EVYM vs. NHYM

Last updated Jul 12, 2026

EVYM (Eaton Vance High Income Municipal ETF) and NHYM (Nuveen High Yield Municipal Income ETF) are both High Yield Muni funds. Both are actively managed. Over the past year, EVYM returned 10.64% vs 8.76% for NHYM. A 0.73 correlation means they provide meaningful diversification when combined. EVYM charges 0.40%/yr vs 0.35%/yr for NHYM.

Performance

EVYM vs. NHYM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Eaton Vance High Income Municipal ETF (EVYM) and Nuveen High Yield Municipal Income ETF (NHYM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EVYM achieves a 4.11% return, which is significantly higher than NHYM's 2.96% return.

EVYM

• 1D: -0.12%
• 1M: 0.52%
• 6M: 3.51%
• YTD: 4.11%
• 1Y: 10.64%
• 3Y*: —
• 5Y*: —
• 10Y*: —

NHYM

• 1D: 0.02%
• 1M: 0.44%
• 6M: 2.28%
• YTD: 2.96%
• 1Y: 8.76%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

EVYM vs. NHYM - Yearly Performance Comparison

	2026 (YTD)	2025
EVYM Eaton Vance High Income Municipal ETF	4.11%	3.75%
NHYM Nuveen High Yield Municipal Income ETF	2.96%	1.71%

Correlation

The correlation between EVYM and NHYM is 0.69, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.69
Correlation (All Time) Calculated using the full available price history since Feb 27, 2025	0.73

The correlation between EVYM and NHYM has been stable across timeframes, ranging from 0.69 to 0.73 - a consistent structural relationship.

Return for Risk

EVYM vs. NHYM — Risk / Return Rank

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

EVYM

EVYM Risk / Return Rank: 92
EVYM Sharpe Ratio Rank: 94
EVYM Sortino Ratio Rank: 95
EVYM Omega Ratio Rank: 95
EVYM Calmar Ratio Rank: 84
EVYM Martin Ratio Rank: 90

NHYM

NHYM Risk / Return Rank: 78
NHYM Sharpe Ratio Rank: 76
NHYM Sortino Ratio Rank: 83
NHYM Omega Ratio Rank: 85
NHYM Calmar Ratio Rank: 73
NHYM Martin Ratio Rank: 73

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.

EVYM vs. NHYM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Eaton Vance High Income Municipal ETF (EVYM) and Nuveen High Yield Municipal Income ETF (NHYM). 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.

	EVYM	NHYM	Difference
Sharpe ratio: Return per unit of total volatility	2.76	1.92	+0.84
Sortino ratio: Return per unit of downside risk	4.22	2.96	+1.26
Omega ratio: Gain probability vs. loss probability	1.57	1.40	+0.17
Calmar ratio: Return relative to maximum drawdown	3.68	2.94	+0.74
Martin ratio: Return relative to average drawdown	16.15	10.78	+5.37

EVYM vs. NHYM - Sharpe Ratio Comparison

The current EVYM Sharpe Ratio is 2.76, which is higher than the NHYM Sharpe Ratio of 1.92. The chart below compares the historical Sharpe Ratios of EVYM and NHYM, 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

EVYM vs. NHYM - Drawdown Comparison

The maximum EVYM drawdown since its inception was -6.08%, roughly equal to the maximum NHYM drawdown of -6.11%. Use the drawdown chart below to compare losses from any high point for EVYM and NHYM.

Drawdown Indicators

	EVYM	NHYM	Difference
Max Drawdown Largest peak-to-trough decline	-6.08%	-6.11%	+0.03%
Max Drawdown (1Y) Largest decline over 1 year	-2.77%	-2.77%	0.00%
Current Drawdown Current decline from peak	-0.67%	-0.32%	-0.35%
Average Drawdown Average peak-to-trough decline	-1.39%	-1.62%	+0.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.68%	0.86%	-0.18%

Volatility

EVYM vs. NHYM - Volatility Comparison

Eaton Vance High Income Municipal ETF (EVYM) has a higher volatility of 1.06% compared to Nuveen High Yield Municipal Income ETF (NHYM) at 0.69%. This indicates that EVYM's price experiences larger fluctuations and is considered to be riskier than NHYM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EVYM	NHYM	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.06%	0.69%	+0.37%
Volatility (6M) Calculated over the trailing 6-month period	2.73%	2.64%	+0.09%
Volatility (1Y) Calculated over the trailing 1-year period	3.69%	4.24%	-0.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.92%	5.75%	+0.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.92%	5.75%	+0.17%

EVYM vs. NHYM - Expense Ratio Comparison

EVYM has a 0.40% expense ratio, which is higher than NHYM's 0.35% expense ratio.

Dividends

EVYM vs. NHYM - Dividend Comparison

EVYM's dividend yield for the trailing twelve months is around 4.81%, more than NHYM's 4.54% yield.

Position	TTM	2025
EVYM Eaton Vance High Income Municipal ETF	4.81%	3.72%
NHYM Nuveen High Yield Municipal Income ETF	4.54%	4.06%

Frequently Asked Questions

Can I hold both EVYM and NHYM in my portfolio?

EVYM and NHYM have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EVYM or NHYM?

EVYM has higher volatility (1.06%) compared to NHYM (0.69%). In terms of maximum drawdown, EVYM dropped -6.08% vs NHYM's -6.11%.

Which ETF is better, EVYM or NHYM?

On 1-year performance, EVYM leads with 10.64% vs 8.76% for NHYM. On fees, NHYM is cheaper at 0.35% per year. On volatility, NHYM has been the lower-risk option at 0.69%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EVYM or NHYM?

Over the 1-year period, EVYM has performed better with a 10.64% return vs 8.76%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EVYM or NHYM?

NHYM is cheaper with a 0.35% expense ratio, compared with 0.40% for EVYM.

Which ETF pays a higher dividend yield, EVYM or NHYM?

EVYM has the higher dividend yield at 4.81%, compared with 4.54% for NHYM.

What is the main difference between EVYM and NHYM?

They also come from different issuers: Eaton Vance and Nuveen. Their fees differ too: 0.40% for EVYM and 0.35% for NHYM.

Which has better risk-adjusted returns?

EVYM currently has the higher Sharpe Ratio (2.76 vs 1.92), 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.