NPSRX vs. NHMRX

Last updated Jun 4, 2026

NPSRX (Nuveen Preferred Securities & Income Fund) and NHMRX (Nuveen High Yield Municipal Bond Fund) are both mutual funds - NPSRX is a Preferred Stock/Convertible Bonds fund managed by Nuveen, while NHMRX is a High Yield Muni fund managed by Nuveen. Over the past 10 years, NPSRX returned 5.21%/yr vs 3.75%/yr for NHMRX. At a 0.29 correlation, their price movements are largely independent. NPSRX charges 0.74%/yr vs 0.52%/yr for NHMRX.

Performance

NPSRX vs. NHMRX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nuveen Preferred Securities & Income Fund (NPSRX) 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, NPSRX achieves a 0.72% return, which is significantly lower than NHMRX's 3.18% return. Over the past 10 years, NPSRX has outperformed NHMRX with an annualized return of 5.21%, while NHMRX has yielded a comparatively lower 3.75% annualized return.

NPSRX

• 1D: 0.00%
• 1M: 0.26%
• YTD: 0.72%
• 6M: 1.40%
• 1Y: 8.78%
• 3Y*: 10.01%
• 5Y*: 3.62%
• 10Y*: 5.21%

NHMRX

• 1D: 0.28%
• 1M: 1.39%
• YTD: 3.18%
• 6M: 3.87%
• 1Y: 10.14%
• 3Y*: 5.26%
• 5Y*: 1.21%
• 10Y*: 3.75%

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

NPSRX vs. NHMRX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NPSRX Nuveen Preferred Securities & Income Fund	0.72%	11.19%	9.12%	6.19%	-9.50%	5.43%	5.53%	17.68%	-5.65%	11.27%
NHMRX Nuveen High Yield Municipal Bond Fund	3.18%	3.24%	5.62%	7.31%	-14.96%	9.93%	3.25%	12.59%	2.06%	12.10%

Correlation

The correlation between NPSRX and NHMRX is 0.56, 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	0.56
Correlation (3Y) Calculated over the trailing 3-year period	0.56
Correlation (5Y) Calculated over the trailing 5-year period	0.48
Correlation (10Y) Calculated over the trailing 10-year period	0.37
Correlation (All Time) Calculated using the full available price history since Dec 19, 2006	0.29

Over the past year, NPSRX and NHMRX have become more correlated (0.56) than their long-term average of 0.29, meaning their price movements have been converging.

Return for Risk

NPSRX vs. NHMRX — Risk / Return Rank

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

NPSRX

NPSRX Risk / Return Rank: 76
NPSRX Sharpe Ratio Rank: 89
NPSRX Sortino Ratio Rank: 95
NPSRX Omega Ratio Rank: 94
NPSRX Calmar Ratio Rank: 51
NPSRX Martin Ratio Rank: 53

NHMRX

NHMRX Risk / Return Rank: 61
NHMRX Sharpe Ratio Rank: 58
NHMRX Sortino Ratio Rank: 73
NHMRX Omega Ratio Rank: 78
NHMRX Calmar Ratio Rank: 54
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.

NPSRX vs. NHMRX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuveen Preferred Securities & Income Fund (NPSRX) 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.

	NPSRX	NHMRX	Difference
Sharpe ratio: Return per unit of total volatility	2.96	2.25	+0.71
Sortino ratio: Return per unit of downside risk	5.02	3.55	+1.47
Omega ratio: Gain probability vs. loss probability	1.72	1.51	+0.21
Calmar ratio: Return relative to maximum drawdown	2.70	2.81	-0.11
Martin ratio: Return relative to average drawdown	10.81	8.50	+2.31
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NPSRX vs. NHMRX - Sharpe Ratio Comparison

The current NPSRX Sharpe Ratio is 2.96, which is higher than the NHMRX Sharpe Ratio of 2.25. The chart below compares the historical Sharpe Ratios of NPSRX 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.

Sharpe Ratios by Period

	NPSRX	NHMRX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.96	2.25	+0.71
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.73	0.18	+0.55
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.83	0.56	+0.27
Sharpe Ratio (All Time) Calculated using the full available price history	0.49	0.89	-0.40

Drawdowns

NPSRX vs. NHMRX - Drawdown Comparison

The maximum NPSRX drawdown since its inception was -62.52%, which is greater than NHMRX's maximum drawdown of -45.45%. Use the drawdown chart below to compare losses from any high point for NPSRX and NHMRX.

Drawdown Indicators

	NPSRX	NHMRX	Difference
Max Drawdown Largest peak-to-trough decline	-62.52%	-45.45%	-17.07%
Max Drawdown (1Y) Largest decline over 1 year	-3.30%	-3.58%	+0.28%
Max Drawdown (3Y) Largest decline over 3 years	-3.60%	-10.49%	+6.89%
Max Drawdown (5Y) Largest decline over 5 years	-17.65%	-21.52%	+3.87%
Max Drawdown (10Y) Largest decline over 10 years	-26.47%	-22.22%	-4.25%
Current Drawdown Current decline from peak	-0.67%	0.00%	-0.67%
Average Drawdown Average peak-to-trough decline	-4.82%	-5.33%	+0.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.82%	1.18%	-0.36%

Volatility

NPSRX vs. NHMRX - Volatility Comparison

The current volatility for Nuveen Preferred Securities & Income Fund (NPSRX) is 1.03%, while Nuveen High Yield Municipal Bond Fund (NHMRX) has a volatility of 1.59%. This indicates that NPSRX experiences smaller price fluctuations and is considered to be less risky than NHMRX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NPSRX	NHMRX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.03%	1.59%	-0.56%
Volatility (6M) Calculated over the trailing 6-month period	2.41%	3.17%	-0.76%
Volatility (1Y) Calculated over the trailing 1-year period	3.02%	4.50%	-1.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.99%	6.85%	-1.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.33%	6.73%	-0.40%

NPSRX vs. NHMRX - Expense Ratio Comparison

NPSRX has a 0.74% expense ratio, which is higher than NHMRX's 0.52% expense ratio.

Dividends

NPSRX vs. NHMRX - Dividend Comparison

NPSRX's dividend yield for the trailing twelve months is around 5.39%, less than NHMRX's 6.09% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NHMRX Nuveen High Yield Municipal Bond Fund	6.09%	6.54%	5.79%	7.34%	5.64%	4.69%	5.03%	5.39%	5.47%	5.38%	5.88%	5.60%
NPSRX Nuveen Preferred Securities & Income Fund	5.39%	5.72%	5.38%	5.87%	6.18%	4.97%	5.02%	5.39%	6.00%	5.51%	5.81%	6.20%

Frequently Asked Questions

Can I hold both NPSRX and NHMRX in my portfolio?

NPSRX and NHMRX have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NPSRX or NHMRX?

NHMRX has higher volatility (1.59%) compared to NPSRX (1.03%). In terms of maximum drawdown, NPSRX dropped -62.52% vs NHMRX's -45.45%.

Which has better risk-adjusted returns?

NPSRX currently has the higher Sharpe Ratio (2.96 vs 2.25), 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.