FRHIX vs. NMZ
FRHIX (Franklin High Yield Tax Free Income Fund) and NMZ (Nuveen Municipal High Income Opportunity Fund) are both High Yield Muni funds. Over the past 10 years, FRHIX returned 2.60%/yr vs 2.42%/yr for NMZ. At a 0.23 correlation, their price movements are largely independent. FRHIX charges 0.65%/yr vs 1.50%/yr for NMZ.
Performance
FRHIX vs. NMZ - Performance Comparison
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Returns By Period
In the year-to-date period, FRHIX achieves a 2.93% return, which is significantly lower than NMZ's 6.50% return. Over the past 10 years, FRHIX has outperformed NMZ with an annualized return of 2.60%, while NMZ has yielded a comparatively lower 2.42% annualized return.
FRHIX
- 1D
- 0.00%
- 1M
- 1.98%
- YTD
- 2.93%
- 6M
- 3.47%
- 1Y
- 8.91%
- 3Y*
- 6.05%
- 5Y*
- 1.44%
- 10Y*
- 2.60%
NMZ
- 1D
- 1.06%
- 1M
- 4.54%
- YTD
- 6.50%
- 6M
- 6.71%
- 1Y
- 9.82%
- 3Y*
- 6.09%
- 5Y*
- -1.14%
- 10Y*
- 2.42%
FRHIX vs. NMZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FRHIX Franklin High Yield Tax Free Income Fund | 2.93% | 5.33% | 7.28% | 6.01% | -13.96% | 4.89% | 5.87% | 8.35% | 1.96% | 3.40% |
NMZ Nuveen Municipal High Income Opportunity Fund | 6.50% | 1.56% | 16.52% | 0.69% | -27.36% | 10.41% | 7.33% | 28.36% | -9.47% | 12.87% |
Correlation
The correlation between FRHIX and NMZ is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.43 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.45 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.43 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.35 |
Correlation (All Time) Calculated using the full available price history since Nov 20, 2003 | 0.23 |
The correlation between FRHIX and NMZ shifts across timeframes, from 0.23 (all time) to 0.45 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
FRHIX vs. NMZ — Risk / Return Rank
FRHIX
NMZ
FRHIX vs. NMZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Franklin High Yield Tax Free Income Fund (FRHIX) 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.
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.
| FRHIX | NMZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.48 | ||
| Sortino ratioReturn per unit of downside risk | +2.46 | ||
| Omega ratioGain probability vs. loss probability | 1.60 | 1.20 | +0.41 |
| Calmar ratioReturn relative to maximum drawdown | 2.71 | 1.66 | +1.05 |
| Martin ratioReturn relative to average drawdown | 9.88 | 4.13 | +5.75 |
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Drawdowns
FRHIX vs. NMZ - Drawdown Comparison
The maximum FRHIX drawdown since its inception was -21.54%, smaller than the maximum NMZ drawdown of -58.53%. Use the drawdown chart below to compare losses from any high point for FRHIX and NMZ.
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Drawdown Indicators
| FRHIX | NMZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.54% | -58.53% | +36.99% |
Max Drawdown (1Y)Largest decline over 1 year | -3.21% | -5.94% | +2.73% |
Max Drawdown (3Y)Largest decline over 3 years | -7.36% | -21.56% | +14.20% |
Max Drawdown (5Y)Largest decline over 5 years | -19.01% | -40.03% | +21.02% |
Max Drawdown (10Y)Largest decline over 10 years | -19.01% | -40.03% | +21.02% |
Current DrawdownCurrent decline from peak | -0.11% | -9.56% | +9.45% |
Average DrawdownAverage peak-to-trough decline | -2.26% | -9.47% | +7.21% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.88% | 2.38% | -1.50% |
Volatility
FRHIX vs. NMZ - Volatility Comparison
The current volatility for Franklin High Yield Tax Free Income Fund (FRHIX) is 0.94%, while Nuveen Municipal High Income Opportunity Fund (NMZ) has a volatility of 2.52%. This indicates that FRHIX 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.
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Volatility by Period
| FRHIX | NMZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.94% | 2.52% | -1.58% |
Volatility (6M)Calculated over the trailing 6-month period | 2.52% | 7.48% | -4.96% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.45% | 9.44% | -5.99% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.15% | 12.96% | -7.81% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.66% | 14.76% | -10.10% |
FRHIX vs. NMZ - Expense Ratio Comparison
FRHIX has a 0.65% expense ratio, which is lower than NMZ's 1.50% expense ratio.
Dividends
FRHIX vs. NMZ - Dividend Comparison
FRHIX's dividend yield for the trailing twelve months is around 4.58%, less than NMZ's 7.52% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FRHIX Franklin High Yield Tax Free Income Fund | 4.58% | 5.79% | 5.32% | 4.16% | 4.27% | 3.61% | 3.83% | 4.99% | 4.46% | 4.06% | 4.42% | 4.27% |
NMZ Nuveen Municipal High Income Opportunity Fund | 7.52% | 7.71% | 6.35% | 5.44% | 7.04% | 5.10% | 5.09% | 4.99% | 6.15% | 5.94% | 6.94% | 6.67% |
Frequently Asked Questions
FRHIX and NMZ have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NMZ has higher volatility (2.52%) compared to FRHIX (0.94%). In terms of maximum drawdown, FRHIX dropped -21.54% vs NMZ's -58.53%.
FRHIX currently has the higher Sharpe Ratio (2.52 vs 1.04), 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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