NHMAX vs. FARCX
NHMAX (Nuveen High Yield Municipal Bond Fund Class A) and FARCX (Nuveen Real Estate Securities Fund) are both mutual funds - NHMAX is a High Yield Muni fund actively managed by Nuveen, while FARCX is a REIT fund managed by Nuveen. Over the past 10 years, NHMAX returned 3.27%/yr vs 5.37%/yr for FARCX. At a 0.09 correlation, their price movements are largely independent. NHMAX charges 2.00%/yr vs 0.97%/yr for FARCX.
Performance
NHMAX vs. FARCX - Performance Comparison
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Returns By Period
In the year-to-date period, NHMAX achieves a 3.63% return, which is significantly lower than FARCX's 17.11% return. Over the past 10 years, NHMAX has underperformed FARCX with an annualized return of 3.27%, while FARCX has yielded a comparatively higher 5.37% annualized return.
NHMAX
- 1D
- -0.07%
- 1M
- 0.38%
- 6M
- 3.12%
- YTD
- 3.63%
- 1Y
- 11.20%
- 3Y*
- 5.27%
- 5Y*
- 0.57%
- 10Y*
- 3.27%
FARCX
- 1D
- 0.00%
- 1M
- 1.18%
- 6M
- 13.58%
- YTD
- 17.11%
- 1Y
- 19.65%
- 3Y*
- 9.77%
- 5Y*
- 4.01%
- 10Y*
- 5.37%
NHMAX vs. FARCX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
NHMAX Nuveen High Yield Municipal Bond Fund Class A | 3.63% | 2.51% | 5.36% | 6.96% | -15.14% | 9.71% | 3.03% | 11.96% | 1.79% | 11.90% |
FARCX Nuveen Real Estate Securities Fund | 17.11% | 2.56% | 6.04% | 11.55% | -24.57% | 41.57% | -6.14% | 25.63% | -5.57% | 5.67% |
Correlation
The correlation between NHMAX and FARCX is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.30 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.28 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.24 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.19 |
Correlation (All Time) Calculated using the full available price history since Jun 7, 1999 | 0.09 |
Over the past year, NHMAX and FARCX have become more correlated (0.30) than their long-term average of 0.09, meaning their price movements have been converging.
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Return for Risk
NHMAX vs. FARCX — Risk / Return Rank
NHMAX
FARCX
NHMAX vs. FARCX - 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 Nuveen Real Estate Securities Fund (FARCX). 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 | FARCX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.97 | ||
| Sortino ratioReturn per unit of downside risk | +1.90 | ||
| Omega ratioGain probability vs. loss probability | 1.59 | 1.27 | +0.32 |
| Calmar ratioReturn relative to maximum drawdown | 3.00 | 2.67 | +0.33 |
| Martin ratioReturn relative to average drawdown | 11.90 | 8.75 | +3.15 |
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Drawdowns
NHMAX vs. FARCX - Drawdown Comparison
The maximum NHMAX drawdown since its inception was -45.60%, smaller than the maximum FARCX drawdown of -70.62%. Use the drawdown chart below to compare losses from any high point for NHMAX and FARCX.
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Drawdown Indicators
| NHMAX | FARCX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.60% | -70.62% | +25.02% |
Max Drawdown (1Y)Largest decline over 1 year | -3.58% | -7.83% | +4.25% |
Max Drawdown (3Y)Largest decline over 3 years | -9.93% | -17.59% | +7.66% |
Max Drawdown (5Y)Largest decline over 5 years | -21.65% | -31.77% | +10.12% |
Max Drawdown (10Y)Largest decline over 10 years | -22.22% | -41.05% | +18.83% |
Current DrawdownCurrent decline from peak | -0.76% | -0.91% | +0.15% |
Average DrawdownAverage peak-to-trough decline | -5.47% | -10.42% | +4.95% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.98% | 2.38% | -1.40% |
Volatility
NHMAX vs. FARCX - Volatility Comparison
The current volatility for Nuveen High Yield Municipal Bond Fund Class A (NHMAX) is 0.83%, while Nuveen Real Estate Securities Fund (FARCX) has a volatility of 4.65%. This indicates that NHMAX experiences smaller price fluctuations and is considered to be less risky than FARCX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NHMAX | FARCX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.83% | 4.65% | -3.82% |
Volatility (6M)Calculated over the trailing 6-month period | 3.11% | 10.41% | -7.30% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.34% | 13.60% | -9.26% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.83% | 18.40% | -11.57% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.69% | 20.19% | -13.50% |
NHMAX vs. FARCX - Expense Ratio Comparison
NHMAX has a 2.00% expense ratio, which is higher than FARCX's 0.97% expense ratio.
Dividends
NHMAX vs. FARCX - Dividend Comparison
NHMAX's dividend yield for the trailing twelve months is around 5.41%, more than FARCX's 4.85% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FARCX Nuveen Real Estate Securities Fund | 4.85% | 5.77% | 9.34% | 3.30% | 20.25% | 15.12% | 2.89% | 11.46% | 6.19% | 13.43% | 10.99% | 8.24% |
NHMAX Nuveen High Yield Municipal Bond Fund Class A | 5.41% | 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 FARCX have a correlation of 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FARCX has higher volatility (4.65%) compared to NHMAX (0.83%). In terms of maximum drawdown, NHMAX dropped -45.60% vs FARCX's -70.62%.
NHMAX currently has the higher Sharpe Ratio (2.51 vs 1.54), 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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