MMCA vs. NHMRX

Last updated Jun 23, 2026

MMCA (IQ MacKay California Municipal Intermediate ETF) and NHMRX (Nuveen High Yield Municipal Bond Fund) are both funds - MMCA is a Municipal Bonds fund actively managed by IndexIQ, while NHMRX is a High Yield Muni fund managed by Nuveen. Over the past 3 years, MMCA returned 4.11%/yr vs 4.96%/yr for NHMRX. A 0.72 correlation means they provide meaningful diversification when combined. MMCA charges 0.36%/yr vs 0.52%/yr for NHMRX.

Performance

MMCA vs. NHMRX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in IQ MacKay California Municipal Intermediate ETF (MMCA) and Nuveen High Yield Municipal Bond Fund (NHMRX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MMCA achieves a 1.22% return, which is significantly lower than NHMRX's 3.47% return.

MMCA

• 1D: 0.08%
• 1M: 1.31%
• YTD: 1.22%
• 6M: 1.38%
• 1Y: 6.36%
• 3Y*: 4.11%
• 5Y*: —
• 10Y*: —

NHMRX

• 1D: 0.14%
• 1M: 2.53%
• YTD: 3.47%
• 6M: 4.18%
• 1Y: 9.37%
• 3Y*: 4.96%
• 5Y*: 1.01%
• 10Y*: 3.62%

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

MMCA vs. NHMRX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
MMCA IQ MacKay California Municipal Intermediate ETF	1.22%	5.74%	1.70%	5.77%	-12.15%	-0.13%
NHMRX Nuveen High Yield Municipal Bond Fund	3.47%	2.75%	5.62%	7.31%	-14.96%	0.33%

Correlation

The correlation between MMCA and NHMRX is 0.64, 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	0.64
Correlation (3Y) Calculated over the trailing 3-year period	0.68
Correlation (All Time) Calculated using the full available price history since Dec 21, 2021	0.72

The correlation between MMCA and NHMRX has been stable across timeframes, ranging from 0.64 to 0.72 - a consistent structural relationship.

Return for Risk

MMCA vs. NHMRX — Risk / Return Rank

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

MMCA

MMCA Risk / Return Rank: 68
MMCA Sharpe Ratio Rank: 81
MMCA Sortino Ratio Rank: 86
MMCA Omega Ratio Rank: 89
MMCA Calmar Ratio Rank: 44
MMCA Martin Ratio Rank: 42

NHMRX

NHMRX Risk / Return Rank: 63
NHMRX Sharpe Ratio Rank: 64
NHMRX Sortino Ratio Rank: 77
NHMRX Omega Ratio Rank: 82
NHMRX Calmar Ratio Rank: 52
NHMRX Martin Ratio Rank: 39

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.

MMCA vs. NHMRX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for IQ MacKay California Municipal Intermediate ETF (MMCA) 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.

	MMCA	NHMRX	Difference
Sharpe ratio: Return per unit of total volatility	2.50	2.15	+0.35
Sortino ratio: Return per unit of downside risk	3.70	3.37	+0.33
Omega ratio: Gain probability vs. loss probability	1.53	1.50	+0.04
Calmar ratio: Return relative to maximum drawdown	2.12	2.64	-0.52
Martin ratio: Return relative to average drawdown	6.48	7.99	-1.50

MMCA vs. NHMRX - Sharpe Ratio Comparison

The current MMCA Sharpe Ratio is 2.50, which is comparable to the NHMRX Sharpe Ratio of 2.15. The chart below compares the historical Sharpe Ratios of MMCA and NHMRX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

MMCA vs. NHMRX - Drawdown Comparison

The maximum MMCA drawdown since its inception was -16.04%, smaller than the maximum NHMRX drawdown of -45.45%. Use the drawdown chart below to compare losses from any high point for MMCA and NHMRX.

Drawdown Indicators

	MMCA	NHMRX	Difference
Max Drawdown Largest peak-to-trough decline	-16.04%	-45.45%	+29.41%
Max Drawdown (1Y) Largest decline over 1 year	-3.01%	-3.58%	+0.57%
Max Drawdown (3Y) Largest decline over 3 years	-3.68%	-10.19%	+6.51%
Max Drawdown (5Y) Largest decline over 5 years	—	-21.52%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-22.22%	—
Current Drawdown Current decline from peak	-0.98%	0.00%	-0.98%
Average Drawdown Average peak-to-trough decline	-7.05%	-5.32%	-1.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.98%	1.18%	-0.20%

Volatility

MMCA vs. NHMRX - Volatility Comparison

The current volatility for IQ MacKay California Municipal Intermediate ETF (MMCA) is 0.70%, while Nuveen High Yield Municipal Bond Fund (NHMRX) has a volatility of 1.03%. This indicates that MMCA experiences smaller price fluctuations and is considered to be less risky than NHMRX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MMCA	NHMRX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.70%	1.03%	-0.33%
Volatility (6M) Calculated over the trailing 6-month period	1.92%	3.06%	-1.14%
Volatility (1Y) Calculated over the trailing 1-year period	2.56%	4.40%	-1.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.59%	6.85%	-3.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.59%	6.73%	-3.14%

MMCA vs. NHMRX - Expense Ratio Comparison

MMCA has a 0.36% expense ratio, which is lower than NHMRX's 0.52% expense ratio.

Dividends

MMCA vs. NHMRX - Dividend Comparison

MMCA's dividend yield for the trailing twelve months is around 3.27%, less than NHMRX's 5.61% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MMCA IQ MacKay California Municipal Intermediate ETF	3.27%	3.39%	3.66%	3.57%	2.90%	0.05%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
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

Can I hold both MMCA and NHMRX in my portfolio?

MMCA and NHMRX have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MMCA or NHMRX?

NHMRX has higher volatility (1.03%) compared to MMCA (0.70%). In terms of maximum drawdown, MMCA dropped -16.04% vs NHMRX's -45.45%.

Which has better risk-adjusted returns?

MMCA currently has the higher Sharpe Ratio (2.50 vs 2.15), 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.