FXIEX vs. NVHIX

Last updated Jun 24, 2026

FXIEX (PIMCO Fixed Income SHares: Series TE) and NVHIX (Nuveen Short Duration High Yield Municipal Bond Fund) are both mutual funds - FXIEX is a Municipal Bonds fund managed by PIMCO, while NVHIX is a High Yield Muni fund managed by Nuveen. Over the past 10 years, FXIEX returned 2.77%/yr vs 3.15%/yr for NVHIX. A 0.58 correlation means they provide meaningful diversification when combined. FXIEX charges 0.07%/yr vs 0.55%/yr for NVHIX.

Performance

FXIEX vs. NVHIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO Fixed Income SHares: Series TE (FXIEX) and Nuveen Short Duration High Yield Municipal Bond Fund (NVHIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FXIEX achieves a 1.81% return, which is significantly lower than NVHIX's 2.04% return. Over the past 10 years, FXIEX has underperformed NVHIX with an annualized return of 2.77%, while NVHIX has yielded a comparatively higher 3.15% annualized return.

FXIEX

• 1D: -0.10%
• 1M: 1.74%
• YTD: 1.81%
• 6M: 2.34%
• 1Y: 6.34%
• 3Y*: 4.97%
• 5Y*: 1.63%
• 10Y*: 2.77%

NVHIX

• 1D: 0.00%
• 1M: 1.24%
• YTD: 2.04%
• 6M: 2.47%
• 1Y: 4.80%
• 3Y*: 4.29%
• 5Y*: 1.95%
• 10Y*: 3.15%

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

FXIEX vs. NVHIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FXIEX PIMCO Fixed Income SHares: Series TE	1.81%	3.37%	5.16%	8.92%	-10.89%	2.19%	7.22%	8.45%	1.00%	7.71%
NVHIX Nuveen Short Duration High Yield Municipal Bond Fund	2.04%	2.43%	6.88%	3.54%	-6.73%	8.44%	-0.10%	8.27%	3.47%	8.17%

Correlation

The correlation between FXIEX and NVHIX is 0.58, 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	0.58
Correlation (3Y) Calculated over the trailing 3-year period	0.66
Correlation (5Y) Calculated over the trailing 5-year period	0.68
Correlation (10Y) Calculated over the trailing 10-year period	0.65
Correlation (All Time) Calculated using the full available price history since Feb 4, 2013	0.58

The correlation between FXIEX and NVHIX has been stable across timeframes, ranging from 0.58 to 0.68 - a consistent structural relationship.

Return for Risk

FXIEX vs. NVHIX — Risk / Return Rank

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

FXIEX

FXIEX Risk / Return Rank: 78
FXIEX Sharpe Ratio Rank: 75
FXIEX Sortino Ratio Rank: 90
FXIEX Omega Ratio Rank: 87
FXIEX Calmar Ratio Rank: 77
FXIEX Martin Ratio Rank: 58

NVHIX

NVHIX Risk / Return Rank: 65
NVHIX Sharpe Ratio Rank: 64
NVHIX Sortino Ratio Rank: 85
NVHIX Omega Ratio Rank: 91
NVHIX Calmar Ratio Rank: 54
NVHIX Martin Ratio Rank: 32

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.

FXIEX vs. NVHIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO Fixed Income SHares: Series TE (FXIEX) and Nuveen Short Duration High Yield Municipal Bond Fund (NVHIX). 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.

	FXIEX	NVHIX	Difference
Sharpe ratio: Return per unit of total volatility	2.32	2.16	+0.16
Sortino ratio: Return per unit of downside risk	4.06	3.70	+0.36
Omega ratio: Gain probability vs. loss probability	1.57	1.63	-0.07
Calmar ratio: Return relative to maximum drawdown	3.32	2.69	+0.64
Martin ratio: Return relative to average drawdown	11.01	6.79	+4.22

FXIEX vs. NVHIX - Sharpe Ratio Comparison

The current FXIEX Sharpe Ratio is 2.32, which is comparable to the NVHIX Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of FXIEX and NVHIX, 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

FXIEX vs. NVHIX - Drawdown Comparison

The maximum FXIEX drawdown since its inception was -15.25%, which is greater than NVHIX's maximum drawdown of -13.54%. Use the drawdown chart below to compare losses from any high point for FXIEX and NVHIX.

Drawdown Indicators

	FXIEX	NVHIX	Difference
Max Drawdown Largest peak-to-trough decline	-15.25%	-13.54%	-1.71%
Max Drawdown (1Y) Largest decline over 1 year	-2.42%	-1.80%	-0.62%
Max Drawdown (3Y) Largest decline over 3 years	-5.56%	-4.72%	-0.84%
Max Drawdown (5Y) Largest decline over 5 years	-15.25%	-10.54%	-4.71%
Max Drawdown (10Y) Largest decline over 10 years	-15.25%	-13.54%	-1.71%
Current Drawdown Current decline from peak	-0.10%	0.00%	-0.10%
Average Drawdown Average peak-to-trough decline	-2.89%	-2.04%	-0.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.65%	0.71%	+0.94%

Volatility

FXIEX vs. NVHIX - Volatility Comparison

PIMCO Fixed Income SHares: Series TE (FXIEX) has a higher volatility of 0.84% compared to Nuveen Short Duration High Yield Municipal Bond Fund (NVHIX) at 0.59%. This indicates that FXIEX's price experiences larger fluctuations and is considered to be riskier than NVHIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FXIEX	NVHIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.84%	0.59%	+0.25%
Volatility (6M) Calculated over the trailing 6-month period	2.17%	1.49%	+0.68%
Volatility (1Y) Calculated over the trailing 1-year period	3.47%	2.24%	+1.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.37%	3.33%	+1.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.10%	3.47%	+0.63%

FXIEX vs. NVHIX - Expense Ratio Comparison

FXIEX has a 0.07% expense ratio, which is lower than NVHIX's 0.55% expense ratio.

Dividends

FXIEX vs. NVHIX - Dividend Comparison

FXIEX's dividend yield for the trailing twelve months is around 2.79%, less than NVHIX's 4.55% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FXIEX PIMCO Fixed Income SHares: Series TE	2.79%	2.75%	4.53%	3.98%	3.25%	2.63%	3.37%	3.63%	3.79%	2.67%	0.00%	0.00%
NVHIX Nuveen Short Duration High Yield Municipal Bond Fund	4.55%	5.15%	4.36%	4.41%	3.84%	3.43%	3.90%	4.03%	3.90%	3.78%	3.62%	3.55%

Frequently Asked Questions

Can I hold both FXIEX and NVHIX in my portfolio?

FXIEX and NVHIX have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FXIEX or NVHIX?

FXIEX has higher volatility (0.84%) compared to NVHIX (0.59%). In terms of maximum drawdown, FXIEX dropped -15.25% vs NVHIX's -13.54%.

Which has better risk-adjusted returns?

FXIEX currently has the higher Sharpe Ratio (2.32 vs 2.16), 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.