NHMAX vs. NZF
NHMAX (Nuveen High Yield Municipal Bond Fund Class A) and NZF (Nuveen Municipal Credit Income Fund) are both mutual funds - NHMAX is a High Yield Muni fund actively managed by Nuveen, while NZF is a Municipal Bonds fund tracking the S&P National Municipal Bond Index. NHMAX is actively managed, while NZF is passively managed. Over the past 10 years, NHMAX returned 3.04%/yr vs 3.16%/yr for NZF. Their 0.31 correlation means their historical movements had little consistent relationship. NHMAX charges 2.00%/yr vs 1.89%/yr for NZF.
Performance
NHMAX vs. NZF - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, NHMAX achieves a 1.76% return, which is significantly higher than NZF's 1.35% return. Both investments have delivered pretty close results over the past 10 years, with NHMAX having a 3.04% annualized return and NZF not far ahead at 3.16%.
NHMAX
- 1D
- -0.42%
- 1M
- -2.55%
- 6M
- 1.15%
- YTD
- 1.76%
- 1Y
- 8.76%
- 3Y*
- 4.50%
- 5Y*
- 0.20%
- 10Y*
- 3.04%
- ALL TIME*
- 4.54%
NZF
- 1D
- -0.73%
- 1M
- -2.79%
- 6M
- 1.93%
- YTD
- 1.35%
- 1Y
- 10.90%
- 3Y*
- 8.45%
- 5Y*
- -1.05%
- 10Y*
- 3.16%
- ALL TIME*
- 5.28%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $6.09M | $6.45M | $6.65M |
NHMAX vs. NZF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
NHMAX Nuveen High Yield Municipal Bond Fund Class A | 1.76% | 2.51% | 5.36% | 6.96% | -15.14% | 9.71% | 3.03% | 11.96% | 1.79% | 11.90% |
NZF Nuveen Municipal Credit Income Fund | 1.35% | 11.78% | 10.09% | 2.49% | -25.53% | 11.19% | 3.58% | 28.33% | -6.79% | 14.48% |
Correlation
The correlation between NHMAX and NZF is 0.39, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.39 |
Correlation (3Y) Balances recent behavior with more history. | 0.48 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.47 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.40 |
Correlation (All Time) Calculated using the full available price history since Oct 3, 2001 | 0.31 |
The correlation between NHMAX and NZF shifts across timeframes, from 0.31 (all time) to 0.48 (3 years), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
NHMAX vs. NZF — Risk / Return Rank
NHMAX
NZF
NHMAX vs. NZF - 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 Credit Income Fund (NZF). 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 | NZF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.11 | ||
| Sortino ratioReturn per unit of downside risk | +1.69 | ||
| Omega ratioGain probability vs. loss probability | 1.52 | 1.22 | +0.30 |
| Calmar ratioReturn relative to maximum drawdown | 2.75 | 1.55 | +1.20 |
| Martin ratioReturn relative to average drawdown | 10.02 | 6.35 | +3.67 |
Loading charts...
Drawdowns
NHMAX vs. NZF - Drawdown Comparison
The maximum NHMAX drawdown since its inception was -45.60%, smaller than the maximum NZF drawdown of -48.55%. Use the drawdown chart below to compare losses from any high point for NHMAX and NZF.
Loading charts...
Drawdown Indicators
| NHMAX | NZF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.60% | -48.55% | +2.95% |
Max Drawdown (1Y)Largest decline over 1 year | -3.58% | -8.11% | +4.53% |
Max Drawdown (3Y)Largest decline over 3 years | -8.93% | -13.54% | +4.61% |
Max Drawdown (5Y)Largest decline over 5 years | -21.65% | -37.42% | +15.77% |
Max Drawdown (10Y)Largest decline over 10 years | -22.22% | -37.42% | +15.20% |
Current DrawdownCurrent decline from peak | -2.55% | -5.67% | +3.12% |
Average DrawdownAverage peak-to-trough decline | -5.46% | -7.75% | +2.29% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.98% | 1.97% | -0.99% |
Volatility
NHMAX vs. NZF - Volatility Comparison
The current volatility for Nuveen High Yield Municipal Bond Fund Class A (NHMAX) is 1.22%, while Nuveen Municipal Credit Income Fund (NZF) has a volatility of 2.12%. This indicates that NHMAX experiences smaller price fluctuations and is considered to be less risky than NZF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| NHMAX | NZF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.22% | 2.12% | -0.90% |
Volatility (6M)Calculated over the trailing 6-month period | 3.28% | 8.08% | -4.80% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.29% | 10.58% | -6.29% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.85% | 12.39% | -5.54% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.70% | 13.09% | -6.39% |
NHMAX vs. NZF - Expense Ratio Comparison
NHMAX has a 2.00% expense ratio, which is higher than NZF's 1.89% expense ratio.
Dividends
NHMAX vs. NZF - Dividend Comparison
NHMAX's dividend yield for the trailing twelve months is around 5.05%, less than NZF's 7.82% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
NHMAX Nuveen High Yield Municipal Bond Fund Class A | 5.05% | 5.84% | 5.54% | 7.10% | 5.41% | 4.49% | 4.83% | 4.77% | 5.26% | 5.20% | 5.61% | 5.39% |
NZF Nuveen Municipal Credit Income Fund | 7.82% | 7.58% | 6.84% | 4.51% | 5.80% | 4.63% | 4.74% | 4.82% | 6.05% | 5.86% | 6.26% | 5.50% |
Frequently Asked Questions
NHMAX and NZF have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NZF has higher volatility (2.12%) compared to NHMAX (1.22%). In terms of maximum drawdown, NHMAX dropped -45.60% vs NZF's -48.55%.
NHMAX currently has the higher Sharpe Ratio (2.29 vs 1.19), 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.
Find the right allocation for NHMAX and NZF
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer