HTAX vs. LRGG

Last updated Aug 2, 2026

HTAX (Nomura National High-Yield Municipal Bond ETF) and LRGG (Nomura Focused Large Growth ETF) are both exchange-traded funds - HTAX is a High Yield Muni fund actively managed by Nomura, while LRGG is a Large Cap Growth Equities fund actively managed by Nomura. Both are actively managed. Over the past year, HTAX returned 8.03% vs -0.78% for LRGG. Their 0.07 correlation means their historical movements had little consistent relationship. HTAX charges 0.49%/yr vs 0.45%/yr for LRGG.

Performance

HTAX vs. LRGG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nomura National High-Yield Municipal Bond ETF (HTAX) and Nomura Focused Large Growth ETF (LRGG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HTAX achieves a 2.49% return, which is significantly higher than LRGG's -2.31% return.

HTAX

• 1D: -0.10%
• 1M: -2.50%
• 6M: 1.90%
• YTD: 2.49%
• 1Y: 8.03%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 2.43%

LRGG

• 1D: 1.46%
• 1M: 2.40%
• 6M: 1.42%
• YTD: -2.31%
• 1Y: -0.78%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 6.52%

*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)
HTAX Nomura National High-Yield Municipal Bond ETF	$196.52K	$113.00K	$101.96K
LRGG Nomura Focused Large Growth ETF	$839.09K	$820.26K	$1.43M

HTAX vs. LRGG - Yearly Performance Comparison

	2026 (YTD)	2025
HTAX Nomura National High-Yield Municipal Bond ETF	2.49%	0.92%
LRGG Nomura Focused Large Growth ETF	-2.31%	9.43%

Correlation

The correlation between HTAX and LRGG is 0.16, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.16
Correlation (All Time) Calculated using the full available price history since Mar 6, 2025	0.07

Return for Risk

HTAX vs. LRGG — Risk / Return Rank

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

HTAX

HTAX Risk / Return Rank: 83
HTAX Sharpe Ratio Rank: 82
HTAX Sortino Ratio Rank: 85
HTAX Omega Ratio Rank: 85
HTAX Calmar Ratio Rank: 80
HTAX Martin Ratio Rank: 83

LRGG

LRGG Risk / Return Rank: 8
LRGG Sharpe Ratio Rank: 8
LRGG Sortino Ratio Rank: 8
LRGG Omega Ratio Rank: 8
LRGG Calmar Ratio Rank: 9
LRGG Martin Ratio Rank: 9

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.

HTAX vs. LRGG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nomura National High-Yield Municipal Bond ETF (HTAX) and Nomura Focused Large Growth ETF (LRGG). 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.

	HTAX	LRGG	Difference
Sharpe ratio: Return per unit of total volatility	1.91	-0.18	+2.09
Sortino ratio: Return per unit of downside risk	2.84	-0.14	+2.98
Omega ratio: Gain probability vs. loss probability	1.37	0.98	+0.39
Calmar ratio: Return relative to maximum drawdown	2.94	-0.14	+3.08
Martin ratio: Return relative to average drawdown	11.27	-0.34	+11.61

HTAX vs. LRGG - Sharpe Ratio Comparison

The current HTAX Sharpe Ratio is 1.91, which is higher than the LRGG Sharpe Ratio of -0.18. The chart below compares the historical Sharpe Ratios of HTAX and LRGG, 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

HTAX vs. LRGG - Drawdown Comparison

The maximum HTAX drawdown since its inception was -6.10%, smaller than the maximum LRGG drawdown of -18.94%. Use the drawdown chart below to compare losses from any high point for HTAX and LRGG.

Drawdown Indicators

	HTAX	LRGG	Difference
Max Drawdown Largest peak-to-trough decline	-6.10%	-18.94%	+12.84%
Max Drawdown (1Y) Largest decline over 1 year	-3.06%	-18.94%	+15.88%
Current Drawdown Current decline from peak	-2.50%	-5.49%	+2.99%
Average Drawdown Average peak-to-trough decline	-1.65%	-4.57%	+2.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.80%	7.93%	-7.13%

Volatility

HTAX vs. LRGG - Volatility Comparison

The current volatility for Nomura National High-Yield Municipal Bond ETF (HTAX) is 1.44%, while Nomura Focused Large Growth ETF (LRGG) has a volatility of 4.65%. This indicates that HTAX experiences smaller price fluctuations and is considered to be less risky than LRGG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HTAX	LRGG	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.44%	4.65%	-3.21%
Volatility (6M) Calculated over the trailing 6-month period	3.59%	12.23%	-8.64%
Volatility (1Y) Calculated over the trailing 1-year period	4.72%	15.01%	-10.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.32%	16.74%	-10.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.32%	16.74%	-10.42%

HTAX vs. LRGG - Expense Ratio Comparison

HTAX has a 0.49% expense ratio, which is higher than LRGG's 0.45% expense ratio.

Dividends

HTAX vs. LRGG - Dividend Comparison

HTAX's dividend yield for the trailing twelve months is around 4.64%, more than LRGG's 0.16% yield.

Position	TTM	2025	2024
HTAX Nomura National High-Yield Municipal Bond ETF	4.64%	3.67%	0.00%
LRGG Nomura Focused Large Growth ETF	0.16%	0.16%	0.13%

Frequently Asked Questions

Can I hold both HTAX and LRGG in my portfolio?

HTAX and LRGG have a correlation of 0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HTAX or LRGG?

LRGG has higher volatility (4.65%) compared to HTAX (1.44%). In terms of maximum drawdown, HTAX dropped -6.10% vs LRGG's -18.94%.

Which ETF is better, HTAX or LRGG?

On 1-year performance, HTAX leads with 8.03% vs -0.78% for LRGG. On fees, LRGG is cheaper at 0.45% per year. On volatility, HTAX has been the lower-risk option at 1.44%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HTAX or LRGG?

Over the 1-year period, HTAX has performed better with a 8.03% return vs -0.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HTAX or LRGG?

LRGG is cheaper with a 0.45% expense ratio, compared with 0.49% for HTAX.

Which ETF pays a higher dividend yield, HTAX or LRGG?

HTAX has the higher dividend yield at 4.64%, compared with 0.16% for LRGG.

What is the main difference between HTAX and LRGG?

HTAX is categorized as High Yield Muni, while LRGG is Large Cap Growth Equities. Their fees differ too: 0.49% for HTAX and 0.45% for LRGG.

Which has better risk-adjusted returns?

HTAX currently has the higher Sharpe Ratio (1.91 vs -0.18), 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.