FKYTX vs. NHMRX

Last updated Jun 5, 2026

FKYTX (Nuveen Kentucky Municipal Bond Fund) and NHMRX (Nuveen High Yield Municipal Bond Fund) are both mutual funds - FKYTX is a Municipal Bonds fund managed by Nuveen, while NHMRX is a High Yield Muni fund managed by Nuveen. Over the past 10 years, FKYTX returned 1.65%/yr vs 3.74%/yr for NHMRX. A 0.79 correlation means they provide meaningful diversification when combined. FKYTX charges 0.77%/yr vs 0.52%/yr for NHMRX.

Performance

FKYTX vs. NHMRX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nuveen Kentucky Municipal Bond Fund (FKYTX) 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, FKYTX achieves a 0.99% return, which is significantly lower than NHMRX's 3.11% return. Over the past 10 years, FKYTX has underperformed NHMRX with an annualized return of 1.65%, while NHMRX has yielded a comparatively higher 3.74% annualized return.

FKYTX

• 1D: -0.10%
• 1M: 0.68%
• YTD: 0.99%
• 6M: 1.48%
• 1Y: 7.34%
• 3Y*: 3.25%
• 5Y*: 0.18%
• 10Y*: 1.65%

NHMRX

• 1D: -0.07%
• 1M: 1.25%
• YTD: 3.11%
• 6M: 3.87%
• 1Y: 9.59%
• 3Y*: 5.24%
• 5Y*: 1.19%
• 10Y*: 3.74%

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

FKYTX vs. NHMRX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FKYTX Nuveen Kentucky Municipal Bond Fund	0.99%	3.34%	1.09%	6.57%	-10.85%	2.24%	4.24%	7.35%	0.75%	4.26%
NHMRX Nuveen High Yield Municipal Bond Fund	3.11%	3.24%	5.62%	7.31%	-14.96%	9.93%	3.25%	12.59%	2.06%	12.10%

Correlation

The correlation between FKYTX and NHMRX 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	0.90
Correlation (5Y) Calculated over the trailing 5-year period	0.90
Correlation (10Y) Calculated over the trailing 10-year period	0.85
Correlation (All Time) Calculated using the full available price history since Jun 8, 1999	0.79

The correlation between FKYTX and NHMRX shifts across timeframes, from 0.79 (all time) to 0.90 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

FKYTX vs. NHMRX — Risk / Return Rank

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

FKYTX

FKYTX Risk / Return Rank: 62
FKYTX Sharpe Ratio Rank: 70
FKYTX Sortino Ratio Rank: 78
FKYTX Omega Ratio Rank: 85
FKYTX Calmar Ratio Rank: 43
FKYTX Martin Ratio Rank: 36

NHMRX

NHMRX Risk / Return Rank: 61
NHMRX Sharpe Ratio Rank: 59
NHMRX Sortino Ratio Rank: 73
NHMRX Omega Ratio Rank: 79
NHMRX Calmar Ratio Rank: 55
NHMRX Martin Ratio Rank: 40

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.

FKYTX vs. NHMRX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuveen Kentucky Municipal Bond Fund (FKYTX) 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.

	FKYTX	NHMRX	Difference
Sharpe ratio: Return per unit of total volatility	2.41	2.27	+0.14
Sortino ratio: Return per unit of downside risk	3.73	3.58	+0.15
Omega ratio: Gain probability vs. loss probability	1.58	1.52	+0.06
Calmar ratio: Return relative to maximum drawdown	2.43	2.83	-0.41
Martin ratio: Return relative to average drawdown	7.68	8.57	-0.89
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FKYTX vs. NHMRX - Sharpe Ratio Comparison

The current FKYTX Sharpe Ratio is 2.41, which is comparable to the NHMRX Sharpe Ratio of 2.27. The chart below compares the historical Sharpe Ratios of FKYTX 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

	FKYTX	NHMRX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.41	2.27	+0.14
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.04	0.17	-0.13
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.39	0.56	-0.17
Sharpe Ratio (All Time) Calculated using the full available price history	1.15	0.89	+0.26

Drawdowns

FKYTX vs. NHMRX - Drawdown Comparison

The maximum FKYTX drawdown since its inception was -15.24%, smaller than the maximum NHMRX drawdown of -45.45%. Use the drawdown chart below to compare losses from any high point for FKYTX and NHMRX.

Drawdown Indicators

	FKYTX	NHMRX	Difference
Max Drawdown Largest peak-to-trough decline	-15.24%	-45.45%	+30.21%
Max Drawdown (1Y) Largest decline over 1 year	-3.19%	-3.58%	+0.39%
Max Drawdown (3Y) Largest decline over 3 years	-7.34%	-10.49%	+3.15%
Max Drawdown (5Y) Largest decline over 5 years	-15.24%	-21.52%	+6.28%
Max Drawdown (10Y) Largest decline over 10 years	-15.24%	-22.22%	+6.98%
Current Drawdown Current decline from peak	-0.75%	-0.07%	-0.68%
Average Drawdown Average peak-to-trough decline	-1.91%	-5.32%	+3.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.00%	1.18%	-0.18%

Volatility

FKYTX vs. NHMRX - Volatility Comparison

The current volatility for Nuveen Kentucky Municipal Bond Fund (FKYTX) is 1.25%, while Nuveen High Yield Municipal Bond Fund (NHMRX) has a volatility of 1.58%. This indicates that FKYTX experiences smaller price fluctuations and is considered to be less risky than NHMRX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FKYTX	NHMRX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.25%	1.58%	-0.33%
Volatility (6M) Calculated over the trailing 6-month period	2.29%	3.13%	-0.84%
Volatility (1Y) Calculated over the trailing 1-year period	3.22%	4.48%	-1.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.55%	6.85%	-2.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.23%	6.73%	-2.50%

FKYTX vs. NHMRX - Expense Ratio Comparison

FKYTX has a 0.77% expense ratio, which is higher than NHMRX's 0.52% expense ratio.

Dividends

FKYTX vs. NHMRX - Dividend Comparison

FKYTX's dividend yield for the trailing twelve months is around 2.92%, less than NHMRX's 6.09% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FKYTX Nuveen Kentucky Municipal Bond Fund	2.92%	3.02%	2.70%	2.63%	2.72%	2.58%	2.58%	2.98%	3.17%	3.52%	3.73%	3.61%
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 FKYTX and NHMRX in my portfolio?

FKYTX and NHMRX 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.

Which is riskier, FKYTX or NHMRX?

NHMRX has higher volatility (1.58%) compared to FKYTX (1.25%). In terms of maximum drawdown, FKYTX dropped -15.24% vs NHMRX's -45.45%.

Which has better risk-adjusted returns?

FKYTX currently has the higher Sharpe Ratio (2.41 vs 2.27), 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.