NMCO vs. EWHYX

Last updated Apr 2, 2026

Compare and contrast key facts about Nuveen Municipal Credit Opportunities Fund (NMCO) and Eaton Vance High Yield Municipal Income Fund Class W (EWHYX).

NMCO is managed by Nuveen. It was launched on Apr 18, 2019. EWHYX is an actively managed fund by Eaton Vance. It was launched on May 9, 2007.

Performance

NMCO vs. EWHYX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nuveen Municipal Credit Opportunities Fund (NMCO) and Eaton Vance High Yield Municipal Income Fund Class W (EWHYX). The values are adjusted to include any dividend payments, if applicable.

NMCO vs. EWHYX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
NMCO Nuveen Municipal Credit Opportunities Fund	6.43%	4.18%	13.64%	-4.19%	-25.66%	2.02%
EWHYX Eaton Vance High Yield Municipal Income Fund Class W	0.37%	3.59%	5.42%	7.74%	-11.72%	0.21%

Returns By Period

In the year-to-date period, NMCO achieves a 6.43% return, which is significantly higher than EWHYX's 0.37% return.

NMCO

• 1D: 0.95%
• 1M: -1.65%
• YTD: 6.43%
• 6M: 1.82%
• 1Y: 7.40%
• 3Y*: 4.68%
• 5Y*: 0.59%
• 10Y*: —

EWHYX

• 1D: 0.38%
• 1M: -2.08%
• YTD: 0.37%
• 6M: 2.18%
• 1Y: 3.60%
• 3Y*: 4.88%
• 5Y*: —
• 10Y*: —

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

NMCO vs. EWHYX - Expense Ratio Comparison

NMCO has a 0.04% expense ratio, which is lower than EWHYX's 0.18% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

EWHYX

Eaton Vance High Yield Municipal Income Fund Class W

NMCO

Nuveen Municipal Credit Opportunities Fund

Return for Risk

NMCO vs. EWHYX — Risk / Return Rank

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

NMCO

NMCO Risk / Return Rank: 18
NMCO Sharpe Ratio Rank: 20
NMCO Sortino Ratio Rank: 18
NMCO Omega Ratio Rank: 16
NMCO Calmar Ratio Rank: 21
NMCO Martin Ratio Rank: 16

EWHYX

EWHYX Risk / Return Rank: 17
EWHYX Sharpe Ratio Rank: 17
EWHYX Sortino Ratio Rank: 14
EWHYX Omega Ratio Rank: 25
EWHYX Calmar Ratio Rank: 16
EWHYX Martin Ratio Rank: 13

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. EWHYX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuveen Municipal Credit Opportunities Fund (NMCO) and Eaton Vance High Yield Municipal Income Fund Class W (EWHYX). 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	EWHYX	Difference
Sharpe ratio Return per unit of total volatility	0.67	0.61	+0.06
Sortino ratio Return per unit of downside risk	0.95	0.84	+0.10
Omega ratio Gain probability vs. loss probability	1.13	1.16	-0.03
Calmar ratio Return relative to maximum drawdown	0.90	0.71	+0.19
Martin ratio Return relative to average drawdown	2.43	1.85	+0.58
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. EWHYX - Sharpe Ratio Comparison

The current NMCO Sharpe Ratio is 0.67, which is comparable to the EWHYX Sharpe Ratio of 0.61. The chart below compares the historical Sharpe Ratios of NMCO and EWHYX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	NMCO	EWHYX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.67	0.61	+0.06
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.04	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.02	0.19	-0.17

Correlation

The correlation between NMCO and EWHYX is 0.41, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

NMCO vs. EWHYX - Dividend Comparison

NMCO's dividend yield for the trailing twelve months is around 7.70%, more than EWHYX's 4.73% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019
NMCO Nuveen Municipal Credit Opportunities Fund	7.70%	8.04%	6.79%	5.96%	6.65%	4.75%	5.57%	0.83%
EWHYX Eaton Vance High Yield Municipal Income Fund Class W	4.73%	5.06%	4.92%	3.97%	4.60%	0.00%	0.00%	0.00%

Drawdowns

NMCO vs. EWHYX - Drawdown Comparison

The maximum NMCO drawdown since its inception was -42.03%, which is greater than EWHYX's maximum drawdown of -16.52%. Use the drawdown chart below to compare losses from any high point for NMCO and EWHYX.

Drawdown Indicators

	NMCO	EWHYX	Difference
Max Drawdown Largest peak-to-trough decline	-42.03%	-16.52%	-25.51%
Max Drawdown (1Y) Largest decline over 1 year	-8.68%	-6.59%	-2.09%
Max Drawdown (5Y) Largest decline over 5 years	-39.82%	—	—
Current Drawdown Current decline from peak	-11.48%	-2.43%	-9.05%
Average Drawdown Average peak-to-trough decline	-16.19%	-5.55%	-10.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.26%	2.53%	+0.73%

Volatility

NMCO vs. EWHYX - Volatility Comparison

Nuveen Municipal Credit Opportunities Fund (NMCO) has a higher volatility of 3.52% compared to Eaton Vance High Yield Municipal Income Fund Class W (EWHYX) at 1.21%. This indicates that NMCO's price experiences larger fluctuations and is considered to be riskier than EWHYX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NMCO	EWHYX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.52%	1.21%	+2.31%
Volatility (6M) Calculated over the trailing 6-month period	6.63%	2.17%	+4.46%
Volatility (1Y) Calculated over the trailing 1-year period	11.15%	6.62%	+4.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.08%	5.27%	+8.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.71%	5.27%	+14.44%