NUBD vs. NHYM

Last updated Jun 4, 2026

NUBD (Nuveen ESG U.S. Aggregate Bond ETF) and NHYM (Nuveen High Yield Municipal Income ETF) are both exchange-traded funds - NUBD is a Intermediate Core Bond fund tracking the Bloomberg MSCI U.S. Aggregate ESG Select Index, while NHYM is a High Yield Muni fund actively managed by Nuveen. NUBD is passively managed, while NHYM is actively managed. Over the past year, NUBD returned 4.97% vs 8.76% for NHYM. A 0.61 correlation means they provide meaningful diversification when combined. NUBD charges 0.15%/yr vs 0.35%/yr for NHYM.

Performance

NUBD vs. NHYM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nuveen ESG U.S. Aggregate Bond ETF (NUBD) 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, NUBD achieves a 0.20% return, which is significantly lower than NHYM's 2.77% return.

NUBD

• 1D: -0.18%
• 1M: 0.31%
• YTD: 0.20%
• 6M: 0.09%
• 1Y: 4.97%
• 3Y*: 3.77%
• 5Y*: -0.06%
• 10Y*: —

NHYM

• 1D: -0.06%
• 1M: 1.06%
• YTD: 2.77%
• 6M: 3.27%
• 1Y: 8.76%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

NUBD vs. NHYM - Yearly Performance Comparison

	2026 (YTD)	2025
NUBD Nuveen ESG U.S. Aggregate Bond ETF	0.20%	7.09%
NHYM Nuveen High Yield Municipal Income ETF	2.77%	3.25%

Correlation

The correlation between NUBD and NHYM is 0.59, 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	0.59
Correlation (All Time) Calculated using the full available price history since Jan 24, 2025	0.61

The correlation between NUBD and NHYM has been stable across timeframes, ranging from 0.59 to 0.61 - a consistent structural relationship.

Return for Risk

NUBD vs. NHYM — Risk / Return Rank

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

NUBD

NUBD Risk / Return Rank: 36
NUBD Sharpe Ratio Rank: 36
NUBD Sortino Ratio Rank: 37
NUBD Omega Ratio Rank: 35
NUBD Calmar Ratio Rank: 37
NUBD Martin Ratio Rank: 35

NHYM

NHYM Risk / Return Rank: 63
NHYM Sharpe Ratio Rank: 60
NHYM Sortino Ratio Rank: 69
NHYM Omega Ratio Rank: 70
NHYM Calmar Ratio Rank: 65
NHYM Martin Ratio Rank: 54

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.

NUBD vs. NHYM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuveen ESG U.S. Aggregate Bond ETF (NUBD) 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.

	NUBD	NHYM	Difference
Sharpe ratio: Return per unit of total volatility	1.32	2.00	-0.69
Sortino ratio: Return per unit of downside risk	1.93	3.10	-1.18
Omega ratio: Gain probability vs. loss probability	1.23	1.41	-0.18
Calmar ratio: Return relative to maximum drawdown	1.81	3.18	-1.37
Martin ratio: Return relative to average drawdown	5.38	9.29	-3.91
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NUBD vs. NHYM - Sharpe Ratio Comparison

The current NUBD Sharpe Ratio is 1.32, which is lower than the NHYM Sharpe Ratio of 2.00. The chart below compares the historical Sharpe Ratios of NUBD 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

	NUBD	NHYM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.32	2.00	-0.69
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.01	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.29	0.76	-0.47

Drawdowns

NUBD vs. NHYM - Drawdown Comparison

The maximum NUBD drawdown since its inception was -19.45%, which is greater than NHYM's maximum drawdown of -6.11%. Use the drawdown chart below to compare losses from any high point for NUBD and NHYM.

Drawdown Indicators

	NUBD	NHYM	Difference
Max Drawdown Largest peak-to-trough decline	-19.45%	-6.11%	-13.34%
Max Drawdown (1Y) Largest decline over 1 year	-2.76%	-2.77%	+0.01%
Max Drawdown (3Y) Largest decline over 3 years	-5.94%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-17.90%	—	—
Current Drawdown Current decline from peak	-3.93%	-0.06%	-3.87%
Average Drawdown Average peak-to-trough decline	-6.05%	-1.73%	-4.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.93%	0.95%	-0.02%

Volatility

NUBD vs. NHYM - Volatility Comparison

The current volatility for Nuveen ESG U.S. Aggregate Bond ETF (NUBD) is 1.23%, while Nuveen High Yield Municipal Income ETF (NHYM) has a volatility of 1.34%. This indicates that NUBD 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

	NUBD	NHYM	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.23%	1.34%	-0.11%
Volatility (6M) Calculated over the trailing 6-month period	2.61%	2.61%	0.00%
Volatility (1Y) Calculated over the trailing 1-year period	3.79%	4.39%	-0.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.99%	5.93%	+0.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.12%	5.93%	-0.81%

NUBD vs. NHYM - Expense Ratio Comparison

NUBD has a 0.15% expense ratio, which is lower than NHYM's 0.35% expense ratio.

Dividends

NUBD vs. NHYM - Dividend Comparison

NUBD's dividend yield for the trailing twelve months is around 3.99%, less than NHYM's 4.53% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
NHYM Nuveen High Yield Municipal Income ETF	4.53%	4.06%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
NUBD Nuveen ESG U.S. Aggregate Bond ETF	3.99%	3.90%	3.51%	2.99%	2.83%	2.05%	2.21%	2.66%	3.08%	0.58%

Frequently Asked Questions

Can I hold both NUBD and NHYM in my portfolio?

NUBD and NHYM have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NUBD or NHYM?

NHYM has higher volatility (1.34%) compared to NUBD (1.23%). In terms of maximum drawdown, NUBD dropped -19.45% vs NHYM's -6.11%.

Which ETF is better, NUBD or NHYM?

On 1-year performance, NHYM leads with 8.76% vs 4.97% for NUBD. On fees, NUBD is cheaper at 0.15% per year. On volatility, NUBD has been the lower-risk option at 1.23%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NUBD or NHYM?

Over the 1-year period, NHYM has performed better with a 8.76% return vs 4.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NUBD or NHYM?

NUBD is cheaper with a 0.15% expense ratio, compared with 0.35% for NHYM.

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

NHYM has the higher dividend yield at 4.53%, compared with 3.99% for NUBD.

What is the main difference between NUBD and NHYM?

NUBD is categorized as Intermediate Core Bond, while NHYM is High Yield Muni. Their fees differ too: 0.15% for NUBD and 0.35% for NHYM.

Which has better risk-adjusted returns?

NHYM currently has the higher Sharpe Ratio (2.00 vs 1.32), 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.