NSIOX vs. PRFHX

Last updated Jun 4, 2026

NSIOX (Nuveen Strategic Municipal Opportunities Fund) and PRFHX (T. Rowe Price Tax Free High Yield Fund) are both High Yield Muni funds. Over the past 10 years, NSIOX returned 3.05%/yr vs 3.06%/yr for PRFHX. Their correlation of 0.81 suggests significant overlap in exposure. NSIOX charges 0.56%/yr vs 0.63%/yr for PRFHX.

Performance

NSIOX vs. PRFHX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nuveen Strategic Municipal Opportunities Fund (NSIOX) and T. Rowe Price Tax Free High Yield Fund (PRFHX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NSIOX achieves a 1.63% return, which is significantly lower than PRFHX's 2.99% return. Both investments have delivered pretty close results over the past 10 years, with NSIOX having a 3.05% annualized return and PRFHX not far ahead at 3.06%.

NSIOX

• 1D: 0.20%
• 1M: 0.87%
• YTD: 1.63%
• 6M: 1.92%
• 1Y: 6.24%
• 3Y*: 4.53%
• 5Y*: 0.59%
• 10Y*: 3.05%

PRFHX

• 1D: 0.18%
• 1M: 1.06%
• YTD: 2.99%
• 6M: 3.78%
• 1Y: 11.23%
• 3Y*: 6.47%
• 5Y*: 1.83%
• 10Y*: 3.06%

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

NSIOX vs. PRFHX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NSIOX Nuveen Strategic Municipal Opportunities Fund	1.63%	3.19%	4.61%	7.17%	-13.81%	5.21%	6.82%	10.07%	3.31%	9.77%
PRFHX T. Rowe Price Tax Free High Yield Fund	2.99%	5.53%	7.00%	7.65%	-14.41%	6.09%	3.40%	9.03%	0.66%	7.31%

Correlation

The correlation between NSIOX and PRFHX is 0.78, 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	0.78
Correlation (3Y) Calculated over the trailing 3-year period	0.85
Correlation (5Y) Calculated over the trailing 5-year period	0.86
Correlation (10Y) Calculated over the trailing 10-year period	0.82
Correlation (All Time) Calculated using the full available price history since Jan 9, 2015	0.81

The correlation between NSIOX and PRFHX has been stable across timeframes, ranging from 0.78 to 0.86 - a consistent structural relationship.

Return for Risk

NSIOX vs. PRFHX — Risk / Return Rank

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

NSIOX

NSIOX Risk / Return Rank: 51
NSIOX Sharpe Ratio Rank: 53
NSIOX Sortino Ratio Rank: 64
NSIOX Omega Ratio Rank: 77
NSIOX Calmar Ratio Rank: 33
NSIOX Martin Ratio Rank: 27

PRFHX

PRFHX Risk / Return Rank: 91
PRFHX Sharpe Ratio Rank: 96
PRFHX Sortino Ratio Rank: 97
PRFHX Omega Ratio Rank: 96
PRFHX Calmar Ratio Rank: 87
PRFHX Martin Ratio Rank: 82

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.

NSIOX vs. PRFHX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuveen Strategic Municipal Opportunities Fund (NSIOX) and T. Rowe Price Tax Free High Yield Fund (PRFHX). 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.

	NSIOX	PRFHX	Difference
Sharpe ratio: Return per unit of total volatility	2.14	3.44	-1.30
Sortino ratio: Return per unit of downside risk	3.35	5.62	-2.27
Omega ratio: Gain probability vs. loss probability	1.51	1.83	-0.32
Calmar ratio: Return relative to maximum drawdown	2.16	4.17	-2.01
Martin ratio: Return relative to average drawdown	6.45	15.49	-9.05
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NSIOX vs. PRFHX - Sharpe Ratio Comparison

The current NSIOX Sharpe Ratio is 2.14, which is lower than the PRFHX Sharpe Ratio of 3.44. The chart below compares the historical Sharpe Ratios of NSIOX and PRFHX, 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

	NSIOX	PRFHX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.14	3.44	-1.30
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.13	0.38	-0.25
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.65	0.66	-0.01
Sharpe Ratio (All Time) Calculated using the full available price history	0.78	1.29	-0.51

Drawdowns

NSIOX vs. PRFHX - Drawdown Comparison

The maximum NSIOX drawdown since its inception was -18.38%, smaller than the maximum PRFHX drawdown of -24.76%. Use the drawdown chart below to compare losses from any high point for NSIOX and PRFHX.

Drawdown Indicators

	NSIOX	PRFHX	Difference
Max Drawdown Largest peak-to-trough decline	-18.38%	-24.76%	+6.38%
Max Drawdown (1Y) Largest decline over 1 year	-2.91%	-2.75%	-0.16%
Max Drawdown (3Y) Largest decline over 3 years	-6.17%	-6.91%	+0.74%
Max Drawdown (5Y) Largest decline over 5 years	-18.38%	-18.81%	+0.43%
Max Drawdown (10Y) Largest decline over 10 years	-18.38%	-18.81%	+0.43%
Current Drawdown Current decline from peak	-0.46%	0.00%	-0.46%
Average Drawdown Average peak-to-trough decline	-3.58%	-2.77%	-0.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.97%	0.73%	+0.24%

Volatility

NSIOX vs. PRFHX - Volatility Comparison

Nuveen Strategic Municipal Opportunities Fund (NSIOX) and T. Rowe Price Tax Free High Yield Fund (PRFHX) have volatilities of 1.13% and 1.14%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NSIOX	PRFHX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.13%	1.14%	-0.01%
Volatility (6M) Calculated over the trailing 6-month period	2.13%	2.37%	-0.24%
Volatility (1Y) Calculated over the trailing 1-year period	2.96%	3.35%	-0.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.50%	4.89%	-0.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.69%	4.65%	+0.04%

NSIOX vs. PRFHX - Expense Ratio Comparison

NSIOX has a 0.56% expense ratio, which is lower than PRFHX's 0.63% expense ratio.

Dividends

NSIOX vs. PRFHX - Dividend Comparison

NSIOX's dividend yield for the trailing twelve months is around 4.18%, less than PRFHX's 5.47% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NSIOX Nuveen Strategic Municipal Opportunities Fund	4.18%	4.53%	3.91%	3.85%	4.20%	4.25%	2.88%	3.25%	3.12%	3.22%	4.09%	2.48%
PRFHX T. Rowe Price Tax Free High Yield Fund	5.47%	5.46%	4.75%	4.19%	2.81%	3.01%	3.47%	3.52%	3.71%	3.64%	3.88%	4.02%

Frequently Asked Questions

Can I hold both NSIOX and PRFHX in my portfolio?

NSIOX and PRFHX have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NSIOX or PRFHX?

PRFHX has higher volatility (1.14%) compared to NSIOX (1.13%). In terms of maximum drawdown, NSIOX dropped -18.38% vs PRFHX's -24.76%.

Which has better risk-adjusted returns?

PRFHX currently has the higher Sharpe Ratio (3.44 vs 2.14), 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.