NHYM vs. NUSB

Last updated Jul 14, 2026

NHYM (Nuveen High Yield Municipal Income ETF) and NUSB (Nuveen Ultra Short Income ETF) are both exchange-traded funds - NHYM is a High Yield Muni fund actively managed by Nuveen, while NUSB is a Ultrashort Bond fund actively managed by Nuveen. Both are actively managed. Over the past year, NHYM returned 8.61% vs 4.15% for NUSB. At a 0.26 correlation, their price movements are largely independent. NHYM charges 0.35%/yr vs 0.17%/yr for NUSB.

Performance

NHYM vs. NUSB - Performance Comparison

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

Returns By Period

In the year-to-date period, NHYM achieves a 2.81% return, which is significantly higher than NUSB's 1.91% return.

NHYM

• 1D: -0.14%
• 1M: 0.30%
• 6M: 2.19%
• YTD: 2.81%
• 1Y: 8.61%
• 3Y*: —
• 5Y*: —
• 10Y*: —

NUSB

• 1D: -0.02%
• 1M: 0.26%
• 6M: 1.78%
• YTD: 1.91%
• 1Y: 4.15%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

NHYM vs. NUSB - Yearly Performance Comparison

	2026 (YTD)	2025
NHYM Nuveen High Yield Municipal Income ETF	2.81%	3.19%
NUSB Nuveen Ultra Short Income ETF	1.91%	4.44%

Correlation

The correlation between NHYM and NUSB is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.25
Correlation (All Time) Calculated using the full available price history since Jan 23, 2025	0.26

Return for Risk

NHYM vs. NUSB — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

NHYM

NHYM Risk / Return Rank: 82
NHYM Sharpe Ratio Rank: 82
NHYM Sortino Ratio Rank: 88
NHYM Omega Ratio Rank: 88
NHYM Calmar Ratio Rank: 76
NHYM Martin Ratio Rank: 77

NUSB

NUSB Risk / Return Rank: 100
NUSB Sharpe Ratio Rank: 100
NUSB Sortino Ratio Rank: 100
NUSB Omega Ratio Rank: 100
NUSB Calmar Ratio Rank: 100
NUSB Martin Ratio Rank: 100

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

NHYM vs. NUSB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuveen High Yield Municipal Income ETF (NHYM) and Nuveen Ultra Short Income ETF (NUSB). 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	NUSB	Difference
Sharpe ratio: Return per unit of total volatility	2.06	12.52	-10.46
Sortino ratio: Return per unit of downside risk	3.20	34.77	-31.57
Omega ratio: Gain probability vs. loss probability	1.43	9.84	-8.41
Calmar ratio: Return relative to maximum drawdown	3.12	70.14	-67.02
Martin ratio: Return relative to average drawdown	11.49	446.74	-435.25

NHYM vs. NUSB - Sharpe Ratio Comparison

The current NHYM Sharpe Ratio is 2.06, which is lower than the NUSB Sharpe Ratio of 12.52. The chart below compares the historical Sharpe Ratios of NHYM and NUSB, 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. NUSB - Drawdown Comparison

The maximum NHYM drawdown since its inception was -6.11%, which is greater than NUSB's maximum drawdown of -0.16%. Use the drawdown chart below to compare losses from any high point for NHYM and NUSB.

Drawdown Indicators

	NHYM	NUSB	Difference
Max Drawdown Largest peak-to-trough decline	-6.11%	-0.16%	-5.95%
Max Drawdown (1Y) Largest decline over 1 year	-2.77%	-0.06%	-2.71%
Current Drawdown Current decline from peak	-0.46%	-0.02%	-0.44%
Average Drawdown Average peak-to-trough decline	-1.62%	-0.00%	-1.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.76%	0.01%	+0.75%

Volatility

NHYM vs. NUSB - Volatility Comparison

Nuveen High Yield Municipal Income ETF (NHYM) has a higher volatility of 0.69% compared to Nuveen Ultra Short Income ETF (NUSB) at 0.09%. This indicates that NHYM's price experiences larger fluctuations and is considered to be riskier than NUSB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NHYM	NUSB	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.69%	0.09%	+0.60%
Volatility (6M) Calculated over the trailing 6-month period	2.65%	0.23%	+2.42%
Volatility (1Y) Calculated over the trailing 1-year period	4.21%	0.33%	+3.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.74%	0.38%	+5.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.74%	0.38%	+5.36%

NHYM vs. NUSB - Expense Ratio Comparison

NHYM has a 0.35% expense ratio, which is higher than NUSB's 0.17% expense ratio.

Dividends

NHYM vs. NUSB - Dividend Comparison

NHYM's dividend yield for the trailing twelve months is around 4.54%, more than NUSB's 4.29% yield.

Position	TTM	2025	2024
NHYM Nuveen High Yield Municipal Income ETF	4.54%	4.06%	0.00%
NUSB Nuveen Ultra Short Income ETF	4.29%	4.51%	3.61%

Frequently Asked Questions

Can I hold both NHYM and NUSB in my portfolio?

NHYM and NUSB have a correlation of 0.25, 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 NUSB?

NHYM has higher volatility (0.69%) compared to NUSB (0.09%). In terms of maximum drawdown, NHYM dropped -6.11% vs NUSB's -0.16%.

Which ETF is better, NHYM or NUSB?

On 1-year performance, NHYM leads with 8.61% vs 4.15% for NUSB. On fees, NUSB is cheaper at 0.17% per year. On volatility, NUSB has been the lower-risk option at 0.09%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NHYM or NUSB?

Over the 1-year period, NHYM has performed better with a 8.61% return vs 4.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NHYM or NUSB?

NUSB is cheaper with a 0.17% expense ratio, compared with 0.35% for NHYM.

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

NHYM has the higher dividend yield at 4.54%, compared with 4.29% for NUSB.

What is the main difference between NHYM and NUSB?

NHYM is categorized as High Yield Muni, while NUSB is Ultrashort Bond. Their fees differ too: 0.35% for NHYM and 0.17% for NUSB.

Which has better risk-adjusted returns?

NUSB currently has the higher Sharpe Ratio (12.52 vs 2.06), 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.