NMZ vs. NHMRX

Last updated Jun 23, 2026

NMZ (Nuveen Municipal High Income Opportunity Fund) and NHMRX (Nuveen High Yield Municipal Bond Fund) are both High Yield Muni funds from Nuveen. Over the past 10 years, NMZ returned 2.30%/yr vs 3.62%/yr for NHMRX. At a 0.25 correlation, their price movements are largely independent. NMZ charges 1.50%/yr vs 0.52%/yr for NHMRX.

Performance

NMZ vs. NHMRX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nuveen Municipal High Income Opportunity Fund (NMZ) and Nuveen High Yield Municipal Bond Fund (NHMRX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NMZ achieves a 5.27% return, which is significantly higher than NHMRX's 3.47% return. Over the past 10 years, NMZ has underperformed NHMRX with an annualized return of 2.30%, while NHMRX has yielded a comparatively higher 3.62% annualized return.

NMZ

• 1D: -0.58%
• 1M: 3.34%
• YTD: 5.27%
• 6M: 5.27%
• 1Y: 9.20%
• 3Y*: 5.68%
• 5Y*: -1.33%
• 10Y*: 2.30%

NHMRX

• 1D: 0.14%
• 1M: 2.53%
• YTD: 3.47%
• 6M: 4.18%
• 1Y: 9.37%
• 3Y*: 4.96%
• 5Y*: 1.01%
• 10Y*: 3.62%

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

NMZ vs. NHMRX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NMZ Nuveen Municipal High Income Opportunity Fund	5.27%	1.56%	16.52%	0.69%	-27.36%	10.41%	7.33%	28.36%	-9.47%	12.87%
NHMRX Nuveen High Yield Municipal Bond Fund	3.47%	2.75%	5.62%	7.31%	-14.96%	9.93%	3.25%	12.59%	2.06%	12.10%

Correlation

The correlation between NMZ and NHMRX is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.41
Correlation (3Y) Calculated over the trailing 3-year period	0.43
Correlation (5Y) Calculated over the trailing 5-year period	0.41
Correlation (10Y) Calculated over the trailing 10-year period	0.34
Correlation (All Time) Calculated using the full available price history since Nov 20, 2003	0.25

The correlation between NMZ and NHMRX shifts across timeframes, from 0.25 (all time) to 0.43 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

NMZ vs. NHMRX — Risk / Return Rank

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

NMZ

NMZ Risk / Return Rank: 16
NMZ Sharpe Ratio Rank: 14
NMZ Sortino Ratio Rank: 16
NMZ Omega Ratio Rank: 14
NMZ Calmar Ratio Rank: 21
NMZ Martin Ratio Rank: 15

NHMRX

NHMRX Risk / Return Rank: 63
NHMRX Sharpe Ratio Rank: 64
NHMRX Sortino Ratio Rank: 77
NHMRX Omega Ratio Rank: 82
NHMRX Calmar Ratio Rank: 52
NHMRX Martin Ratio Rank: 39

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.

NMZ vs. NHMRX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuveen Municipal High Income Opportunity Fund (NMZ) and Nuveen High Yield Municipal Bond Fund (NHMRX). 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.

	NMZ	NHMRX	Difference
Sharpe ratio: Return per unit of total volatility	0.98	2.15	-1.16
Sortino ratio: Return per unit of downside risk	1.54	3.37	-1.83
Omega ratio: Gain probability vs. loss probability	1.18	1.50	-0.31
Calmar ratio: Return relative to maximum drawdown	1.55	2.64	-1.09
Martin ratio: Return relative to average drawdown	3.87	7.99	-4.12

NMZ vs. NHMRX - Sharpe Ratio Comparison

The current NMZ Sharpe Ratio is 0.98, which is lower than the NHMRX Sharpe Ratio of 2.15. The chart below compares the historical Sharpe Ratios of NMZ and NHMRX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

NMZ vs. NHMRX - Drawdown Comparison

The maximum NMZ drawdown since its inception was -58.53%, which is greater than NHMRX's maximum drawdown of -45.45%. Use the drawdown chart below to compare losses from any high point for NMZ and NHMRX.

Drawdown Indicators

	NMZ	NHMRX	Difference
Max Drawdown Largest peak-to-trough decline	-58.53%	-45.45%	-13.08%
Max Drawdown (1Y) Largest decline over 1 year	-5.94%	-3.58%	-2.36%
Max Drawdown (3Y) Largest decline over 3 years	-21.56%	-10.19%	-11.37%
Max Drawdown (5Y) Largest decline over 5 years	-40.03%	-21.52%	-18.51%
Max Drawdown (10Y) Largest decline over 10 years	-40.03%	-22.22%	-17.81%
Current Drawdown Current decline from peak	-10.60%	0.00%	-10.60%
Average Drawdown Average peak-to-trough decline	-9.47%	-5.32%	-4.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.38%	1.18%	+1.20%

Volatility

NMZ vs. NHMRX - Volatility Comparison

Nuveen Municipal High Income Opportunity Fund (NMZ) has a higher volatility of 2.47% compared to Nuveen High Yield Municipal Bond Fund (NHMRX) at 1.03%. This indicates that NMZ's price experiences larger fluctuations and is considered to be riskier than NHMRX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NMZ	NHMRX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.47%	1.03%	+1.44%
Volatility (6M) Calculated over the trailing 6-month period	7.44%	3.06%	+4.38%
Volatility (1Y) Calculated over the trailing 1-year period	9.41%	4.40%	+5.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.96%	6.85%	+6.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.77%	6.73%	+8.04%

NMZ vs. NHMRX - Expense Ratio Comparison

NMZ has a 1.50% expense ratio, which is higher than NHMRX's 0.52% expense ratio.

Dividends

NMZ vs. NHMRX - Dividend Comparison

NMZ's dividend yield for the trailing twelve months is around 7.61%, more than NHMRX's 5.61% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NHMRX Nuveen High Yield Municipal Bond Fund	5.61%	6.07%	5.79%	7.34%	5.64%	4.69%	5.03%	5.39%	5.47%	5.38%	5.88%	5.60%
NMZ Nuveen Municipal High Income Opportunity Fund	7.61%	7.71%	6.35%	5.44%	7.04%	5.10%	5.09%	4.99%	6.15%	5.94%	6.94%	6.67%

Frequently Asked Questions

Can I hold both NMZ and NHMRX in my portfolio?

NMZ and NHMRX have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NMZ or NHMRX?

NMZ has higher volatility (2.47%) compared to NHMRX (1.03%). In terms of maximum drawdown, NMZ dropped -58.53% vs NHMRX's -45.45%.

Which has better risk-adjusted returns?

NHMRX currently has the higher Sharpe Ratio (2.15 vs 0.98), 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.