HIMFX vs. NMCO
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 1.74%/yr vs -0.82%/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
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Returns By Period
In the year-to-date period, HIMFX achieves a 2.51% return, which is significantly lower than NMCO's 9.20% return.
HIMFX
- 1D
- -0.06%
- 1M
- 1.80%
- YTD
- 2.51%
- 6M
- 3.09%
- 1Y
- 8.18%
- 3Y*
- 5.82%
- 5Y*
- 1.74%
- 10Y*
- —
NMCO
- 1D
- 0.37%
- 1M
- 1.97%
- YTD
- 9.20%
- 6M
- 9.63%
- 1Y
- 11.11%
- 3Y*
- 6.33%
- 5Y*
- -0.82%
- 10Y*
- —
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 | 2.51% | 4.69% | 6.23% | 7.89% | -12.36% | 5.60% | 4.74% | 1.36% |
NMCO Nuveen Municipal Credit Opportunities Fund | 9.20% | 4.18% | 13.64% | -4.19% | -25.66% | 26.98% | -11.55% | 4.14% |
Correlation
The correlation between HIMFX and NMCO is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.30 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.46 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.41 |
Correlation (All Time) Calculated using the full available price history since Sep 17, 2019 | 0.38 |
The correlation between HIMFX and NMCO shifts across timeframes, from 0.30 (1 year) to 0.46 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
HIMFX vs. NMCO — Risk / Return Rank
HIMFX
NMCO
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.
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.
| HIMFX | NMCO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.49 | ||
| Sortino ratioReturn per unit of downside risk | +2.69 | ||
| Omega ratioGain probability vs. loss probability | 1.67 | 1.22 | +0.45 |
| Calmar ratioReturn relative to maximum drawdown | 3.03 | 1.54 | +1.49 |
| Martin ratioReturn relative to average drawdown | 10.88 | 4.14 | +6.74 |
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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.
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Drawdown Indicators
| HIMFX | NMCO | Difference | |
|---|---|---|---|
Max DrawdownLargest 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 DrawdownCurrent decline from peak | -0.06% | -9.18% | +9.12% |
Average DrawdownAverage peak-to-trough decline | -3.15% | -15.98% | +12.83% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.77% | 2.69% | -1.92% |
Volatility
HIMFX vs. NMCO - Volatility Comparison
The current volatility for American High-Income Municipal Bond Fund Class F-3 (HIMFX) is 0.78%, while Nuveen Municipal Credit Opportunities Fund (NMCO) has a volatility of 1.86%. 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.
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Volatility by Period
| HIMFX | NMCO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.78% | 1.86% | -1.08% |
Volatility (6M)Calculated over the trailing 6-month period | 2.22% | 5.65% | -3.43% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.05% | 8.88% | -5.83% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.82% | 14.02% | -9.20% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.59% | 19.43% | -14.84% |
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 4.22%, less than NMCO's 7.65% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
HIMFX American High-Income Municipal Bond Fund Class F-3 | 4.22% | 4.32% | 3.83% | 3.71% | 2.80% | 3.54% | 3.73% | 3.49% | 3.99% | 3.61% |
NMCO Nuveen Municipal Credit Opportunities Fund | 7.65% | 8.04% | 6.79% | 5.96% | 6.65% | 4.75% | 5.57% | 0.83% | 0.00% | 0.00% |
Frequently Asked Questions
HIMFX and NMCO have a correlation of 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NMCO has higher volatility (1.86%) compared to HIMFX (0.78%). In terms of maximum drawdown, HIMFX dropped -17.57% vs NMCO's -42.03%.
HIMFX currently has the higher Sharpe Ratio (2.74 vs 1.26), 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.
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