ETHYX vs. NHMAX
ETHYX (Eaton Vance High Yield Municipal Income Fund) and NHMAX (Nuveen High Yield Municipal Bond Fund Class A) are both High Yield Muni funds. Over the past 10 years, ETHYX returned 2.85%/yr vs 3.34%/yr for NHMAX. A 0.72 correlation means they provide meaningful diversification when combined. ETHYX charges 0.73%/yr vs 2.00%/yr for NHMAX.
Performance
ETHYX vs. NHMAX - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with ETHYX having a 3.30% return and NHMAX slightly higher at 3.38%. Over the past 10 years, ETHYX has underperformed NHMAX with an annualized return of 2.85%, while NHMAX has yielded a comparatively higher 3.34% annualized return.
ETHYX
- 1D
- 0.12%
- 1M
- 2.25%
- YTD
- 3.30%
- 6M
- 3.94%
- 1Y
- 9.14%
- 3Y*
- 5.45%
- 5Y*
- 1.31%
- 10Y*
- 2.85%
NHMAX
- 1D
- 0.07%
- 1M
- 2.51%
- YTD
- 3.38%
- 6M
- 4.00%
- 1Y
- 9.06%
- 3Y*
- 4.70%
- 5Y*
- 0.76%
- 10Y*
- 3.34%
ETHYX vs. NHMAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ETHYX Eaton Vance High Yield Municipal Income Fund | 3.30% | 3.97% | 5.17% | 6.93% | -12.25% | 3.87% | 3.90% | 10.07% | 1.46% | 7.97% |
NHMAX Nuveen High Yield Municipal Bond Fund Class A | 3.38% | 2.51% | 5.36% | 6.96% | -15.14% | 9.71% | 3.03% | 11.96% | 1.79% | 11.90% |
Correlation
The correlation between ETHYX and NHMAX is 0.87, 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 | 0.87 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.89 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.89 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.84 |
Correlation (All Time) Calculated using the full available price history since Jun 7, 1999 | 0.72 |
The correlation between ETHYX and NHMAX shifts across timeframes, from 0.72 (all time) to 0.89 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
ETHYX vs. NHMAX — Risk / Return Rank
ETHYX
NHMAX
ETHYX vs. NHMAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Eaton Vance High Yield Municipal Income Fund (ETHYX) 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.
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.
| ETHYX | NHMAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.46 | ||
| Sortino ratioReturn per unit of downside risk | +0.95 | ||
| Omega ratioGain probability vs. loss probability | 1.63 | 1.47 | +0.16 |
| Calmar ratioReturn relative to maximum drawdown | 3.02 | 2.55 | +0.46 |
| Martin ratioReturn relative to average drawdown | 10.26 | 7.58 | +2.68 |
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Drawdowns
ETHYX vs. NHMAX - Drawdown Comparison
The maximum ETHYX drawdown since its inception was -43.98%, roughly equal to the maximum NHMAX drawdown of -45.60%. Use the drawdown chart below to compare losses from any high point for ETHYX and NHMAX.
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Drawdown Indicators
| ETHYX | NHMAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -43.98% | -45.60% | +1.62% |
Max Drawdown (1Y)Largest decline over 1 year | -3.05% | -3.58% | +0.53% |
Max Drawdown (3Y)Largest decline over 3 years | -7.79% | -10.29% | +2.50% |
Max Drawdown (5Y)Largest decline over 5 years | -17.10% | -21.65% | +4.55% |
Max Drawdown (10Y)Largest decline over 10 years | -17.10% | -22.22% | +5.12% |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -3.97% | -5.48% | +1.51% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.89% | 1.20% | -0.31% |
Volatility
ETHYX vs. NHMAX - Volatility Comparison
The current volatility for Eaton Vance High Yield Municipal Income Fund (ETHYX) is 0.93%, while Nuveen High Yield Municipal Bond Fund Class A (NHMAX) has a volatility of 1.10%. This indicates that ETHYX 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
| ETHYX | NHMAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.93% | 1.10% | -0.17% |
Volatility (6M)Calculated over the trailing 6-month period | 2.59% | 3.05% | -0.46% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.61% | 4.40% | -0.79% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.02% | 6.83% | -1.81% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.68% | 6.69% | -2.01% |
ETHYX vs. NHMAX - Expense Ratio Comparison
ETHYX has a 0.73% expense ratio, which is lower than NHMAX's 2.00% expense ratio.
Dividends
ETHYX vs. NHMAX - Dividend Comparison
ETHYX's dividend yield for the trailing twelve months is around 4.39%, less than NHMAX's 5.40% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ETHYX Eaton Vance High Yield Municipal Income Fund | 4.39% | 5.43% | 4.56% | 3.36% | 3.85% | 3.04% | 3.41% | 4.66% | 3.82% | 3.74% | 4.04% | 4.10% |
NHMAX Nuveen High Yield Municipal Bond Fund Class A | 5.40% | 5.84% | 5.54% | 7.10% | 5.41% | 4.49% | 4.83% | 4.77% | 5.26% | 5.20% | 5.61% | 5.39% |
Frequently Asked Questions
ETHYX and NHMAX have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NHMAX has higher volatility (1.10%) compared to ETHYX (0.93%). In terms of maximum drawdown, ETHYX dropped -43.98% vs NHMAX's -45.60%.
ETHYX currently has the higher Sharpe Ratio (2.54 vs 2.08), 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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