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NHMAX vs. NHMRX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

NHMAX vs. NHMRX

Last updated Apr 16, 2026

NHMAX (Nuveen High Yield Municipal Bond Fund Class A) and NHMRX (Nuveen High Yield Municipal Bond Fund) are both High Yield Muni funds from Nuveen. Over the past 10 years, NHMAX returned 3.48%/yr vs 3.80%/yr for NHMRX. With a 0.96 correlation, they move nearly in lockstep. NHMAX charges 2.00%/yr vs 0.52%/yr for NHMRX.

Performance

NHMAX vs. NHMRX - 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 Nuveen High Yield Municipal Bond Fund (NHMRX). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

The year-to-date returns for both stocks are quite close, with NHMAX having a 1.52% return and NHMRX slightly lower at 1.50%. Over the past 10 years, NHMAX has underperformed NHMRX with an annualized return of 3.48%, while NHMRX has yielded a comparatively higher 3.80% 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%

NHMRX

1D
0.00%
1M
0.76%
YTD
1.50%
6M
2.43%
1Y
8.91%
3Y*
4.32%
5Y*
1.43%
10Y*
3.80%
*Multi-year figures are annualized to reflect compound growth (CAGR)

NHMAX vs. NHMRX - 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%
NHMRX
Nuveen High Yield Municipal Bond Fund		1.50%3.24%5.62%7.31%-14.96%10.37%3.25%12.59%2.06%12.10%

Correlation

The correlation between NHMAX and NHMRX is 0.96 — these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.96

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

0.98

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

0.98

Correlation (All Time)
Calculated using the full available price history since Jun 8, 1999

0.96

The correlation between NHMAX and NHMRX has been stable across timeframes, ranging from 0.96 to 0.98 — a consistent structural relationship.

Compare stocks, funds, or ETFs

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Nuveen High Yield Municipal Bond Fund Class A

Nuveen High Yield Municipal Bond Fund

Often compared with NHMAX:
NHMAX vs. AMHIXNHMAX vs. BATEXNHMAX vs. NMZNHMAX vs. AHYMXNHMAX vs. PRFHXNHMAX vs. EWHYXNHMAX vs. HIMYX
Often compared with NHMRX:
NHMRX vs. HYDNHMRX vs. NVHIXNHMRX vs. PHMIXNHMRX vs. BTTNHMRX vs. VYMNHMRX vs. JEPINHMRX vs. VWALX

Return for Risk

NHMAX vs. NHMRX — 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
NHMRX
NHMRX Risk / Return Rank: 4040
Overall Rank
NHMRX Sharpe Ratio Rank: 3131
Sharpe Ratio Rank
NHMRX Sortino Ratio Rank: 3737
Sortino Ratio Rank
NHMRX Omega Ratio Rank: 4747
Omega Ratio Rank
NHMRX Calmar Ratio Rank: 5353
Calmar Ratio Rank
NHMRX Martin Ratio Rank: 3333
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. NHMRX - 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 High Yield Municipal Bond Fund (NHMRX). 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.

NHMAXNHMRXDifference

Sharpe ratio

Return per unit of total volatility

1.89

1.94

-0.05

Sortino ratio

Return per unit of downside risk

2.89

2.99

-0.10

Omega ratio

Gain probability vs. loss probability

1.41

1.43

-0.02

Calmar ratio

Return relative to maximum drawdown

3.17

3.21

-0.04

Martin ratio

Return relative to average drawdown

9.05

9.30

-0.25

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. NHMRX - Sharpe Ratio Comparison

The current NHMAX Sharpe Ratio is 1.89, which is comparable to the NHMRX Sharpe Ratio of 1.94. The chart below compares the historical Sharpe Ratios of NHMAX and NHMRX, 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

NHMAXNHMRXDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.89

1.94

-0.05

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.16

0.21

-0.05

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.52

0.57

-0.04

Sharpe Ratio (All Time)

Calculated using the full available price history

0.84

0.89

-0.04

Drawdowns

NHMAX vs. NHMRX - Drawdown Comparison

The maximum NHMAX drawdown since its inception was -45.60%, roughly equal to the maximum NHMRX drawdown of -45.45%. Use the drawdown chart below to compare losses from any high point for NHMAX and NHMRX.

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Drawdown Indicators

NHMAXNHMRXDifference

Max Drawdown

Largest peak-to-trough decline

-45.60%

-45.45%

-0.15%

Max Drawdown (1Y)

Largest decline over 1 year

-3.69%

-3.72%

+0.03%

Max Drawdown (5Y)

Largest decline over 5 years

-21.65%

-21.52%

-0.13%

Max Drawdown (10Y)

Largest decline over 10 years

-22.22%

-22.22%

0.00%

Current Drawdown

Current decline from peak

-1.06%

-1.04%

-0.02%

Average Drawdown

Average peak-to-trough decline

-5.51%

-5.35%

-0.16%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.29%

1.29%

0.00%

Volatility

NHMAX vs. NHMRX - Volatility Comparison

Nuveen High Yield Municipal Bond Fund Class A (NHMAX) and Nuveen High Yield Municipal Bond Fund (NHMRX) have volatilities of 1.86% and 1.81%, 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.

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Volatility by Period

NHMAXNHMRXDifference

Volatility (1M)

Calculated over the trailing 1-month period

1.86%

1.81%

+0.05%

Volatility (6M)

Calculated over the trailing 6-month period

2.76%

2.79%

-0.03%

Volatility (1Y)

Calculated over the trailing 1-year period

4.94%

4.93%

+0.01%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

6.79%

6.82%

-0.03%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

6.68%

6.71%

-0.03%

NHMAX vs. NHMRX - Expense Ratio Comparison

NHMAX has a 2.00% expense ratio, which is higher than NHMRX's 0.52% expense ratio.

Dividends

NHMAX vs. NHMRX - Dividend Comparison

NHMAX's dividend yield for the trailing twelve months is around 5.89%, less than NHMRX's 6.12% 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%
NHMRX
Nuveen High Yield Municipal Bond Fund		6.12%6.54%5.79%7.34%5.64%5.09%5.03%5.39%5.47%5.38%5.88%5.60%