NHYM vs. FOVL
NHYM (Nuveen High Yield Municipal Income ETF) and FOVL (iShares Focused Value Factor ETF) are both exchange-traded funds - NHYM is a High Yield Muni fund actively managed by Nuveen, while FOVL is a Mid Cap Value Equities fund tracking the MSCI USA IMI Focused Value Factor Index. NHYM is actively managed, while FOVL is passively managed. At a correlation of -0.03, they often move in opposite directions. NHYM charges 0.35%/yr vs 0.25%/yr for FOVL.
Performance
NHYM vs. FOVL - Performance Comparison
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Returns By Period
NHYM
- 1D
- -0.10%
- 1M
- 1.47%
- YTD
- 2.69%
- 6M
- 2.75%
- 1Y
- 7.77%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
FOVL
- 1D
- —
- 1M
- —
- YTD
- —
- 6M
- —
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
NHYM vs. FOVL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
NHYM Nuveen High Yield Municipal Income ETF | 2.69% | 3.19% |
FOVL iShares Focused Value Factor ETF | 0.00% | 2.44% |
Correlation
The correlation between NHYM and FOVL is -0.16, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.16 |
Correlation (All Time) Calculated using the full available price history since Jan 23, 2025 | -0.03 |
The correlation between NHYM and FOVL shifts across timeframes, from -0.16 (1 year) to -0.03 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
NHYM vs. FOVL — Risk / Return Rank
NHYM
FOVL
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
NHYM vs. FOVL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Nuveen High Yield Municipal Income ETF (NHYM) and iShares Focused Value Factor ETF (FOVL). 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.
| NHYM | FOVL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.38 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 2.82 | — | — |
| Martin ratioReturn relative to average drawdown | 8.26 | — | — |
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Drawdowns
NHYM vs. FOVL - Drawdown Comparison
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Drawdown Indicators
| NHYM | FOVL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -6.11% | — | — |
Max Drawdown (1Y)Largest decline over 1 year | -2.77% | — | — |
Current DrawdownCurrent decline from peak | -0.32% | — | — |
Average DrawdownAverage peak-to-trough decline | -1.67% | — | — |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.94% | — | — |
Volatility
NHYM vs. FOVL - Volatility Comparison
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Volatility by Period
| NHYM | FOVL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.99% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 2.65% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 4.25% | — | — |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.83% | — | — |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.83% | — | — |
NHYM vs. FOVL - Expense Ratio Comparison
NHYM has a 0.35% expense ratio, which is higher than FOVL's 0.25% expense ratio.
Dividends
NHYM vs. FOVL - Dividend Comparison
NHYM's dividend yield for the trailing twelve months is around 4.53%, while FOVL has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
FOVL iShares Focused Value Factor ETF | 0.00% | 1.36% | 2.08% | 2.59% | 3.38% | 2.80% | 2.88% | 2.09% |
NHYM Nuveen High Yield Municipal Income ETF | 4.53% | 4.06% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
NHYM and FOVL have a correlation of -0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, FOVL is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.
FOVL is cheaper with a 0.25% expense ratio, compared with 0.35% for NHYM.
NHYM has the higher dividend yield at 4.53%, compared with 0.00% for FOVL.
NHYM is categorized as High Yield Muni, while FOVL is Mid Cap Value Equities. They also come from different issuers: Nuveen and iShares. Their fees differ too: 0.35% for NHYM and 0.25% for FOVL.
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