NHMFX vs. PHMIX

Last updated Jun 4, 2026

NHMFX (Nuveen High Yield Municipal Bond Fund Class R6) and PHMIX (PIMCO High Yield Municipal Bond Fund) are both High Yield Muni funds. Over the past 5 years, NHMFX returned 1.05%/yr vs 1.61%/yr for PHMIX. Their correlation of 0.84 suggests significant overlap in exposure. NHMFX charges 0.69%/yr vs 0.55%/yr for PHMIX.

Performance

NHMFX vs. PHMIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nuveen High Yield Municipal Bond Fund Class R6 (NHMFX) and PIMCO High Yield Municipal Bond Fund (PHMIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NHMFX achieves a 3.20% return, which is significantly higher than PHMIX's 2.42% return.

NHMFX

• 1D: 0.21%
• 1M: 1.32%
• YTD: 3.20%
• 6M: 3.90%
• 1Y: 10.11%
• 3Y*: 4.80%
• 5Y*: 1.05%
• 10Y*: —

PHMIX

• 1D: 0.24%
• 1M: 0.99%
• YTD: 2.42%
• 6M: 2.59%
• 1Y: 7.80%
• 3Y*: 6.06%
• 5Y*: 1.61%
• 10Y*: 3.71%

*Multi-year figures are annualized to reflect compound growth (CAGR)

NHMFX vs. PHMIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NHMFX Nuveen High Yield Municipal Bond Fund Class R6	3.20%	3.21%	5.23%	6.74%	-14.90%	9.94%	3.33%	12.18%	2.05%	12.17%
PHMIX PIMCO High Yield Municipal Bond Fund	2.42%	5.00%	5.33%	8.97%	-13.90%	5.51%	6.21%	10.77%	2.28%	9.83%

Correlation

The correlation between NHMFX and PHMIX is 0.89, 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	0.89
Correlation (3Y) Calculated over the trailing 3-year period	0.89
Correlation (5Y) Calculated over the trailing 5-year period	0.89
Correlation (All Time) Calculated using the full available price history since Jul 6, 2016	0.84

The correlation between NHMFX and PHMIX has been stable across timeframes, ranging from 0.84 to 0.89 - a consistent structural relationship.

Return for Risk

NHMFX vs. PHMIX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

NHMFX

NHMFX Risk / Return Rank: 61
NHMFX Sharpe Ratio Rank: 58
NHMFX Sortino Ratio Rank: 74
NHMFX Omega Ratio Rank: 78
NHMFX Calmar Ratio Rank: 55
NHMFX Martin Ratio Rank: 39

PHMIX

PHMIX Risk / Return Rank: 61
PHMIX Sharpe Ratio Rank: 60
PHMIX Sortino Ratio Rank: 74
PHMIX Omega Ratio Rank: 79
PHMIX Calmar Ratio Rank: 50
PHMIX Martin Ratio Rank: 43

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.

NHMFX vs. PHMIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuveen High Yield Municipal Bond Fund Class R6 (NHMFX) and PIMCO High Yield Municipal Bond Fund (PHMIX). 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.

	NHMFX	PHMIX	Difference
Sharpe ratio: Return per unit of total volatility	2.25	2.27	-0.02
Sortino ratio: Return per unit of downside risk	3.60	3.57	+0.02
Omega ratio: Gain probability vs. loss probability	1.51	1.52	0.00
Calmar ratio: Return relative to maximum drawdown	2.83	2.68	+0.15
Martin ratio: Return relative to average drawdown	8.46	9.13	-0.67
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NHMFX vs. PHMIX - Sharpe Ratio Comparison

The current NHMFX Sharpe Ratio is 2.25, which is comparable to the PHMIX Sharpe Ratio of 2.27. The chart below compares the historical Sharpe Ratios of NHMFX and PHMIX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	NHMFX	PHMIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.25	2.27	-0.02
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.15	0.33	-0.18
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.79	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.50	0.87	-0.37

Drawdowns

NHMFX vs. PHMIX - Drawdown Comparison

The maximum NHMFX drawdown since its inception was -22.25%, smaller than the maximum PHMIX drawdown of -35.54%. Use the drawdown chart below to compare losses from any high point for NHMFX and PHMIX.

Drawdown Indicators

	NHMFX	PHMIX	Difference
Max Drawdown Largest peak-to-trough decline	-22.25%	-35.54%	+13.29%
Max Drawdown (1Y) Largest decline over 1 year	-3.58%	-2.93%	-0.65%
Max Drawdown (3Y) Largest decline over 3 years	-10.89%	-6.50%	-4.39%
Max Drawdown (5Y) Largest decline over 5 years	-21.55%	-18.96%	-2.59%
Max Drawdown (10Y) Largest decline over 10 years	—	-18.96%	—
Current Drawdown Current decline from peak	0.00%	-0.02%	+0.02%
Average Drawdown Average peak-to-trough decline	-4.87%	-4.96%	+0.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.19%	0.86%	+0.33%

Volatility

NHMFX vs. PHMIX - Volatility Comparison

Nuveen High Yield Municipal Bond Fund Class R6 (NHMFX) has a higher volatility of 1.55% compared to PIMCO High Yield Municipal Bond Fund (PHMIX) at 1.37%. This indicates that NHMFX's price experiences larger fluctuations and is considered to be riskier than PHMIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NHMFX	PHMIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.55%	1.37%	+0.18%
Volatility (6M) Calculated over the trailing 6-month period	3.16%	2.57%	+0.59%
Volatility (1Y) Calculated over the trailing 1-year period	4.52%	3.48%	+1.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.87%	4.88%	+1.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.76%	4.71%	+2.05%

NHMFX vs. PHMIX - Expense Ratio Comparison

NHMFX has a 0.69% expense ratio, which is higher than PHMIX's 0.55% expense ratio.

Dividends

NHMFX vs. PHMIX - Dividend Comparison

NHMFX's dividend yield for the trailing twelve months is around 6.13%, more than PHMIX's 4.57% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NHMFX Nuveen High Yield Municipal Bond Fund Class R6	6.13%	6.59%	5.35%	6.99%	5.68%	4.71%	5.05%	5.03%	5.46%	5.37%	2.52%	0.00%
PHMIX PIMCO High Yield Municipal Bond Fund	4.57%	5.91%	5.33%	4.71%	3.39%	3.84%	3.62%	4.38%	4.41%	4.22%	4.12%	4.46%

Frequently Asked Questions

Can I hold both NHMFX and PHMIX in my portfolio?

NHMFX and PHMIX have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NHMFX or PHMIX?

NHMFX has higher volatility (1.55%) compared to PHMIX (1.37%). In terms of maximum drawdown, NHMFX dropped -22.25% vs PHMIX's -35.54%.

Which has better risk-adjusted returns?

PHMIX currently has the higher Sharpe Ratio (2.27 vs 2.25), 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.