GHYIX vs. NHMFX

Last updated Jun 4, 2026

GHYIX (Goldman Sachs High Yield Municipal Fund Institutional Class) and NHMFX (Nuveen High Yield Municipal Bond Fund Class R6) are both High Yield Muni funds. Over the past 5 years, GHYIX returned 0.91%/yr vs 1.05%/yr for NHMFX. Their correlation of 0.85 suggests significant overlap in exposure. GHYIX charges 0.54%/yr vs 0.69%/yr for NHMFX.

Performance

GHYIX vs. NHMFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Goldman Sachs High Yield Municipal Fund Institutional Class (GHYIX) and Nuveen High Yield Municipal Bond Fund Class R6 (NHMFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GHYIX achieves a 2.39% return, which is significantly lower than NHMFX's 3.20% return.

GHYIX

• 1D: 0.22%
• 1M: 1.05%
• YTD: 2.39%
• 6M: 2.80%
• 1Y: 7.53%
• 3Y*: 5.23%
• 5Y*: 0.91%
• 10Y*: 3.70%

NHMFX

• 1D: 0.21%
• 1M: 1.32%
• YTD: 3.20%
• 6M: 3.90%
• 1Y: 10.11%
• 3Y*: 4.80%
• 5Y*: 1.05%
• 10Y*: —

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

GHYIX vs. NHMFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GHYIX Goldman Sachs High Yield Municipal Fund Institutional Class	2.39%	3.92%	5.74%	7.34%	-14.79%	5.79%	4.96%	11.47%	4.97%	9.33%
NHMFX Nuveen High Yield Municipal Bond Fund Class R6	3.20%	3.21%	5.23%	6.74%	-14.90%	9.94%	3.33%	12.18%	2.05%	12.17%

Correlation

The correlation between GHYIX and NHMFX is 0.92, 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	0.92
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (All Time) Calculated using the full available price history since Jul 6, 2016	0.85

The correlation between GHYIX and NHMFX has been stable across timeframes, ranging from 0.85 to 0.92 - a consistent structural relationship.

Return for Risk

GHYIX vs. NHMFX — Risk / Return Rank

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

GHYIX

GHYIX Risk / Return Rank: 55
GHYIX Sharpe Ratio Rank: 53
GHYIX Sortino Ratio Rank: 67
GHYIX Omega Ratio Rank: 76
GHYIX Calmar Ratio Rank: 43
GHYIX Martin Ratio Rank: 34

NHMFX

NHMFX Risk / Return Rank: 61
NHMFX Sharpe Ratio Rank: 58
NHMFX Sortino Ratio Rank: 74
NHMFX Omega Ratio Rank: 78
NHMFX Calmar Ratio Rank: 55
NHMFX Martin Ratio Rank: 39

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.

GHYIX vs. NHMFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs High Yield Municipal Fund Institutional Class (GHYIX) and Nuveen High Yield Municipal Bond Fund Class R6 (NHMFX). 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.

	GHYIX	NHMFX	Difference
Sharpe ratio: Return per unit of total volatility	2.15	2.25	-0.11
Sortino ratio: Return per unit of downside risk	3.42	3.60	-0.17
Omega ratio: Gain probability vs. loss probability	1.50	1.51	-0.02
Calmar ratio: Return relative to maximum drawdown	2.49	2.83	-0.34
Martin ratio: Return relative to average drawdown	7.74	8.46	-0.72
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GHYIX vs. NHMFX - Sharpe Ratio Comparison

The current GHYIX Sharpe Ratio is 2.15, which is comparable to the NHMFX Sharpe Ratio of 2.25. The chart below compares the historical Sharpe Ratios of GHYIX and NHMFX, 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

	GHYIX	NHMFX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.15	2.25	-0.11
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.17	0.15	+0.02
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.69	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.00	0.50	+0.50

Drawdowns

GHYIX vs. NHMFX - Drawdown Comparison

The maximum GHYIX drawdown since its inception was -35.88%, which is greater than NHMFX's maximum drawdown of -22.25%. Use the drawdown chart below to compare losses from any high point for GHYIX and NHMFX.

Drawdown Indicators

	GHYIX	NHMFX	Difference
Max Drawdown Largest peak-to-trough decline	-35.88%	-22.25%	-13.63%
Max Drawdown (1Y) Largest decline over 1 year	-3.05%	-3.58%	+0.53%
Max Drawdown (3Y) Largest decline over 3 years	-8.35%	-10.89%	+2.54%
Max Drawdown (5Y) Largest decline over 5 years	-19.82%	-21.55%	+1.73%
Max Drawdown (10Y) Largest decline over 10 years	-19.82%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-4.61%	-4.87%	+0.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.98%	1.19%	-0.21%

Volatility

GHYIX vs. NHMFX - Volatility Comparison

The current volatility for Goldman Sachs High Yield Municipal Fund Institutional Class (GHYIX) is 1.30%, while Nuveen High Yield Municipal Bond Fund Class R6 (NHMFX) has a volatility of 1.55%. This indicates that GHYIX experiences smaller price fluctuations and is considered to be less risky than NHMFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GHYIX	NHMFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.30%	1.55%	-0.25%
Volatility (6M) Calculated over the trailing 6-month period	2.51%	3.16%	-0.65%
Volatility (1Y) Calculated over the trailing 1-year period	3.56%	4.52%	-0.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.35%	6.87%	-1.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.39%	6.76%	-1.37%

GHYIX vs. NHMFX - Expense Ratio Comparison

GHYIX has a 0.54% expense ratio, which is lower than NHMFX's 0.69% expense ratio.

Dividends

GHYIX vs. NHMFX - Dividend Comparison

GHYIX's dividend yield for the trailing twelve months is around 4.64%, less than NHMFX's 6.13% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GHYIX Goldman Sachs High Yield Municipal Fund Institutional Class	4.64%	6.12%	4.38%	3.56%	3.04%	3.06%	3.44%	4.03%	4.12%	4.36%	4.81%	4.88%
NHMFX Nuveen High Yield Municipal Bond Fund Class R6	6.13%	6.59%	5.35%	6.99%	5.68%	4.71%	5.05%	5.03%	5.46%	5.37%	2.52%	0.00%

Frequently Asked Questions

Can I hold both GHYIX and NHMFX in my portfolio?

With a correlation of 0.92, GHYIX and NHMFX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, GHYIX or NHMFX?

NHMFX has higher volatility (1.55%) compared to GHYIX (1.30%). In terms of maximum drawdown, GHYIX dropped -35.88% vs NHMFX's -22.25%.

Which has better risk-adjusted returns?

NHMFX currently has the higher Sharpe Ratio (2.25 vs 2.15), 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.