NHMAX vs. HIMYX
NHMAX (Nuveen High Yield Municipal Bond Fund Class A) and HIMYX (Pioneer High Income Municipal Fund) are both High Yield Muni funds. Over the past 10 years, NHMAX returned 3.34%/yr vs 2.19%/yr for HIMYX. A 0.67 correlation means they provide meaningful diversification when combined. NHMAX charges 2.00%/yr vs 0.55%/yr for HIMYX.
Performance
NHMAX vs. HIMYX - Performance Comparison
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Returns By Period
In the year-to-date period, NHMAX achieves a 3.38% return, which is significantly higher than HIMYX's 1.51% return. Over the past 10 years, NHMAX has outperformed HIMYX with an annualized return of 3.34%, while HIMYX has yielded a comparatively lower 2.19% annualized return.
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%
HIMYX
- 1D
- 0.36%
- 1M
- 1.77%
- YTD
- 1.51%
- 6M
- 1.67%
- 1Y
- 2.78%
- 3Y*
- 2.68%
- 5Y*
- -0.51%
- 10Y*
- 2.19%
NHMAX vs. HIMYX - 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% |
HIMYX Pioneer High Income Municipal Fund | 1.51% | -1.50% | 6.07% | 3.64% | -13.08% | 6.69% | 1.85% | 9.56% | 4.15% | 8.33% |
Correlation
The correlation between NHMAX and HIMYX is 0.63, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.63 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.71 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.73 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.70 |
Correlation (All Time) Calculated using the full available price history since Oct 18, 2006 | 0.67 |
The correlation between NHMAX and HIMYX shifts across timeframes, from 0.63 (1 year) to 0.73 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
NHMAX vs. HIMYX — Risk / Return Rank
NHMAX
HIMYX
NHMAX vs. HIMYX - 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 Pioneer High Income Municipal Fund (HIMYX). 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 | HIMYX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.57 | ||
| Sortino ratioReturn per unit of downside risk | +2.29 | ||
| Omega ratioGain probability vs. loss probability | 1.47 | 1.13 | +0.34 |
| Calmar ratioReturn relative to maximum drawdown | 2.55 | 0.67 | +1.89 |
| Martin ratioReturn relative to average drawdown | 7.58 | 1.69 | +5.90 |
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Drawdowns
NHMAX vs. HIMYX - Drawdown Comparison
The maximum NHMAX drawdown since its inception was -45.60%, which is greater than HIMYX's maximum drawdown of -35.00%. Use the drawdown chart below to compare losses from any high point for NHMAX and HIMYX.
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Drawdown Indicators
| NHMAX | HIMYX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.60% | -35.00% | -10.60% |
Max Drawdown (1Y)Largest decline over 1 year | -3.58% | -4.22% | +0.64% |
Max Drawdown (3Y)Largest decline over 3 years | -10.29% | -7.79% | -2.50% |
Max Drawdown (5Y)Largest decline over 5 years | -21.65% | -19.32% | -2.33% |
Max Drawdown (10Y)Largest decline over 10 years | -22.22% | -19.32% | -2.90% |
Current DrawdownCurrent decline from peak | 0.00% | -4.46% | +4.46% |
Average DrawdownAverage peak-to-trough decline | -5.48% | -5.65% | +0.17% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.20% | 1.66% | -0.46% |
Volatility
NHMAX vs. HIMYX - Volatility Comparison
The current volatility for Nuveen High Yield Municipal Bond Fund Class A (NHMAX) is 1.10%, while Pioneer High Income Municipal Fund (HIMYX) has a volatility of 1.38%. This indicates that NHMAX experiences smaller price fluctuations and is considered to be less risky than HIMYX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NHMAX | HIMYX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.10% | 1.38% | -0.28% |
Volatility (6M)Calculated over the trailing 6-month period | 3.05% | 3.10% | -0.05% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.40% | 5.47% | -1.07% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.83% | 5.68% | +1.15% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.69% | 5.07% | +1.62% |
NHMAX vs. HIMYX - Expense Ratio Comparison
NHMAX has a 2.00% expense ratio, which is higher than HIMYX's 0.55% expense ratio.
Dividends
NHMAX vs. HIMYX - Dividend Comparison
NHMAX's dividend yield for the trailing twelve months is around 5.40%, less than HIMYX's 8.68% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HIMYX Pioneer High Income Municipal Fund | 8.68% | 8.63% | 5.32% | 4.97% | 3.88% | 3.71% | 3.96% | 5.35% | 5.20% | 5.00% | 5.66% | 5.65% |
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 HIMYX have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HIMYX has higher volatility (1.38%) compared to NHMAX (1.10%). In terms of maximum drawdown, NHMAX dropped -45.60% vs HIMYX's -35.00%.
NHMAX currently has the higher Sharpe Ratio (2.08 vs 0.51), 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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