

Volatility

DHMBX vs. NMZ - Volatility Comparison

The current volatility for BNY Mellon High Yield Municipal Bond Fund (DHMBX) is 0.81%, while Nuveen Municipal High Income Opportunity Fund (NMZ) has a volatility of 2.50%. This indicates that DHMBX experiences smaller price fluctuations and is considered to be less risky than NMZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DHMBX	NMZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.81%	2.50%	-1.69%
Volatility (6M) Calculated over the trailing 6-month period	2.85%	7.36%	-4.51%
Volatility (1Y) Calculated over the trailing 1-year period	3.79%	9.47%	-5.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.17%	12.95%	-6.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.05%	14.75%	-8.70%

DHMBX vs. NMZ - Expense Ratio Comparison

DHMBX has a 0.69% expense ratio, which is lower than NMZ's 1.50% expense ratio.

Dividends

DHMBX vs. NMZ - Dividend Comparison

DHMBX's dividend yield for the trailing twelve months is around 4.02%, less than NMZ's 7.56% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DHMBX BNY Mellon High Yield Municipal Bond Fund	4.02%	5.37%	3.96%	3.13%	3.09%	2.47%	3.46%	4.19%	4.13%	3.66%	4.95%	4.50%
NMZ Nuveen Municipal High Income Opportunity Fund	7.56%	7.71%	6.35%	5.44%	7.04%	5.10%	5.09%	4.99%	6.15%	5.94%	6.94%	6.67%

Frequently Asked Questions

Can I hold both DHMBX and NMZ in my portfolio?

DHMBX and NMZ have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DHMBX or NMZ?

NMZ has higher volatility (2.50%) compared to DHMBX (0.81%). In terms of maximum drawdown, DHMBX dropped -27.66% vs NMZ's -58.53%.

Which has better risk-adjusted returns?

DHMBX currently has the higher Sharpe Ratio (2.46 vs 0.83), 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.