NMCO vs. NMHIX

Last updated Jun 26, 2026

NMCO (Nuveen Municipal Credit Opportunities Fund) and NMHIX (Neuberger Berman Municipal High Income Fund) are both High Yield Muni funds. At a 0.37 correlation, their price movements are largely independent. NMCO charges 0.04%/yr vs 0.52%/yr for NMHIX.

Performance

NMCO vs. NMHIX - Performance Comparison

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

Returns By Period

NMCO

• 1D: -0.09%
• 1M: 1.30%
• YTD: 9.20%
• 6M: 9.31%
• 1Y: 10.47%
• 3Y*: 6.11%
• 5Y*: -0.77%
• 10Y*: —

NMHIX

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

NMCO vs. NMHIX - 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%
NMHIX Neuberger Berman Municipal High Income Fund	0.48%	3.56%	6.27%	4.34%	-14.26%	4.90%	4.04%	1.50%

Correlation

The correlation between NMCO and NMHIX is 0.28, 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	0.44
Correlation (5Y) Calculated over the trailing 5-year period	0.40
Correlation (All Time) Calculated using the full available price history since Sep 17, 2019	0.37

The correlation between NMCO and NMHIX shifts across timeframes, from 0.28 (1 year) to 0.44 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

NMCO vs. NMHIX — Risk / Return Rank

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

NMCO

NMCO Risk / Return Rank: 23
NMCO Sharpe Ratio Rank: 26
NMCO Sortino Ratio Rank: 25
NMCO Omega Ratio Rank: 24
NMCO Calmar Ratio Rank: 23
NMCO Martin Ratio Rank: 19

NMHIX

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. NMHIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuveen Municipal Credit Opportunities Fund (NMCO) and Neuberger Berman Municipal High Income Fund (NMHIX). 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	NMHIX	Difference
Sharpe ratio: Return per unit of total volatility	1.19	—	—
Sortino ratio: Return per unit of downside risk	1.72	—	—
Omega ratio: Gain probability vs. loss probability	1.21	—	—
Calmar ratio: Return relative to maximum drawdown	1.45	—	—
Martin ratio: Return relative to average drawdown	3.91	—	—

Drawdowns

Drawdown Indicators

	NMCO	NMHIX	Difference
Max Drawdown Largest peak-to-trough decline	-42.03%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-7.24%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-24.35%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-39.82%	—	—
Current Drawdown Current decline from peak	-9.18%	—	—
Average Drawdown Average peak-to-trough decline	-15.97%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	2.69%	—	—

Volatility

Volatility by Period

	NMCO	NMHIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.77%	—	—
Volatility (6M) Calculated over the trailing 6-month period	5.65%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	8.87%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.02%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.42%	—	—

NMCO vs. NMHIX - Expense Ratio Comparison

NMCO has a 0.04% expense ratio, which is lower than NMHIX's 0.52% expense ratio.

Dividends

NMCO vs. NMHIX - Dividend Comparison

NMCO's dividend yield for the trailing twelve months is around 7.65%, more than NMHIX's 4.16% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
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%	0.00%
NMHIX Neuberger Berman Municipal High Income Fund	4.16%	3.98%	3.81%	3.11%	2.43%	2.74%	2.90%	3.36%	3.64%	3.44%	4.42%

Frequently Asked Questions

Can I hold both NMCO and NMHIX in my portfolio?

NMCO and NMHIX have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.