NPFI vs. NHYM

Last updated Jun 5, 2026

NPFI (Nuveen Preferred And Income ETF) and NHYM (Nuveen High Yield Municipal Income ETF) are both exchange-traded funds - NPFI is a Preferred Stock/Convertible Bonds fund actively managed by Nuveen, while NHYM is a High Yield Muni fund actively managed by Nuveen. Both are actively managed. Over the past year, NPFI returned 7.77% vs 8.17% for NHYM. At a 0.31 correlation, their price movements are largely independent. NPFI charges 0.55%/yr vs 0.35%/yr for NHYM.

Performance

NPFI vs. NHYM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nuveen Preferred And Income ETF (NPFI) and Nuveen High Yield Municipal Income ETF (NHYM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NPFI achieves a 1.68% return, which is significantly lower than NHYM's 2.94% return.

NPFI

• 1D: 0.06%
• 1M: 0.43%
• YTD: 1.68%
• 6M: 2.17%
• 1Y: 7.77%
• 3Y*: —
• 5Y*: —
• 10Y*: —

NHYM

• 1D: 0.17%
• 1M: 1.24%
• YTD: 2.94%
• 6M: 3.46%
• 1Y: 8.17%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

NPFI vs. NHYM - Yearly Performance Comparison

	2026 (YTD)	2025
NPFI Nuveen Preferred And Income ETF	1.68%	8.72%
NHYM Nuveen High Yield Municipal Income ETF	2.94%	3.25%

Correlation

The correlation between NPFI and NHYM is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.32
Correlation (All Time) Calculated using the full available price history since Jan 24, 2025	0.31

Return for Risk

NPFI vs. NHYM — Risk / Return Rank

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

NPFI

NPFI Risk / Return Rank: 76
NPFI Sharpe Ratio Rank: 83
NPFI Sortino Ratio Rank: 90
NPFI Omega Ratio Rank: 93
NPFI Calmar Ratio Rank: 50
NPFI Martin Ratio Rank: 66

NHYM

NHYM Risk / Return Rank: 60
NHYM Sharpe Ratio Rank: 57
NHYM Sortino Ratio Rank: 63
NHYM Omega Ratio Rank: 66
NHYM Calmar Ratio Rank: 61
NHYM Martin Ratio Rank: 52

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.

NPFI vs. NHYM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuveen Preferred And Income ETF (NPFI) and Nuveen High Yield Municipal Income ETF (NHYM). 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.

	NPFI	NHYM	Difference
Sharpe ratio: Return per unit of total volatility	2.68	1.89	+0.79
Sortino ratio: Return per unit of downside risk	4.12	2.90	+1.22
Omega ratio: Gain probability vs. loss probability	1.63	1.39	+0.24
Calmar ratio: Return relative to maximum drawdown	2.45	2.96	-0.51
Martin ratio: Return relative to average drawdown	11.83	8.68	+3.15
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NPFI vs. NHYM - Sharpe Ratio Comparison

The current NPFI Sharpe Ratio is 2.68, which is higher than the NHYM Sharpe Ratio of 1.89. The chart below compares the historical Sharpe Ratios of NPFI and NHYM, 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

	NPFI	NHYM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.68	1.89	+0.79
Sharpe Ratio (All Time) Calculated using the full available price history	2.66	0.78	+1.88

Drawdowns

NPFI vs. NHYM - Drawdown Comparison

The maximum NPFI drawdown since its inception was -3.18%, smaller than the maximum NHYM drawdown of -6.11%. Use the drawdown chart below to compare losses from any high point for NPFI and NHYM.

Drawdown Indicators

	NPFI	NHYM	Difference
Max Drawdown Largest peak-to-trough decline	-3.18%	-6.11%	+2.93%
Max Drawdown (1Y) Largest decline over 1 year	-3.18%	-2.77%	-0.41%
Current Drawdown Current decline from peak	-0.06%	0.00%	-0.06%
Average Drawdown Average peak-to-trough decline	-0.34%	-1.73%	+1.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.66%	0.95%	-0.29%

Volatility

NPFI vs. NHYM - Volatility Comparison

The current volatility for Nuveen Preferred And Income ETF (NPFI) is 0.75%, while Nuveen High Yield Municipal Income ETF (NHYM) has a volatility of 1.35%. This indicates that NPFI experiences smaller price fluctuations and is considered to be less risky than NHYM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NPFI	NHYM	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.75%	1.35%	-0.60%
Volatility (6M) Calculated over the trailing 6-month period	2.53%	2.61%	-0.08%
Volatility (1Y) Calculated over the trailing 1-year period	2.91%	4.39%	-1.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.95%	5.92%	-2.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.95%	5.92%	-2.97%

NPFI vs. NHYM - Expense Ratio Comparison

NPFI has a 0.55% expense ratio, which is higher than NHYM's 0.35% expense ratio.

Dividends

NPFI vs. NHYM - Dividend Comparison

NPFI's dividend yield for the trailing twelve months is around 6.40%, more than NHYM's 4.52% yield.

Position	TTM	2025	2024
NHYM Nuveen High Yield Municipal Income ETF	4.52%	4.06%	0.00%
NPFI Nuveen Preferred And Income ETF	6.40%	6.33%	5.10%

Frequently Asked Questions

Can I hold both NPFI and NHYM in my portfolio?

NPFI and NHYM have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NPFI or NHYM?

NHYM has higher volatility (1.35%) compared to NPFI (0.75%). In terms of maximum drawdown, NPFI dropped -3.18% vs NHYM's -6.11%.

Which ETF is better, NPFI or NHYM?

On 1-year performance, NHYM leads with 8.17% vs 7.77% for NPFI. On fees, NHYM is cheaper at 0.35% per year. On volatility, NPFI has been the lower-risk option at 0.75%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NPFI or NHYM?

Over the 1-year period, NHYM has performed better with a 8.17% return vs 7.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NPFI or NHYM?

NHYM is cheaper with a 0.35% expense ratio, compared with 0.55% for NPFI.

Which ETF pays a higher dividend yield, NPFI or NHYM?

NPFI has the higher dividend yield at 6.40%, compared with 4.52% for NHYM.

What is the main difference between NPFI and NHYM?

NPFI is categorized as Preferred Stock/Convertible Bonds, while NHYM is High Yield Muni. Their fees differ too: 0.55% for NPFI and 0.35% for NHYM.

Which has better risk-adjusted returns?

NPFI currently has the higher Sharpe Ratio (2.68 vs 1.89), 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.