NHMRX vs. PHMIX

Last updated Jun 24, 2026

NHMRX (Nuveen High Yield Municipal Bond Fund) and PHMIX (PIMCO High Yield Municipal Bond Fund) are both High Yield Muni funds. Over the past 10 years, NHMRX returned 3.57%/yr vs 3.55%/yr for PHMIX. A 0.72 correlation means they provide meaningful diversification when combined. NHMRX charges 0.52%/yr vs 0.55%/yr for PHMIX.

Performance

NHMRX vs. PHMIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nuveen High Yield Municipal Bond Fund (NHMRX) and PIMCO High Yield Municipal Bond Fund (PHMIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NHMRX achieves a 3.32% return, which is significantly higher than PHMIX's 2.42% return. Both investments have delivered pretty close results over the past 10 years, with NHMRX having a 3.57% annualized return and PHMIX not far behind at 3.55%.

NHMRX

• 1D: -0.14%
• 1M: 2.39%
• YTD: 3.32%
• 6M: 3.96%
• 1Y: 9.06%
• 3Y*: 4.96%
• 5Y*: 0.97%
• 10Y*: 3.57%

PHMIX

• 1D: -0.24%
• 1M: 1.72%
• YTD: 2.42%
• 6M: 2.96%
• 1Y: 7.28%
• 3Y*: 5.80%
• 5Y*: 1.49%
• 10Y*: 3.55%

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

NHMRX vs. PHMIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NHMRX Nuveen High Yield Municipal Bond Fund	3.32%	2.75%	5.62%	7.31%	-14.96%	9.93%	3.25%	12.59%	2.06%	12.10%
PHMIX PIMCO High Yield Municipal Bond Fund	2.42%	5.00%	5.33%	8.97%	-13.90%	5.51%	6.21%	10.77%	2.28%	9.83%

Correlation

The correlation between NHMRX and PHMIX is 0.89, 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	0.89
Correlation (3Y) Calculated over the trailing 3-year period	0.89
Correlation (5Y) Calculated over the trailing 5-year period	0.89
Correlation (10Y) Calculated over the trailing 10-year period	0.84
Correlation (All Time) Calculated using the full available price history since Aug 1, 2006	0.72

The correlation between NHMRX and PHMIX shifts across timeframes, from 0.72 (all time) to 0.89 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

NHMRX vs. PHMIX — 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: 61
NHMRX Sortino Ratio Rank: 75
NHMRX Omega Ratio Rank: 80
NHMRX Calmar Ratio Rank: 50
NHMRX Martin Ratio Rank: 38

PHMIX

PHMIX Risk / Return Rank: 65
PHMIX Sharpe Ratio Rank: 68
PHMIX Sortino Ratio Rank: 80
PHMIX Omega Ratio Rank: 83
PHMIX Calmar Ratio Rank: 50
PHMIX Martin Ratio Rank: 44

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. PHMIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuveen High Yield Municipal Bond Fund (NHMRX) and PIMCO High Yield Municipal Bond Fund (PHMIX). 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	PHMIX	Difference
Sharpe ratio: Return per unit of total volatility	2.11	2.22	-0.11
Sortino ratio: Return per unit of downside risk	3.31	3.49	-0.17
Omega ratio: Gain probability vs. loss probability	1.48	1.51	-0.02
Calmar ratio: Return relative to maximum drawdown	2.60	2.59	+0.01
Martin ratio: Return relative to average drawdown	7.86	8.83	-0.97

NHMRX vs. PHMIX - Sharpe Ratio Comparison

The current NHMRX Sharpe Ratio is 2.11, which is comparable to the PHMIX Sharpe Ratio of 2.22. The chart below compares the historical Sharpe Ratios of NHMRX and PHMIX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

NHMRX vs. PHMIX - Drawdown Comparison

The maximum NHMRX drawdown since its inception was -45.45%, which is greater than PHMIX's maximum drawdown of -35.54%. Use the drawdown chart below to compare losses from any high point for NHMRX and PHMIX.

Drawdown Indicators

	NHMRX	PHMIX	Difference
Max Drawdown Largest peak-to-trough decline	-45.45%	-35.54%	-9.91%
Max Drawdown (1Y) Largest decline over 1 year	-3.58%	-2.93%	-0.65%
Max Drawdown (3Y) Largest decline over 3 years	-10.19%	-6.50%	-3.69%
Max Drawdown (5Y) Largest decline over 5 years	-21.52%	-18.96%	-2.56%
Max Drawdown (10Y) Largest decline over 10 years	-22.22%	-18.96%	-3.26%
Current Drawdown Current decline from peak	-0.14%	-0.24%	+0.10%
Average Drawdown Average peak-to-trough decline	-5.32%	-4.95%	-0.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.18%	0.86%	+0.32%

Volatility

NHMRX vs. PHMIX - Volatility Comparison

Nuveen High Yield Municipal Bond Fund (NHMRX) has a higher volatility of 1.07% compared to PIMCO High Yield Municipal Bond Fund (PHMIX) at 0.93%. This indicates that NHMRX's price experiences larger fluctuations and is considered to be riskier than PHMIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NHMRX	PHMIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.07%	0.93%	+0.14%
Volatility (6M) Calculated over the trailing 6-month period	3.06%	2.55%	+0.51%
Volatility (1Y) Calculated over the trailing 1-year period	4.41%	3.43%	+0.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.85%	4.88%	+1.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.73%	4.71%	+2.02%

NHMRX vs. PHMIX - Expense Ratio Comparison

NHMRX has a 0.52% expense ratio, which is lower than PHMIX's 0.55% expense ratio.

Dividends

NHMRX vs. PHMIX - Dividend Comparison

NHMRX's dividend yield for the trailing twelve months is around 5.61%, more than PHMIX's 4.57% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
PHMIX PIMCO High Yield Municipal Bond Fund	4.57%	5.91%	5.33%	4.71%	3.39%	3.84%	3.62%	4.38%	4.41%	4.22%	4.12%	4.46%

Frequently Asked Questions

Can I hold both NHMRX and PHMIX in my portfolio?

NHMRX and PHMIX have a correlation of 0.89, 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 PHMIX?

NHMRX has higher volatility (1.07%) compared to PHMIX (0.93%). In terms of maximum drawdown, NHMRX dropped -45.45% vs PHMIX's -35.54%.

Which has better risk-adjusted returns?

PHMIX currently has the higher Sharpe Ratio (2.22 vs 2.11), 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.