JMHI vs. NHYM

Last updated Jun 3, 2026

JMHI (JPMorgan High Yield Municipal ETF) and NHYM (Nuveen High Yield Municipal Income ETF) are both High Yield Muni funds. Both are actively managed. Over the past year, JMHI returned 6.44% vs 8.84% for NHYM. A 0.73 correlation means they provide meaningful diversification when combined. Both charge a 0.35% expense ratio.

Performance

JMHI vs. NHYM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPMorgan High Yield Municipal ETF (JMHI) 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, JMHI achieves a 1.56% return, which is significantly lower than NHYM's 2.83% return.

JMHI

• 1D: 0.05%
• 1M: 0.52%
• YTD: 1.56%
• 6M: 1.62%
• 1Y: 6.44%
• 3Y*: —
• 5Y*: —
• 10Y*: —

NHYM

• 1D: 0.28%
• 1M: 1.10%
• YTD: 2.83%
• 6M: 3.37%
• 1Y: 8.84%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

JMHI vs. NHYM - Yearly Performance Comparison

	2026 (YTD)	2025
JMHI JPMorgan High Yield Municipal ETF	1.56%	3.98%
NHYM Nuveen High Yield Municipal Income ETF	2.83%	3.25%

Correlation

The correlation between JMHI 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 Jan 24, 2025	0.73

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

Return for Risk

JMHI vs. NHYM — Risk / Return Rank

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

JMHI

JMHI Risk / Return Rank: 54
JMHI Sharpe Ratio Rank: 58
JMHI Sortino Ratio Rank: 60
JMHI Omega Ratio Rank: 65
JMHI Calmar Ratio Rank: 42
JMHI Martin Ratio Rank: 45

NHYM

NHYM Risk / Return Rank: 62
NHYM Sharpe Ratio Rank: 59
NHYM Sortino Ratio Rank: 66
NHYM Omega Ratio Rank: 68
NHYM Calmar Ratio Rank: 63
NHYM Martin Ratio Rank: 53

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.

JMHI vs. NHYM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan High Yield Municipal ETF (JMHI) 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.

	JMHI	NHYM	Difference
Sharpe ratio Return per unit of total volatility	2.00	2.02	-0.02
Sortino ratio Return per unit of downside risk	2.88	3.13	-0.25
Omega ratio Gain probability vs. loss probability	1.40	1.42	-0.02
Calmar ratio Return relative to maximum drawdown	2.16	3.18	-1.02
Martin ratio Return relative to average drawdown	7.55	9.32	-1.77
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

JMHI vs. NHYM - Sharpe Ratio Comparison

The current JMHI Sharpe Ratio is 2.00, which is comparable to the NHYM Sharpe Ratio of 2.02. The chart below compares the historical Sharpe Ratios of JMHI 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

	JMHI	NHYM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.00	2.02	-0.02
Sharpe Ratio (All Time) Calculated using the full available price history	1.05	0.77	+0.28

Drawdowns

JMHI vs. NHYM - Drawdown Comparison

The maximum JMHI drawdown since its inception was -7.11%, which is greater than NHYM's maximum drawdown of -6.11%. Use the drawdown chart below to compare losses from any high point for JMHI and NHYM.

Drawdown Indicators

	JMHI	NHYM	Difference
Max Drawdown Largest peak-to-trough decline	-7.11%	-6.11%	-1.00%
Max Drawdown (1Y) Largest decline over 1 year	-2.93%	-2.77%	-0.16%
Current Drawdown Current decline from peak	-0.51%	0.00%	-0.51%
Average Drawdown Average peak-to-trough decline	-1.29%	-1.74%	+0.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.84%	0.95%	-0.11%

Volatility

JMHI vs. NHYM - Volatility Comparison

The current volatility for JPMorgan High Yield Municipal ETF (JMHI) is 1.09%, while Nuveen High Yield Municipal Income ETF (NHYM) has a volatility of 1.34%. This indicates that JMHI experiences smaller price fluctuations and is considered to be less risky than NHYM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JMHI	NHYM	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.09%	1.34%	-0.25%
Volatility (6M) Calculated over the trailing 6-month period	2.33%	2.65%	-0.32%
Volatility (1Y) Calculated over the trailing 1-year period	3.24%	4.39%	-1.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.50%	5.94%	-1.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.50%	5.94%	-1.44%

JMHI vs. NHYM - Expense Ratio Comparison

Both JMHI and NHYM have an expense ratio of 0.35%.

Dividends

JMHI vs. NHYM - Dividend Comparison

JMHI's dividend yield for the trailing twelve months is around 4.54%, which matches NHYM's 4.53% yield.

Position	TTM	2025	2024	2023
JMHI JPMorgan High Yield Municipal ETF	4.54%	4.42%	4.49%	2.48%
NHYM Nuveen High Yield Municipal Income ETF	4.53%	4.06%	0.00%	0.00%

Frequently Asked Questions

Can I hold both JMHI and NHYM in my portfolio?

JMHI 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, JMHI or NHYM?

NHYM has higher volatility (1.34%) compared to JMHI (1.09%). In terms of maximum drawdown, JMHI dropped -7.11% vs NHYM's -6.11%.

Which ETF is better, JMHI or NHYM?

On 1-year performance, NHYM leads with 8.84% vs 6.44% for JMHI. Both ETFs have the same 0.35% expense ratio. On volatility, JMHI has been the lower-risk option at 1.09%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JMHI or NHYM?

Over the 1-year period, NHYM has performed better with a 8.84% return vs 6.44%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JMHI or NHYM?

JMHI and NHYM have the same expense ratio: 0.35% per year.

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

JMHI has the higher dividend yield at 4.54%, compared with 4.53% for NHYM.

What is the main difference between JMHI and NHYM?

They also come from different issuers: JPMorgan and Nuveen.

Which has better risk-adjusted returns?

NHYM currently has the higher Sharpe Ratio (2.02 vs 2.00), 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.