NHMRX vs. VWALX
NHMRX (Nuveen High Yield Municipal Bond Fund) and VWALX (Vanguard High-Yield Tax-Exempt Fund Admiral Shares) are both High Yield Muni funds. Over the past 10 years, NHMRX returned 3.57%/yr vs 3.01%/yr for VWALX. A 0.79 correlation means they provide meaningful diversification when combined. NHMRX charges 0.52%/yr vs 0.09%/yr for VWALX.
Performance
NHMRX vs. VWALX - Performance Comparison
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Returns By Period
In the year-to-date period, NHMRX achieves a 3.32% return, which is significantly higher than VWALX's 2.43% return. Over the past 10 years, NHMRX has outperformed VWALX with an annualized return of 3.57%, while VWALX has yielded a comparatively lower 3.01% annualized return.
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%
VWALX
- 1D
- -0.09%
- 1M
- 1.97%
- YTD
- 2.43%
- 6M
- 2.88%
- 1Y
- 8.23%
- 3Y*
- 5.38%
- 5Y*
- 1.61%
- 10Y*
- 3.01%
NHMRX vs. VWALX - 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% |
VWALX Vanguard High-Yield Tax-Exempt Fund Admiral Shares | 2.43% | 5.06% | 4.08% | 8.45% | -11.69% | 3.42% | 5.49% | 9.58% | 1.38% | 7.96% |
Correlation
The correlation between NHMRX and VWALX is 0.90, 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 | 0.90 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.92 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.92 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.87 |
Correlation (All Time) Calculated using the full available price history since Nov 12, 2001 | 0.79 |
The correlation between NHMRX and VWALX shifts across timeframes, from 0.79 (all time) to 0.92 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
NHMRX vs. VWALX — Risk / Return Rank
NHMRX
VWALX
NHMRX vs. VWALX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Nuveen High Yield Municipal Bond Fund (NHMRX) and Vanguard High-Yield Tax-Exempt Fund Admiral Shares (VWALX). 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 | VWALX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.51 | ||
| Sortino ratioReturn per unit of downside risk | -0.93 | ||
| Omega ratioGain probability vs. loss probability | 1.48 | 1.67 | -0.19 |
| Calmar ratioReturn relative to maximum drawdown | 2.60 | 2.78 | -0.18 |
| Martin ratioReturn relative to average drawdown | 7.86 | 10.12 | -2.26 |
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Drawdowns
NHMRX vs. VWALX - Drawdown Comparison
The maximum NHMRX drawdown since its inception was -45.45%, which is greater than VWALX's maximum drawdown of -17.24%. Use the drawdown chart below to compare losses from any high point for NHMRX and VWALX.
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Drawdown Indicators
| NHMRX | VWALX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.45% | -17.24% | -28.21% |
Max Drawdown (1Y)Largest decline over 1 year | -3.58% | -3.05% | -0.53% |
Max Drawdown (3Y)Largest decline over 3 years | -10.19% | -7.10% | -3.09% |
Max Drawdown (5Y)Largest decline over 5 years | -21.52% | -17.24% | -4.28% |
Max Drawdown (10Y)Largest decline over 10 years | -22.22% | -17.24% | -4.98% |
Current DrawdownCurrent decline from peak | -0.14% | -0.09% | -0.05% |
Average DrawdownAverage peak-to-trough decline | -5.32% | -2.16% | -3.16% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.18% | 0.84% | +0.34% |
Volatility
NHMRX vs. VWALX - Volatility Comparison
Nuveen High Yield Municipal Bond Fund (NHMRX) has a higher volatility of 1.07% compared to Vanguard High-Yield Tax-Exempt Fund Admiral Shares (VWALX) at 0.90%. This indicates that NHMRX's price experiences larger fluctuations and is considered to be riskier than VWALX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NHMRX | VWALX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.07% | 0.90% | +0.17% |
Volatility (6M)Calculated over the trailing 6-month period | 3.06% | 2.39% | +0.67% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.41% | 3.24% | +1.17% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.85% | 4.81% | +2.04% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.73% | 4.64% | +2.09% |
NHMRX vs. VWALX - Expense Ratio Comparison
NHMRX has a 0.52% expense ratio, which is higher than VWALX's 0.09% expense ratio.
Dividends
NHMRX vs. VWALX - Dividend Comparison
NHMRX's dividend yield for the trailing twelve months is around 5.61%, more than VWALX's 4.12% 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% |
VWALX Vanguard High-Yield Tax-Exempt Fund Admiral Shares | 4.12% | 5.04% | 4.47% | 3.59% | 3.44% | 3.04% | 3.40% | 4.03% | 3.85% | 3.77% | 3.86% | 3.75% |
Frequently Asked Questions
NHMRX and VWALX have a correlation of 0.90, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NHMRX has higher volatility (1.07%) compared to VWALX (0.90%). In terms of maximum drawdown, NHMRX dropped -45.45% vs VWALX's -17.24%.
VWALX currently has the higher Sharpe Ratio (2.62 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.
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