HIMYX vs. NHMAX
HIMYX (Pioneer High Income Municipal Fund) and NHMAX (Nuveen High Yield Municipal Bond Fund Class A) are both High Yield Muni funds. Over the past 10 years, HIMYX returned 1.88%/yr vs 3.04%/yr for NHMAX. Their 0.67 correlation means they have sometimes moved together and sometimes differently. HIMYX charges 0.55%/yr vs 2.00%/yr for NHMAX.
Performance
HIMYX vs. NHMAX - Performance Comparison
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Returns By Period
In the year-to-date period, HIMYX achieves a -0.40% return, which is significantly lower than NHMAX's 1.76% return. Over the past 10 years, HIMYX has underperformed NHMAX with an annualized return of 1.88%, while NHMAX has yielded a comparatively higher 3.04% annualized return.
HIMYX
- 1D
- -0.37%
- 1M
- -2.52%
- 6M
- -1.44%
- YTD
- -0.40%
- 1Y
- 1.46%
- 3Y*
- 1.87%
- 5Y*
- -1.22%
- 10Y*
- 1.88%
- ALL TIME*
- 2.64%
NHMAX
- 1D
- -0.42%
- 1M
- -2.55%
- 6M
- 1.15%
- YTD
- 1.76%
- 1Y
- 8.76%
- 3Y*
- 4.50%
- 5Y*
- 0.20%
- 10Y*
- 3.04%
- ALL TIME*
- 4.54%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
HIMYX vs. NHMAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
HIMYX Pioneer High Income Municipal Fund | -0.40% | -1.50% | 6.07% | 3.64% | -13.08% | 6.69% | 1.85% | 9.56% | 4.15% | 8.33% |
NHMAX Nuveen High Yield Municipal Bond Fund Class A | 1.76% | 2.51% | 5.36% | 6.96% | -15.14% | 9.71% | 3.03% | 11.96% | 1.79% | 11.90% |
Correlation
The correlation between HIMYX and NHMAX is 0.63, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.63 |
Correlation (3Y) Balances recent behavior with more history. | 0.70 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.73 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.70 |
Correlation (All Time) Calculated using the full available price history since Oct 18, 2006 | 0.67 |
The correlation between HIMYX and NHMAX shifts across timeframes, from 0.63 (1 year) to 0.73 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
HIMYX vs. NHMAX — Risk / Return Rank
HIMYX
NHMAX
HIMYX vs. NHMAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Pioneer High Income Municipal Fund (HIMYX) and Nuveen High Yield Municipal Bond Fund Class A (NHMAX). 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.
| HIMYX | NHMAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.81 | ||
| Sortino ratioReturn per unit of downside risk | -2.69 | ||
| Omega ratioGain probability vs. loss probability | 1.12 | 1.52 | -0.40 |
| Calmar ratioReturn relative to maximum drawdown | 0.63 | 2.75 | -2.12 |
| Martin ratioReturn relative to average drawdown | 1.72 | 10.02 | -8.30 |
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Drawdowns
HIMYX vs. NHMAX - Drawdown Comparison
The maximum HIMYX drawdown since its inception was -35.00%, smaller than the maximum NHMAX drawdown of -45.60%. Use the drawdown chart below to compare losses from any high point for HIMYX and NHMAX.
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Drawdown Indicators
| HIMYX | NHMAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.00% | -45.60% | +10.60% |
Max Drawdown (1Y)Largest decline over 1 year | -4.22% | -3.58% | -0.64% |
Max Drawdown (3Y)Largest decline over 3 years | -6.99% | -8.93% | +1.94% |
Max Drawdown (5Y)Largest decline over 5 years | -19.32% | -21.65% | +2.33% |
Max Drawdown (10Y)Largest decline over 10 years | -19.32% | -22.22% | +2.90% |
Current DrawdownCurrent decline from peak | -6.26% | -2.55% | -3.71% |
Average DrawdownAverage peak-to-trough decline | -5.64% | -5.46% | -0.18% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.55% | 0.98% | +0.57% |
Volatility
HIMYX vs. NHMAX - Volatility Comparison
Pioneer High Income Municipal Fund (HIMYX) has a higher volatility of 1.36% compared to Nuveen High Yield Municipal Bond Fund Class A (NHMAX) at 1.22%. This indicates that HIMYX's price experiences larger fluctuations and is considered to be riskier than NHMAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HIMYX | NHMAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.36% | 1.22% | +0.14% |
Volatility (6M)Calculated over the trailing 6-month period | 3.31% | 3.28% | +0.03% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.51% | 4.29% | +1.22% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.71% | 6.85% | -1.14% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.09% | 6.70% | -1.61% |
HIMYX vs. NHMAX - Expense Ratio Comparison
HIMYX has a 0.55% expense ratio, which is lower than NHMAX's 2.00% expense ratio.
Dividends
HIMYX vs. NHMAX - Dividend Comparison
HIMYX's dividend yield for the trailing twelve months is around 8.37%, more than NHMAX's 5.05% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HIMYX Pioneer High Income Municipal Fund | 8.37% | 8.63% | 5.32% | 4.97% | 3.88% | 3.71% | 3.96% | 5.35% | 5.20% | 5.00% | 5.66% | 5.65% |
NHMAX Nuveen High Yield Municipal Bond Fund Class A | 5.05% | 5.84% | 5.54% | 7.10% | 5.41% | 4.49% | 4.83% | 4.77% | 5.26% | 5.20% | 5.61% | 5.39% |
Frequently Asked Questions
HIMYX and NHMAX have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HIMYX has higher volatility (1.36%) compared to NHMAX (1.22%). In terms of maximum drawdown, HIMYX dropped -35.00% vs NHMAX's -45.60%.
NHMAX currently has the higher Sharpe Ratio (2.29 vs 0.49), 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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