NQP vs. NVHIX

Last updated Jun 4, 2026

NQP (Nuveen Pennsylvania Quality Municipal Income) and NVHIX (Nuveen Short Duration High Yield Municipal Bond Fund) are both mutual funds - NQP is a Municipal Bonds fund actively managed by Nuveen, while NVHIX is a High Yield Muni fund managed by Nuveen. At a 0.29 correlation, their price movements are largely independent. NQP charges 1.27%/yr vs 0.55%/yr for NVHIX.

Performance

NQP vs. NVHIX - Performance Comparison

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

Returns By Period

NQP

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

NVHIX

• 1D: 0.11%
• 1M: 0.91%
• YTD: 1.93%
• 6M: 2.36%
• 1Y: 4.91%
• 3Y*: 4.36%
• 5Y*: 2.09%
• 10Y*: 3.23%

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

NQP vs. NVHIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NQP Nuveen Pennsylvania Quality Municipal Income	3.84%	15.46%	2.70%	7.44%	-21.95%	7.75%	7.08%	21.21%	-2.28%	5.96%
NVHIX Nuveen Short Duration High Yield Municipal Bond Fund	1.93%	2.43%	6.88%	3.54%	-6.73%	8.44%	-0.10%	8.27%	3.47%	8.17%

Correlation

The correlation between NQP and NVHIX is 0.27, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.27
Correlation (3Y) Calculated over the trailing 3-year period	0.39
Correlation (5Y) Calculated over the trailing 5-year period	0.36
Correlation (10Y) Calculated over the trailing 10-year period	0.30
Correlation (All Time) Calculated using the full available price history since Feb 5, 2013	0.29

The correlation between NQP and NVHIX shifts across timeframes, from 0.27 (1 year) to 0.39 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

NQP vs. NVHIX — Risk / Return Rank

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

NVHIX

NVHIX Risk / Return Rank: 62
NVHIX Sharpe Ratio Rank: 56
NVHIX Sortino Ratio Rank: 80
NVHIX Omega Ratio Rank: 90
NVHIX Calmar Ratio Rank: 52
NVHIX Martin Ratio Rank: 30

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.

NQP vs. NVHIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuveen Pennsylvania Quality Municipal Income (NQP) and Nuveen Short Duration High Yield Municipal Bond Fund (NVHIX). 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	NQP	NVHIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.21	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.63	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.93	—
Sharpe Ratio (All Time) Calculated using the full available price history	—	1.12	—

Drawdowns

Drawdown Indicators

	NQP	NVHIX	Difference
Max Drawdown Largest peak-to-trough decline	—	-13.54%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-1.80%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-4.72%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-10.54%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-13.54%	—
Current Drawdown Current decline from peak	—	0.00%	—
Average Drawdown Average peak-to-trough decline	—	-2.04%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.71%	—

Volatility

Volatility by Period

	NQP	NVHIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.68%	—
Volatility (6M) Calculated over the trailing 6-month period	—	1.55%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	2.25%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	3.33%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	3.47%	—

NQP vs. NVHIX - Expense Ratio Comparison

NQP has a 1.27% expense ratio, which is higher than NVHIX's 0.55% expense ratio.

Dividends

NQP vs. NVHIX - Dividend Comparison

NQP's dividend yield for the trailing twelve months is around 7.13%, more than NVHIX's 4.55% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NQP Nuveen Pennsylvania Quality Municipal Income	7.13%	7.87%	6.69%	3.07%	4.89%	4.51%	4.38%	4.23%	5.34%	5.34%	5.67%	6.10%
NVHIX Nuveen Short Duration High Yield Municipal Bond Fund	4.55%	5.15%	4.36%	4.41%	3.84%	3.43%	3.90%	4.03%	3.90%	3.78%	3.62%	3.55%

Frequently Asked Questions

Can I hold both NQP and NVHIX in my portfolio?

NQP and NVHIX have a correlation of 0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.