NHMAX vs. CXHYX
NHMAX (Nuveen High Yield Municipal Bond Fund Class A) and CXHYX (Delaware National High-Yield Municipal Bond Fund) are both High Yield Muni funds. Over the past 10 years, NHMAX returned 3.34%/yr vs 3.35%/yr for CXHYX. A 0.74 correlation means they provide meaningful diversification when combined. NHMAX charges 2.00%/yr vs 0.85%/yr for CXHYX.
Performance
NHMAX vs. CXHYX - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, NHMAX achieves a 3.38% return, which is significantly higher than CXHYX's 2.29% return. Both investments have delivered pretty close results over the past 10 years, with NHMAX having a 3.34% annualized return and CXHYX not far ahead at 3.35%.
NHMAX
- 1D
- 0.07%
- 1M
- 2.51%
- YTD
- 3.38%
- 6M
- 4.00%
- 1Y
- 9.06%
- 3Y*
- 4.70%
- 5Y*
- 0.76%
- 10Y*
- 3.34%
CXHYX
- 1D
- 0.00%
- 1M
- 1.51%
- YTD
- 2.29%
- 6M
- 2.85%
- 1Y
- 5.67%
- 3Y*
- 4.62%
- 5Y*
- 0.76%
- 10Y*
- 3.35%
NHMAX vs. CXHYX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
NHMAX Nuveen High Yield Municipal Bond Fund Class A | 3.38% | 2.51% | 5.36% | 6.96% | -15.14% | 9.71% | 3.03% | 11.96% | 1.79% | 11.90% |
CXHYX Delaware National High-Yield Municipal Bond Fund | 2.29% | 1.71% | 5.76% | 8.26% | -14.85% | 7.86% | 6.49% | 11.52% | 1.58% | 10.15% |
Correlation
The correlation between NHMAX and CXHYX is 0.88, 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 | 0.88 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.89 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.90 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.83 |
Correlation (All Time) Calculated using the full available price history since Jun 7, 1999 | 0.74 |
The correlation between NHMAX and CXHYX shifts across timeframes, from 0.74 (all time) to 0.90 (5 years), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
NHMAX vs. CXHYX — Risk / Return Rank
NHMAX
CXHYX
NHMAX vs. CXHYX - 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 Delaware National High-Yield Municipal Bond Fund (CXHYX). 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.
| NHMAX | CXHYX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.66 | ||
| Sortino ratioReturn per unit of downside risk | +1.09 | ||
| Omega ratioGain probability vs. loss probability | 1.47 | 1.30 | +0.17 |
| Calmar ratioReturn relative to maximum drawdown | 2.55 | 1.73 | +0.82 |
| Martin ratioReturn relative to average drawdown | 7.58 | 4.96 | +2.63 |
Loading charts...
Drawdowns
NHMAX vs. CXHYX - Drawdown Comparison
The maximum NHMAX drawdown since its inception was -45.60%, which is greater than CXHYX's maximum drawdown of -21.82%. Use the drawdown chart below to compare losses from any high point for NHMAX and CXHYX.
Loading charts...
Drawdown Indicators
| NHMAX | CXHYX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.60% | -21.82% | -23.78% |
Max Drawdown (1Y)Largest decline over 1 year | -3.58% | -3.31% | -0.27% |
Max Drawdown (3Y)Largest decline over 3 years | -10.29% | -9.55% | -0.74% |
Max Drawdown (5Y)Largest decline over 5 years | -21.65% | -20.11% | -1.54% |
Max Drawdown (10Y)Largest decline over 10 years | -22.22% | -20.11% | -2.11% |
Current DrawdownCurrent decline from peak | 0.00% | -0.41% | +0.41% |
Average DrawdownAverage peak-to-trough decline | -5.48% | -2.58% | -2.90% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.20% | 1.15% | +0.05% |
Volatility
NHMAX vs. CXHYX - Volatility Comparison
Nuveen High Yield Municipal Bond Fund Class A (NHMAX) and Delaware National High-Yield Municipal Bond Fund (CXHYX) have volatilities of 1.10% and 1.09%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| NHMAX | CXHYX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.10% | 1.09% | +0.01% |
Volatility (6M)Calculated over the trailing 6-month period | 3.05% | 2.83% | +0.22% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.40% | 4.03% | +0.37% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.83% | 6.08% | +0.75% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.69% | 5.80% | +0.89% |
NHMAX vs. CXHYX - Expense Ratio Comparison
NHMAX has a 2.00% expense ratio, which is higher than CXHYX's 0.85% expense ratio.
Dividends
NHMAX vs. CXHYX - Dividend Comparison
NHMAX's dividend yield for the trailing twelve months is around 5.40%, more than CXHYX's 4.97% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CXHYX Delaware National High-Yield Municipal Bond Fund | 4.97% | 6.41% | 5.43% | 3.99% | 4.94% | 3.61% | 4.42% | 5.27% | 4.92% | 4.98% | 3.87% | 3.77% |
NHMAX Nuveen High Yield Municipal Bond Fund Class A | 5.40% | 5.84% | 5.54% | 7.10% | 5.41% | 4.49% | 4.83% | 4.77% | 5.26% | 5.20% | 5.61% | 5.39% |
Frequently Asked Questions
NHMAX and CXHYX have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NHMAX has higher volatility (1.10%) compared to CXHYX (1.09%). In terms of maximum drawdown, NHMAX dropped -45.60% vs CXHYX's -21.82%.
NHMAX currently has the higher Sharpe Ratio (2.08 vs 1.42), 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.
Find the right allocation for NHMAX and CXHYX
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer