NHMRX vs. DVMHX

Last updated Jun 5, 2026

NHMRX (Nuveen High Yield Municipal Bond Fund) and DVMHX (Delaware Minnesota High-Yield Municipal Bond Fund) are both mutual funds - NHMRX is a High Yield Muni fund managed by Nuveen, while DVMHX is a Municipal Bonds fund managed by Delaware Funds by Macquarie. Over the past 10 years, NHMRX returned 3.74%/yr vs 2.53%/yr for DVMHX. A 0.72 correlation means they provide meaningful diversification when combined. NHMRX charges 0.52%/yr vs 0.88%/yr for DVMHX.

Performance

NHMRX vs. DVMHX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nuveen High Yield Municipal Bond Fund (NHMRX) and Delaware Minnesota High-Yield Municipal Bond Fund (DVMHX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NHMRX achieves a 3.11% return, which is significantly higher than DVMHX's 2.50% return. Over the past 10 years, NHMRX has outperformed DVMHX with an annualized return of 3.74%, while DVMHX has yielded a comparatively lower 2.53% annualized return.

NHMRX

• 1D: -0.07%
• 1M: 1.25%
• YTD: 3.11%
• 6M: 3.87%
• 1Y: 9.59%
• 3Y*: 5.24%
• 5Y*: 1.19%
• 10Y*: 3.74%

DVMHX

• 1D: 0.00%
• 1M: 1.03%
• YTD: 2.50%
• 6M: 3.15%
• 1Y: 9.16%
• 3Y*: 4.99%
• 5Y*: 1.28%
• 10Y*: 2.53%

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

NHMRX vs. DVMHX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NHMRX Nuveen High Yield Municipal Bond Fund	3.11%	3.24%	5.62%	7.31%	-14.96%	9.93%	3.25%	12.59%	2.06%	12.10%
DVMHX Delaware Minnesota High-Yield Municipal Bond Fund	2.50%	4.22%	5.10%	5.24%	-10.69%	3.07%	3.95%	8.74%	0.79%	5.97%

Correlation

The correlation between NHMRX and DVMHX is 0.91, 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	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.90
Correlation (5Y) Calculated over the trailing 5-year period	0.90
Correlation (10Y) Calculated over the trailing 10-year period	0.82
Correlation (All Time) Calculated using the full available price history since Jun 8, 1999	0.72

The correlation between NHMRX and DVMHX shifts across timeframes, from 0.72 (all time) to 0.91 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

NHMRX vs. DVMHX — Risk / Return Rank

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

NHMRX

NHMRX Risk / Return Rank: 61
NHMRX Sharpe Ratio Rank: 59
NHMRX Sortino Ratio Rank: 73
NHMRX Omega Ratio Rank: 79
NHMRX Calmar Ratio Rank: 55
NHMRX Martin Ratio Rank: 40

DVMHX

DVMHX Risk / Return Rank: 69
DVMHX Sharpe Ratio Rank: 78
DVMHX Sortino Ratio Rank: 83
DVMHX Omega Ratio Rank: 86
DVMHX Calmar Ratio Rank: 52
DVMHX Martin Ratio Rank: 49

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.

NHMRX vs. DVMHX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuveen High Yield Municipal Bond Fund (NHMRX) and Delaware Minnesota High-Yield Municipal Bond Fund (DVMHX). 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.

	NHMRX	DVMHX	Difference
Sharpe ratio: Return per unit of total volatility	2.27	2.55	-0.29
Sortino ratio: Return per unit of downside risk	3.58	3.93	-0.34
Omega ratio: Gain probability vs. loss probability	1.52	1.60	-0.08
Calmar ratio: Return relative to maximum drawdown	2.83	2.70	+0.14
Martin ratio: Return relative to average drawdown	8.57	9.85	-1.28
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NHMRX vs. DVMHX - Sharpe Ratio Comparison

The current NHMRX Sharpe Ratio is 2.27, which is comparable to the DVMHX Sharpe Ratio of 2.55. The chart below compares the historical Sharpe Ratios of NHMRX and DVMHX, 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

	NHMRX	DVMHX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.27	2.55	-0.29
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.17	0.26	-0.08
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.56	0.54	+0.02
Sharpe Ratio (All Time) Calculated using the full available price history	0.89	1.12	-0.23

Drawdowns

NHMRX vs. DVMHX - Drawdown Comparison

The maximum NHMRX drawdown since its inception was -45.45%, which is greater than DVMHX's maximum drawdown of -15.73%. Use the drawdown chart below to compare losses from any high point for NHMRX and DVMHX.

Drawdown Indicators

	NHMRX	DVMHX	Difference
Max Drawdown Largest peak-to-trough decline	-45.45%	-15.73%	-29.72%
Max Drawdown (1Y) Largest decline over 1 year	-3.58%	-3.55%	-0.03%
Max Drawdown (3Y) Largest decline over 3 years	-10.49%	-7.86%	-2.63%
Max Drawdown (5Y) Largest decline over 5 years	-21.52%	-15.56%	-5.96%
Max Drawdown (10Y) Largest decline over 10 years	-22.22%	-15.56%	-6.66%
Current Drawdown Current decline from peak	-0.07%	0.00%	-0.07%
Average Drawdown Average peak-to-trough decline	-5.32%	-1.97%	-3.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.18%	0.97%	+0.21%

Volatility

NHMRX vs. DVMHX - Volatility Comparison

Nuveen High Yield Municipal Bond Fund (NHMRX) has a higher volatility of 1.58% compared to Delaware Minnesota High-Yield Municipal Bond Fund (DVMHX) at 1.44%. This indicates that NHMRX's price experiences larger fluctuations and is considered to be riskier than DVMHX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NHMRX	DVMHX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.58%	1.44%	+0.14%
Volatility (6M) Calculated over the trailing 6-month period	3.13%	2.74%	+0.39%
Volatility (1Y) Calculated over the trailing 1-year period	4.48%	3.75%	+0.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.85%	5.01%	+1.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.73%	4.68%	+2.05%

NHMRX vs. DVMHX - Expense Ratio Comparison

NHMRX has a 0.52% expense ratio, which is lower than DVMHX's 0.88% expense ratio.

Dividends

NHMRX vs. DVMHX - Dividend Comparison

NHMRX's dividend yield for the trailing twelve months is around 6.09%, more than DVMHX's 3.78% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DVMHX Delaware Minnesota High-Yield Municipal Bond Fund	3.78%	4.95%	4.17%	3.12%	2.98%	2.40%	2.99%	3.70%	3.21%	3.34%	3.29%	3.47%
NHMRX Nuveen High Yield Municipal Bond Fund	6.09%	6.54%	5.79%	7.34%	5.64%	4.69%	5.03%	5.39%	5.47%	5.38%	5.88%	5.60%

Frequently Asked Questions

Can I hold both NHMRX and DVMHX in my portfolio?

With a correlation of 0.91, NHMRX and DVMHX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, NHMRX or DVMHX?

NHMRX has higher volatility (1.58%) compared to DVMHX (1.44%). In terms of maximum drawdown, NHMRX dropped -45.45% vs DVMHX's -15.73%.

Which has better risk-adjusted returns?

DVMHX currently has the higher Sharpe Ratio (2.55 vs 2.27), 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.