NHMRX vs. PHMIX
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 3.32%/yr vs 3.39%/yr for PHMIX. Their 0.72 correlation means they have sometimes moved together and sometimes differently. NHMRX charges 0.52%/yr vs 0.55%/yr for PHMIX.
Performance
NHMRX vs. PHMIX - 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 PHMIX's 1.60% return. Both investments have delivered pretty close results over the past 10 years, with NHMRX having a 3.32% annualized return and PHMIX not far ahead at 3.39%.
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%
PHMIX
- 1D
- -0.24%
- 1M
- -1.77%
- 6M
- 0.96%
- YTD
- 1.60%
- 1Y
- 6.52%
- 3Y*
- 5.36%
- 5Y*
- 1.00%
- 10Y*
- 3.39%
- ALL TIME*
- 3.83%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
NHMRX vs. PHMIX - 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% |
PHMIX PIMCO High Yield Municipal Bond Fund | 1.60% | 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, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.89 |
Correlation (3Y) Balances recent behavior with more history. | 0.90 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.89 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.85 |
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 0.90 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
NHMRX vs. PHMIX — Risk / Return Rank
NHMRX
PHMIX
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 ratioReturn per unit of total volatility | +0.08 | ||
| Sortino ratioReturn per unit of downside risk | +0.18 | ||
| Omega ratioGain probability vs. loss probability | 1.54 | 1.51 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 2.84 | 2.66 | +0.18 |
| Martin ratioReturn relative to average drawdown | 10.44 | 9.34 | +1.11 |
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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.
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Drawdown Indicators
| NHMRX | PHMIX | Difference | |
|---|---|---|---|
Max DrawdownLargest 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 | -8.86% | -5.61% | -3.25% |
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 DrawdownCurrent decline from peak | -2.55% | -1.77% | -0.78% |
Average DrawdownAverage peak-to-trough decline | -5.30% | -4.93% | -0.37% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.97% | 0.83% | +0.14% |
Volatility
NHMRX vs. PHMIX - Volatility Comparison
Nuveen High Yield Municipal Bond Fund (NHMRX) has a higher volatility of 1.26% compared to PIMCO High Yield Municipal Bond Fund (PHMIX) at 0.90%. 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.
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Volatility by Period
| NHMRX | PHMIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.26% | 0.90% | +0.36% |
Volatility (6M)Calculated over the trailing 6-month period | 3.29% | 2.67% | +0.62% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.33% | 3.43% | +0.90% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.88% | 4.90% | +1.98% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.74% | 4.71% | +2.03% |
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 5.24%, more than PHMIX's 4.28% 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% |
PHMIX PIMCO High Yield Municipal Bond Fund | 4.28% | 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
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.
NHMRX has higher volatility (1.26%) compared to PHMIX (0.90%). In terms of maximum drawdown, NHMRX dropped -45.45% vs PHMIX's -35.54%.
NHMRX currently has the higher Sharpe Ratio (2.35 vs 2.27), 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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