NMHIX vs. ORNAX

Last updated Jun 5, 2026

NMHIX (Neuberger Berman Municipal High Income Fund) and ORNAX (Invesco Rochester Municipal Opportunities Fund) are both High Yield Muni funds. Over the past 10 years, NMHIX returned 2.27%/yr vs 4.13%/yr for ORNAX. A 0.74 correlation means they provide meaningful diversification when combined. NMHIX charges 0.52%/yr vs 0.72%/yr for ORNAX.

Performance

NMHIX vs. ORNAX - Performance Comparison

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

Returns By Period

In the year-to-date period, NMHIX achieves a 0.48% return, which is significantly lower than ORNAX's 1.53% return. Over the past 10 years, NMHIX has underperformed ORNAX with an annualized return of 2.27%, while ORNAX has yielded a comparatively higher 4.13% annualized return.

NMHIX

• 1D: 0.00%
• 1M: -0.85%
• YTD: 0.48%
• 6M: 0.81%
• 1Y: 5.94%
• 3Y*: 4.61%
• 5Y*: 0.20%
• 10Y*: 2.27%

ORNAX

• 1D: -0.15%
• 1M: 0.76%
• YTD: 1.53%
• 6M: 1.83%
• 1Y: 5.33%
• 3Y*: 3.91%
• 5Y*: 0.36%
• 10Y*: 4.13%

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

NMHIX vs. ORNAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NMHIX Neuberger Berman Municipal High Income Fund	0.48%	3.56%	6.27%	4.34%	-14.26%	4.90%	4.04%	8.28%	2.19%	8.75%
ORNAX Invesco Rochester Municipal Opportunities Fund	1.53%	2.32%	4.76%	7.66%	-14.80%	6.73%	5.89%	14.25%	9.16%	6.88%

Correlation

The correlation between NMHIX and ORNAX is 0.72, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.72
Correlation (3Y) Calculated over the trailing 3-year period	0.83
Correlation (5Y) Calculated over the trailing 5-year period	0.87
Correlation (10Y) Calculated over the trailing 10-year period	0.75
Correlation (All Time) Calculated using the full available price history since Jan 6, 2016	0.74

The correlation between NMHIX and ORNAX shifts across timeframes, from 0.72 (1 year) to 0.87 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

NMHIX vs. ORNAX — Risk / Return Rank

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

NMHIX

NMHIX Risk / Return Rank: 51
NMHIX Sharpe Ratio Rank: 47
NMHIX Sortino Ratio Rank: 60
NMHIX Omega Ratio Rank: 74
NMHIX Calmar Ratio Rank: 36
NMHIX Martin Ratio Rank: 39

ORNAX

ORNAX Risk / Return Rank: 33
ORNAX Sharpe Ratio Rank: 30
ORNAX Sortino Ratio Rank: 37
ORNAX Omega Ratio Rank: 41
ORNAX Calmar Ratio Rank: 33
ORNAX Martin Ratio Rank: 25

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.

NMHIX vs. ORNAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Neuberger Berman Municipal High Income Fund (NMHIX) and Invesco Rochester Municipal Opportunities Fund (ORNAX). 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.

	NMHIX	ORNAX	Difference
Sharpe ratio: Return per unit of total volatility	1.97	1.58	+0.39
Sortino ratio: Return per unit of downside risk	3.19	2.55	+0.64
Omega ratio: Gain probability vs. loss probability	1.48	1.35	+0.13
Calmar ratio: Return relative to maximum drawdown	2.20	2.15	+0.06
Martin ratio: Return relative to average drawdown	8.22	6.12	+2.09
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NMHIX vs. ORNAX - Sharpe Ratio Comparison

The current NMHIX Sharpe Ratio is 1.97, which is comparable to the ORNAX Sharpe Ratio of 1.58. The chart below compares the historical Sharpe Ratios of NMHIX and ORNAX, 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

	NMHIX	ORNAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.97	1.58	+0.39
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.04	0.06	-0.02
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.48	0.70	-0.21
Sharpe Ratio (All Time) Calculated using the full available price history	0.55	0.78	-0.23

Drawdowns

NMHIX vs. ORNAX - Drawdown Comparison

The maximum NMHIX drawdown since its inception was -19.38%, smaller than the maximum ORNAX drawdown of -55.48%. Use the drawdown chart below to compare losses from any high point for NMHIX and ORNAX.

Drawdown Indicators

	NMHIX	ORNAX	Difference
Max Drawdown Largest peak-to-trough decline	-19.38%	-55.48%	+36.10%
Max Drawdown (1Y) Largest decline over 1 year	-2.62%	-2.92%	+0.30%
Max Drawdown (3Y) Largest decline over 3 years	-7.29%	-9.79%	+2.50%
Max Drawdown (5Y) Largest decline over 5 years	-19.38%	-21.16%	+1.78%
Max Drawdown (10Y) Largest decline over 10 years	-19.38%	-21.16%	+1.78%
Current Drawdown Current decline from peak	-1.64%	-0.18%	-1.46%
Average Drawdown Average peak-to-trough decline	-4.54%	-7.07%	+2.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.70%	1.06%	-0.36%

Volatility

NMHIX vs. ORNAX - Volatility Comparison

The current volatility for Neuberger Berman Municipal High Income Fund (NMHIX) is 1.10%, while Invesco Rochester Municipal Opportunities Fund (ORNAX) has a volatility of 1.31%. This indicates that NMHIX experiences smaller price fluctuations and is considered to be less risky than ORNAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NMHIX	ORNAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.10%	1.31%	-0.21%
Volatility (6M) Calculated over the trailing 6-month period	2.13%	2.65%	-0.52%
Volatility (1Y) Calculated over the trailing 1-year period	2.93%	3.96%	-1.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.62%	6.04%	-1.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.72%	6.01%	-1.29%

NMHIX vs. ORNAX - Expense Ratio Comparison

NMHIX has a 0.52% expense ratio, which is lower than ORNAX's 0.72% expense ratio.

Dividends

NMHIX vs. ORNAX - Dividend Comparison

NMHIX's dividend yield for the trailing twelve months is around 4.16%, more than ORNAX's 3.60% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%	0.00%
ORNAX Invesco Rochester Municipal Opportunities Fund	3.60%	5.86%	5.68%	4.21%	4.04%	4.26%	4.86%	4.50%	4.80%	5.78%	6.50%	6.67%

Frequently Asked Questions

Can I hold both NMHIX and ORNAX in my portfolio?

NMHIX and ORNAX have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NMHIX or ORNAX?

ORNAX has higher volatility (1.31%) compared to NMHIX (1.10%). In terms of maximum drawdown, NMHIX dropped -19.38% vs ORNAX's -55.48%.

Which has better risk-adjusted returns?

NMHIX currently has the higher Sharpe Ratio (1.97 vs 1.58), 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.