NHYM vs. JMHI

Last updated Aug 2, 2026

NHYM (Nuveen High Yield Municipal Income ETF) and JMHI (JPMorgan High Yield Municipal ETF) are both High Yield Muni funds. Both are actively managed. Over the past year, NHYM returned 7.27% vs 4.39% for JMHI. Their 0.73 correlation means they have sometimes moved together and sometimes differently. Both charge a 0.35% expense ratio.

Performance

NHYM vs. JMHI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nuveen High Yield Municipal Income ETF (NHYM) and JPMorgan High Yield Municipal ETF (JMHI). 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 higher than JMHI's 0.59% return.

NHYM

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

JMHI

• 1D: -0.27%
• 1M: -2.16%
• 6M: -0.12%
• YTD: 0.59%
• 1Y: 4.39%
• 3Y*: 4.70%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 4.13%

*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)
JMHI JPMorgan High Yield Municipal ETF	$3.55M	$2.25M	$1.49M
NHYM Nuveen High Yield Municipal Income ETF	$370.71K	$444.40K	$624.01K

NHYM vs. JMHI - Yearly Performance Comparison

	2026 (YTD)	2025
NHYM Nuveen High Yield Municipal Income ETF	1.57%	3.19%
JMHI JPMorgan High Yield Municipal ETF	0.59%	3.96%

Correlation

The correlation between NHYM and JMHI is 0.68, 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.	0.68
Correlation (All Time) Calculated using the full available price history since Jan 23, 2025	0.73

The correlation between NHYM and JMHI has been stable across timeframes, ranging from 0.68 to 0.73 - a consistent structural relationship.

Return for Risk

NHYM vs. JMHI — 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

JMHI

JMHI Risk / Return Rank: 62
JMHI Sharpe Ratio Rank: 69
JMHI Sortino Ratio Rank: 68
JMHI Omega Ratio Rank: 75
JMHI Calmar Ratio Rank: 48
JMHI Martin Ratio Rank: 50

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. JMHI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuveen High Yield Municipal Income ETF (NHYM) and JPMorgan High Yield Municipal ETF (JMHI). 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	JMHI	Difference
Sharpe ratio: Return per unit of total volatility	2.04	1.58	+0.46
Sortino ratio: Return per unit of downside risk	3.17	2.25	+0.92
Omega ratio: Gain probability vs. loss probability	1.43	1.31	+0.12
Calmar ratio: Return relative to maximum drawdown	3.03	1.74	+1.28
Martin ratio: Return relative to average drawdown	10.90	5.81	+5.09

NHYM vs. JMHI - Sharpe Ratio Comparison

The current NHYM Sharpe Ratio is 2.04, which is comparable to the JMHI Sharpe Ratio of 1.58. The chart below compares the historical Sharpe Ratios of NHYM and JMHI, 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. JMHI - Drawdown Comparison

The maximum NHYM drawdown since its inception was -6.11%, smaller than the maximum JMHI drawdown of -7.11%. Use the drawdown chart below to compare losses from any high point for NHYM and JMHI.

Drawdown Indicators

	NHYM	JMHI	Difference
Max Drawdown Largest peak-to-trough decline	-6.11%	-7.11%	+1.00%
Max Drawdown (1Y) Largest decline over 1 year	-2.77%	-2.93%	+0.16%
Max Drawdown (3Y) Largest decline over 3 years	—	-5.30%	—
Current Drawdown Current decline from peak	-1.66%	-2.16%	+0.50%
Average Drawdown Average peak-to-trough decline	-1.60%	-1.26%	-0.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.77%	0.88%	-0.11%

Volatility

NHYM vs. JMHI - Volatility Comparison

The current volatility for Nuveen High Yield Municipal Income ETF (NHYM) is 1.00%, while JPMorgan High Yield Municipal ETF (JMHI) has a volatility of 1.07%. This indicates that NHYM experiences smaller price fluctuations and is considered to be less risky than JMHI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NHYM	JMHI	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.00%	1.07%	-0.07%
Volatility (6M) Calculated over the trailing 6-month period	2.73%	2.57%	+0.16%
Volatility (1Y) Calculated over the trailing 1-year period	4.11%	3.24%	+0.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.69%	4.44%	+1.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.69%	4.44%	+1.25%

NHYM vs. JMHI - Expense Ratio Comparison

Both NHYM and JMHI have an expense ratio of 0.35%.

Dividends

NHYM vs. JMHI - Dividend Comparison

NHYM's dividend yield for the trailing twelve months is around 4.60%, which matches JMHI's 4.56% yield.

Position	TTM	2025	2024	2023
JMHI JPMorgan High Yield Municipal ETF	4.13%	4.42%	4.49%	2.48%
NHYM Nuveen High Yield Municipal Income ETF	4.20%	4.06%	0.00%	0.00%

Frequently Asked Questions

Can I hold both NHYM and JMHI in my portfolio?

NHYM and JMHI have a correlation of 0.68, 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 JMHI?

JMHI has higher volatility (1.07%) compared to NHYM (1.00%). In terms of maximum drawdown, NHYM dropped -6.11% vs JMHI's -7.11%.

Which ETF is better, NHYM or JMHI?

On 1-year performance, NHYM leads with 7.27% vs 4.39% for JMHI. Both ETFs have the same 0.35% expense ratio. 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 JMHI?

Over the 1-year period, NHYM has performed better with a 7.27% return vs 4.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NHYM or JMHI?

NHYM and JMHI have the same expense ratio: 0.35% per year.

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

NHYM has the higher dividend yield at 4.20%, compared with 4.13% for JMHI.

What is the main difference between NHYM and JMHI?

They also come from different issuers: Nuveen and JPMorgan.

Which has better risk-adjusted returns?

NHYM currently has the higher Sharpe Ratio (2.04 vs 1.58), 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.