NHYM vs. EVYM

Last updated Jun 3, 2026

NHYM (Nuveen High Yield Municipal Income ETF) and EVYM (Eaton Vance High Income Municipal ETF) are both High Yield Muni funds. Both are actively managed. Over the past year, NHYM returned 8.84% vs 10.73% for EVYM. A 0.74 correlation means they provide meaningful diversification when combined. NHYM charges 0.35%/yr vs 0.40%/yr for EVYM.

Performance

NHYM vs. EVYM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nuveen High Yield Municipal Income ETF (NHYM) and Eaton Vance High Income Municipal ETF (EVYM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NHYM achieves a 2.83% return, which is significantly lower than EVYM's 3.45% return.

NHYM

• 1D: 0.28%
• 1M: 1.10%
• YTD: 2.83%
• 6M: 3.37%
• 1Y: 8.84%
• 3Y*: —
• 5Y*: —
• 10Y*: —

EVYM

• 1D: 0.12%
• 1M: 1.20%
• YTD: 3.45%
• 6M: 4.23%
• 1Y: 10.73%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

NHYM vs. EVYM - Yearly Performance Comparison

	2026 (YTD)	2025
NHYM Nuveen High Yield Municipal Income ETF	2.83%	1.61%
EVYM Eaton Vance High Income Municipal ETF	3.45%	3.70%

Correlation

The correlation between NHYM and EVYM is 0.71, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.71
Correlation (All Time) Calculated using the full available price history since Feb 28, 2025	0.74

The correlation between NHYM and EVYM has been stable across timeframes, ranging from 0.71 to 0.74 - a consistent structural relationship.

Return for Risk

NHYM vs. EVYM — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

NHYM

NHYM Risk / Return Rank: 62
NHYM Sharpe Ratio Rank: 59
NHYM Sortino Ratio Rank: 66
NHYM Omega Ratio Rank: 68
NHYM Calmar Ratio Rank: 63
NHYM Martin Ratio Rank: 53

EVYM

EVYM Risk / Return Rank: 83
EVYM Sharpe Ratio Rank: 86
EVYM Sortino Ratio Rank: 92
EVYM Omega Ratio Rank: 92
EVYM Calmar Ratio Rank: 73
EVYM Martin Ratio Rank: 73

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.

NHYM vs. EVYM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuveen High Yield Municipal Income ETF (NHYM) and Eaton Vance High Income Municipal ETF (EVYM). 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.

	NHYM	EVYM	Difference
Sharpe ratio Return per unit of total volatility	2.02	2.93	-0.91
Sortino ratio Return per unit of downside risk	3.13	4.53	-1.40
Omega ratio Gain probability vs. loss probability	1.42	1.62	-0.20
Calmar ratio Return relative to maximum drawdown	3.18	3.70	-0.52
Martin ratio Return relative to average drawdown	9.32	14.05	-4.73
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NHYM vs. EVYM - Sharpe Ratio Comparison

The current NHYM Sharpe Ratio is 2.02, which is lower than the EVYM Sharpe Ratio of 2.93. The chart below compares the historical Sharpe Ratios of NHYM and EVYM, 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

	NHYM	EVYM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.02	2.93	-0.91
Sharpe Ratio (All Time) Calculated using the full available price history	0.77	0.95	-0.18

Drawdowns

NHYM vs. EVYM - Drawdown Comparison

The maximum NHYM drawdown since its inception was -6.11%, roughly equal to the maximum EVYM drawdown of -6.08%. Use the drawdown chart below to compare losses from any high point for NHYM and EVYM.

Drawdown Indicators

	NHYM	EVYM	Difference
Max Drawdown Largest peak-to-trough decline	-6.11%	-6.08%	-0.03%
Max Drawdown (1Y) Largest decline over 1 year	-2.77%	-2.77%	0.00%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-1.74%	-1.49%	-0.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.95%	0.73%	+0.22%

Volatility

NHYM vs. EVYM - Volatility Comparison

Nuveen High Yield Municipal Income ETF (NHYM) has a higher volatility of 1.34% compared to Eaton Vance High Income Municipal ETF (EVYM) at 0.94%. This indicates that NHYM's price experiences larger fluctuations and is considered to be riskier than EVYM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NHYM	EVYM	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.34%	0.94%	+0.40%
Volatility (6M) Calculated over the trailing 6-month period	2.65%	2.59%	+0.06%
Volatility (1Y) Calculated over the trailing 1-year period	4.39%	3.71%	+0.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.94%	6.09%	-0.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.94%	6.09%	-0.15%

NHYM vs. EVYM - Expense Ratio Comparison

NHYM has a 0.35% expense ratio, which is lower than EVYM's 0.40% expense ratio.

Dividends

NHYM vs. EVYM - Dividend Comparison

NHYM's dividend yield for the trailing twelve months is around 4.53%, less than EVYM's 4.77% yield.

Position	TTM	2025
EVYM Eaton Vance High Income Municipal ETF	4.77%	3.72%
NHYM Nuveen High Yield Municipal Income ETF	4.53%	4.06%

Frequently Asked Questions

Can I hold both NHYM and EVYM in my portfolio?

NHYM and EVYM have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NHYM or EVYM?

NHYM has higher volatility (1.34%) compared to EVYM (0.94%). In terms of maximum drawdown, NHYM dropped -6.11% vs EVYM's -6.08%.

Which ETF is better, NHYM or EVYM?

On 1-year performance, EVYM leads with 10.73% vs 8.84% for NHYM. On fees, NHYM is cheaper at 0.35% per year. On volatility, EVYM has been the lower-risk option at 0.94%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NHYM or EVYM?

Over the 1-year period, EVYM has performed better with a 10.73% return vs 8.84%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NHYM or EVYM?

NHYM is cheaper with a 0.35% expense ratio, compared with 0.40% for EVYM.

Which ETF pays a higher dividend yield, NHYM or EVYM?

EVYM has the higher dividend yield at 4.77%, compared with 4.53% for NHYM.

What is the main difference between NHYM and EVYM?

They also come from different issuers: Nuveen and Eaton Vance. Their fees differ too: 0.35% for NHYM and 0.40% for EVYM.

Which has better risk-adjusted returns?

EVYM currently has the higher Sharpe Ratio (2.93 vs 2.02), 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.