FNMIX vs. NCHRX
Compare and contrast key facts about Fidelity New Markets Income Fund (FNMIX) and Nuveen California High Yield Municipal Bond Fund (NCHRX).
FNMIX is managed by Fidelity. NCHRX is managed by Nuveen. It was launched on Mar 27, 2006.
Performance
FNMIX vs. NCHRX - Performance Comparison
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FNMIX vs. NCHRX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FNMIX Fidelity New Markets Income Fund | -1.02% | 14.86% | 6.80% | 14.00% | -16.09% | -2.42% | 4.62% | 10.93% | -7.77% | 10.16% |
NCHRX Nuveen California High Yield Municipal Bond Fund | -1.03% | 3.34% | 5.17% | 4.46% | -20.76% | 5.41% | 6.02% | 12.21% | -0.33% | 11.27% |
Returns By Period
The year-to-date returns for both stocks are quite close, with FNMIX having a -1.02% return and NCHRX slightly lower at -1.03%. Over the past 10 years, FNMIX has outperformed NCHRX with an annualized return of 3.90%, while NCHRX has yielded a comparatively lower 1.85% annualized return.
FNMIX
- 1D
- -0.15%
- 1M
- -3.77%
- YTD
- -1.02%
- 6M
- 2.67%
- 1Y
- 10.54%
- 3Y*
- 10.89%
- 5Y*
- 3.53%
- 10Y*
- 3.90%
NCHRX
- 1D
- 0.26%
- 1M
- -3.39%
- YTD
- -1.03%
- 6M
- 1.27%
- 1Y
- 2.79%
- 3Y*
- 2.93%
- 5Y*
- -1.34%
- 10Y*
- 1.85%
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FNMIX vs. NCHRX - Expense Ratio Comparison
FNMIX has a 0.80% expense ratio, which is higher than NCHRX's 0.61% expense ratio.
Return for Risk
FNMIX vs. NCHRX — Risk / Return Rank
FNMIX
NCHRX
FNMIX vs. NCHRX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity New Markets Income Fund (FNMIX) and Nuveen California High Yield Municipal Bond Fund (NCHRX). 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.
| FNMIX | NCHRX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 2.08 | 0.45 | +1.63 |
Sortino ratioReturn per unit of downside risk | 2.89 | 0.63 | +2.27 |
Omega ratioGain probability vs. loss probability | 1.44 | 1.13 | +0.31 |
Calmar ratioReturn relative to maximum drawdown | 2.12 | 0.41 | +1.71 |
Martin ratioReturn relative to average drawdown | 9.40 | 1.03 | +8.37 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| FNMIX | NCHRX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.08 | 0.45 | +1.63 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.54 | -0.19 | +0.74 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.56 | 0.25 | +0.32 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.79 | 0.54 | +0.25 |
Correlation
The correlation between FNMIX and NCHRX is 0.25, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Dividends
FNMIX vs. NCHRX - Dividend Comparison
FNMIX's dividend yield for the trailing twelve months is around 4.66%, more than NCHRX's 4.29% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FNMIX Fidelity New Markets Income Fund | 4.66% | 5.07% | 4.71% | 5.15% | 3.93% | 3.48% | 4.06% | 4.87% | 4.98% | 5.77% | 6.93% | 4.95% |
NCHRX Nuveen California High Yield Municipal Bond Fund | 4.29% | 4.59% | 4.28% | 4.40% | 5.14% | 3.90% | 3.85% | 4.17% | 4.08% | 3.94% | 4.42% | 4.45% |
Drawdowns
FNMIX vs. NCHRX - Drawdown Comparison
The maximum FNMIX drawdown since its inception was -42.76%, which is greater than NCHRX's maximum drawdown of -39.64%. Use the drawdown chart below to compare losses from any high point for FNMIX and NCHRX.
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Drawdown Indicators
| FNMIX | NCHRX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -42.76% | -39.64% | -3.12% |
Max Drawdown (1Y)Largest decline over 1 year | -5.12% | -8.05% | +2.93% |
Max Drawdown (5Y)Largest decline over 5 years | -27.16% | -28.27% | +1.11% |
Max Drawdown (10Y)Largest decline over 10 years | -27.16% | -28.27% | +1.11% |
Current DrawdownCurrent decline from peak | -3.85% | -11.04% | +7.19% |
Average DrawdownAverage peak-to-trough decline | -5.72% | -7.07% | +1.35% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.16% | 3.21% | -2.05% |
Volatility
FNMIX vs. NCHRX - Volatility Comparison
Fidelity New Markets Income Fund (FNMIX) has a higher volatility of 1.70% compared to Nuveen California High Yield Municipal Bond Fund (NCHRX) at 1.60%. This indicates that FNMIX's price experiences larger fluctuations and is considered to be riskier than NCHRX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FNMIX | NCHRX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.70% | 1.60% | +0.10% |
Volatility (6M)Calculated over the trailing 6-month period | 3.00% | 2.47% | +0.53% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.25% | 7.74% | -2.49% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.55% | 6.96% | -0.41% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.94% | 7.46% | -0.52% |