NHMRX vs. FLAAX
NHMRX (Nuveen High Yield Municipal Bond Fund) and FLAAX (Nuveen All-American Municipal Bond Fund) are both mutual funds - NHMRX is a High Yield Muni fund managed by Nuveen, while FLAAX is a Municipal Bonds fund managed by Nuveen. Over the past 10 years, NHMRX returned 3.32%/yr vs 1.48%/yr for FLAAX. Their correlation of 0.83 means they have usually moved in the same direction. NHMRX charges 0.52%/yr vs 0.66%/yr for FLAAX.
Performance
NHMRX vs. FLAAX - Performance Comparison
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Returns By Period
In the year-to-date period, NHMRX achieves a 1.87% return, which is significantly higher than FLAAX's -0.19% return. Over the past 10 years, NHMRX has outperformed FLAAX with an annualized return of 3.32%, while FLAAX has yielded a comparatively lower 1.48% annualized return.
NHMRX
- 1D
- -0.35%
- 1M
- -2.55%
- 6M
- 1.31%
- YTD
- 1.87%
- 1Y
- 8.96%
- 3Y*
- 4.76%
- 5Y*
- 0.44%
- 10Y*
- 3.32%
- ALL TIME*
- 4.76%
FLAAX
- 1D
- -0.31%
- 1M
- -2.11%
- 6M
- -0.95%
- YTD
- -0.19%
- 1Y
- 4.12%
- 3Y*
- 2.72%
- 5Y*
- -1.33%
- 10Y*
- 1.48%
- ALL TIME*
- 4.86%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
NHMRX vs. FLAAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
NHMRX Nuveen High Yield Municipal Bond Fund | 1.87% | 2.75% | 5.62% | 7.31% | -14.96% | 9.93% | 3.25% | 12.59% | 2.06% | 12.10% |
FLAAX Nuveen All-American Municipal Bond Fund | -0.19% | 2.78% | 2.58% | 6.52% | -16.29% | 3.89% | 5.64% | 9.03% | 0.50% | 8.03% |
Correlation
The correlation between NHMRX and FLAAX is 0.88, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.88 |
Correlation (3Y) Balances recent behavior with more history. | 0.92 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.92 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.89 |
Correlation (All Time) Calculated using the full available price history since Jun 7, 1999 | 0.83 |
The correlation between NHMRX and FLAAX has been stable across timeframes, ranging from 0.83 to 0.92 - a consistent structural relationship.
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Return for Risk
NHMRX vs. FLAAX — Risk / Return Rank
NHMRX
FLAAX
NHMRX vs. FLAAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Nuveen High Yield Municipal Bond Fund (NHMRX) and Nuveen All-American Municipal Bond Fund (FLAAX). 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.
| NHMRX | FLAAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.62 | ||
| Sortino ratioReturn per unit of downside risk | +1.15 | ||
| Omega ratioGain probability vs. loss probability | 1.54 | 1.42 | +0.12 |
| Calmar ratioReturn relative to maximum drawdown | 2.84 | 1.65 | +1.18 |
| Martin ratioReturn relative to average drawdown | 10.44 | 4.71 | +5.73 |
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Drawdowns
NHMRX vs. FLAAX - Drawdown Comparison
The maximum NHMRX drawdown since its inception was -45.45%, which is greater than FLAAX's maximum drawdown of -21.01%. Use the drawdown chart below to compare losses from any high point for NHMRX and FLAAX.
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Drawdown Indicators
| NHMRX | FLAAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.45% | -21.01% | -24.44% |
Max Drawdown (1Y)Largest decline over 1 year | -3.58% | -3.07% | -0.51% |
Max Drawdown (3Y)Largest decline over 3 years | -8.86% | -5.71% | -3.15% |
Max Drawdown (5Y)Largest decline over 5 years | -21.52% | -20.94% | -0.58% |
Max Drawdown (10Y)Largest decline over 10 years | -22.22% | -21.01% | -1.21% |
Current DrawdownCurrent decline from peak | -2.55% | -6.55% | +4.00% |
Average DrawdownAverage peak-to-trough decline | -5.30% | -2.75% | -2.55% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.97% | 1.07% | -0.10% |
Volatility
NHMRX vs. FLAAX - Volatility Comparison
Nuveen High Yield Municipal Bond Fund (NHMRX) has a higher volatility of 1.26% compared to Nuveen All-American Municipal Bond Fund (FLAAX) at 1.05%. This indicates that NHMRX's price experiences larger fluctuations and is considered to be riskier than FLAAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NHMRX | FLAAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.26% | 1.05% | +0.21% |
Volatility (6M)Calculated over the trailing 6-month period | 3.29% | 2.40% | +0.89% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.33% | 2.93% | +1.40% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.88% | 4.57% | +2.31% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.74% | 4.66% | +2.08% |
NHMRX vs. FLAAX - Expense Ratio Comparison
NHMRX has a 0.52% expense ratio, which is lower than FLAAX's 0.66% expense ratio.
Dividends
NHMRX vs. FLAAX - Dividend Comparison
NHMRX's dividend yield for the trailing twelve months is around 5.24%, more than FLAAX's 3.59% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FLAAX Nuveen All-American Municipal Bond Fund | 3.59% | 4.21% | 3.85% | 3.55% | 3.39% | 2.83% | 3.07% | 3.69% | 3.72% | 3.65% | 3.79% | 3.84% |
NHMRX Nuveen High Yield Municipal Bond Fund | 5.24% | 6.07% | 5.79% | 7.34% | 5.64% | 4.69% | 5.03% | 5.39% | 5.47% | 5.38% | 5.88% | 5.60% |
Frequently Asked Questions
NHMRX and FLAAX have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NHMRX has higher volatility (1.26%) compared to FLAAX (1.05%). In terms of maximum drawdown, NHMRX dropped -45.45% vs FLAAX's -21.01%.
NHMRX currently has the higher Sharpe Ratio (2.35 vs 1.73), 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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