MMHVX vs. NHMFX

Last updated Jun 4, 2026

MMHVX (MainStay MacKay High Yield Municipal Bond Fund) and NHMFX (Nuveen High Yield Municipal Bond Fund Class R6) are both High Yield Muni funds. Over the past 5 years, MMHVX returned 1.15%/yr vs 1.05%/yr for NHMFX. Their correlation of 0.87 suggests significant overlap in exposure. MMHVX charges 0.87%/yr vs 0.69%/yr for NHMFX.

Performance

MMHVX vs. NHMFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MainStay MacKay High Yield Municipal Bond Fund (MMHVX) and Nuveen High Yield Municipal Bond Fund Class R6 (NHMFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MMHVX achieves a 2.88% return, which is significantly lower than NHMFX's 3.20% return.

MMHVX

• 1D: 0.25%
• 1M: 1.28%
• YTD: 2.88%
• 6M: 3.16%
• 1Y: 9.31%
• 3Y*: 5.41%
• 5Y*: 1.15%
• 10Y*: 3.25%

NHMFX

• 1D: 0.21%
• 1M: 1.32%
• YTD: 3.20%
• 6M: 3.90%
• 1Y: 10.11%
• 3Y*: 4.80%
• 5Y*: 1.05%
• 10Y*: —

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

MMHVX vs. NHMFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MMHVX MainStay MacKay High Yield Municipal Bond Fund	2.88%	4.27%	4.24%	8.60%	-14.42%	6.12%	5.18%	9.18%	4.06%	8.60%
NHMFX Nuveen High Yield Municipal Bond Fund Class R6	3.20%	3.21%	5.23%	6.74%	-14.90%	9.94%	3.33%	12.18%	2.05%	12.17%

Correlation

The correlation between MMHVX and NHMFX is 0.92, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.92
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (All Time) Calculated using the full available price history since Jul 6, 2016	0.87

The correlation between MMHVX and NHMFX has been stable across timeframes, ranging from 0.87 to 0.92 - a consistent structural relationship.

Return for Risk

MMHVX vs. NHMFX — Risk / Return Rank

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

MMHVX

MMHVX Risk / Return Rank: 73
MMHVX Sharpe Ratio Rank: 79
MMHVX Sortino Ratio Rank: 88
MMHVX Omega Ratio Rank: 88
MMHVX Calmar Ratio Rank: 60
MMHVX Martin Ratio Rank: 51

NHMFX

NHMFX Risk / Return Rank: 61
NHMFX Sharpe Ratio Rank: 58
NHMFX Sortino Ratio Rank: 74
NHMFX Omega Ratio Rank: 78
NHMFX Calmar Ratio Rank: 55
NHMFX 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.

MMHVX vs. NHMFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MainStay MacKay High Yield Municipal Bond Fund (MMHVX) and Nuveen High Yield Municipal Bond Fund Class R6 (NHMFX). 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.

	MMHVX	NHMFX	Difference
Sharpe ratio: Return per unit of total volatility	2.59	2.25	+0.34
Sortino ratio: Return per unit of downside risk	4.24	3.60	+0.65
Omega ratio: Gain probability vs. loss probability	1.62	1.51	+0.11
Calmar ratio: Return relative to maximum drawdown	2.99	2.83	+0.16
Martin ratio: Return relative to average drawdown	10.49	8.46	+2.03
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MMHVX vs. NHMFX - Sharpe Ratio Comparison

The current MMHVX Sharpe Ratio is 2.59, which is comparable to the NHMFX Sharpe Ratio of 2.25. The chart below compares the historical Sharpe Ratios of MMHVX and NHMFX, 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

	MMHVX	NHMFX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.59	2.25	+0.34
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.20	0.15	+0.05
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.61	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.05	0.50	+0.55

Drawdowns

MMHVX vs. NHMFX - Drawdown Comparison

The maximum MMHVX drawdown since its inception was -20.86%, smaller than the maximum NHMFX drawdown of -22.25%. Use the drawdown chart below to compare losses from any high point for MMHVX and NHMFX.

Drawdown Indicators

	MMHVX	NHMFX	Difference
Max Drawdown Largest peak-to-trough decline	-20.86%	-22.25%	+1.39%
Max Drawdown (1Y) Largest decline over 1 year	-3.11%	-3.58%	+0.47%
Max Drawdown (3Y) Largest decline over 3 years	-8.16%	-10.89%	+2.73%
Max Drawdown (5Y) Largest decline over 5 years	-20.86%	-21.55%	+0.69%
Max Drawdown (10Y) Largest decline over 10 years	-20.86%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-3.20%	-4.87%	+1.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.88%	1.19%	-0.31%

Volatility

MMHVX vs. NHMFX - Volatility Comparison

The current volatility for MainStay MacKay High Yield Municipal Bond Fund (MMHVX) is 1.36%, while Nuveen High Yield Municipal Bond Fund Class R6 (NHMFX) has a volatility of 1.55%. This indicates that MMHVX experiences smaller price fluctuations and is considered to be less risky than NHMFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MMHVX	NHMFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.36%	1.55%	-0.19%
Volatility (6M) Calculated over the trailing 6-month period	2.60%	3.16%	-0.56%
Volatility (1Y) Calculated over the trailing 1-year period	3.61%	4.52%	-0.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.66%	6.87%	-1.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.33%	6.76%	-1.43%

MMHVX vs. NHMFX - Expense Ratio Comparison

MMHVX has a 0.87% expense ratio, which is higher than NHMFX's 0.69% expense ratio.

Dividends

MMHVX vs. NHMFX - Dividend Comparison

MMHVX's dividend yield for the trailing twelve months is around 3.97%, less than NHMFX's 6.13% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MMHVX MainStay MacKay High Yield Municipal Bond Fund	3.97%	5.31%	3.98%	3.28%	3.47%	2.71%	3.32%	3.83%	3.91%	3.92%	4.20%	4.40%
NHMFX Nuveen High Yield Municipal Bond Fund Class R6	6.13%	6.59%	5.35%	6.99%	5.68%	4.71%	5.05%	5.03%	5.46%	5.37%	2.52%	0.00%

Frequently Asked Questions

Can I hold both MMHVX and NHMFX in my portfolio?

With a correlation of 0.92, MMHVX and NHMFX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, MMHVX or NHMFX?

NHMFX has higher volatility (1.55%) compared to MMHVX (1.36%). In terms of maximum drawdown, MMHVX dropped -20.86% vs NHMFX's -22.25%.

Which has better risk-adjusted returns?

MMHVX currently has the higher Sharpe Ratio (2.59 vs 2.25), 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.