NVHIX vs. NHMRX
NVHIX (Nuveen Short Duration High Yield Municipal Bond Fund) and NHMRX (Nuveen High Yield Municipal Bond Fund) are both High Yield Muni funds from Nuveen. Over the past 10 years, NVHIX returned 3.18%/yr vs 3.62%/yr for NHMRX. A 0.78 correlation means they provide meaningful diversification when combined. NVHIX charges 0.55%/yr vs 0.52%/yr for NHMRX.
Performance
NVHIX vs. NHMRX - Performance Comparison
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Returns By Period
In the year-to-date period, NVHIX achieves a 2.04% return, which is significantly lower than NHMRX's 3.47% return. Over the past 10 years, NVHIX has underperformed NHMRX with an annualized return of 3.18%, while NHMRX has yielded a comparatively higher 3.62% annualized return.
NVHIX
- 1D
- 0.11%
- 1M
- 1.24%
- YTD
- 2.04%
- 6M
- 2.47%
- 1Y
- 4.80%
- 3Y*
- 4.25%
- 5Y*
- 1.97%
- 10Y*
- 3.18%
NHMRX
- 1D
- 0.14%
- 1M
- 2.53%
- YTD
- 3.47%
- 6M
- 4.18%
- 1Y
- 9.37%
- 3Y*
- 4.96%
- 5Y*
- 1.01%
- 10Y*
- 3.62%
NVHIX vs. NHMRX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
NVHIX Nuveen Short Duration High Yield Municipal Bond Fund | 2.04% | 2.43% | 6.88% | 3.54% | -6.73% | 8.44% | -0.10% | 8.27% | 3.47% | 8.17% |
NHMRX Nuveen High Yield Municipal Bond Fund | 3.47% | 2.75% | 5.62% | 7.31% | -14.96% | 9.93% | 3.25% | 12.59% | 2.06% | 12.10% |
Correlation
The correlation between NVHIX and NHMRX is 0.71, 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 | 0.71 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.80 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.80 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.79 |
Correlation (All Time) Calculated using the full available price history since Feb 4, 2013 | 0.78 |
The correlation between NVHIX and NHMRX has been stable across timeframes, ranging from 0.71 to 0.80 - a consistent structural relationship.
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Return for Risk
NVHIX vs. NHMRX — Risk / Return Rank
NVHIX
NHMRX
NVHIX vs. NHMRX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Nuveen Short Duration High Yield Municipal Bond Fund (NVHIX) 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.
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.
| NVHIX | NHMRX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.01 | ||
| Sortino ratioReturn per unit of downside risk | +0.33 | ||
| Omega ratioGain probability vs. loss probability | 1.63 | 1.50 | +0.14 |
| Calmar ratioReturn relative to maximum drawdown | 2.69 | 2.64 | +0.04 |
| Martin ratioReturn relative to average drawdown | 6.79 | 7.99 | -1.20 |
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Drawdowns
NVHIX vs. NHMRX - Drawdown Comparison
The maximum NVHIX drawdown since its inception was -13.54%, smaller than the maximum NHMRX drawdown of -45.45%. Use the drawdown chart below to compare losses from any high point for NVHIX and NHMRX.
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Drawdown Indicators
| NVHIX | NHMRX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.54% | -45.45% | +31.91% |
Max Drawdown (1Y)Largest decline over 1 year | -1.80% | -3.58% | +1.78% |
Max Drawdown (3Y)Largest decline over 3 years | -4.72% | -10.19% | +5.47% |
Max Drawdown (5Y)Largest decline over 5 years | -10.54% | -21.52% | +10.98% |
Max Drawdown (10Y)Largest decline over 10 years | -13.54% | -22.22% | +8.68% |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -2.04% | -5.32% | +3.28% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.71% | 1.18% | -0.47% |
Volatility
NVHIX vs. NHMRX - Volatility Comparison
The current volatility for Nuveen Short Duration High Yield Municipal Bond Fund (NVHIX) is 0.59%, while Nuveen High Yield Municipal Bond Fund (NHMRX) has a volatility of 1.03%. This indicates that NVHIX 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.
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Volatility by Period
| NVHIX | NHMRX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.59% | 1.03% | -0.44% |
Volatility (6M)Calculated over the trailing 6-month period | 1.49% | 3.06% | -1.57% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.24% | 4.40% | -2.16% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.33% | 6.85% | -3.52% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.47% | 6.73% | -3.26% |
NVHIX vs. NHMRX - Expense Ratio Comparison
NVHIX has a 0.55% expense ratio, which is higher than NHMRX's 0.52% expense ratio.
Dividends
NVHIX vs. NHMRX - Dividend Comparison
NVHIX's dividend yield for the trailing twelve months is around 4.55%, less than NHMRX's 5.61% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
NHMRX Nuveen High Yield Municipal Bond Fund | 5.61% | 6.07% | 5.79% | 7.34% | 5.64% | 4.69% | 5.03% | 5.39% | 5.47% | 5.38% | 5.88% | 5.60% |
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
NVHIX and NHMRX have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NHMRX has higher volatility (1.03%) compared to NVHIX (0.59%). In terms of maximum drawdown, NVHIX dropped -13.54% vs NHMRX's -45.45%.
NVHIX currently has the higher Sharpe Ratio (2.16 vs 2.15), 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.
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