MIY vs. NCHRX

Last updated Jun 4, 2026

MIY (BlackRock MuniYield Michigan Quality Fund) and NCHRX (Nuveen California High Yield Municipal Bond Fund) are both Municipal Bonds funds. Over the past 10 years, MIY returned 2.39%/yr vs 1.93%/yr for NCHRX. At a 0.28 correlation, their price movements are largely independent. MIY charges 2.25%/yr vs 0.61%/yr for NCHRX.

Performance

MIY vs. NCHRX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BlackRock MuniYield Michigan Quality Fund (MIY) and Nuveen California High Yield Municipal Bond Fund (NCHRX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MIY achieves a 5.14% return, which is significantly higher than NCHRX's 2.19% return. Over the past 10 years, MIY has outperformed NCHRX with an annualized return of 2.39%, while NCHRX has yielded a comparatively lower 1.93% annualized return.

MIY

• 1D: -0.66%
• 1M: 0.54%
• YTD: 5.14%
• 6M: 5.36%
• 1Y: 13.47%
• 3Y*: 9.00%
• 5Y*: -0.12%
• 10Y*: 2.39%

NCHRX

• 1D: 0.25%
• 1M: 1.42%
• YTD: 2.19%
• 6M: 2.85%
• 1Y: 10.09%
• 3Y*: 4.35%
• 5Y*: -1.31%
• 10Y*: 1.93%

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

MIY vs. NCHRX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MIY BlackRock MuniYield Michigan Quality Fund	5.14%	11.24%	3.48%	6.60%	-24.10%	10.04%	7.27%	19.51%	-6.71%	8.86%
NCHRX Nuveen California High Yield Municipal Bond Fund	2.19%	3.34%	5.17%	4.46%	-20.76%	5.41%	6.02%	12.21%	-0.33%	11.27%

Correlation

The correlation between MIY and NCHRX is 0.31, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.31
Correlation (3Y) Calculated over the trailing 3-year period	0.45
Correlation (5Y) Calculated over the trailing 5-year period	0.41
Correlation (10Y) Calculated over the trailing 10-year period	0.36
Correlation (All Time) Calculated using the full available price history since Apr 18, 2006	0.28

The correlation between MIY and NCHRX shifts across timeframes, from 0.28 (all time) to 0.45 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

MIY vs. NCHRX — Risk / Return Rank

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

MIY

MIY Risk / Return Rank: 17
MIY Sharpe Ratio Rank: 17
MIY Sortino Ratio Rank: 18
MIY Omega Ratio Rank: 20
MIY Calmar Ratio Rank: 15
MIY Martin Ratio Rank: 15

NCHRX

NCHRX Risk / Return Rank: 66
NCHRX Sharpe Ratio Rank: 69
NCHRX Sortino Ratio Rank: 80
NCHRX Omega Ratio Rank: 83
NCHRX Calmar Ratio Rank: 54
NCHRX Martin Ratio Rank: 43

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.

MIY vs. NCHRX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BlackRock MuniYield Michigan Quality Fund (MIY) and Nuveen California High Yield Municipal Bond Fund (NCHRX). 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.

	MIY	NCHRX	Difference
Sharpe ratio: Return per unit of total volatility	1.16	2.43	-1.27
Sortino ratio: Return per unit of downside risk	1.79	3.80	-2.01
Omega ratio: Gain probability vs. loss probability	1.23	1.55	-0.32
Calmar ratio: Return relative to maximum drawdown	1.34	2.80	-1.46
Martin ratio: Return relative to average drawdown	4.27	9.12	-4.85
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MIY vs. NCHRX - Sharpe Ratio Comparison

The current MIY Sharpe Ratio is 1.16, which is lower than the NCHRX Sharpe Ratio of 2.43. The chart below compares the historical Sharpe Ratios of MIY and NCHRX, 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

	MIY	NCHRX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.16	2.43	-1.27
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.01	-0.19	+0.18
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.20	0.26	-0.06
Sharpe Ratio (All Time) Calculated using the full available price history	0.37	0.56	-0.20

Drawdowns

MIY vs. NCHRX - Drawdown Comparison

The maximum MIY drawdown since its inception was -42.19%, which is greater than NCHRX's maximum drawdown of -39.64%. Use the drawdown chart below to compare losses from any high point for MIY and NCHRX.

Drawdown Indicators

	MIY	NCHRX	Difference
Max Drawdown Largest peak-to-trough decline	-42.19%	-39.64%	-2.55%
Max Drawdown (1Y) Largest decline over 1 year	-10.08%	-3.64%	-6.44%
Max Drawdown (3Y) Largest decline over 3 years	-14.72%	-11.85%	-2.87%
Max Drawdown (5Y) Largest decline over 5 years	-34.59%	-28.27%	-6.32%
Max Drawdown (10Y) Largest decline over 10 years	-34.59%	-28.27%	-6.32%
Current Drawdown Current decline from peak	-4.35%	-8.14%	+3.79%
Average Drawdown Average peak-to-trough decline	-8.32%	-7.09%	-1.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.16%	1.11%	+2.05%

Volatility

MIY vs. NCHRX - Volatility Comparison

BlackRock MuniYield Michigan Quality Fund (MIY) has a higher volatility of 2.28% compared to Nuveen California High Yield Municipal Bond Fund (NCHRX) at 1.57%. This indicates that MIY's price experiences larger fluctuations and is considered to be riskier than NCHRX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MIY	NCHRX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.28%	1.57%	+0.71%
Volatility (6M) Calculated over the trailing 6-month period	10.32%	3.04%	+7.28%
Volatility (1Y) Calculated over the trailing 1-year period	11.69%	4.20%	+7.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.67%	7.01%	+4.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.95%	7.48%	+4.47%

MIY vs. NCHRX - Expense Ratio Comparison

MIY has a 2.25% expense ratio, which is higher than NCHRX's 0.61% expense ratio.

Dividends

MIY vs. NCHRX - Dividend Comparison

MIY's dividend yield for the trailing twelve months is around 5.42%, more than NCHRX's 4.19% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MIY BlackRock MuniYield Michigan Quality Fund	5.42%	5.57%	5.21%	3.86%	5.70%	4.38%	4.23%	4.27%	5.27%	5.46%	5.85%	5.66%
NCHRX Nuveen California High Yield Municipal Bond Fund	4.19%	4.59%	4.28%	4.40%	5.14%	3.90%	3.85%	4.17%	4.08%	3.94%	4.42%	4.45%

Frequently Asked Questions

Can I hold both MIY and NCHRX in my portfolio?

MIY and NCHRX have a correlation of 0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MIY or NCHRX?

MIY has higher volatility (2.28%) compared to NCHRX (1.57%). In terms of maximum drawdown, MIY dropped -42.19% vs NCHRX's -39.64%.

Which has better risk-adjusted returns?

NCHRX currently has the higher Sharpe Ratio (2.43 vs 1.16), 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.