NMCO vs. DHMBX

Last updated Jun 4, 2026

NMCO (Nuveen Municipal Credit Opportunities Fund) and DHMBX (BNY Mellon High Yield Municipal Bond Fund) are both High Yield Muni funds. Over the past 5 years, NMCO returned -0.71%/yr vs -0.21%/yr for DHMBX. At a 0.37 correlation, their price movements are largely independent. NMCO charges 0.04%/yr vs 0.69%/yr for DHMBX.

Performance

NMCO vs. DHMBX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nuveen Municipal Credit Opportunities Fund (NMCO) and BNY Mellon High Yield Municipal Bond Fund (DHMBX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NMCO achieves a 7.29% return, which is significantly higher than DHMBX's 3.03% return.

NMCO

• 1D: -0.84%
• 1M: 0.26%
• YTD: 7.29%
• 6M: 3.64%
• 1Y: 9.04%
• 3Y*: 5.30%
• 5Y*: -0.71%
• 10Y*: —

DHMBX

• 1D: 0.28%
• 1M: 0.92%
• YTD: 3.03%
• 6M: 3.21%
• 1Y: 9.17%
• 3Y*: 4.70%
• 5Y*: -0.21%
• 10Y*: 2.45%

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

NMCO vs. DHMBX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
NMCO Nuveen Municipal Credit Opportunities Fund	7.29%	4.18%	13.64%	-4.19%	-25.66%	26.98%	-11.55%	2.16%
DHMBX BNY Mellon High Yield Municipal Bond Fund	3.03%	2.64%	4.41%	6.50%	-17.25%	5.58%	2.85%	2.47%

Correlation

The correlation between NMCO and DHMBX is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.32
Correlation (3Y) Calculated over the trailing 3-year period	0.43
Correlation (5Y) Calculated over the trailing 5-year period	0.39
Correlation (All Time) Calculated using the full available price history since Sep 18, 2019	0.37

The correlation between NMCO and DHMBX shifts across timeframes, from 0.32 (1 year) to 0.43 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

NMCO vs. DHMBX — Risk / Return Rank

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

NMCO

NMCO Risk / Return Rank: 13
NMCO Sharpe Ratio Rank: 13
NMCO Sortino Ratio Rank: 13
NMCO Omega Ratio Rank: 12
NMCO Calmar Ratio Rank: 14
NMCO Martin Ratio Rank: 12

DHMBX

DHMBX Risk / Return Rank: 62
DHMBX Sharpe Ratio Rank: 63
DHMBX Sortino Ratio Rank: 76
DHMBX Omega Ratio Rank: 80
DHMBX Calmar Ratio Rank: 50
DHMBX Martin Ratio Rank: 41

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.

NMCO vs. DHMBX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuveen Municipal Credit Opportunities Fund (NMCO) and BNY Mellon High Yield Municipal Bond Fund (DHMBX). 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.

	NMCO	DHMBX	Difference
Sharpe ratio: Return per unit of total volatility	1.02	2.34	-1.32
Sortino ratio: Return per unit of downside risk	1.48	3.66	-2.18
Omega ratio: Gain probability vs. loss probability	1.18	1.53	-0.35
Calmar ratio: Return relative to maximum drawdown	1.25	2.70	-1.45
Martin ratio: Return relative to average drawdown	3.37	8.84	-5.46
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NMCO vs. DHMBX - Sharpe Ratio Comparison

The current NMCO Sharpe Ratio is 1.02, which is lower than the DHMBX Sharpe Ratio of 2.34. The chart below compares the historical Sharpe Ratios of NMCO and DHMBX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	NMCO	DHMBX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.02	2.34	-1.32
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.05	-0.03	-0.02
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.41	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.03	0.72	-0.69

Drawdowns

NMCO vs. DHMBX - Drawdown Comparison

The maximum NMCO drawdown since its inception was -42.03%, which is greater than DHMBX's maximum drawdown of -27.66%. Use the drawdown chart below to compare losses from any high point for NMCO and DHMBX.

Drawdown Indicators

	NMCO	DHMBX	Difference
Max Drawdown Largest peak-to-trough decline	-42.03%	-27.66%	-14.37%
Max Drawdown (1Y) Largest decline over 1 year	-7.24%	-3.33%	-3.91%
Max Drawdown (3Y) Largest decline over 3 years	-24.35%	-9.55%	-14.80%
Max Drawdown (5Y) Largest decline over 5 years	-39.82%	-22.90%	-16.92%
Max Drawdown (10Y) Largest decline over 10 years	—	-22.90%	—
Current Drawdown Current decline from peak	-10.76%	-3.08%	-7.68%
Average Drawdown Average peak-to-trough decline	-16.04%	-4.88%	-11.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.69%	1.02%	+1.67%

Volatility

NMCO vs. DHMBX - Volatility Comparison

Nuveen Municipal Credit Opportunities Fund (NMCO) has a higher volatility of 2.32% compared to BNY Mellon High Yield Municipal Bond Fund (DHMBX) at 1.39%. This indicates that NMCO's price experiences larger fluctuations and is considered to be riskier than DHMBX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NMCO	DHMBX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.32%	1.39%	+0.93%
Volatility (6M) Calculated over the trailing 6-month period	5.92%	2.81%	+3.11%
Volatility (1Y) Calculated over the trailing 1-year period	8.95%	3.86%	+5.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.03%	6.16%	+7.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.49%	6.06%	+13.43%

NMCO vs. DHMBX - Expense Ratio Comparison

NMCO has a 0.04% expense ratio, which is lower than DHMBX's 0.69% expense ratio.

Dividends

NMCO vs. DHMBX - Dividend Comparison

NMCO's dividend yield for the trailing twelve months is around 7.73%, more than DHMBX's 4.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DHMBX BNY Mellon High Yield Municipal Bond Fund	4.01%	5.37%	3.96%	3.13%	3.09%	2.47%	3.46%	4.19%	4.13%	3.66%	4.95%	4.50%
NMCO Nuveen Municipal Credit Opportunities Fund	7.73%	8.04%	6.79%	5.96%	6.65%	4.75%	5.57%	0.83%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both NMCO and DHMBX in my portfolio?

NMCO and DHMBX have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NMCO or DHMBX?

NMCO has higher volatility (2.32%) compared to DHMBX (1.39%). In terms of maximum drawdown, NMCO dropped -42.03% vs DHMBX's -27.66%.

Which has better risk-adjusted returns?

DHMBX currently has the higher Sharpe Ratio (2.34 vs 1.02), 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.