EWHYX vs. NMZ

Last updated Apr 2, 2026

Compare and contrast key facts about Eaton Vance High Yield Municipal Income Fund Class W (EWHYX) and Nuveen Municipal High Income Opportunity Fund (NMZ).

EWHYX is an actively managed fund by Eaton Vance. It was launched on May 9, 2007. NMZ is an actively managed fund by Nuveen. It was launched on Nov 19, 2003.

Performance

EWHYX vs. NMZ - Performance Comparison

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

EWHYX vs. NMZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
EWHYX Eaton Vance High Yield Municipal Income Fund Class W	0.37%	3.59%	5.42%	7.74%	-11.72%	0.21%
NMZ Nuveen Municipal High Income Opportunity Fund	3.39%	1.56%	16.52%	0.69%	-27.36%	2.33%

Returns By Period

In the year-to-date period, EWHYX achieves a 0.37% return, which is significantly lower than NMZ's 3.39% return.

EWHYX

• 1D: 0.38%
• 1M: -2.08%
• YTD: 0.37%
• 6M: 2.18%
• 1Y: 3.60%
• 3Y*: 4.88%
• 5Y*: —
• 10Y*: —

NMZ

• 1D: -0.39%
• 1M: -2.84%
• YTD: 3.39%
• 6M: 0.96%
• 1Y: 2.29%
• 3Y*: 5.20%
• 5Y*: -0.57%
• 10Y*: 2.88%

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

EWHYX vs. NMZ - Expense Ratio Comparison

EWHYX has a 0.18% expense ratio, which is lower than NMZ's 1.50% expense ratio.

NMZ

Nuveen Municipal High Income Opportunity Fund

EWHYX

Eaton Vance High Yield Municipal Income Fund Class W

Return for Risk

EWHYX vs. NMZ — Risk / Return Rank

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

EWHYX

EWHYX Risk / Return Rank: 17
EWHYX Sharpe Ratio Rank: 17
EWHYX Sortino Ratio Rank: 14
EWHYX Omega Ratio Rank: 25
EWHYX Calmar Ratio Rank: 16
EWHYX Martin Ratio Rank: 13

NMZ

NMZ Risk / Return Rank: 6
NMZ Sharpe Ratio Rank: 6
NMZ Sortino Ratio Rank: 5
NMZ Omega Ratio Rank: 6
NMZ Calmar Ratio Rank: 6
NMZ Martin Ratio Rank: 6

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.

EWHYX vs. NMZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Eaton Vance High Yield Municipal Income Fund Class W (EWHYX) 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.

	EWHYX	NMZ	Difference
Sharpe ratio Return per unit of total volatility	0.61	0.18	+0.43
Sortino ratio Return per unit of downside risk	0.84	0.32	+0.52
Omega ratio Gain probability vs. loss probability	1.16	1.05	+0.11
Calmar ratio Return relative to maximum drawdown	0.71	0.20	+0.51
Martin ratio Return relative to average drawdown	1.85	0.60	+1.25
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EWHYX vs. NMZ - Sharpe Ratio Comparison

The current EWHYX Sharpe Ratio is 0.61, which is higher than the NMZ Sharpe Ratio of 0.18. The chart below compares the historical Sharpe Ratios of EWHYX and NMZ, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	EWHYX	NMZ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.61	0.18	+0.43
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	-0.04	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.20	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.19	0.27	-0.08

Correlation

The correlation between EWHYX and NMZ is 0.44, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

EWHYX vs. NMZ - Dividend Comparison

EWHYX's dividend yield for the trailing twelve months is around 4.73%, less than NMZ's 7.60% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EWHYX Eaton Vance High Yield Municipal Income Fund Class W	4.73%	5.06%	4.92%	3.97%	4.60%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
NMZ Nuveen Municipal High Income Opportunity Fund	7.60%	7.71%	6.35%	5.44%	7.04%	5.10%	5.09%	4.99%	6.15%	5.94%	6.94%	6.67%

Drawdowns

EWHYX vs. NMZ - Drawdown Comparison

The maximum EWHYX drawdown since its inception was -16.52%, smaller than the maximum NMZ drawdown of -58.53%. Use the drawdown chart below to compare losses from any high point for EWHYX and NMZ.

Drawdown Indicators

	EWHYX	NMZ	Difference
Max Drawdown Largest peak-to-trough decline	-16.52%	-58.53%	+42.01%
Max Drawdown (1Y) Largest decline over 1 year	-6.59%	-11.04%	+4.45%
Max Drawdown (5Y) Largest decline over 5 years	—	-40.03%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-40.03%	—
Current Drawdown Current decline from peak	-2.43%	-12.20%	+9.77%
Average Drawdown Average peak-to-trough decline	-5.55%	-9.45%	+3.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.53%	3.69%	-1.16%

Volatility

EWHYX vs. NMZ - Volatility Comparison

The current volatility for Eaton Vance High Yield Municipal Income Fund Class W (EWHYX) is 1.21%, while Nuveen Municipal High Income Opportunity Fund (NMZ) has a volatility of 4.98%. This indicates that EWHYX 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

	EWHYX	NMZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.21%	4.98%	-3.77%
Volatility (6M) Calculated over the trailing 6-month period	2.17%	6.50%	-4.33%
Volatility (1Y) Calculated over the trailing 1-year period	6.62%	12.70%	-6.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.27%	12.90%	-7.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.27%	14.71%	-9.44%