NHMAX vs. EWHYX
NHMAX (Nuveen High Yield Municipal Bond Fund Class A) and EWHYX (Eaton Vance High Yield Municipal Income Fund Class W) are both High Yield Muni funds. Both are actively managed. Over the past 3 years, NHMAX returned 4.08%/yr vs 4.83%/yr for EWHYX. Their correlation of 0.91 suggests significant overlap in exposure. NHMAX charges 2.00%/yr vs 0.18%/yr for EWHYX.
Performance
NHMAX vs. EWHYX - Performance Comparison
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Returns By Period
In the year-to-date period, NHMAX achieves a 1.52% return, which is significantly higher than EWHYX's 1.37% 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%
EWHYX
- 1D
- 0.00%
- 1M
- 0.12%
- YTD
- 1.37%
- 6M
- 2.43%
- 1Y
- 8.65%
- 3Y*
- 4.83%
- 5Y*
- —
- 10Y*
- —
NHMAX vs. EWHYX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
NHMAX Nuveen High Yield Municipal Bond Fund Class A | 1.52% | 2.98% | 5.36% | 6.96% | -15.14% | 0.78% |
EWHYX Eaton Vance High Yield Municipal Income Fund Class W | 1.37% | 3.59% | 5.42% | 7.74% | -11.72% | 0.21% |
Correlation
The correlation between NHMAX and EWHYX is 0.91, 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 | 0.91 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.91 |
Correlation (All Time) Calculated using the full available price history since Nov 18, 2021 | 0.91 |
The correlation between NHMAX and EWHYX has been stable across timeframes, ranging from 0.91 to 0.91 — a consistent structural relationship.
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Return for Risk
NHMAX vs. EWHYX — Risk / Return Rank
NHMAX
EWHYX
NHMAX vs. EWHYX - 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 Eaton Vance High Yield Municipal Income Fund Class W (EWHYX). 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.
| NHMAX | EWHYX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.89 | 2.24 | -0.35 |
Sortino ratioReturn per unit of downside risk | 2.89 | 3.61 | -0.72 |
Omega ratioGain probability vs. loss probability | 1.41 | 1.51 | -0.10 |
Calmar ratioReturn relative to maximum drawdown | 3.17 | 2.66 | +0.51 |
Martin ratioReturn relative to average drawdown | 9.05 | 8.65 | +0.40 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| NHMAX | EWHYX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.89 | 2.24 | -0.35 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.16 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.52 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.84 | 0.24 | +0.61 |
Drawdowns
NHMAX vs. EWHYX - Drawdown Comparison
The maximum NHMAX drawdown since its inception was -45.60%, which is greater than EWHYX's maximum drawdown of -16.52%. Use the drawdown chart below to compare losses from any high point for NHMAX and EWHYX.
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Drawdown Indicators
| NHMAX | EWHYX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.60% | -16.52% | -29.08% |
Max Drawdown (1Y)Largest decline over 1 year | -3.69% | -3.04% | -0.65% |
Max Drawdown (5Y)Largest decline over 5 years | -21.65% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -22.22% | — | — |
Current DrawdownCurrent decline from peak | -1.06% | -1.46% | +0.40% |
Average DrawdownAverage peak-to-trough decline | -5.51% | -5.51% | 0.00% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.29% | 0.94% | +0.35% |
Volatility
NHMAX vs. EWHYX - Volatility Comparison
Nuveen High Yield Municipal Bond Fund Class A (NHMAX) has a higher volatility of 1.86% compared to Eaton Vance High Yield Municipal Income Fund Class W (EWHYX) at 1.23%. This indicates that NHMAX's price experiences larger fluctuations and is considered to be riskier than EWHYX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NHMAX | EWHYX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.86% | 1.23% | +0.63% |
Volatility (6M)Calculated over the trailing 6-month period | 2.76% | 2.13% | +0.63% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.94% | 4.11% | +0.83% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.79% | 5.26% | +1.53% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.68% | 5.26% | +1.42% |
NHMAX vs. EWHYX - Expense Ratio Comparison
NHMAX has a 2.00% expense ratio, which is higher than EWHYX's 0.18% expense ratio.
Dividends
NHMAX vs. EWHYX - Dividend Comparison
NHMAX's dividend yield for the trailing twelve months is around 5.89%, more than EWHYX's 4.68% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
EWHYX Eaton Vance High Yield Municipal Income Fund Class W | 4.68% | 5.06% | 4.92% | 3.97% | 4.60% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |