NMCO vs. HIMFX
NMCO (Nuveen Municipal Credit Opportunities Fund) and HIMFX (American High-Income Municipal Bond Fund Class F-3) are both High Yield Muni funds. Over the past 5 years, NMCO returned -0.82%/yr vs 1.74%/yr for HIMFX. At a 0.38 correlation, their price movements are largely independent. NMCO charges 0.04%/yr vs 0.31%/yr for HIMFX.
Performance
NMCO vs. HIMFX - 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 HIMFX's 2.51% return.
NMCO
- 1D
- 0.37%
- 1M
- 1.97%
- YTD
- 9.20%
- 6M
- 9.63%
- 1Y
- 11.11%
- 3Y*
- 6.33%
- 5Y*
- -0.82%
- 10Y*
- —
HIMFX
- 1D
- -0.06%
- 1M
- 1.80%
- YTD
- 2.51%
- 6M
- 3.09%
- 1Y
- 8.18%
- 3Y*
- 5.82%
- 5Y*
- 1.74%
- 10Y*
- —
NMCO vs. HIMFX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
NMCO Nuveen Municipal Credit Opportunities Fund | 9.20% | 4.18% | 13.64% | -4.19% | -25.66% | 26.98% | -11.55% | 4.14% |
HIMFX American High-Income Municipal Bond Fund Class F-3 | 2.51% | 4.69% | 6.23% | 7.89% | -12.36% | 5.60% | 4.74% | 1.36% |
Correlation
The correlation between NMCO and HIMFX is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.30 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.46 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.41 |
Correlation (All Time) Calculated using the full available price history since Sep 17, 2019 | 0.38 |
The correlation between NMCO and HIMFX shifts across timeframes, from 0.30 (1 year) to 0.46 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
NMCO vs. HIMFX — Risk / Return Rank
NMCO
HIMFX
NMCO vs. HIMFX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Nuveen Municipal Credit Opportunities Fund (NMCO) and American High-Income Municipal Bond Fund Class F-3 (HIMFX). 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 | HIMFX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.49 | ||
| Sortino ratioReturn per unit of downside risk | -2.69 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.67 | -0.45 |
| Calmar ratioReturn relative to maximum drawdown | 1.54 | 3.03 | -1.49 |
| Martin ratioReturn relative to average drawdown | 4.14 | 10.88 | -6.74 |
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Drawdowns
NMCO vs. HIMFX - Drawdown Comparison
The maximum NMCO drawdown since its inception was -42.03%, which is greater than HIMFX's maximum drawdown of -17.57%. Use the drawdown chart below to compare losses from any high point for NMCO and HIMFX.
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Drawdown Indicators
| NMCO | HIMFX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -42.03% | -17.57% | -24.46% |
Max Drawdown (1Y)Largest decline over 1 year | -7.24% | -2.76% | -4.48% |
Max Drawdown (3Y)Largest decline over 3 years | -24.35% | -6.17% | -18.18% |
Max Drawdown (5Y)Largest decline over 5 years | -39.82% | -17.57% | -22.25% |
Current DrawdownCurrent decline from peak | -9.18% | -0.06% | -9.12% |
Average DrawdownAverage peak-to-trough decline | -15.98% | -3.15% | -12.83% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.69% | 0.77% | +1.92% |
Volatility
NMCO vs. HIMFX - Volatility Comparison
Nuveen Municipal Credit Opportunities Fund (NMCO) has a higher volatility of 1.86% compared to American High-Income Municipal Bond Fund Class F-3 (HIMFX) at 0.78%. This indicates that NMCO's price experiences larger fluctuations and is considered to be riskier than HIMFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NMCO | HIMFX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.86% | 0.78% | +1.08% |
Volatility (6M)Calculated over the trailing 6-month period | 5.65% | 2.22% | +3.43% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.88% | 3.05% | +5.83% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.02% | 4.82% | +9.20% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.43% | 4.59% | +14.84% |
NMCO vs. HIMFX - Expense Ratio Comparison
NMCO has a 0.04% expense ratio, which is lower than HIMFX's 0.31% expense ratio.
Dividends
NMCO vs. HIMFX - Dividend Comparison
NMCO's dividend yield for the trailing twelve months is around 7.65%, more than HIMFX's 4.22% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
HIMFX American High-Income Municipal Bond Fund Class F-3 | 4.22% | 4.32% | 3.83% | 3.71% | 2.80% | 3.54% | 3.73% | 3.49% | 3.99% | 3.61% |
NMCO Nuveen Municipal Credit Opportunities Fund | 7.65% | 8.04% | 6.79% | 5.96% | 6.65% | 4.75% | 5.57% | 0.83% | 0.00% | 0.00% |
Frequently Asked Questions
NMCO and HIMFX have a correlation of 0.30, 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 HIMFX (0.78%). In terms of maximum drawdown, NMCO dropped -42.03% vs HIMFX's -17.57%.
HIMFX currently has the higher Sharpe Ratio (2.74 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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