NHYM vs. IROC

Last updated Aug 2, 2026

NHYM (Nuveen High Yield Municipal Income ETF) and IROC (Invesco Rochester High Yield Municipal ETF) are both High Yield Muni funds. Both are actively managed. Over the past year, NHYM returned 7.27% vs 6.53% for IROC. Their 0.77 correlation means they have sometimes moved together and sometimes differently. NHYM charges 0.35%/yr vs 0.39%/yr for IROC.

Performance

NHYM vs. IROC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nuveen High Yield Municipal Income ETF (NHYM) and Invesco Rochester High Yield Municipal ETF (IROC). 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 IROC's 2.41% return.

NHYM

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

IROC

• 1D: -0.09%
• 1M: -1.35%
• 6M: 1.86%
• YTD: 2.41%
• 1Y: 6.53%
• 3Y*: 4.80%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 4.47%

*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)
IROC Invesco Rochester High Yield Municipal ETF	$541.32K	$527.22K	$489.87K
NHYM Nuveen High Yield Municipal Income ETF	$370.71K	$444.40K	$624.01K

NHYM vs. IROC - Yearly Performance Comparison

	2026 (YTD)	2025
NHYM Nuveen High Yield Municipal Income ETF	1.57%	3.19%
IROC Invesco Rochester High Yield Municipal ETF	2.41%	3.81%

Correlation

The correlation between NHYM and IROC is 0.71, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.71
Correlation (All Time) Calculated using the full available price history since Jan 23, 2025	0.77

The correlation between NHYM and IROC has been stable across timeframes, ranging from 0.71 to 0.77 - a consistent structural relationship.

Return for Risk

NHYM vs. IROC — 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

IROC

IROC Risk / Return Rank: 87
IROC Sharpe Ratio Rank: 91
IROC Sortino Ratio Rank: 93
IROC Omega Ratio Rank: 94
IROC Calmar Ratio Rank: 77
IROC Martin Ratio Rank: 80

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. IROC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuveen High Yield Municipal Income ETF (NHYM) and Invesco Rochester High Yield Municipal ETF (IROC). 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	IROC	Difference
Sharpe ratio: Return per unit of total volatility	2.04	2.36	-0.32
Sortino ratio: Return per unit of downside risk	3.17	3.51	-0.35
Omega ratio: Gain probability vs. loss probability	1.43	1.51	-0.08
Calmar ratio: Return relative to maximum drawdown	3.03	2.74	+0.28
Martin ratio: Return relative to average drawdown	10.90	10.38	+0.52

NHYM vs. IROC - Sharpe Ratio Comparison

The current NHYM Sharpe Ratio is 2.04, which is comparable to the IROC Sharpe Ratio of 2.36. The chart below compares the historical Sharpe Ratios of NHYM and IROC, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

NHYM vs. IROC - Drawdown Comparison

The maximum NHYM drawdown since its inception was -6.11%, which is greater than IROC's maximum drawdown of -4.79%. Use the drawdown chart below to compare losses from any high point for NHYM and IROC.

Drawdown Indicators

	NHYM	IROC	Difference
Max Drawdown Largest peak-to-trough decline	-6.11%	-4.79%	-1.32%
Max Drawdown (1Y) Largest decline over 1 year	-2.77%	-2.64%	-0.13%
Max Drawdown (3Y) Largest decline over 3 years	—	-4.07%	—
Current Drawdown Current decline from peak	-1.66%	-1.47%	-0.19%
Average Drawdown Average peak-to-trough decline	-1.60%	-0.82%	-0.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.77%	0.70%	+0.07%

Volatility

NHYM vs. IROC - Volatility Comparison

Nuveen High Yield Municipal Income ETF (NHYM) has a higher volatility of 1.00% compared to Invesco Rochester High Yield Municipal ETF (IROC) at 0.93%. This indicates that NHYM's price experiences larger fluctuations and is considered to be riskier than IROC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NHYM	IROC	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.00%	0.93%	+0.07%
Volatility (6M) Calculated over the trailing 6-month period	2.73%	2.55%	+0.18%
Volatility (1Y) Calculated over the trailing 1-year period	4.11%	3.07%	+1.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.69%	3.47%	+2.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.69%	3.47%	+2.22%

NHYM vs. IROC - Expense Ratio Comparison

NHYM has a 0.35% expense ratio, which is lower than IROC's 0.39% expense ratio.

Dividends

NHYM vs. IROC - Dividend Comparison

NHYM's dividend yield for the trailing twelve months is around 4.60%, less than IROC's 5.18% yield.

Position	TTM	2025	2024	2023
IROC Invesco Rochester High Yield Municipal ETF	5.18%	4.79%	4.08%	3.68%
NHYM Nuveen High Yield Municipal Income ETF	4.20%	4.06%	0.00%	0.00%

Frequently Asked Questions

Can I hold both NHYM and IROC in my portfolio?

NHYM and IROC 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 IROC?

NHYM has higher volatility (1.00%) compared to IROC (0.93%). In terms of maximum drawdown, NHYM dropped -6.11% vs IROC's -4.79%.

Which ETF is better, NHYM or IROC?

On 1-year performance, NHYM leads with 7.27% vs 6.53% for IROC. On fees, NHYM is cheaper at 0.35% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NHYM or IROC?

Over the 1-year period, NHYM has performed better with a 7.27% return vs 6.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NHYM or IROC?

NHYM is cheaper with a 0.35% expense ratio, compared with 0.39% for IROC.

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

IROC has the higher dividend yield at 5.18%, compared with 4.20% for NHYM.

What is the main difference between NHYM and IROC?

They also come from different issuers: Nuveen and Invesco. Their fees differ too: 0.35% for NHYM and 0.39% for IROC.

Which has better risk-adjusted returns?

IROC currently has the higher Sharpe Ratio (2.36 vs 2.04), 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.