NMNJX vs. NELIX
NMNJX (Nuveen New Jersey Municipal Bond Fund) and NELIX (Nuveen Equity Long/Short Fund) are both mutual funds - NMNJX is a Municipal Bonds fund managed by Nuveen, while NELIX is a Long-Short fund managed by Nuveen. Over the past 10 years, NMNJX returned 1.95%/yr vs 10.34%/yr for NELIX. Their -0.06 correlation means they have often moved in opposite directions in the past. NMNJX charges 0.59%/yr vs 1.35%/yr for NELIX.
Performance
NMNJX vs. NELIX - Performance Comparison
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Returns By Period
In the year-to-date period, NMNJX achieves a 0.04% return, which is significantly lower than NELIX's 6.38% return. Over the past 10 years, NMNJX has underperformed NELIX with an annualized return of 1.95%, while NELIX has yielded a comparatively higher 10.34% annualized return.
NMNJX
- 1D
- -0.19%
- 1M
- -1.97%
- 6M
- -0.52%
- YTD
- 0.04%
- 1Y
- 4.83%
- 3Y*
- 2.97%
- 5Y*
- 0.24%
- 10Y*
- 1.95%
- ALL TIME*
- 4.45%
NELIX
- 1D
- 2.22%
- 1M
- -0.67%
- 6M
- 4.80%
- YTD
- 6.38%
- 1Y
- 12.58%
- 3Y*
- 14.80%
- 5Y*
- 10.20%
- 10Y*
- 10.34%
- ALL TIME*
- 9.45%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
NMNJX vs. NELIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
NMNJX Nuveen New Jersey Municipal Bond Fund | 0.04% | 3.96% | 1.43% | 7.37% | -10.25% | 2.23% | 4.53% | 8.33% | 1.14% | 6.86% |
NELIX Nuveen Equity Long/Short Fund | 6.38% | 11.31% | 20.55% | 24.09% | -14.94% | 32.92% | -0.79% | 6.35% | -2.36% | 19.32% |
Correlation
The correlation between NMNJX and NELIX is 0.17, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.17 |
Correlation (3Y) Balances recent behavior with more history. | 0.10 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.07 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.02 |
Correlation (All Time) Calculated using the full available price history since Jun 26, 2013 | -0.06 |
The correlation between NMNJX and NELIX shifts across timeframes, from -0.06 (all time) to 0.17 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
NMNJX vs. NELIX — Risk / Return Rank
NMNJX
NELIX
NMNJX vs. NELIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Nuveen New Jersey Municipal Bond Fund (NMNJX) and Nuveen Equity Long/Short Fund (NELIX). 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.
| NMNJX | NELIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.91 | ||
| Sortino ratioReturn per unit of downside risk | +1.37 | ||
| Omega ratioGain probability vs. loss probability | 1.48 | 1.20 | +0.28 |
| Calmar ratioReturn relative to maximum drawdown | 2.07 | 1.82 | +0.25 |
| Martin ratioReturn relative to average drawdown | 6.43 | 6.72 | -0.29 |
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Drawdowns
NMNJX vs. NELIX - Drawdown Comparison
The maximum NMNJX drawdown since its inception was -16.18%, smaller than the maximum NELIX drawdown of -28.72%. Use the drawdown chart below to compare losses from any high point for NMNJX and NELIX.
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Drawdown Indicators
| NMNJX | NELIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.18% | -28.72% | +12.54% |
Max Drawdown (1Y)Largest decline over 1 year | -2.80% | -6.31% | +3.51% |
Max Drawdown (3Y)Largest decline over 3 years | -6.48% | -15.50% | +9.02% |
Max Drawdown (5Y)Largest decline over 5 years | -16.18% | -19.30% | +3.12% |
Max Drawdown (10Y)Largest decline over 10 years | -16.18% | -28.72% | +12.54% |
Current DrawdownCurrent decline from peak | -1.97% | -2.04% | +0.07% |
Average DrawdownAverage peak-to-trough decline | -1.96% | -4.65% | +2.69% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.90% | 1.70% | -0.80% |
Volatility
NMNJX vs. NELIX - Volatility Comparison
The current volatility for Nuveen New Jersey Municipal Bond Fund (NMNJX) is 0.96%, while Nuveen Equity Long/Short Fund (NELIX) has a volatility of 3.51%. This indicates that NMNJX experiences smaller price fluctuations and is considered to be less risky than NELIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NMNJX | NELIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.96% | 3.51% | -2.55% |
Volatility (6M)Calculated over the trailing 6-month period | 2.31% | 8.33% | -6.02% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.88% | 10.44% | -7.56% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.56% | 12.77% | -8.21% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.64% | 13.60% | -8.96% |
NMNJX vs. NELIX - Expense Ratio Comparison
NMNJX has a 0.59% expense ratio, which is lower than NELIX's 1.35% expense ratio.
Dividends
NMNJX vs. NELIX - Dividend Comparison
NMNJX's dividend yield for the trailing twelve months is around 2.81%, less than NELIX's 3.58% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
NELIX Nuveen Equity Long/Short Fund | 3.58% | 3.81% | 4.78% | 4.20% | 6.84% | 2.44% | 0.00% | 0.00% | 1.35% | 1.58% | 0.00% | 0.00% |
NMNJX Nuveen New Jersey Municipal Bond Fund | 2.81% | 3.35% | 3.40% | 3.02% | 2.81% | 2.55% | 2.84% | 3.41% | 4.05% | 3.77% | 3.91% | 3.74% |
Frequently Asked Questions
NMNJX and NELIX have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NELIX has higher volatility (3.51%) compared to NMNJX (0.96%). In terms of maximum drawdown, NMNJX dropped -16.18% vs NELIX's -28.72%.
NMNJX currently has the higher Sharpe Ratio (2.01 vs 1.10), 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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