NCHRX vs. FNMIX
NCHRX (Nuveen California High Yield Municipal Bond Fund) and FNMIX (Fidelity New Markets Income Fund) are both mutual funds - NCHRX is a Municipal Bonds fund managed by Nuveen, while FNMIX is a Emerging Markets Bonds fund managed by Fidelity. Over the past 10 years, NCHRX returned 1.55%/yr vs 3.39%/yr for FNMIX. Their 0.26 correlation means their historical movements had little consistent relationship. NCHRX charges 0.61%/yr vs 0.80%/yr for FNMIX.
Performance
NCHRX vs. FNMIX - Performance Comparison
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Returns By Period
In the year-to-date period, NCHRX achieves a 0.38% return, which is significantly lower than FNMIX's 2.66% return. Over the past 10 years, NCHRX has underperformed FNMIX with an annualized return of 1.55%, while FNMIX has yielded a comparatively higher 3.39% annualized return.
NCHRX
- 1D
- -0.52%
- 1M
- -2.89%
- 6M
- -0.01%
- YTD
- 0.38%
- 1Y
- 7.41%
- 3Y*
- 3.95%
- 5Y*
- -2.03%
- 10Y*
- 1.55%
- ALL TIME*
- 3.65%
FNMIX
- 1D
- -0.22%
- 1M
- -1.50%
- 6M
- 1.15%
- YTD
- 2.66%
- 1Y
- 10.22%
- 3Y*
- 10.65%
- 5Y*
- 3.44%
- 10Y*
- 3.39%
- ALL TIME*
- 8.35%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
NCHRX vs. FNMIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
NCHRX Nuveen California High Yield Municipal Bond Fund | 0.38% | 3.34% | 5.17% | 4.46% | -20.76% | 5.41% | 6.02% | 12.21% | -0.33% | 11.27% |
FNMIX Fidelity New Markets Income Fund | 2.66% | 14.86% | 6.80% | 14.00% | -16.09% | -2.42% | 4.62% | 10.93% | -7.77% | 10.16% |
Correlation
The correlation between NCHRX and FNMIX is 0.61, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.61 |
Correlation (3Y) Balances recent behavior with more history. | 0.60 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.55 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.43 |
Correlation (All Time) Calculated using the full available price history since Apr 17, 2006 | 0.26 |
Over the past year, NCHRX and FNMIX have become more correlated (0.61) than their long-term average of 0.26, meaning their price movements have been converging.
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Return for Risk
NCHRX vs. FNMIX — Risk / Return Rank
NCHRX
FNMIX
NCHRX vs. FNMIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Nuveen California High Yield Municipal Bond Fund (NCHRX) and Fidelity New Markets Income Fund (FNMIX). 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.
| NCHRX | FNMIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.32 | ||
| Sortino ratioReturn per unit of downside risk | -0.84 | ||
| Omega ratioGain probability vs. loss probability | 1.47 | 1.49 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 2.42 | 2.81 | -0.39 |
| Martin ratioReturn relative to average drawdown | 7.77 | 11.63 | -3.85 |
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Drawdowns
NCHRX vs. FNMIX - Drawdown Comparison
The maximum NCHRX drawdown since its inception was -39.64%, smaller than the maximum FNMIX drawdown of -42.76%. Use the drawdown chart below to compare losses from any high point for NCHRX and FNMIX.
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Drawdown Indicators
| NCHRX | FNMIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -39.64% | -42.76% | +3.12% |
Max Drawdown (1Y)Largest decline over 1 year | -3.64% | -3.85% | +0.21% |
Max Drawdown (3Y)Largest decline over 3 years | -9.90% | -5.87% | -4.03% |
Max Drawdown (5Y)Largest decline over 5 years | -28.27% | -27.16% | -1.11% |
Max Drawdown (10Y)Largest decline over 10 years | -28.27% | -27.16% | -1.11% |
Current DrawdownCurrent decline from peak | -9.77% | -1.81% | -7.96% |
Average DrawdownAverage peak-to-trough decline | -7.10% | -5.67% | -1.43% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.13% | 0.93% | +0.20% |
Volatility
NCHRX vs. FNMIX - Volatility Comparison
Nuveen California High Yield Municipal Bond Fund (NCHRX) has a higher volatility of 1.33% compared to Fidelity New Markets Income Fund (FNMIX) at 0.89%. This indicates that NCHRX's price experiences larger fluctuations and is considered to be riskier than FNMIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NCHRX | FNMIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.33% | 0.89% | +0.44% |
Volatility (6M)Calculated over the trailing 6-month period | 3.28% | 3.60% | -0.32% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.18% | 4.46% | -0.28% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.03% | 6.64% | +0.39% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.49% | 6.88% | +0.61% |
NCHRX vs. FNMIX - Expense Ratio Comparison
NCHRX has a 0.61% expense ratio, which is lower than FNMIX's 0.80% expense ratio.
Dividends
NCHRX vs. FNMIX - Dividend Comparison
NCHRX's dividend yield for the trailing twelve months is around 3.90%, less than FNMIX's 4.58% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FNMIX Fidelity New Markets Income Fund | 4.58% | 5.07% | 4.71% | 5.15% | 3.93% | 3.48% | 4.06% | 4.87% | 4.98% | 5.77% | 6.93% | 4.95% |
NCHRX Nuveen California High Yield Municipal Bond Fund | 3.90% | 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
NCHRX and FNMIX have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NCHRX has higher volatility (1.33%) compared to FNMIX (0.89%). In terms of maximum drawdown, NCHRX dropped -39.64% vs FNMIX's -42.76%.
FNMIX currently has the higher Sharpe Ratio (2.42 vs 2.11), 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.
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