NHMRX vs. HYD
NHMRX (Nuveen High Yield Municipal Bond Fund) and HYD (VanEck Vectors High-Yield Municipal Index ETF) are both funds - NHMRX is a High Yield Muni fund managed by Nuveen, while HYD is a Municipal Bonds fund tracking the Bloomberg Barclays Municipal Custom High Yield Composite Index. Over the past 10 years, NHMRX returned 3.62%/yr vs 1.91%/yr for HYD. At a 0.43 correlation, their price movements are largely independent. NHMRX charges 0.52%/yr vs 0.35%/yr for HYD.
Performance
NHMRX vs. HYD - Performance Comparison
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Returns By Period
In the year-to-date period, NHMRX achieves a 3.47% return, which is significantly higher than HYD's 2.33% return. Over the past 10 years, NHMRX has outperformed HYD with an annualized return of 3.62%, while HYD has yielded a comparatively lower 1.91% annualized return.
NHMRX
- 1D
- 0.14%
- 1M
- 2.53%
- YTD
- 3.47%
- 6M
- 4.18%
- 1Y
- 9.37%
- 3Y*
- 4.96%
- 5Y*
- 1.01%
- 10Y*
- 3.62%
HYD
- 1D
- -0.19%
- 1M
- 1.54%
- YTD
- 2.33%
- 6M
- 2.54%
- 1Y
- 7.42%
- 3Y*
- 4.24%
- 5Y*
- -0.12%
- 10Y*
- 1.91%
NHMRX vs. HYD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
NHMRX Nuveen High Yield Municipal Bond Fund | 3.47% | 2.75% | 5.62% | 7.31% | -14.96% | 9.93% | 3.25% | 12.59% | 2.06% | 12.10% |
HYD VanEck Vectors High-Yield Municipal Index ETF | 2.33% | 2.83% | 4.94% | 6.52% | -15.97% | 5.05% | 0.17% | 9.34% | 2.19% | 9.78% |
Correlation
The correlation between NHMRX and HYD is 0.65, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.65 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.68 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.63 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.53 |
Correlation (All Time) Calculated using the full available price history since Feb 5, 2009 | 0.43 |
Over the past year, NHMRX and HYD have become more correlated (0.65) than their long-term average of 0.43, meaning their price movements have been converging.
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Return for Risk
NHMRX vs. HYD — Risk / Return Rank
NHMRX
HYD
NHMRX vs. HYD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Nuveen High Yield Municipal Bond Fund (NHMRX) and VanEck Vectors High-Yield Municipal Index ETF (HYD). 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 | HYD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.27 | ||
| Sortino ratioReturn per unit of downside risk | +0.63 | ||
| Omega ratioGain probability vs. loss probability | 1.50 | 1.39 | +0.10 |
| Calmar ratioReturn relative to maximum drawdown | 2.64 | 2.33 | +0.32 |
| Martin ratioReturn relative to average drawdown | 7.99 | 8.00 | -0.01 |
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Drawdowns
NHMRX vs. HYD - Drawdown Comparison
The maximum NHMRX drawdown since its inception was -45.45%, which is greater than HYD's maximum drawdown of -35.61%. Use the drawdown chart below to compare losses from any high point for NHMRX and HYD.
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Drawdown Indicators
| NHMRX | HYD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.45% | -35.61% | -9.84% |
Max Drawdown (1Y)Largest decline over 1 year | -3.58% | -3.21% | -0.37% |
Max Drawdown (3Y)Largest decline over 3 years | -10.19% | -7.23% | -2.96% |
Max Drawdown (5Y)Largest decline over 5 years | -21.52% | -20.72% | -0.80% |
Max Drawdown (10Y)Largest decline over 10 years | -22.22% | -35.61% | +13.39% |
Current DrawdownCurrent decline from peak | 0.00% | -1.84% | +1.84% |
Average DrawdownAverage peak-to-trough decline | -5.32% | -4.32% | -1.00% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.18% | 0.93% | +0.25% |
Volatility
NHMRX vs. HYD - Volatility Comparison
Nuveen High Yield Municipal Bond Fund (NHMRX) has a higher volatility of 1.03% compared to VanEck Vectors High-Yield Municipal Index ETF (HYD) at 0.95%. This indicates that NHMRX's price experiences larger fluctuations and is considered to be riskier than HYD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NHMRX | HYD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.03% | 0.95% | +0.08% |
Volatility (6M)Calculated over the trailing 6-month period | 3.06% | 3.04% | +0.02% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.40% | 3.98% | +0.42% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.85% | 6.46% | +0.39% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.73% | 12.61% | -5.88% |
NHMRX vs. HYD - Expense Ratio Comparison
NHMRX has a 0.52% expense ratio, which is higher than HYD's 0.35% expense ratio.
Dividends
NHMRX vs. HYD - Dividend Comparison
NHMRX's dividend yield for the trailing twelve months is around 5.61%, more than HYD's 4.25% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HYD VanEck Vectors High-Yield Municipal Index ETF | 4.25% | 4.29% | 4.29% | 4.13% | 3.96% | 3.50% | 4.01% | 4.08% | 4.43% | 4.29% | 4.58% | 4.82% |
NHMRX Nuveen High Yield Municipal Bond Fund | 5.61% | 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 HYD have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NHMRX has higher volatility (1.03%) compared to HYD (0.95%). In terms of maximum drawdown, NHMRX dropped -45.45% vs HYD's -35.61%.
NHMRX currently has the higher Sharpe Ratio (2.15 vs 1.87), 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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