HYD vs. NHMRX
HYD (VanEck High Yield Muni ETF) and NHMRX (Nuveen High Yield Municipal Bond Fund) are both funds - HYD is a Municipal Bonds fund tracking the ICE Broad High Yield Crossover Municipal Index, while NHMRX is a High Yield Muni fund managed by Nuveen. Over the past 10 years, HYD returned 1.84%/yr vs 3.54%/yr for NHMRX. At a 0.43 correlation, their price movements are largely independent. HYD charges 0.35%/yr vs 0.52%/yr for NHMRX.
Performance
HYD vs. NHMRX - Performance Comparison
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Returns By Period
In the year-to-date period, HYD achieves a 2.30% return, which is significantly lower than NHMRX's 3.88% return. Over the past 10 years, HYD has underperformed NHMRX with an annualized return of 1.84%, while NHMRX has yielded a comparatively higher 3.54% annualized return.
HYD
- 1D
- -0.20%
- 1M
- -0.01%
- 6M
- 1.92%
- YTD
- 2.30%
- 1Y
- 7.62%
- 3Y*
- 4.26%
- 5Y*
- -0.33%
- 10Y*
- 1.84%
NHMRX
- 1D
- 0.00%
- 1M
- 0.89%
- 6M
- 3.37%
- YTD
- 3.88%
- 1Y
- 9.98%
- 3Y*
- 5.87%
- 5Y*
- 0.85%
- 10Y*
- 3.54%
HYD vs. NHMRX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
HYD VanEck High Yield Muni ETF | 2.30% | 2.83% | 4.94% | 6.52% | -15.97% | 5.05% | 0.17% | 9.34% | 2.19% | 9.78% |
NHMRX Nuveen High Yield Municipal Bond Fund | 3.88% | 2.75% | 5.62% | 7.31% | -14.96% | 9.93% | 3.25% | 12.59% | 2.06% | 12.10% |
Correlation
The correlation between HYD and NHMRX is 0.63, 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 | 0.63 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.68 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.63 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.52 |
Correlation (All Time) Calculated using the full available price history since Feb 5, 2009 | 0.43 |
Over the past year, HYD and NHMRX have become more correlated (0.63) than their long-term average of 0.43, meaning their price movements have been converging.
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Return for Risk
HYD vs. NHMRX — Risk / Return Rank
HYD
NHMRX
HYD vs. NHMRX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck High Yield Muni ETF (HYD) and Nuveen High Yield Municipal Bond Fund (NHMRX). 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.
| HYD | NHMRX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.25 | ||
| Sortino ratioReturn per unit of downside risk | -0.54 | ||
| Omega ratioGain probability vs. loss probability | 1.40 | 1.50 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | 2.39 | 2.68 | -0.29 |
| Martin ratioReturn relative to average drawdown | 10.76 | 9.53 | +1.23 |
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Drawdowns
HYD vs. NHMRX - Drawdown Comparison
The maximum HYD drawdown since its inception was -35.61%, smaller than the maximum NHMRX drawdown of -45.45%. Use the drawdown chart below to compare losses from any high point for HYD and NHMRX.
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Drawdown Indicators
| HYD | NHMRX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.61% | -45.45% | +9.84% |
Max Drawdown (1Y)Largest decline over 1 year | -3.21% | -3.58% | +0.37% |
Max Drawdown (3Y)Largest decline over 3 years | -7.23% | -9.78% | +2.55% |
Max Drawdown (5Y)Largest decline over 5 years | -20.72% | -21.52% | +0.80% |
Max Drawdown (10Y)Largest decline over 10 years | -35.61% | -22.22% | -13.39% |
Current DrawdownCurrent decline from peak | -1.87% | -0.62% | -1.25% |
Average DrawdownAverage peak-to-trough decline | -4.31% | -5.31% | +1.00% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.74% | 1.10% | -0.36% |
Volatility
HYD vs. NHMRX - Volatility Comparison
VanEck High Yield Muni ETF (HYD) has a higher volatility of 1.07% compared to Nuveen High Yield Municipal Bond Fund (NHMRX) at 0.90%. This indicates that HYD's price experiences larger fluctuations and is considered to be riskier than NHMRX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HYD | NHMRX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.07% | 0.90% | +0.17% |
Volatility (6M)Calculated over the trailing 6-month period | 3.14% | 3.12% | +0.02% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.98% | 4.40% | -0.42% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.47% | 6.85% | -0.38% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.61% | 6.73% | +5.88% |
HYD vs. NHMRX - Expense Ratio Comparison
HYD has a 0.35% expense ratio, which is lower than NHMRX's 0.52% expense ratio.
Dividends
HYD vs. NHMRX - Dividend Comparison
HYD's dividend yield for the trailing twelve months is around 4.32%, less than NHMRX's 5.61% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HYD VanEck High Yield Muni ETF | 4.32% | 4.29% | 4.29% | 4.13% | 3.96% | 3.50% | 4.01% | 4.08% | 4.43% | 4.29% | 4.58% | 4.82% |
NHMRX Nuveen High Yield Municipal Bond Fund | 5.61% | 6.07% | 5.79% | 7.34% | 5.64% | 4.69% | 5.03% | 5.39% | 5.47% | 5.38% | 5.88% | 5.60% |
Frequently Asked Questions
HYD and NHMRX 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.
HYD has higher volatility (1.07%) compared to NHMRX (0.90%). In terms of maximum drawdown, HYD dropped -35.61% vs NHMRX's -45.45%.
NHMRX currently has the higher Sharpe Ratio (2.18 vs 1.93), 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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