NCHRX vs. BMN

Last updated Apr 2, 2026

Compare and contrast key facts about Nuveen California High Yield Municipal Bond Fund (NCHRX) and Blackrock 2037 Municipal Target Term Trust (BMN).

NCHRX is managed by Nuveen. It was launched on Mar 27, 2006. BMN is an actively managed fund by BlackRock. It was launched on Oct 28, 2022.

Performance

NCHRX vs. BMN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nuveen California High Yield Municipal Bond Fund (NCHRX) and Blackrock 2037 Municipal Target Term Trust (BMN). The values are adjusted to include any dividend payments, if applicable.

NCHRX vs. BMN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
NCHRX Nuveen California High Yield Municipal Bond Fund	-0.26%	3.34%	5.17%	4.46%	9.94%
BMN Blackrock 2037 Municipal Target Term Trust	1.11%	7.05%	12.65%	1.89%	-2.55%

Returns By Period

In the year-to-date period, NCHRX achieves a -0.26% return, which is significantly lower than BMN's 1.11% return.

NCHRX

• 1D: 0.78%
• 1M: -2.14%
• YTD: -0.26%
• 6M: 1.93%
• 1Y: 3.07%
• 3Y*: 3.20%
• 5Y*: -1.21%
• 10Y*: 1.93%

BMN

• 1D: 0.96%
• 1M: -4.53%
• YTD: 1.11%
• 6M: 6.76%
• 1Y: 9.12%
• 3Y*: 6.05%
• 5Y*: —
• 10Y*: —

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

NCHRX vs. BMN - Expense Ratio Comparison

NCHRX has a 0.61% expense ratio, which is lower than BMN's 0.93% expense ratio.

BMN

Blackrock 2037 Municipal Target Term Trust

NCHRX

Nuveen California High Yield Municipal Bond Fund

Return for Risk

NCHRX vs. BMN — Risk / Return Rank

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

NCHRX

NCHRX Risk / Return Rank: 14
NCHRX Sharpe Ratio Rank: 14
NCHRX Sortino Ratio Rank: 11
NCHRX Omega Ratio Rank: 19
NCHRX Calmar Ratio Rank: 15
NCHRX Martin Ratio Rank: 12

BMN

BMN Risk / Return Rank: 28
BMN Sharpe Ratio Rank: 25
BMN Sortino Ratio Rank: 27
BMN Omega Ratio Rank: 20
BMN Calmar Ratio Rank: 42
BMN Martin Ratio Rank: 25

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.

NCHRX vs. BMN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuveen California High Yield Municipal Bond Fund (NCHRX) and Blackrock 2037 Municipal Target Term Trust (BMN). 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.

	NCHRX	BMN	Difference
Sharpe ratio Return per unit of total volatility	0.47	0.75	-0.28
Sortino ratio Return per unit of downside risk	0.65	1.18	-0.53
Omega ratio Gain probability vs. loss probability	1.13	1.15	-0.01
Calmar ratio Return relative to maximum drawdown	0.58	1.36	-0.78
Martin ratio Return relative to average drawdown	1.45	3.59	-2.14
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NCHRX vs. BMN - Sharpe Ratio Comparison

The current NCHRX Sharpe Ratio is 0.47, which is lower than the BMN Sharpe Ratio of 0.75. The chart below compares the historical Sharpe Ratios of NCHRX and BMN, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	NCHRX	BMN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.47	0.75	-0.28
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.17	—	—
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	0.55	0.00

Correlation

The correlation between NCHRX and BMN is 0.16, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

NCHRX vs. BMN - Dividend Comparison

NCHRX's dividend yield for the trailing twelve months is around 4.66%, more than BMN's 4.30% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NCHRX Nuveen California High Yield Municipal Bond Fund	4.66%	4.59%	4.28%	4.40%	5.14%	3.90%	3.85%	4.17%	4.08%	3.94%	4.42%	4.45%
BMN Blackrock 2037 Municipal Target Term Trust	4.30%	4.30%	4.40%	4.74%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

NCHRX vs. BMN - Drawdown Comparison

The maximum NCHRX drawdown since its inception was -39.64%, which is greater than BMN's maximum drawdown of -13.04%. Use the drawdown chart below to compare losses from any high point for NCHRX and BMN.

Drawdown Indicators

	NCHRX	BMN	Difference
Max Drawdown Largest peak-to-trough decline	-39.64%	-13.04%	-26.60%
Max Drawdown (1Y) Largest decline over 1 year	-8.05%	-5.92%	-2.13%
Max Drawdown (5Y) Largest decline over 5 years	-28.27%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-28.27%	—	—
Current Drawdown Current decline from peak	-10.34%	-4.53%	-5.81%
Average Drawdown Average peak-to-trough decline	-7.07%	-2.17%	-4.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.22%	2.24%	+0.98%

Volatility

NCHRX vs. BMN - Volatility Comparison

The current volatility for Nuveen California High Yield Municipal Bond Fund (NCHRX) is 1.82%, while Blackrock 2037 Municipal Target Term Trust (BMN) has a volatility of 5.73%. This indicates that NCHRX experiences smaller price fluctuations and is considered to be less risky than BMN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NCHRX	BMN	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.82%	5.73%	-3.91%
Volatility (6M) Calculated over the trailing 6-month period	2.58%	9.49%	-6.91%
Volatility (1Y) Calculated over the trailing 1-year period	7.76%	12.24%	-4.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.97%	10.52%	-3.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.46%	10.52%	-3.06%