NMCO vs. EWHYX
NMCO (Nuveen Municipal Credit Opportunities Fund) and EWHYX (Eaton Vance High Yield Municipal Income Fund Class W) are both High Yield Muni funds. Over the past 3 years, NMCO returned 6.33%/yr vs 5.58%/yr for EWHYX. At a 0.41 correlation, their price movements are largely independent. NMCO charges 0.04%/yr vs 0.18%/yr for EWHYX.
Performance
NMCO vs. EWHYX - Performance Comparison
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Returns By Period
In the year-to-date period, NMCO achieves a 9.20% return, which is significantly higher than EWHYX's 3.60% return.
NMCO
- 1D
- 0.37%
- 1M
- 1.97%
- YTD
- 9.20%
- 6M
- 9.63%
- 1Y
- 11.11%
- 3Y*
- 6.33%
- 5Y*
- -0.82%
- 10Y*
- —
EWHYX
- 1D
- 0.00%
- 1M
- 2.19%
- YTD
- 3.60%
- 6M
- 4.18%
- 1Y
- 9.65%
- 3Y*
- 5.58%
- 5Y*
- —
- 10Y*
- —
NMCO vs. EWHYX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
NMCO Nuveen Municipal Credit Opportunities Fund | 9.20% | 4.18% | 13.64% | -4.19% | -25.66% | 1.83% |
EWHYX Eaton Vance High Yield Municipal Income Fund Class W | 3.60% | 3.59% | 5.42% | 7.74% | -11.72% | 0.21% |
Correlation
The correlation between NMCO and EWHYX is 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.29 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.43 |
Correlation (All Time) Calculated using the full available price history since Nov 17, 2021 | 0.41 |
The correlation between NMCO and EWHYX shifts across timeframes, from 0.29 (1 year) to 0.43 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
NMCO vs. EWHYX — Risk / Return Rank
NMCO
EWHYX
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.
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.
| NMCO | EWHYX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.41 | ||
| Sortino ratioReturn per unit of downside risk | -2.71 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.65 | -0.43 |
| Calmar ratioReturn relative to maximum drawdown | 1.54 | 3.23 | -1.69 |
| Martin ratioReturn relative to average drawdown | 4.14 | 11.04 | -6.90 |
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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.
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Drawdown Indicators
| NMCO | EWHYX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -42.03% | -16.52% | -25.51% |
Max Drawdown (1Y)Largest decline over 1 year | -7.24% | -3.04% | -4.20% |
Max Drawdown (3Y)Largest decline over 3 years | -24.35% | -7.54% | -16.81% |
Max Drawdown (5Y)Largest decline over 5 years | -39.82% | — | — |
Current DrawdownCurrent decline from peak | -9.18% | 0.00% | -9.18% |
Average DrawdownAverage peak-to-trough decline | -15.98% | -5.31% | -10.67% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.69% | 0.89% | +1.80% |
Volatility
NMCO vs. EWHYX - Volatility Comparison
Nuveen Municipal Credit Opportunities Fund (NMCO) has a higher volatility of 1.86% compared to Eaton Vance High Yield Municipal Income Fund Class W (EWHYX) at 0.98%. 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.
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Volatility by Period
| NMCO | EWHYX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.86% | 0.98% | +0.88% |
Volatility (6M)Calculated over the trailing 6-month period | 5.65% | 2.57% | +3.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.88% | 3.69% | +5.19% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.02% | 5.21% | +8.81% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.43% | 5.21% | +14.22% |
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%.
Dividends
NMCO vs. EWHYX - Dividend Comparison
NMCO's dividend yield for the trailing twelve months is around 7.65%, more than EWHYX's 5.10% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
EWHYX Eaton Vance High Yield Municipal Income Fund Class W | 5.10% | 5.06% | 4.92% | 3.97% | 4.60% | 0.00% | 0.00% | 0.00% |
NMCO Nuveen Municipal Credit Opportunities Fund | 7.65% | 8.04% | 6.79% | 5.96% | 6.65% | 4.75% | 5.57% | 0.83% |
Frequently Asked Questions
NMCO and EWHYX have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NMCO has higher volatility (1.86%) compared to EWHYX (0.98%). In terms of maximum drawdown, NMCO dropped -42.03% vs EWHYX's -16.52%.
EWHYX currently has the higher Sharpe Ratio (2.67 vs 1.26), 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.
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