NHMRX vs. NZF
NHMRX (Nuveen High Yield Municipal Bond Fund) and NZF (Nuveen Municipal Credit Income Fund) are both mutual funds - NHMRX is a High Yield Muni fund managed by Nuveen, while NZF is a Municipal Bonds fund tracking the S&P National Municipal Bond Index. Over the past 10 years, NHMRX returned 3.32%/yr vs 3.16%/yr for NZF. Their 0.31 correlation means their historical movements had little consistent relationship. NHMRX charges 0.52%/yr vs 1.89%/yr for NZF.
Performance
NHMRX vs. NZF - 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 NZF's 1.35% return. Both investments have delivered pretty close results over the past 10 years, with NHMRX having a 3.32% annualized return and NZF not far behind at 3.16%.
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%
NZF
- 1D
- -0.73%
- 1M
- -2.79%
- 6M
- 1.93%
- YTD
- 1.35%
- 1Y
- 10.90%
- 3Y*
- 8.45%
- 5Y*
- -1.05%
- 10Y*
- 3.16%
- ALL TIME*
- 5.28%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $6.09M | $6.45M | $6.65M |
NHMRX vs. NZF - 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% |
NZF Nuveen Municipal Credit Income Fund | 1.35% | 11.78% | 10.09% | 2.49% | -25.53% | 11.19% | 3.58% | 28.33% | -6.79% | 14.48% |
Correlation
The correlation between NHMRX and NZF is 0.41, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.41 |
Correlation (3Y) Balances recent behavior with more history. | 0.49 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.47 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.40 |
Correlation (All Time) Calculated using the full available price history since Oct 3, 2001 | 0.31 |
The correlation between NHMRX and NZF shifts across timeframes, from 0.31 (all time) to 0.49 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
NHMRX vs. NZF — Risk / Return Rank
NHMRX
NZF
NHMRX vs. NZF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Nuveen High Yield Municipal Bond Fund (NHMRX) and Nuveen Municipal Credit Income Fund (NZF). 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 | NZF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.16 | ||
| Sortino ratioReturn per unit of downside risk | +1.76 | ||
| Omega ratioGain probability vs. loss probability | 1.54 | 1.22 | +0.32 |
| Calmar ratioReturn relative to maximum drawdown | 2.84 | 1.55 | +1.29 |
| Martin ratioReturn relative to average drawdown | 10.44 | 6.35 | +4.09 |
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Drawdowns
NHMRX vs. NZF - Drawdown Comparison
The maximum NHMRX drawdown since its inception was -45.45%, smaller than the maximum NZF drawdown of -48.55%. Use the drawdown chart below to compare losses from any high point for NHMRX and NZF.
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Drawdown Indicators
| NHMRX | NZF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.45% | -48.55% | +3.10% |
Max Drawdown (1Y)Largest decline over 1 year | -3.58% | -8.11% | +4.53% |
Max Drawdown (3Y)Largest decline over 3 years | -8.86% | -13.54% | +4.68% |
Max Drawdown (5Y)Largest decline over 5 years | -21.52% | -37.42% | +15.90% |
Max Drawdown (10Y)Largest decline over 10 years | -22.22% | -37.42% | +15.20% |
Current DrawdownCurrent decline from peak | -2.55% | -5.67% | +3.12% |
Average DrawdownAverage peak-to-trough decline | -5.30% | -7.75% | +2.45% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.97% | 1.97% | -1.00% |
Volatility
NHMRX vs. NZF - Volatility Comparison
The current volatility for Nuveen High Yield Municipal Bond Fund (NHMRX) is 1.26%, while Nuveen Municipal Credit Income Fund (NZF) has a volatility of 2.12%. This indicates that NHMRX experiences smaller price fluctuations and is considered to be less risky than NZF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NHMRX | NZF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.26% | 2.12% | -0.86% |
Volatility (6M)Calculated over the trailing 6-month period | 3.29% | 8.08% | -4.79% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.33% | 10.58% | -6.25% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.88% | 12.39% | -5.51% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.74% | 13.09% | -6.35% |
NHMRX vs. NZF - Expense Ratio Comparison
NHMRX has a 0.52% expense ratio, which is lower than NZF's 1.89% expense ratio.
Dividends
NHMRX vs. NZF - Dividend Comparison
NHMRX's dividend yield for the trailing twelve months is around 5.24%, less than NZF's 7.82% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
NZF Nuveen Municipal Credit Income Fund | 7.82% | 7.58% | 6.84% | 4.51% | 5.80% | 4.63% | 4.74% | 4.82% | 6.05% | 5.86% | 6.26% | 5.50% |
Frequently Asked Questions
NHMRX and NZF have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NZF has higher volatility (2.12%) compared to NHMRX (1.26%). In terms of maximum drawdown, NHMRX dropped -45.45% vs NZF's -48.55%.
NHMRX currently has the higher Sharpe Ratio (2.35 vs 1.19), 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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