NHYM vs. HEFT

Last updated Aug 2, 2026

NHYM (Nuveen High Yield Municipal Income ETF) and HEFT (Hedgeye Fourth Turning ETF) are both exchange-traded funds - NHYM is a High Yield Muni fund actively managed by Nuveen, while HEFT is a Long-Short fund actively managed by Hedgeye. Both are actively managed. Their -0.10 correlation means they have often moved in opposite directions in the past. NHYM charges 0.35%/yr vs 0.70%/yr for HEFT.

Performance

NHYM vs. HEFT - Performance Comparison

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

Returns By Period

In the year-to-date period, NHYM achieves a 1.57% return, which is significantly lower than HEFT's 3.28% return.

NHYM

• 1D: -0.18%
• 1M: -1.52%
• 6M: 1.04%
• YTD: 1.57%
• 1Y: 7.27%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 3.15%

HEFT

• 1D: -0.04%
• 1M: -0.42%
• 6M: -3.62%
• YTD: 3.28%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
HEFT Hedgeye Fourth Turning ETF	$283.91K	$525.47K	$801.16K
NHYM Nuveen High Yield Municipal Income ETF	$370.71K	$444.40K	$624.01K

NHYM vs. HEFT - Yearly Performance Comparison

	2026 (YTD)	2025
NHYM Nuveen High Yield Municipal Income ETF	1.57%	0.48%
HEFT Hedgeye Fourth Turning ETF	3.28%	1.10%

Correlation

The correlation between NHYM and HEFT is -0.10, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 21, 2025	-0.10

Return for Risk

NHYM vs. HEFT — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

NHYM

NHYM Risk / Return Rank: 86
NHYM Sharpe Ratio Rank: 86
NHYM Sortino Ratio Rank: 90
NHYM Omega Ratio Rank: 91
NHYM Calmar Ratio Rank: 82
NHYM Martin Ratio Rank: 82

HEFT

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

NHYM vs. HEFT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuveen High Yield Municipal Income ETF (NHYM) and Hedgeye Fourth Turning ETF (HEFT). 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	HEFT	Difference
Sharpe ratio: Return per unit of total volatility	2.04	—	—
Sortino ratio: Return per unit of downside risk	3.17	—	—
Omega ratio: Gain probability vs. loss probability	1.43	—	—
Calmar ratio: Return relative to maximum drawdown	3.03	—	—
Martin ratio: Return relative to average drawdown	10.90	—	—

Drawdowns

NHYM vs. HEFT - Drawdown Comparison

The maximum NHYM drawdown since its inception was -6.11%, smaller than the maximum HEFT drawdown of -9.17%. Use the drawdown chart below to compare losses from any high point for NHYM and HEFT.

Drawdown Indicators

	NHYM	HEFT	Difference
Max Drawdown Largest peak-to-trough decline	-6.11%	-9.17%	+3.06%
Max Drawdown (1Y) Largest decline over 1 year	-2.77%	—	—
Current Drawdown Current decline from peak	-1.66%	-6.82%	+5.16%
Average Drawdown Average peak-to-trough decline	-1.60%	-3.79%	+2.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.77%	—	—

Volatility

Volatility by Period

	NHYM	HEFT	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.00%	—	—
Volatility (6M) Calculated over the trailing 6-month period	2.73%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	4.11%	12.66%	-8.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.69%	12.66%	-6.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.69%	12.66%	-6.97%

NHYM vs. HEFT - Expense Ratio Comparison

NHYM has a 0.35% expense ratio, which is lower than HEFT's 0.70% expense ratio.

Dividends

NHYM vs. HEFT - Dividend Comparison

NHYM's dividend yield for the trailing twelve months is around 4.60%, more than HEFT's 0.02% yield.

Position	TTM	2025
HEFT Hedgeye Fourth Turning ETF	0.02%	0.02%
NHYM Nuveen High Yield Municipal Income ETF	4.20%	4.06%

Frequently Asked Questions

Can I hold both NHYM and HEFT in my portfolio?

NHYM and HEFT have a correlation of -0.10, 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 HEFT?

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 HEFT?

NHYM is cheaper with a 0.35% expense ratio, compared with 0.70% for HEFT.

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

NHYM has the higher dividend yield at 4.20%, compared with 0.02% for HEFT.

What is the main difference between NHYM and HEFT?

NHYM is categorized as High Yield Muni, while HEFT is Long-Short. They also come from different issuers: Nuveen and Hedgeye. Their fees differ too: 0.35% for NHYM and 0.70% for HEFT.