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NHMAX vs. BATEX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

NHMAX vs. BATEX

Last updated Apr 16, 2026

NHMAX (Nuveen High Yield Municipal Bond Fund Class A) and BATEX (BlackRock Allocation Target Shares Series E Portfolio) are both High Yield Muni funds. Over the past 10 years, NHMAX returned 3.48%/yr vs 3.02%/yr for BATEX. A 0.79 correlation means they provide meaningful diversification when combined. NHMAX charges 2.00%/yr vs 0.11%/yr for BATEX.

Performance

NHMAX vs. BATEX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nuveen High Yield Municipal Bond Fund Class A (NHMAX) and BlackRock Allocation Target Shares Series E Portfolio (BATEX). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, NHMAX achieves a 1.52% return, which is significantly higher than BATEX's 0.72% return. Over the past 10 years, NHMAX has outperformed BATEX with an annualized return of 3.48%, while BATEX has yielded a comparatively lower 3.02% annualized return.

NHMAX

1D
0.07%
1M
0.82%
YTD
1.52%
6M
2.38%
1Y
8.73%
3Y*
4.08%
5Y*
1.11%
10Y*
3.48%

BATEX

1D
0.10%
1M
0.20%
YTD
0.72%
6M
1.78%
1Y
6.94%
3Y*
3.62%
5Y*
0.75%
10Y*
3.02%
*Multi-year figures are annualized to reflect compound growth (CAGR)

NHMAX vs. BATEX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
NHMAX
Nuveen High Yield Municipal Bond Fund Class A		1.52%2.98%5.36%6.96%-15.14%9.71%3.03%11.96%1.79%11.90%
BATEX
BlackRock Allocation Target Shares Series E Portfolio		0.72%3.22%4.74%6.45%-14.23%8.28%5.77%10.92%1.75%8.76%

Correlation

The correlation between NHMAX and BATEX is 0.83, 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

0.83

Correlation (3Y)
Calculated over the trailing 3-year period

0.82

Correlation (5Y)
Calculated over the trailing 5-year period

0.82

Correlation (All Time)
Calculated using the full available price history since Aug 6, 2014

0.79

The correlation between NHMAX and BATEX has been stable across timeframes, ranging from 0.79 to 0.83 — a consistent structural relationship.

Compare stocks, funds, or ETFs

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Nuveen High Yield Municipal Bond Fund Class A

BlackRock Allocation Target Shares Series E Portfolio

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Often compared with BATEX:
BATEX vs. VWALXBATEX vs. VWLUXBATEX vs. HIMYXBATEX vs. ABTYXBATEX vs. NMZBATEX vs. FRHIXBATEX vs. EWHYX

Return for Risk

NHMAX vs. BATEX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
NHMAX
NHMAX Risk / Return Rank: 3838
Overall Rank
NHMAX Sharpe Ratio Rank: 3131
Sharpe Ratio Rank
NHMAX Sortino Ratio Rank: 3636
Sortino Ratio Rank
NHMAX Omega Ratio Rank: 4444
Omega Ratio Rank
NHMAX Calmar Ratio Rank: 4848
Calmar Ratio Rank
NHMAX Martin Ratio Rank: 3030
Martin Ratio Rank
BATEX
BATEX Risk / Return Rank: 2626
Overall Rank
BATEX Sharpe Ratio Rank: 2626
Sharpe Ratio Rank
BATEX Sortino Ratio Rank: 3333
Sortino Ratio Rank
BATEX Omega Ratio Rank: 4242
Omega Ratio Rank
BATEX Calmar Ratio Rank: 1616
Calmar Ratio Rank
BATEX Martin Ratio Rank: 1414
Martin Ratio Rank
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.

NHMAX vs. BATEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuveen High Yield Municipal Bond Fund Class A (NHMAX) and BlackRock Allocation Target Shares Series E Portfolio (BATEX). 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.

NHMAXBATEXDifference

Sharpe ratio

Return per unit of total volatility

1.89

1.80

+0.09

Sortino ratio

Return per unit of downside risk

2.89

2.81

+0.07

Omega ratio

Gain probability vs. loss probability

1.41

1.41

0.00

Calmar ratio

Return relative to maximum drawdown

3.17

1.73

+1.44

Martin ratio

Return relative to average drawdown

9.05

5.23

+3.82

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NHMAX vs. BATEX - Sharpe Ratio Comparison

The current NHMAX Sharpe Ratio is 1.89, which is comparable to the BATEX Sharpe Ratio of 1.80. The chart below compares the historical Sharpe Ratios of NHMAX and BATEX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

NHMAXBATEXDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.89

1.80

+0.09

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.16

0.13

+0.03

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.52

0.52

+0.01

Sharpe Ratio (All Time)

Calculated using the full available price history

0.84

0.61

+0.24

Drawdowns

NHMAX vs. BATEX - Drawdown Comparison

The maximum NHMAX drawdown since its inception was -45.60%, which is greater than BATEX's maximum drawdown of -19.90%. Use the drawdown chart below to compare losses from any high point for NHMAX and BATEX.

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Drawdown Indicators

NHMAXBATEXDifference

Max Drawdown

Largest peak-to-trough decline

-45.60%

-19.90%

-25.70%

Max Drawdown (1Y)

Largest decline over 1 year

-3.69%

-3.14%

-0.55%

Max Drawdown (5Y)

Largest decline over 5 years

-21.65%

-19.90%

-1.75%

Max Drawdown (10Y)

Largest decline over 10 years

-22.22%

-19.90%

-2.32%

Current Drawdown

Current decline from peak

-1.06%

-1.37%

+0.31%

Average Drawdown

Average peak-to-trough decline

-5.51%

-4.07%

-1.44%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.29%

1.04%

+0.25%

Volatility

NHMAX vs. BATEX - Volatility Comparison

Nuveen High Yield Municipal Bond Fund Class A (NHMAX) has a higher volatility of 1.86% compared to BlackRock Allocation Target Shares Series E Portfolio (BATEX) at 1.41%. This indicates that NHMAX's price experiences larger fluctuations and is considered to be riskier than BATEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

NHMAXBATEXDifference

Volatility (1M)

Calculated over the trailing 1-month period

1.86%

1.41%

+0.45%

Volatility (6M)

Calculated over the trailing 6-month period

2.76%

2.33%

+0.43%

Volatility (1Y)

Calculated over the trailing 1-year period

4.94%

4.01%

+0.93%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

6.79%

5.74%

+1.05%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

6.68%

5.87%

+0.81%

NHMAX vs. BATEX - Expense Ratio Comparison

NHMAX has a 2.00% expense ratio, which is higher than BATEX's 0.11% expense ratio.

Dividends

NHMAX vs. BATEX - Dividend Comparison

NHMAX's dividend yield for the trailing twelve months is around 5.89%, more than BATEX's 4.65% yield.

TTM20252024202320222021202020192018201720162015
NHMAX
Nuveen High Yield Municipal Bond Fund Class A		5.89%6.30%5.54%7.10%5.41%4.49%4.83%4.77%5.26%5.20%5.61%5.39%
BATEX
BlackRock Allocation Target Shares Series E Portfolio		4.65%5.01%3.74%2.98%5.41%3.29%3.50%3.80%4.75%2.88%0.98%0.13%