NVG vs. HYMB

Last updated Aug 1, 2026

NVG (Nuveen AMT-Free Municipal Credit Income Fund) is a stock, while HYMB (State Street SPDR Nuveen ICE High Yield Municipal Bond ETF) is Municipal Bonds fund tracking the ICE US Select High Yield Crossover Municipal Index. Over the past 10 years, NVG returned 3.16%/yr vs 2.16%/yr for HYMB. Their 0.34 correlation means their historical movements had little consistent relationship. NVG charges 1.50%/yr vs 0.35%/yr for HYMB.

Performance

NVG vs. HYMB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nuveen AMT-Free Municipal Credit Income Fund (NVG) and State Street SPDR Nuveen ICE High Yield Municipal Bond ETF (HYMB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NVG achieves a 2.27% return, which is significantly higher than HYMB's 2.11% return. Over the past 10 years, NVG has outperformed HYMB with an annualized return of 3.16%, while HYMB has yielded a comparatively lower 2.16% annualized return.

NVG

• 1D: -0.40%
• 1M: -2.83%
• 6M: 0.14%
• YTD: 2.27%
• 1Y: 13.77%
• 3Y*: 8.98%
• 5Y*: -1.03%
• 10Y*: 3.16%
• ALL TIME*: 5.24%

HYMB

• 1D: -0.16%
• 1M: -1.89%
• 6M: 1.46%
• YTD: 2.11%
• 1Y: 6.50%
• 3Y*: 4.39%
• 5Y*: 0.00%
• 10Y*: 2.16%
• ALL TIME*: 4.31%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
HYMB State Street SPDR Nuveen ICE High Yield Municipal Bond ETF	$51.30M	$37.83M	$29.23M
NVG Nuveen AMT-Free Municipal Credit Income Fund	$6.06M	$5.74M	$6.29M

NVG vs. HYMB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NVG Nuveen AMT-Free Municipal Credit Income Fund	2.27%	11.61%	10.79%	1.94%	-28.47%	12.14%	6.40%	25.63%	-4.03%	13.19%
HYMB State Street SPDR Nuveen ICE High Yield Municipal Bond ETF	2.11%	2.04%	5.52%	7.73%	-15.54%	5.16%	3.74%	9.51%	4.91%	3.22%

Correlation

The correlation between NVG and HYMB is 0.43, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.43
Correlation (3Y) Balances recent behavior with more history.	0.46
Correlation (5Y) Shows whether the relationship held over a longer period.	0.47
Correlation (10Y) Provides a long-term view across more market conditions.	0.38
Correlation (All Time) Calculated using the full available price history since Apr 14, 2011	0.34

The correlation between NVG and HYMB shifts across timeframes, from 0.34 (all time) to 0.47 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

NVG vs. HYMB — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

NVG

NVG Risk / Return Rank: 79
NVG Sharpe Ratio Rank: 83
NVG Sortino Ratio Rank: 81
NVG Omega Ratio Rank: 80
NVG Calmar Ratio Rank: 73
NVG Martin Ratio Rank: 77

HYMB

HYMB Risk / Return Rank: 77
HYMB Sharpe Ratio Rank: 78
HYMB Sortino Ratio Rank: 79
HYMB Omega Ratio Rank: 84
HYMB Calmar Ratio Rank: 67
HYMB Martin Ratio Rank: 76

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

NVG vs. HYMB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuveen AMT-Free Municipal Credit Income Fund (NVG) and State Street SPDR Nuveen ICE High Yield Municipal Bond ETF (HYMB). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	NVG	HYMB	Difference
Sharpe ratio: Return per unit of total volatility	1.41	1.79	-0.38
Sortino ratio: Return per unit of downside risk	2.09	2.55	-0.46
Omega ratio: Gain probability vs. loss probability	1.27	1.36	-0.10
Calmar ratio: Return relative to maximum drawdown	1.42	2.32	-0.90
Martin ratio: Return relative to average drawdown	4.34	9.52	-5.18

NVG vs. HYMB - Sharpe Ratio Comparison

The current NVG Sharpe Ratio is 1.41, which is comparable to the HYMB Sharpe Ratio of 1.79. The chart below compares the historical Sharpe Ratios of NVG and HYMB, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

NVG vs. HYMB - Drawdown Comparison

The maximum NVG drawdown since its inception was -41.72%, which is greater than HYMB's maximum drawdown of -29.57%. Use the drawdown chart below to compare losses from any high point for NVG and HYMB.

Drawdown Indicators

	NVG	HYMB	Difference
Max Drawdown Largest peak-to-trough decline	-41.72%	-29.57%	-12.15%
Max Drawdown (1Y) Largest decline over 1 year	-10.44%	-3.11%	-7.33%
Max Drawdown (3Y) Largest decline over 3 years	-14.34%	-6.66%	-7.68%
Max Drawdown (5Y) Largest decline over 5 years	-40.58%	-20.10%	-20.48%
Max Drawdown (10Y) Largest decline over 10 years	-40.58%	-29.57%	-11.01%
Current Drawdown Current decline from peak	-7.79%	-1.89%	-5.90%
Average Drawdown Average peak-to-trough decline	-7.91%	-3.77%	-4.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.40%	0.76%	+2.64%

Volatility

NVG vs. HYMB - Volatility Comparison

Nuveen AMT-Free Municipal Credit Income Fund (NVG) has a higher volatility of 2.30% compared to State Street SPDR Nuveen ICE High Yield Municipal Bond ETF (HYMB) at 1.16%. This indicates that NVG's price experiences larger fluctuations and is considered to be riskier than HYMB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NVG	HYMB	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.30%	1.16%	+1.14%
Volatility (6M) Calculated over the trailing 6-month period	8.87%	3.25%	+5.62%
Volatility (1Y) Calculated over the trailing 1-year period	10.60%	4.05%	+6.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.08%	6.68%	+6.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.87%	11.36%	+1.51%

NVG vs. HYMB - Expense Ratio Comparison

NVG has a 1.50% expense ratio, which is higher than HYMB's 0.35% expense ratio.

Dividends

NVG vs. HYMB - Dividend Comparison

NVG's dividend yield for the trailing twelve months is around 7.65%, more than HYMB's 4.59% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HYMB State Street SPDR Nuveen ICE High Yield Municipal Bond ETF	4.21%	4.55%	4.29%	4.07%	3.77%	3.19%	3.55%	3.95%	4.03%	3.78%	4.08%	4.54%
NVG Nuveen AMT-Free Municipal Credit Income Fund	7.65%	7.49%	6.74%	4.45%	6.18%	4.69%	5.24%	4.94%	6.07%	5.67%	6.17%	5.46%

Frequently Asked Questions

Can I hold both NVG and HYMB in my portfolio?

NVG and HYMB have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NVG or HYMB?

NVG has higher volatility (2.30%) compared to HYMB (1.16%). In terms of maximum drawdown, NVG dropped -41.72% vs HYMB's -29.57%.

Which has better risk-adjusted returns?

HYMB currently has the higher Sharpe Ratio (1.79 vs 1.41), 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.