NHMAX vs. PRFHX
NHMAX (Nuveen High Yield Municipal Bond Fund Class A) and PRFHX (T. Rowe Price Tax Free High Yield Fund) are both High Yield Muni funds. Over the past 10 years, NHMAX returned 3.34%/yr vs 2.98%/yr for PRFHX. A 0.76 correlation means they provide meaningful diversification when combined. NHMAX charges 2.00%/yr vs 0.63%/yr for PRFHX.
Performance
NHMAX vs. PRFHX - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with NHMAX having a 3.38% return and PRFHX slightly lower at 3.26%. Over the past 10 years, NHMAX has outperformed PRFHX with an annualized return of 3.34%, while PRFHX has yielded a comparatively lower 2.98% 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%
PRFHX
- 1D
- 0.09%
- 1M
- 1.88%
- YTD
- 3.26%
- 6M
- 4.25%
- 1Y
- 10.90%
- 3Y*
- 6.43%
- 5Y*
- 1.77%
- 10Y*
- 2.98%
NHMAX vs. PRFHX - 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% |
PRFHX T. Rowe Price Tax Free High Yield Fund | 3.26% | 5.53% | 7.00% | 7.65% | -14.41% | 6.09% | 3.40% | 9.03% | 0.66% | 7.31% |
Correlation
The correlation between NHMAX and PRFHX is 0.84, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.84 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.86 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.88 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.85 |
Correlation (All Time) Calculated using the full available price history since Jun 7, 1999 | 0.76 |
The correlation between NHMAX and PRFHX shifts across timeframes, from 0.76 (all time) to 0.88 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
NHMAX vs. PRFHX — Risk / Return Rank
NHMAX
PRFHX
NHMAX vs. PRFHX - 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 T. Rowe Price Tax Free High Yield Fund (PRFHX). 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 | PRFHX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.32 | ||
| Sortino ratioReturn per unit of downside risk | -2.25 | ||
| Omega ratioGain probability vs. loss probability | 1.47 | 1.82 | -0.35 |
| Calmar ratioReturn relative to maximum drawdown | 2.55 | 4.09 | -1.54 |
| Martin ratioReturn relative to average drawdown | 7.58 | 15.18 | -7.59 |
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Drawdowns
NHMAX vs. PRFHX - Drawdown Comparison
The maximum NHMAX drawdown since its inception was -45.60%, which is greater than PRFHX's maximum drawdown of -24.76%. Use the drawdown chart below to compare losses from any high point for NHMAX and PRFHX.
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Drawdown Indicators
| NHMAX | PRFHX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.60% | -24.76% | -20.84% |
Max Drawdown (1Y)Largest decline over 1 year | -3.58% | -2.75% | -0.83% |
Max Drawdown (3Y)Largest decline over 3 years | -10.29% | -6.91% | -3.38% |
Max Drawdown (5Y)Largest decline over 5 years | -21.65% | -18.81% | -2.84% |
Max Drawdown (10Y)Largest decline over 10 years | -22.22% | -18.81% | -3.41% |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -5.48% | -2.77% | -2.71% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.20% | 0.73% | +0.47% |
Volatility
NHMAX vs. PRFHX - Volatility Comparison
Nuveen High Yield Municipal Bond Fund Class A (NHMAX) has a higher volatility of 1.10% compared to T. Rowe Price Tax Free High Yield Fund (PRFHX) at 0.78%. This indicates that NHMAX's price experiences larger fluctuations and is considered to be riskier than PRFHX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NHMAX | PRFHX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.10% | 0.78% | +0.32% |
Volatility (6M)Calculated over the trailing 6-month period | 3.05% | 2.33% | +0.72% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.40% | 3.31% | +1.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.83% | 4.89% | +1.94% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.69% | 4.64% | +2.05% |
NHMAX vs. PRFHX - Expense Ratio Comparison
NHMAX has a 2.00% expense ratio, which is higher than PRFHX's 0.63% expense ratio.
Dividends
NHMAX vs. PRFHX - Dividend Comparison
NHMAX's dividend yield for the trailing twelve months is around 5.40%, less than PRFHX's 5.46% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
PRFHX T. Rowe Price Tax Free High Yield Fund | 5.46% | 5.46% | 4.75% | 4.19% | 2.81% | 3.01% | 3.47% | 3.52% | 3.71% | 3.64% | 3.88% | 4.02% |
Frequently Asked Questions
NHMAX and PRFHX have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NHMAX has higher volatility (1.10%) compared to PRFHX (0.78%). In terms of maximum drawdown, NHMAX dropped -45.60% vs PRFHX's -24.76%.
PRFHX currently has the higher Sharpe Ratio (3.40 vs 2.08), 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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