HHMIX vs. NPV

Last updated Aug 1, 2026

HHMIX (Hartford Municipal Opportunities Fund) and NPV (Nuveen Virginia Quality Municipal Income Fund) are both Municipal Bonds funds. Over the past 10 years, HHMIX returned 2.08%/yr vs 1.50%/yr for NPV. Their 0.25 correlation means their historical movements had little consistent relationship. HHMIX charges 0.44%/yr vs 1.51%/yr for NPV.

Performance

HHMIX vs. NPV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Hartford Municipal Opportunities Fund (HHMIX) and Nuveen Virginia Quality Municipal Income Fund (NPV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HHMIX achieves a 0.18% return, which is significantly lower than NPV's 1.46% return. Over the past 10 years, HHMIX has outperformed NPV with an annualized return of 2.08%, while NPV has yielded a comparatively lower 1.50% annualized return.

HHMIX

• 1D: -0.24%
• 1M: -1.66%
• 6M: -0.81%
• YTD: 0.18%
• 1Y: 3.83%
• 3Y*: 3.59%
• 5Y*: 0.73%
• 10Y*: 2.08%
• ALL TIME*: 2.52%

NPV

• 1D: -0.55%
• 1M: -5.83%
• 6M: -1.18%
• YTD: 1.46%
• 1Y: 5.23%
• 3Y*: 6.28%
• 5Y*: -3.35%
• 10Y*: 1.50%
• ALL TIME*: 4.15%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
HHMIX Hartford Municipal Opportunities Fund	$0.00	$0.00	$0.00
NPV Nuveen Virginia Quality Municipal Income Fund	$741.86K	$696.68K	$526.14K

HHMIX vs. NPV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HHMIX Hartford Municipal Opportunities Fund	0.18%	5.70%	2.14%	5.92%	-8.97%	1.73%	4.66%	7.89%	1.35%	5.74%
NPV Nuveen Virginia Quality Municipal Income Fund	1.46%	-5.91%	24.61%	0.42%	-31.53%	10.93%	13.15%	29.60%	-4.42%	3.20%

Correlation

The correlation between HHMIX and NPV is 0.34, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.34
Correlation (3Y) Balances recent behavior with more history.	0.43
Correlation (5Y) Shows whether the relationship held over a longer period.	0.43
Correlation (10Y) Provides a long-term view across more market conditions.	0.35
Correlation (All Time) Calculated using the full available price history since May 31, 2007	0.25

The correlation between HHMIX and NPV shifts across timeframes, from 0.25 (all time) to 0.43 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

HHMIX vs. NPV — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

HHMIX

HHMIX Risk / Return Rank: 63
HHMIX Sharpe Ratio Rank: 78
HHMIX Sortino Ratio Rank: 79
HHMIX Omega Ratio Rank: 87
HHMIX Calmar Ratio Rank: 40
HHMIX Martin Ratio Rank: 33

NPV

NPV Risk / Return Rank: 22
NPV Sharpe Ratio Rank: 23
NPV Sortino Ratio Rank: 23
NPV Omega Ratio Rank: 22
NPV Calmar Ratio Rank: 20
NPV Martin Ratio Rank: 23

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

HHMIX vs. NPV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hartford Municipal Opportunities Fund (HHMIX) and Nuveen Virginia Quality Municipal Income Fund (NPV). 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.

	HHMIX	NPV	Difference
Sharpe ratio: Return per unit of total volatility	1.81	0.81	+1.00
Sortino ratio: Return per unit of downside risk	2.73	1.22	+1.52
Omega ratio: Gain probability vs. loss probability	1.44	1.15	+0.29
Calmar ratio: Return relative to maximum drawdown	1.61	0.95	+0.66
Martin ratio: Return relative to average drawdown	4.74	3.15	+1.59

HHMIX vs. NPV - Sharpe Ratio Comparison

The current HHMIX Sharpe Ratio is 1.81, which is higher than the NPV Sharpe Ratio of 0.81. The chart below compares the historical Sharpe Ratios of HHMIX and NPV, 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

HHMIX vs. NPV - Drawdown Comparison

The maximum HHMIX drawdown since its inception was -30.49%, smaller than the maximum NPV drawdown of -44.25%. Use the drawdown chart below to compare losses from any high point for HHMIX and NPV.

Drawdown Indicators

	HHMIX	NPV	Difference
Max Drawdown Largest peak-to-trough decline	-30.49%	-44.25%	+13.76%
Max Drawdown (1Y) Largest decline over 1 year	-2.81%	-6.15%	+3.34%
Max Drawdown (3Y) Largest decline over 3 years	-4.03%	-18.29%	+14.26%
Max Drawdown (5Y) Largest decline over 5 years	-13.76%	-44.25%	+30.49%
Max Drawdown (10Y) Largest decline over 10 years	-13.76%	-44.25%	+30.49%
Current Drawdown Current decline from peak	-2.02%	-19.99%	+17.97%
Average Drawdown Average peak-to-trough decline	-3.86%	-10.21%	+6.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.95%	1.85%	-0.90%

Volatility

HHMIX vs. NPV - Volatility Comparison

The current volatility for Hartford Municipal Opportunities Fund (HHMIX) is 0.82%, while Nuveen Virginia Quality Municipal Income Fund (NPV) has a volatility of 2.19%. This indicates that HHMIX experiences smaller price fluctuations and is considered to be less risky than NPV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HHMIX	NPV	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.82%	2.19%	-1.37%
Volatility (6M) Calculated over the trailing 6-month period	2.09%	5.24%	-3.15%
Volatility (1Y) Calculated over the trailing 1-year period	2.50%	7.19%	-4.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.35%	13.46%	-10.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.58%	13.15%	-9.57%

HHMIX vs. NPV - Expense Ratio Comparison

HHMIX has a 0.44% expense ratio, which is lower than NPV's 1.51% expense ratio.

Dividends

HHMIX vs. NPV - Dividend Comparison

HHMIX's dividend yield for the trailing twelve months is around 3.19%, less than NPV's 7.22% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HHMIX Hartford Municipal Opportunities Fund	3.19%	4.40%	2.72%	2.41%	2.28%	1.72%	2.17%	2.83%	2.86%	2.98%	2.77%	3.04%
NPV Nuveen Virginia Quality Municipal Income Fund	7.22%	7.55%	5.63%	3.89%	5.08%	3.42%	3.49%	3.58%	4.62%	4.40%	4.87%	5.25%

Frequently Asked Questions

Can I hold both HHMIX and NPV in my portfolio?

HHMIX and NPV have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HHMIX or NPV?

NPV has higher volatility (2.19%) compared to HHMIX (0.82%). In terms of maximum drawdown, HHMIX dropped -30.49% vs NPV's -44.25%.

Which has better risk-adjusted returns?

HHMIX currently has the higher Sharpe Ratio (1.81 vs 0.81), 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.