NHMRX vs. MMCA
Compare and contrast key facts about Nuveen High Yield Municipal Bond Fund (NHMRX) and IQ MacKay California Municipal Intermediate ETF (MMCA).
NHMRX is managed by Nuveen. It was launched on Jun 6, 1999. MMCA is an actively managed fund by IndexIQ. It was launched on Dec 21, 2021.
Performance
NHMRX vs. MMCA - Performance Comparison
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NHMRX vs. MMCA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
NHMRX Nuveen High Yield Municipal Bond Fund | -0.75% | 3.24% | 5.62% | 7.31% | -14.96% | 0.33% |
MMCA IQ MacKay California Municipal Intermediate ETF | -0.43% | 5.74% | 1.70% | 5.77% | -12.15% | 0.01% |
Returns By Period
In the year-to-date period, NHMRX achieves a -0.75% return, which is significantly lower than MMCA's -0.43% return.
NHMRX
- 1D
- 0.36%
- 1M
- -3.23%
- YTD
- -0.75%
- 6M
- 1.07%
- 1Y
- 2.53%
- 3Y*
- 4.02%
- 5Y*
- 1.21%
- 10Y*
- 3.64%
MMCA
- 1D
- 0.19%
- 1M
- -2.60%
- YTD
- -0.43%
- 6M
- 1.02%
- 1Y
- 4.71%
- 3Y*
- 3.45%
- 5Y*
- —
- 10Y*
- —
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NHMRX vs. MMCA - Expense Ratio Comparison
NHMRX has a 0.52% expense ratio, which is higher than MMCA's 0.36% expense ratio.
Return for Risk
NHMRX vs. MMCA — Risk / Return Rank
NHMRX
MMCA
NHMRX vs. MMCA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Nuveen High Yield Municipal Bond Fund (NHMRX) and IQ MacKay California Municipal Intermediate ETF (MMCA). 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 | MMCA | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.42 | 1.39 | -0.96 |
Sortino ratioReturn per unit of downside risk | 0.61 | 1.81 | -1.20 |
Omega ratioGain probability vs. loss probability | 1.12 | 1.30 | -0.19 |
Calmar ratioReturn relative to maximum drawdown | 0.42 | 1.67 | -1.24 |
Martin ratioReturn relative to average drawdown | 1.02 | 6.09 | -5.07 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| NHMRX | MMCA | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.42 | 1.39 | -0.96 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.18 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.54 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.87 | -0.03 | +0.90 |
Correlation
The correlation between NHMRX and MMCA is 0.72, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
NHMRX vs. MMCA - Dividend Comparison
NHMRX's dividend yield for the trailing twelve months is around 5.75%, more than MMCA's 3.67% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
NHMRX Nuveen High Yield Municipal Bond Fund | 5.75% | 6.54% | 5.79% | 7.34% | 5.64% | 5.09% | 5.03% | 5.39% | 5.47% | 5.38% | 5.88% | 5.60% |
MMCA IQ MacKay California Municipal Intermediate ETF | 3.67% | 3.39% | 3.66% | 3.57% | 2.90% | 0.05% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Drawdowns
NHMRX vs. MMCA - Drawdown Comparison
The maximum NHMRX drawdown since its inception was -45.45%, which is greater than MMCA's maximum drawdown of -15.97%. Use the drawdown chart below to compare losses from any high point for NHMRX and MMCA.
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Drawdown Indicators
| NHMRX | MMCA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.45% | -15.97% | -29.48% |
Max Drawdown (1Y)Largest decline over 1 year | -7.92% | -3.01% | -4.91% |
Max Drawdown (5Y)Largest decline over 5 years | -21.52% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -22.22% | — | — |
Current DrawdownCurrent decline from peak | -3.23% | -2.60% | -0.63% |
Average DrawdownAverage peak-to-trough decline | -5.35% | -7.26% | +1.91% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.28% | 0.82% | +2.46% |
Volatility
NHMRX vs. MMCA - Volatility Comparison
Nuveen High Yield Municipal Bond Fund (NHMRX) has a higher volatility of 1.61% compared to IQ MacKay California Municipal Intermediate ETF (MMCA) at 1.23%. This indicates that NHMRX's price experiences larger fluctuations and is considered to be riskier than MMCA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NHMRX | MMCA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.61% | 1.23% | +0.38% |
Volatility (6M)Calculated over the trailing 6-month period | 2.63% | 1.78% | +0.85% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.02% | 3.43% | +4.59% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.81% | 3.64% | +3.17% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.71% | 3.64% | +3.07% |