GHYIX vs. NHMRX

Last updated Jun 4, 2026

GHYIX (Goldman Sachs High Yield Municipal Fund Institutional Class) and NHMRX (Nuveen High Yield Municipal Bond Fund) are both High Yield Muni funds. Over the past 10 years, GHYIX returned 3.70%/yr vs 3.75%/yr for NHMRX. A 0.72 correlation means they provide meaningful diversification when combined. GHYIX charges 0.54%/yr vs 0.52%/yr for NHMRX.

Performance

GHYIX vs. NHMRX - 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 (NHMRX). 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 NHMRX's 3.18% return. Both investments have delivered pretty close results over the past 10 years, with GHYIX having a 3.70% annualized return and NHMRX not far ahead at 3.75%.

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%

NHMRX

• 1D: 0.28%
• 1M: 1.39%
• YTD: 3.18%
• 6M: 3.87%
• 1Y: 10.14%
• 3Y*: 5.26%
• 5Y*: 1.21%
• 10Y*: 3.75%

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

GHYIX vs. NHMRX - 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%
NHMRX Nuveen High Yield Municipal Bond Fund	3.18%	3.24%	5.62%	7.31%	-14.96%	9.93%	3.25%	12.59%	2.06%	12.10%

Correlation

The correlation between GHYIX and NHMRX 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 (10Y) Calculated over the trailing 10-year period	0.85
Correlation (All Time) Calculated using the full available price history since Jan 3, 2001	0.72

Over the past year, GHYIX and NHMRX have become more correlated (0.92) than their long-term average of 0.72, meaning their price movements have been converging.

Return for Risk

GHYIX vs. NHMRX — 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

NHMRX

NHMRX Risk / Return Rank: 61
NHMRX Sharpe Ratio Rank: 58
NHMRX Sortino Ratio Rank: 73
NHMRX Omega Ratio Rank: 78
NHMRX Calmar Ratio Rank: 54
NHMRX 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. NHMRX - 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 (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.

	GHYIX	NHMRX	Difference
Sharpe ratio: Return per unit of total volatility	2.15	2.25	-0.10
Sortino ratio: Return per unit of downside risk	3.42	3.55	-0.13
Omega ratio: Gain probability vs. loss probability	1.50	1.51	-0.02
Calmar ratio: Return relative to maximum drawdown	2.49	2.81	-0.32
Martin ratio: Return relative to average drawdown	7.74	8.50	-0.76
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. NHMRX - Sharpe Ratio Comparison

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

	GHYIX	NHMRX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.15	2.25	-0.10
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.17	0.18	-0.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.69	0.56	+0.13
Sharpe Ratio (All Time) Calculated using the full available price history	1.00	0.89	+0.11

Drawdowns

GHYIX vs. NHMRX - Drawdown Comparison

The maximum GHYIX drawdown since its inception was -35.88%, smaller than the maximum NHMRX drawdown of -45.45%. Use the drawdown chart below to compare losses from any high point for GHYIX and NHMRX.

Drawdown Indicators

	GHYIX	NHMRX	Difference
Max Drawdown Largest peak-to-trough decline	-35.88%	-45.45%	+9.57%
Max Drawdown (1Y) Largest decline over 1 year	-3.05%	-3.58%	+0.53%
Max Drawdown (3Y) Largest decline over 3 years	-8.35%	-10.49%	+2.14%
Max Drawdown (5Y) Largest decline over 5 years	-19.82%	-21.52%	+1.70%
Max Drawdown (10Y) Largest decline over 10 years	-19.82%	-22.22%	+2.40%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-4.61%	-5.33%	+0.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.98%	1.18%	-0.20%

Volatility

GHYIX vs. NHMRX - 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 (NHMRX) has a volatility of 1.59%. This indicates that GHYIX 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

	GHYIX	NHMRX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.30%	1.59%	-0.29%
Volatility (6M) Calculated over the trailing 6-month period	2.51%	3.17%	-0.66%
Volatility (1Y) Calculated over the trailing 1-year period	3.56%	4.50%	-0.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.35%	6.85%	-1.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.39%	6.73%	-1.34%

GHYIX vs. NHMRX - Expense Ratio Comparison

GHYIX has a 0.54% expense ratio, which is higher than NHMRX's 0.52% expense ratio.

Dividends

GHYIX vs. NHMRX - Dividend Comparison

GHYIX's dividend yield for the trailing twelve months is around 4.64%, less than NHMRX's 6.09% 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%
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 GHYIX and NHMRX in my portfolio?

With a correlation of 0.92, GHYIX and NHMRX 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 NHMRX?

NHMRX has higher volatility (1.59%) compared to GHYIX (1.30%). In terms of maximum drawdown, GHYIX dropped -35.88% vs NHMRX's -45.45%.

Which has better risk-adjusted returns?

NHMRX 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.