NCHRX vs. NRK
NCHRX (Nuveen California High Yield Municipal Bond Fund) and NRK (Nuveen New York AMT Free Quality Municipal Income) are both Municipal Bonds funds from Nuveen. Over the past 10 years, NCHRX returned 1.78%/yr vs 2.37%/yr for NRK. At a 0.28 correlation, their price movements are largely independent. NCHRX charges 0.61%/yr vs 2.16%/yr for NRK.
Performance
NCHRX vs. NRK - Performance Comparison
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Returns By Period
In the year-to-date period, NCHRX achieves a 2.32% return, which is significantly lower than NRK's 9.70% return. Over the past 10 years, NCHRX has underperformed NRK with an annualized return of 1.78%, while NRK has yielded a comparatively higher 2.37% annualized return.
NCHRX
- 1D
- -0.13%
- 1M
- 2.47%
- YTD
- 2.32%
- 6M
- 2.98%
- 1Y
- 9.50%
- 3Y*
- 4.30%
- 5Y*
- -1.35%
- 10Y*
- 1.78%
NRK
- 1D
- 0.38%
- 1M
- 3.94%
- YTD
- 9.70%
- 6M
- 10.68%
- 1Y
- 18.60%
- 3Y*
- 8.01%
- 5Y*
- 0.31%
- 10Y*
- 2.37%
NCHRX vs. NRK - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
NCHRX Nuveen California High Yield Municipal Bond Fund | 2.32% | 3.34% | 5.17% | 4.46% | -20.76% | 5.41% | 6.02% | 12.21% | -0.33% | 11.27% |
NRK Nuveen New York AMT Free Quality Municipal Income | 9.70% | 4.74% | 5.93% | 7.03% | -21.84% | 6.24% | 4.08% | 21.43% | -5.98% | 6.16% |
Correlation
The correlation between NCHRX and NRK is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.46 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.52 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.49 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.42 |
Correlation (All Time) Calculated using the full available price history since Apr 17, 2006 | 0.28 |
The correlation between NCHRX and NRK shifts across timeframes, from 0.28 (all time) to 0.52 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
NCHRX vs. NRK — Risk / Return Rank
NCHRX
NRK
NCHRX vs. NRK - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Nuveen California High Yield Municipal Bond Fund (NCHRX) and Nuveen New York AMT Free Quality Municipal Income (NRK). 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 | NRK | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.14 | ||
| Sortino ratioReturn per unit of downside risk | +0.06 | ||
| Omega ratioGain probability vs. loss probability | 1.53 | 1.43 | +0.10 |
| Calmar ratioReturn relative to maximum drawdown | 2.67 | 3.51 | -0.84 |
| Martin ratioReturn relative to average drawdown | 8.71 | 9.37 | -0.66 |
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Drawdowns
NCHRX vs. NRK - Drawdown Comparison
The maximum NCHRX drawdown since its inception was -39.64%, roughly equal to the maximum NRK drawdown of -40.18%. Use the drawdown chart below to compare losses from any high point for NCHRX and NRK.
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Drawdown Indicators
| NCHRX | NRK | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -39.64% | -40.18% | +0.54% |
Max Drawdown (1Y)Largest decline over 1 year | -3.64% | -5.32% | +1.68% |
Max Drawdown (3Y)Largest decline over 3 years | -11.63% | -12.67% | +1.04% |
Max Drawdown (5Y)Largest decline over 5 years | -28.27% | -31.06% | +2.79% |
Max Drawdown (10Y)Largest decline over 10 years | -28.27% | -31.06% | +2.79% |
Current DrawdownCurrent decline from peak | -8.02% | -1.01% | -7.01% |
Average DrawdownAverage peak-to-trough decline | -7.09% | -8.17% | +1.08% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.11% | 1.99% | -0.88% |
Volatility
NCHRX vs. NRK - Volatility Comparison
The current volatility for Nuveen California High Yield Municipal Bond Fund (NCHRX) is 1.11%, while Nuveen New York AMT Free Quality Municipal Income (NRK) has a volatility of 3.31%. This indicates that NCHRX experiences smaller price fluctuations and is considered to be less risky than NRK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NCHRX | NRK | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.11% | 3.31% | -2.20% |
Volatility (6M)Calculated over the trailing 6-month period | 3.01% | 6.66% | -3.65% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.17% | 8.51% | -4.34% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.01% | 9.95% | -2.94% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.48% | 10.35% | -2.87% |
NCHRX vs. NRK - Expense Ratio Comparison
NCHRX has a 0.61% expense ratio, which is lower than NRK's 2.16% expense ratio.
Dividends
NCHRX vs. NRK - Dividend Comparison
NCHRX's dividend yield for the trailing twelve months is around 4.18%, less than NRK's 7.75% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
NCHRX Nuveen California High Yield Municipal Bond Fund | 4.18% | 4.59% | 4.28% | 4.40% | 5.14% | 3.90% | 3.85% | 4.17% | 4.08% | 3.94% | 4.42% | 4.45% |
NRK Nuveen New York AMT Free Quality Municipal Income | 7.75% | 8.21% | 6.74% | 4.06% | 5.41% | 4.18% | 4.15% | 3.98% | 4.68% | 4.85% | 5.37% | 5.44% |
Frequently Asked Questions
NCHRX and NRK have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NRK has higher volatility (3.31%) compared to NCHRX (1.11%). In terms of maximum drawdown, NCHRX dropped -39.64% vs NRK's -40.18%.
NCHRX currently has the higher Sharpe Ratio (2.34 vs 2.20), 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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