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NHMAX vs. NMZ
Performance
Return for Risk
Drawdowns
Volatility
Dividends

NHMAX vs. NMZ

Last updated Apr 16, 2026

NHMAX (Nuveen High Yield Municipal Bond Fund Class A) and NMZ (Nuveen Municipal High Income Opportunity Fund) are both High Yield Muni funds from Nuveen. Both are actively managed. Over the past 10 years, NHMAX returned 3.48%/yr vs 2.81%/yr for NMZ. At 0.24, their price movements are largely independent. NHMAX charges 2.00%/yr vs 1.50%/yr for NMZ.

Performance

NHMAX vs. NMZ - 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 Municipal High Income Opportunity Fund (NMZ). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, NHMAX achieves a 1.52% return, which is significantly lower than NMZ's 3.54% return. Over the past 10 years, NHMAX has outperformed NMZ with an annualized return of 3.48%, while NMZ has yielded a comparatively lower 2.81% 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%

NMZ

1D
-0.62%
1M
-0.34%
YTD
3.54%
6M
0.30%
1Y
9.08%
3Y*
4.88%
5Y*
-0.95%
10Y*
2.81%
*Multi-year figures are annualized to reflect compound growth (CAGR)

NHMAX vs. NMZ - 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%
NMZ
Nuveen Municipal High Income Opportunity Fund		3.54%1.56%16.52%0.69%-27.36%10.41%7.33%28.36%-9.47%12.87%

Correlation

The correlation between NHMAX and NMZ is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.38

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

0.41

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

0.39

Correlation (All Time)
Calculated using the full available price history since Nov 21, 2003

0.24

The correlation between NHMAX and NMZ shifts across timeframes, from 0.24 (all time) to 0.41 (3 years), reflecting how their relationship changes across market environments.

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Nuveen High Yield Municipal Bond Fund Class A

Nuveen Municipal High Income Opportunity Fund

Often compared with NHMAX:
NHMAX vs. BATEXNHMAX vs. AMHIXNHMAX vs. NHMRXNHMAX vs. AHYMXNHMAX vs. PRFHXNHMAX vs. EWHYXNHMAX vs. HIMYX
Often compared with NMZ:
NMZ vs. HIMYXNMZ vs. BATEXNMZ vs. GHYIXNMZ vs. AMHIXNMZ vs. FRHIXNMZ vs. ABHYXNMZ vs. NHMRX

Return for Risk

NHMAX vs. NMZ — 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
NMZ
NMZ Risk / Return Rank: 1212
Overall Rank
NMZ Sharpe Ratio Rank: 77
Sharpe Ratio Rank
NMZ Sortino Ratio Rank: 77
Sortino Ratio Rank
NMZ Omega Ratio Rank: 77
Omega Ratio Rank
NMZ Calmar Ratio Rank: 2323
Calmar Ratio Rank
NMZ Martin Ratio Rank: 1414
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. NMZ - 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 Municipal High Income Opportunity Fund (NMZ). 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.

NHMAXNMZDifference

Sharpe ratio

Return per unit of total volatility

1.89

0.94

+0.94

Sortino ratio

Return per unit of downside risk

2.89

1.46

+1.43

Omega ratio

Gain probability vs. loss probability

1.41

1.18

+0.23

Calmar ratio

Return relative to maximum drawdown

3.17

2.15

+1.02

Martin ratio

Return relative to average drawdown

9.05

5.57

+3.47

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. NMZ - Sharpe Ratio Comparison

The current NHMAX Sharpe Ratio is 1.89, which is higher than the NMZ Sharpe Ratio of 0.94. The chart below compares the historical Sharpe Ratios of NHMAX and NMZ, 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

NHMAXNMZDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.89

0.94

+0.94

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.16

-0.07

+0.24

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.52

0.19

+0.33

Sharpe Ratio (All Time)

Calculated using the full available price history

0.84

0.27

+0.58

Drawdowns

NHMAX vs. NMZ - Drawdown Comparison

The maximum NHMAX drawdown since its inception was -45.60%, smaller than the maximum NMZ drawdown of -58.53%. Use the drawdown chart below to compare losses from any high point for NHMAX and NMZ.

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Drawdown Indicators

NHMAXNMZDifference

Max Drawdown

Largest peak-to-trough decline

-45.60%

-58.53%

+12.93%

Max Drawdown (1Y)

Largest decline over 1 year

-3.69%

-5.94%

+2.25%

Max Drawdown (5Y)

Largest decline over 5 years

-21.65%

-40.03%

+18.38%

Max Drawdown (10Y)

Largest decline over 10 years

-22.22%

-40.03%

+17.81%

Current Drawdown

Current decline from peak

-1.06%

-12.07%

+11.01%

Average Drawdown

Average peak-to-trough decline

-5.51%

-9.45%

+3.94%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.29%

2.29%

-1.00%

Volatility

NHMAX vs. NMZ - Volatility Comparison

The current volatility for Nuveen High Yield Municipal Bond Fund Class A (NHMAX) is 1.86%, while Nuveen Municipal High Income Opportunity Fund (NMZ) has a volatility of 4.88%. This indicates that NHMAX experiences smaller price fluctuations and is considered to be less risky than NMZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

NHMAXNMZDifference

Volatility (1M)

Calculated over the trailing 1-month period

1.86%

4.88%

-3.02%

Volatility (6M)

Calculated over the trailing 6-month period

2.76%

6.70%

-3.94%

Volatility (1Y)

Calculated over the trailing 1-year period

4.94%

9.77%

-4.83%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

6.79%

12.91%

-6.12%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

6.68%

14.73%

-8.05%

NHMAX vs. NMZ - Expense Ratio Comparison

NHMAX has a 2.00% expense ratio, which is higher than NMZ's 1.50% expense ratio.

Dividends

NHMAX vs. NMZ - Dividend Comparison

NHMAX's dividend yield for the trailing twelve months is around 5.89%, less than NMZ's 7.64% 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%
NMZ
Nuveen Municipal High Income Opportunity Fund		7.64%7.71%6.35%5.44%7.04%5.10%5.09%4.99%6.15%5.94%6.94%6.67%