HTAX vs. NHYM

Last updated Jun 4, 2026

HTAX (Nomura National High-Yield Municipal Bond ETF) and NHYM (Nuveen High Yield Municipal Income ETF) are both High Yield Muni funds. Both are actively managed. Over the past year, HTAX returned 9.34% vs 8.76% for NHYM. A 0.73 correlation means they provide meaningful diversification when combined. HTAX charges 0.49%/yr vs 0.35%/yr for NHYM.

Performance

HTAX vs. NHYM - Performance Comparison

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

Returns By Period

In the year-to-date period, HTAX achieves a 3.60% return, which is significantly higher than NHYM's 2.77% return.

HTAX

• 1D: 0.06%
• 1M: 1.34%
• YTD: 3.60%
• 6M: 3.91%
• 1Y: 9.34%
• 3Y*: —
• 5Y*: —
• 10Y*: —

NHYM

• 1D: -0.06%
• 1M: 1.06%
• YTD: 2.77%
• 6M: 3.27%
• 1Y: 8.76%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HTAX vs. NHYM - Yearly Performance Comparison

	2026 (YTD)	2025
HTAX Nomura National High-Yield Municipal Bond ETF	3.60%	1.45%
NHYM Nuveen High Yield Municipal Income ETF	2.77%	2.16%

Correlation

The correlation between HTAX and NHYM is 0.71, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.71
Correlation (All Time) Calculated using the full available price history since Mar 7, 2025	0.73

The correlation between HTAX and NHYM has been stable across timeframes, ranging from 0.71 to 0.73 - a consistent structural relationship.

Return for Risk

HTAX vs. NHYM — Risk / Return Rank

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

HTAX

HTAX Risk / Return Rank: 61
HTAX Sharpe Ratio Rank: 60
HTAX Sortino Ratio Rank: 64
HTAX Omega Ratio Rank: 67
HTAX Calmar Ratio Rank: 61
HTAX Martin Ratio Rank: 54

NHYM

NHYM Risk / Return Rank: 63
NHYM Sharpe Ratio Rank: 60
NHYM Sortino Ratio Rank: 69
NHYM Omega Ratio Rank: 70
NHYM Calmar Ratio Rank: 65
NHYM Martin Ratio Rank: 54

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.

HTAX vs. NHYM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nomura National High-Yield Municipal Bond ETF (HTAX) and Nuveen High Yield Municipal Income ETF (NHYM). 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.

	HTAX	NHYM	Difference
Sharpe ratio: Return per unit of total volatility	1.99	2.00	-0.01
Sortino ratio: Return per unit of downside risk	2.95	3.10	-0.15
Omega ratio: Gain probability vs. loss probability	1.40	1.41	-0.02
Calmar ratio: Return relative to maximum drawdown	2.99	3.18	-0.19
Martin ratio: Return relative to average drawdown	9.11	9.29	-0.17
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HTAX vs. NHYM - Sharpe Ratio Comparison

The current HTAX Sharpe Ratio is 1.99, which is comparable to the NHYM Sharpe Ratio of 2.00. The chart below compares the historical Sharpe Ratios of HTAX and NHYM, 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

	HTAX	NHYM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.99	2.00	-0.01
Sharpe Ratio (All Time) Calculated using the full available price history	0.63	0.76	-0.12

Drawdowns

HTAX vs. NHYM - Drawdown Comparison

The maximum HTAX drawdown since its inception was -6.10%, roughly equal to the maximum NHYM drawdown of -6.11%. Use the drawdown chart below to compare losses from any high point for HTAX and NHYM.

Drawdown Indicators

	HTAX	NHYM	Difference
Max Drawdown Largest peak-to-trough decline	-6.10%	-6.11%	+0.01%
Max Drawdown (1Y) Largest decline over 1 year	-3.14%	-2.77%	-0.37%
Current Drawdown Current decline from peak	0.00%	-0.06%	+0.06%
Average Drawdown Average peak-to-trough decline	-1.77%	-1.73%	-0.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.03%	0.95%	+0.08%

Volatility

HTAX vs. NHYM - Volatility Comparison

Nomura National High-Yield Municipal Bond ETF (HTAX) has a higher volatility of 1.41% compared to Nuveen High Yield Municipal Income ETF (NHYM) at 1.34%. This indicates that HTAX's price experiences larger fluctuations and is considered to be riskier than NHYM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HTAX	NHYM	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.41%	1.34%	+0.07%
Volatility (6M) Calculated over the trailing 6-month period	3.41%	2.61%	+0.80%
Volatility (1Y) Calculated over the trailing 1-year period	4.70%	4.39%	+0.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.47%	5.93%	+0.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.47%	5.93%	+0.54%

HTAX vs. NHYM - Expense Ratio Comparison

HTAX has a 0.49% expense ratio, which is higher than NHYM's 0.35% expense ratio.

Dividends

HTAX vs. NHYM - Dividend Comparison

HTAX's dividend yield for the trailing twelve months is around 4.47%, less than NHYM's 4.53% yield.

Position	TTM	2025
HTAX Nomura National High-Yield Municipal Bond ETF	4.47%	3.67%
NHYM Nuveen High Yield Municipal Income ETF	4.53%	4.06%

Frequently Asked Questions

Can I hold both HTAX and NHYM in my portfolio?

HTAX and NHYM have a correlation of 0.71, 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 NHYM?

HTAX has higher volatility (1.41%) compared to NHYM (1.34%). In terms of maximum drawdown, HTAX dropped -6.10% vs NHYM's -6.11%.

Which ETF is better, HTAX or NHYM?

On 1-year performance, HTAX leads with 9.34% vs 8.76% for NHYM. On fees, NHYM is cheaper at 0.35% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HTAX or NHYM?

Over the 1-year period, HTAX has performed better with a 9.34% return vs 8.76%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HTAX or NHYM?

NHYM is cheaper with a 0.35% expense ratio, compared with 0.49% for HTAX.

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

NHYM has the higher dividend yield at 4.53%, compared with 4.47% for HTAX.

What is the main difference between HTAX and NHYM?

They also come from different issuers: Nomura and Nuveen. Their fees differ too: 0.49% for HTAX and 0.35% for NHYM.

Which has better risk-adjusted returns?

NHYM currently has the higher Sharpe Ratio (2.00 vs 1.99), 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.