NHYM vs. NUBD

Last updated Aug 2, 2026

NHYM (Nuveen High Yield Municipal Income ETF) and NUBD (Nuveen ESG U.S. Aggregate Bond ETF) are both exchange-traded funds - NHYM is a High Yield Muni fund actively managed by Nuveen, while NUBD is a Intermediate Core Bond fund tracking the Bloomberg MSCI U.S. Aggregate ESG Select Index. NHYM is actively managed, while NUBD is passively managed. Over the past year, NHYM returned 7.27% vs 1.60% for NUBD. Their 0.61 correlation means they have sometimes moved together and sometimes differently. NHYM charges 0.35%/yr vs 0.15%/yr for NUBD.

Performance

NHYM vs. NUBD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nuveen High Yield Municipal Income ETF (NHYM) and Nuveen ESG U.S. Aggregate Bond ETF (NUBD). 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 NUBD's -0.72% return.

NHYM

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

NUBD

• 1D: -0.27%
• 1M: -1.32%
• 6M: -0.96%
• YTD: -0.72%
• 1Y: 1.60%
• 3Y*: 3.74%
• 5Y*: -0.55%
• 10Y*: —
• ALL TIME*: 1.34%

*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)
NHYM Nuveen High Yield Municipal Income ETF	$370.71K	$444.40K	$624.01K
NUBD Nuveen ESG U.S. Aggregate Bond ETF	$756.30K	$1.51M	$1.52M

NHYM vs. NUBD - Yearly Performance Comparison

	2026 (YTD)	2025
NHYM Nuveen High Yield Municipal Income ETF	1.57%	3.19%
NUBD Nuveen ESG U.S. Aggregate Bond ETF	-0.72%	6.89%

Correlation

The correlation between NHYM and NUBD is 0.59, 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.	0.59
Correlation (All Time) Calculated using the full available price history since Jan 23, 2025	0.61

The correlation between NHYM and NUBD has been stable across timeframes, ranging from 0.59 to 0.61 - a consistent structural relationship.

Return for Risk

NHYM vs. NUBD — 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

NUBD

NUBD Risk / Return Rank: 26
NUBD Sharpe Ratio Rank: 27
NUBD Sortino Ratio Rank: 25
NUBD Omega Ratio Rank: 24
NUBD Calmar Ratio Rank: 28
NUBD Martin Ratio Rank: 27

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. NUBD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuveen High Yield Municipal Income ETF (NHYM) and Nuveen ESG U.S. Aggregate Bond ETF (NUBD). 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	NUBD	Difference
Sharpe ratio: Return per unit of total volatility	2.04	0.65	+1.39
Sortino ratio: Return per unit of downside risk	3.17	0.95	+2.22
Omega ratio: Gain probability vs. loss probability	1.43	1.11	+0.32
Calmar ratio: Return relative to maximum drawdown	3.03	0.89	+2.13
Martin ratio: Return relative to average drawdown	10.90	2.20	+8.70

NHYM vs. NUBD - Sharpe Ratio Comparison

The current NHYM Sharpe Ratio is 2.04, which is higher than the NUBD Sharpe Ratio of 0.65. The chart below compares the historical Sharpe Ratios of NHYM and NUBD, 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. NUBD - Drawdown Comparison

The maximum NHYM drawdown since its inception was -6.11%, smaller than the maximum NUBD drawdown of -19.45%. Use the drawdown chart below to compare losses from any high point for NHYM and NUBD.

Drawdown Indicators

	NHYM	NUBD	Difference
Max Drawdown Largest peak-to-trough decline	-6.11%	-19.45%	+13.34%
Max Drawdown (1Y) Largest decline over 1 year	-2.77%	-2.76%	-0.01%
Max Drawdown (3Y) Largest decline over 3 years	—	-4.95%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-17.90%	—
Current Drawdown Current decline from peak	-1.66%	-4.81%	+3.15%
Average Drawdown Average peak-to-trough decline	-1.60%	-6.01%	+4.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.77%	1.12%	-0.35%

Volatility

NHYM vs. NUBD - Volatility Comparison

Nuveen High Yield Municipal Income ETF (NHYM) and Nuveen ESG U.S. Aggregate Bond ETF (NUBD) have volatilities of 1.00% and 1.02%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NHYM	NUBD	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.00%	1.02%	-0.02%
Volatility (6M) Calculated over the trailing 6-month period	2.73%	2.90%	-0.17%
Volatility (1Y) Calculated over the trailing 1-year period	4.11%	3.76%	+0.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.69%	5.99%	-0.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.69%	5.10%	+0.59%

NHYM vs. NUBD - Expense Ratio Comparison

NHYM has a 0.35% expense ratio, which is higher than NUBD's 0.15% expense ratio.

Dividends

NHYM vs. NUBD - Dividend Comparison

NHYM's dividend yield for the trailing twelve months is around 4.60%, more than NUBD's 4.07% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
NHYM Nuveen High Yield Municipal Income ETF	4.20%	4.06%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
NUBD Nuveen ESG U.S. Aggregate Bond ETF	3.73%	3.90%	3.51%	2.99%	2.83%	2.05%	2.21%	2.66%	3.08%	0.58%

Frequently Asked Questions

Can I hold both NHYM and NUBD in my portfolio?

NHYM and NUBD have a correlation of 0.59, 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 NUBD?

NUBD has higher volatility (1.02%) compared to NHYM (1.00%). In terms of maximum drawdown, NHYM dropped -6.11% vs NUBD's -19.45%.

Which ETF is better, NHYM or NUBD?

On 1-year performance, NHYM leads with 7.27% vs 1.60% for NUBD. On fees, NUBD is cheaper at 0.15% 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 NUBD?

Over the 1-year period, NHYM has performed better with a 7.27% return vs 1.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NHYM or NUBD?

NUBD is cheaper with a 0.15% expense ratio, compared with 0.35% for NHYM.

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

NHYM has the higher dividend yield at 4.20%, compared with 3.73% for NUBD.

What is the main difference between NHYM and NUBD?

NHYM is categorized as High Yield Muni, while NUBD is Intermediate Core Bond. Their fees differ too: 0.35% for NHYM and 0.15% for NUBD.

Which has better risk-adjusted returns?

NHYM currently has the higher Sharpe Ratio (2.04 vs 0.65), 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.