NHYM vs. FBDC

Last updated Jun 3, 2026

NHYM (Nuveen High Yield Municipal Income ETF) and FBDC (FT Confluence BDC & Specialty Finance Income ETF) are both exchange-traded funds - NHYM is a High Yield Muni fund actively managed by Nuveen, while FBDC is a Financials Equities fund actively managed by First Trust. Both are actively managed. At a 0.00 correlation, their price movements are largely independent. NHYM charges 0.35%/yr vs 1.35%/yr for FBDC.

Performance

NHYM vs. FBDC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nuveen High Yield Municipal Income ETF (NHYM) and FT Confluence BDC & Specialty Finance Income ETF (FBDC). 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 higher than FBDC's -6.73% return.

NHYM

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

FBDC

• 1D: -0.28%
• 1M: -4.81%
• YTD: -6.73%
• 6M: -6.36%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

NHYM vs. FBDC - Yearly Performance Comparison

	2026 (YTD)	2025
NHYM Nuveen High Yield Municipal Income ETF	2.83%	4.65%
FBDC FT Confluence BDC & Specialty Finance Income ETF	-6.73%	-2.43%

Correlation

The correlation between NHYM and FBDC is 0.00, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jul 1, 2025	0.00

Return for Risk

NHYM vs. FBDC — 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

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. FBDC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuveen High Yield Municipal Income ETF (NHYM) and FT Confluence BDC & Specialty Finance Income ETF (FBDC). 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	FBDC	Difference
Sharpe ratio Return per unit of total volatility	2.02	—	—
Sortino ratio Return per unit of downside risk	3.13	—	—
Omega ratio Gain probability vs. loss probability	1.42	—	—
Calmar ratio Return relative to maximum drawdown	3.18	—	—
Martin ratio Return relative to average drawdown	9.32	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	NHYM	FBDC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.02	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.77	-0.55	+1.31

Drawdowns

NHYM vs. FBDC - Drawdown Comparison

The maximum NHYM drawdown since its inception was -6.11%, smaller than the maximum FBDC drawdown of -20.60%. Use the drawdown chart below to compare losses from any high point for NHYM and FBDC.

Drawdown Indicators

	NHYM	FBDC	Difference
Max Drawdown Largest peak-to-trough decline	-6.11%	-20.60%	+14.49%
Max Drawdown (1Y) Largest decline over 1 year	-2.77%	—	—
Current Drawdown Current decline from peak	0.00%	-14.70%	+14.70%
Average Drawdown Average peak-to-trough decline	-1.74%	-10.11%	+8.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.95%	—	—

Volatility

Volatility by Period

	NHYM	FBDC	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.34%	—	—
Volatility (6M) Calculated over the trailing 6-month period	2.65%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	4.39%	17.83%	-13.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.94%	17.83%	-11.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.94%	17.83%	-11.89%

NHYM vs. FBDC - Expense Ratio Comparison

NHYM has a 0.35% expense ratio, which is lower than FBDC's 1.35% expense ratio.

Dividends

NHYM vs. FBDC - Dividend Comparison

NHYM's dividend yield for the trailing twelve months is around 4.53%, less than FBDC's 11.18% yield.

Position	TTM	2025
FBDC FT Confluence BDC & Specialty Finance Income ETF	11.18%	5.41%
NHYM Nuveen High Yield Municipal Income ETF	4.53%	4.06%

Frequently Asked Questions

Can I hold both NHYM and FBDC in my portfolio?

NHYM and FBDC have a correlation of 0.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, NHYM or FBDC?

On fees, NHYM is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, NHYM or FBDC?

NHYM is cheaper with a 0.35% expense ratio, compared with 1.35% for FBDC.

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

FBDC has the higher dividend yield at 11.18%, compared with 4.53% for NHYM.

What is the main difference between NHYM and FBDC?

NHYM is categorized as High Yield Muni, while FBDC is Financials Equities. They also come from different issuers: Nuveen and First Trust. Their fees differ too: 0.35% for NHYM and 1.35% for FBDC.