NHMRX vs. NSIOX

Last updated Jun 5, 2026

NHMRX (Nuveen High Yield Municipal Bond Fund) and NSIOX (Nuveen Strategic Municipal Opportunities Fund) are both High Yield Muni funds from Nuveen. Over the past 10 years, NHMRX returned 3.74%/yr vs 3.05%/yr for NSIOX. Their correlation of 0.87 suggests significant overlap in exposure. NHMRX charges 0.52%/yr vs 0.56%/yr for NSIOX.

Performance

NHMRX vs. NSIOX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nuveen High Yield Municipal Bond Fund (NHMRX) and Nuveen Strategic Municipal Opportunities Fund (NSIOX). 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 NSIOX's 1.63% return. Over the past 10 years, NHMRX has outperformed NSIOX with an annualized return of 3.74%, while NSIOX has yielded a comparatively lower 3.05% 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%

NSIOX

• 1D: 0.00%
• 1M: 0.87%
• YTD: 1.63%
• 6M: 1.92%
• 1Y: 6.03%
• 3Y*: 4.53%
• 5Y*: 0.57%
• 10Y*: 3.05%

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

NHMRX vs. NSIOX - 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%
NSIOX Nuveen Strategic Municipal Opportunities Fund	1.63%	3.19%	4.61%	7.17%	-13.81%	5.21%	6.82%	10.07%	3.31%	9.77%

Correlation

The correlation between NHMRX and NSIOX is 0.88, 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	0.88
Correlation (3Y) Calculated over the trailing 3-year period	0.92
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (10Y) Calculated over the trailing 10-year period	0.88
Correlation (All Time) Calculated using the full available price history since Jan 9, 2015	0.87

The correlation between NHMRX and NSIOX has been stable across timeframes, ranging from 0.87 to 0.92 - a consistent structural relationship.

Return for Risk

NHMRX vs. NSIOX — 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

NSIOX

NSIOX Risk / Return Rank: 52
NSIOX Sharpe Ratio Rank: 53
NSIOX Sortino Ratio Rank: 65
NSIOX Omega Ratio Rank: 77
NSIOX Calmar Ratio Rank: 34
NSIOX Martin Ratio Rank: 28

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. NSIOX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuveen High Yield Municipal Bond Fund (NHMRX) and Nuveen Strategic Municipal Opportunities Fund (NSIOX). 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	NSIOX	Difference
Sharpe ratio: Return per unit of total volatility	2.27	2.14	+0.13
Sortino ratio: Return per unit of downside risk	3.58	3.35	+0.23
Omega ratio: Gain probability vs. loss probability	1.52	1.51	+0.01
Calmar ratio: Return relative to maximum drawdown	2.83	2.16	+0.67
Martin ratio: Return relative to average drawdown	8.57	6.44	+2.13
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. NSIOX - Sharpe Ratio Comparison

The current NHMRX Sharpe Ratio is 2.27, which is comparable to the NSIOX Sharpe Ratio of 2.14. The chart below compares the historical Sharpe Ratios of NHMRX and NSIOX, 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	NSIOX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.27	2.14	+0.13
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.17	0.13	+0.05
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.56	0.65	-0.09
Sharpe Ratio (All Time) Calculated using the full available price history	0.89	0.78	+0.11

Drawdowns

NHMRX vs. NSIOX - Drawdown Comparison

The maximum NHMRX drawdown since its inception was -45.45%, which is greater than NSIOX's maximum drawdown of -18.38%. Use the drawdown chart below to compare losses from any high point for NHMRX and NSIOX.

Drawdown Indicators

	NHMRX	NSIOX	Difference
Max Drawdown Largest peak-to-trough decline	-45.45%	-18.38%	-27.07%
Max Drawdown (1Y) Largest decline over 1 year	-3.58%	-2.91%	-0.67%
Max Drawdown (3Y) Largest decline over 3 years	-10.49%	-6.17%	-4.32%
Max Drawdown (5Y) Largest decline over 5 years	-21.52%	-18.38%	-3.14%
Max Drawdown (10Y) Largest decline over 10 years	-22.22%	-18.38%	-3.84%
Current Drawdown Current decline from peak	-0.07%	-0.46%	+0.39%
Average Drawdown Average peak-to-trough decline	-5.32%	-3.58%	-1.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.18%	0.97%	+0.21%

Volatility

NHMRX vs. NSIOX - Volatility Comparison

Nuveen High Yield Municipal Bond Fund (NHMRX) has a higher volatility of 1.58% compared to Nuveen Strategic Municipal Opportunities Fund (NSIOX) at 1.12%. This indicates that NHMRX's price experiences larger fluctuations and is considered to be riskier than NSIOX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NHMRX	NSIOX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.58%	1.12%	+0.46%
Volatility (6M) Calculated over the trailing 6-month period	3.13%	2.11%	+1.02%
Volatility (1Y) Calculated over the trailing 1-year period	4.48%	2.95%	+1.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.85%	4.50%	+2.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.73%	4.69%	+2.04%

NHMRX vs. NSIOX - Expense Ratio Comparison

NHMRX has a 0.52% expense ratio, which is lower than NSIOX's 0.56% expense ratio.

Dividends

NHMRX vs. NSIOX - Dividend Comparison

NHMRX's dividend yield for the trailing twelve months is around 6.09%, more than NSIOX's 4.18% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
NSIOX Nuveen Strategic Municipal Opportunities Fund	4.18%	4.53%	3.91%	3.85%	4.20%	4.25%	2.88%	3.25%	3.12%	3.22%	4.09%	2.48%

Frequently Asked Questions

Can I hold both NHMRX and NSIOX in my portfolio?

NHMRX and NSIOX 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.

Which is riskier, NHMRX or NSIOX?

NHMRX has higher volatility (1.58%) compared to NSIOX (1.12%). In terms of maximum drawdown, NHMRX dropped -45.45% vs NSIOX's -18.38%.

Which has better risk-adjusted returns?

NHMRX currently has the higher Sharpe Ratio (2.27 vs 2.14), 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.