HYGV vs. NEA

Last updated Jun 5, 2026

HYGV (FlexShares High Yield Value-Scored US Bond Index Fund) is High Yield Bonds fund tracking the Northern Trust High Yield Value-Scored US Corporate Bond Index, while NEA (Nuveen AMT-Free Quality Municipal Income Fund) is a stock. Over the past 5 years, HYGV returned 3.52%/yr vs 0.04%/yr for NEA. At a 0.32 correlation, their price movements are largely independent. HYGV charges 0.37%/yr vs 1.41%/yr for NEA.

Performance

HYGV vs. NEA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FlexShares High Yield Value-Scored US Bond Index Fund (HYGV) and Nuveen AMT-Free Quality Municipal Income Fund (NEA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HYGV achieves a 1.56% return, which is significantly lower than NEA's 2.35% return.

HYGV

• 1D: 0.14%
• 1M: 0.39%
• YTD: 1.56%
• 6M: 1.85%
• 1Y: 6.88%
• 3Y*: 8.51%
• 5Y*: 3.52%
• 10Y*: —

NEA

• 1D: 0.61%
• 1M: 1.56%
• YTD: 2.35%
• 6M: 2.95%
• 1Y: 15.04%
• 3Y*: 9.45%
• 5Y*: 0.04%
• 10Y*: 3.06%

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

HYGV vs. NEA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
HYGV FlexShares High Yield Value-Scored US Bond Index Fund	1.56%	7.92%	8.02%	12.11%	-12.60%	5.93%	8.01%	15.76%	-4.15%
NEA Nuveen AMT-Free Quality Municipal Income Fund	2.35%	11.31%	9.50%	0.75%	-23.32%	8.16%	10.07%	22.42%	-3.78%

Correlation

The correlation between HYGV and NEA is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.34
Correlation (3Y) Calculated over the trailing 3-year period	0.44
Correlation (5Y) Calculated over the trailing 5-year period	0.40
Correlation (All Time) Calculated using the full available price history since Jul 19, 2018	0.32

The correlation between HYGV and NEA shifts across timeframes, from 0.32 (all time) to 0.44 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

HYGV vs. NEA — Risk / Return Rank

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

HYGV

HYGV Risk / Return Rank: 57
HYGV Sharpe Ratio Rank: 54
HYGV Sortino Ratio Rank: 60
HYGV Omega Ratio Rank: 57
HYGV Calmar Ratio Rank: 53
HYGV Martin Ratio Rank: 63

NEA

NEA Risk / Return Rank: 79
NEA Sharpe Ratio Rank: 81
NEA Sortino Ratio Rank: 77
NEA Omega Ratio Rank: 78
NEA Calmar Ratio Rank: 76
NEA Martin Ratio Rank: 84

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.

HYGV vs. NEA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FlexShares High Yield Value-Scored US Bond Index Fund (HYGV) and Nuveen AMT-Free Quality Municipal Income Fund (NEA). 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.

	HYGV	NEA	Difference
Sharpe ratio: Return per unit of total volatility	1.80	1.42	+0.37
Sortino ratio: Return per unit of downside risk	2.76	2.13	+0.63
Omega ratio: Gain probability vs. loss probability	1.35	1.28	+0.06
Calmar ratio: Return relative to maximum drawdown	2.57	2.08	+0.50
Martin ratio: Return relative to average drawdown	11.11	8.31	+2.80
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HYGV vs. NEA - Sharpe Ratio Comparison

The current HYGV Sharpe Ratio is 1.80, which is comparable to the NEA Sharpe Ratio of 1.42. The chart below compares the historical Sharpe Ratios of HYGV and NEA, 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

	HYGV	NEA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.80	1.42	+0.37
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.47	0.00	+0.46
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.26	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.55	0.32	+0.23

Drawdowns

HYGV vs. NEA - Drawdown Comparison

The maximum HYGV drawdown since its inception was -23.47%, smaller than the maximum NEA drawdown of -43.83%. Use the drawdown chart below to compare losses from any high point for HYGV and NEA.

Drawdown Indicators

	HYGV	NEA	Difference
Max Drawdown Largest peak-to-trough decline	-23.47%	-43.83%	+20.36%
Max Drawdown (1Y) Largest decline over 1 year	-2.68%	-7.27%	+4.59%
Max Drawdown (3Y) Largest decline over 3 years	-5.56%	-15.16%	+9.60%
Max Drawdown (5Y) Largest decline over 5 years	-17.12%	-36.57%	+19.45%
Max Drawdown (10Y) Largest decline over 10 years	—	-36.57%	—
Current Drawdown Current decline from peak	-0.13%	-4.84%	+4.71%
Average Drawdown Average peak-to-trough decline	-3.32%	-8.01%	+4.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.62%	1.81%	-1.19%

Volatility

HYGV vs. NEA - Volatility Comparison

The current volatility for FlexShares High Yield Value-Scored US Bond Index Fund (HYGV) is 1.18%, while Nuveen AMT-Free Quality Municipal Income Fund (NEA) has a volatility of 3.05%. This indicates that HYGV experiences smaller price fluctuations and is considered to be less risky than NEA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HYGV	NEA	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.18%	3.05%	-1.87%
Volatility (6M) Calculated over the trailing 6-month period	3.01%	8.51%	-5.50%
Volatility (1Y) Calculated over the trailing 1-year period	3.85%	10.60%	-6.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.59%	11.49%	-3.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.20%	11.81%	-2.61%

HYGV vs. NEA - Expense Ratio Comparison

HYGV has a 0.37% expense ratio, which is lower than NEA's 1.41% expense ratio.

Dividends

HYGV vs. NEA - Dividend Comparison

HYGV's dividend yield for the trailing twelve months is around 7.40%, more than NEA's 7.19% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HYGV FlexShares High Yield Value-Scored US Bond Index Fund	7.40%	7.48%	8.20%	8.77%	7.64%	6.07%	6.18%	7.95%	5.63%	0.00%	0.00%	0.00%
NEA Nuveen AMT-Free Quality Municipal Income Fund	7.19%	7.36%	6.63%	3.95%	5.49%	4.50%	4.45%	4.46%	5.40%	5.33%	5.70%	5.71%

Frequently Asked Questions

Can I hold both HYGV and NEA in my portfolio?

HYGV and NEA have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HYGV or NEA?

NEA has higher volatility (3.05%) compared to HYGV (1.18%). In terms of maximum drawdown, HYGV dropped -23.47% vs NEA's -43.83%.

Which has better risk-adjusted returns?

HYGV currently has the higher Sharpe Ratio (1.80 vs 1.42), 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.