HIMFX vs. NMCO

Last updated Jun 3, 2026

HIMFX (American High-Income Municipal Bond Fund Class F-3) and NMCO (Nuveen Municipal Credit Opportunities Fund) are both High Yield Muni funds. Over the past 5 years, HIMFX returned 1.77%/yr vs -0.57%/yr for NMCO. At a 0.38 correlation, their price movements are largely independent. HIMFX charges 0.31%/yr vs 0.04%/yr for NMCO.

Performance

HIMFX vs. NMCO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in American High-Income Municipal Bond Fund Class F-3 (HIMFX) and Nuveen Municipal Credit Opportunities Fund (NMCO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HIMFX achieves a 2.18% return, which is significantly lower than NMCO's 8.20% return.

HIMFX

• 1D: 0.00%
• 1M: 0.67%
• YTD: 2.18%
• 6M: 2.76%
• 1Y: 8.48%
• 3Y*: 5.97%
• 5Y*: 1.77%
• 10Y*: —

NMCO

• 1D: -0.65%
• 1M: 0.36%
• YTD: 8.20%
• 6M: 4.91%
• 1Y: 9.55%
• 3Y*: 5.59%
• 5Y*: -0.57%
• 10Y*: —

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

HIMFX vs. NMCO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
HIMFX American High-Income Municipal Bond Fund Class F-3	2.18%	4.69%	6.23%	7.89%	-12.36%	5.60%	4.74%	1.48%
NMCO Nuveen Municipal Credit Opportunities Fund	8.20%	4.18%	13.64%	-4.19%	-25.66%	26.98%	-11.55%	2.16%

Correlation

The correlation between HIMFX and NMCO is 0.31, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.31
Correlation (3Y) Calculated over the trailing 3-year period	0.45
Correlation (5Y) Calculated over the trailing 5-year period	0.41
Correlation (All Time) Calculated using the full available price history since Sep 18, 2019	0.38

The correlation between HIMFX and NMCO shifts across timeframes, from 0.31 (1 year) to 0.45 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

HIMFX vs. NMCO — Risk / Return Rank

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

HIMFX

HIMFX Risk / Return Rank: 76
HIMFX Sharpe Ratio Rank: 83
HIMFX Sortino Ratio Rank: 90
HIMFX Omega Ratio Rank: 90
HIMFX Calmar Ratio Rank: 64
HIMFX Martin Ratio Rank: 54

NMCO

NMCO Risk / Return Rank: 14
NMCO Sharpe Ratio Rank: 15
NMCO Sortino Ratio Rank: 14
NMCO Omega Ratio Rank: 14
NMCO Calmar Ratio Rank: 15
NMCO Martin Ratio Rank: 12

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.

HIMFX vs. NMCO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for American High-Income Municipal Bond Fund Class F-3 (HIMFX) and Nuveen Municipal Credit Opportunities Fund (NMCO). 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.

	HIMFX	NMCO	Difference
Sharpe ratio Return per unit of total volatility	2.68	1.08	+1.60
Sortino ratio Return per unit of downside risk	4.38	1.57	+2.81
Omega ratio Gain probability vs. loss probability	1.64	1.19	+0.45
Calmar ratio Return relative to maximum drawdown	3.09	1.36	+1.72
Martin ratio Return relative to average drawdown	11.11	3.68	+7.44
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HIMFX vs. NMCO - Sharpe Ratio Comparison

The current HIMFX Sharpe Ratio is 2.68, which is higher than the NMCO Sharpe Ratio of 1.08. The chart below compares the historical Sharpe Ratios of HIMFX and NMCO, 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

	HIMFX	NMCO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.68	1.08	+1.60
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.37	-0.04	+0.41
Sharpe Ratio (All Time) Calculated using the full available price history	0.85	0.04	+0.81

Drawdowns

HIMFX vs. NMCO - Drawdown Comparison

The maximum HIMFX drawdown since its inception was -17.57%, smaller than the maximum NMCO drawdown of -42.03%. Use the drawdown chart below to compare losses from any high point for HIMFX and NMCO.

Drawdown Indicators

	HIMFX	NMCO	Difference
Max Drawdown Largest peak-to-trough decline	-17.57%	-42.03%	+24.46%
Max Drawdown (1Y) Largest decline over 1 year	-2.76%	-7.24%	+4.48%
Max Drawdown (3Y) Largest decline over 3 years	-6.17%	-24.35%	+18.18%
Max Drawdown (5Y) Largest decline over 5 years	-17.57%	-39.82%	+22.25%
Current Drawdown Current decline from peak	-0.13%	-10.01%	+9.88%
Average Drawdown Average peak-to-trough decline	-3.17%	-16.04%	+12.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.77%	2.68%	-1.91%

Volatility

HIMFX vs. NMCO - Volatility Comparison

The current volatility for American High-Income Municipal Bond Fund Class F-3 (HIMFX) is 1.10%, while Nuveen Municipal Credit Opportunities Fund (NMCO) has a volatility of 2.29%. This indicates that HIMFX experiences smaller price fluctuations and is considered to be less risky than NMCO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HIMFX	NMCO	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.10%	2.29%	-1.19%
Volatility (6M) Calculated over the trailing 6-month period	2.25%	5.86%	-3.61%
Volatility (1Y) Calculated over the trailing 1-year period	3.08%	8.91%	-5.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.82%	14.03%	-9.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.60%	19.50%	-14.90%

HIMFX vs. NMCO - Expense Ratio Comparison

HIMFX has a 0.31% expense ratio, which is higher than NMCO's 0.04% expense ratio.

Dividends

HIMFX vs. NMCO - Dividend Comparison

HIMFX's dividend yield for the trailing twelve months is around 4.24%, less than NMCO's 7.67% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
HIMFX American High-Income Municipal Bond Fund Class F-3	4.24%	4.32%	3.83%	3.71%	2.80%	3.54%	3.73%	3.49%	3.99%	3.61%
NMCO Nuveen Municipal Credit Opportunities Fund	7.67%	8.04%	6.79%	5.96%	6.65%	4.75%	5.57%	0.83%	0.00%	0.00%

Frequently Asked Questions

Can I hold both HIMFX and NMCO in my portfolio?

HIMFX and NMCO have a correlation of 0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HIMFX or NMCO?

NMCO has higher volatility (2.29%) compared to HIMFX (1.10%). In terms of maximum drawdown, HIMFX dropped -17.57% vs NMCO's -42.03%.

Which has better risk-adjusted returns?

HIMFX currently has the higher Sharpe Ratio (2.67 vs 1.08), 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.