NVHIX vs. NZF
NVHIX (Nuveen Short Duration High Yield Municipal Bond Fund) and NZF (Nuveen Municipal Credit Income Fund) are both mutual funds - NVHIX is a High Yield Muni fund managed by Nuveen, while NZF is a Municipal Bonds fund tracking the S&P National Municipal Bond Index. Over the past 10 years, NVHIX returned 3.18%/yr vs 3.65%/yr for NZF. At a 0.27 correlation, their price movements are largely independent. NVHIX charges 0.55%/yr vs 1.89%/yr for NZF.
Performance
NVHIX vs. NZF - 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 NZF's 4.26% return. Over the past 10 years, NVHIX has underperformed NZF with an annualized return of 3.18%, while NZF has yielded a comparatively higher 3.65% 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%
NZF
- 1D
- -0.55%
- 1M
- 3.08%
- YTD
- 4.26%
- 6M
- 4.92%
- 1Y
- 15.92%
- 3Y*
- 10.31%
- 5Y*
- -0.06%
- 10Y*
- 3.65%
NVHIX vs. NZF - 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% |
NZF Nuveen Municipal Credit Income Fund | 4.26% | 11.78% | 10.09% | 2.49% | -25.53% | 11.19% | 3.58% | 28.33% | -6.79% | 14.48% |
Correlation
The correlation between NVHIX and NZF is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.33 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.35 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.32 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.28 |
Correlation (All Time) Calculated using the full available price history since Feb 4, 2013 | 0.27 |
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Return for Risk
NVHIX vs. NZF — Risk / Return Rank
NVHIX
NZF
NVHIX vs. NZF - 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 Municipal Credit Income Fund (NZF). 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 | NZF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.64 | ||
| Sortino ratioReturn per unit of downside risk | +1.29 | ||
| Omega ratioGain probability vs. loss probability | 1.63 | 1.29 | +0.34 |
| Calmar ratioReturn relative to maximum drawdown | 2.69 | 1.97 | +0.71 |
| Martin ratioReturn relative to average drawdown | 6.79 | 8.09 | -1.30 |
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Drawdowns
NVHIX vs. NZF - Drawdown Comparison
The maximum NVHIX drawdown since its inception was -13.54%, smaller than the maximum NZF drawdown of -48.55%. Use the drawdown chart below to compare losses from any high point for NVHIX and NZF.
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Drawdown Indicators
| NVHIX | NZF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.54% | -48.55% | +35.01% |
Max Drawdown (1Y)Largest decline over 1 year | -1.80% | -8.11% | +6.31% |
Max Drawdown (3Y)Largest decline over 3 years | -4.72% | -15.59% | +10.87% |
Max Drawdown (5Y)Largest decline over 5 years | -10.54% | -37.42% | +26.88% |
Max Drawdown (10Y)Largest decline over 10 years | -13.54% | -37.42% | +23.88% |
Current DrawdownCurrent decline from peak | 0.00% | -2.96% | +2.96% |
Average DrawdownAverage peak-to-trough decline | -2.04% | -7.77% | +5.73% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.71% | 1.97% | -1.26% |
Volatility
NVHIX vs. NZF - Volatility Comparison
The current volatility for Nuveen Short Duration High Yield Municipal Bond Fund (NVHIX) is 0.59%, while Nuveen Municipal Credit Income Fund (NZF) has a volatility of 2.64%. This indicates that NVHIX experiences smaller price fluctuations and is considered to be less risky than NZF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NVHIX | NZF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.59% | 2.64% | -2.05% |
Volatility (6M)Calculated over the trailing 6-month period | 1.49% | 8.33% | -6.84% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.24% | 10.51% | -8.27% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.33% | 12.40% | -9.07% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.47% | 13.12% | -9.65% |
NVHIX vs. NZF - Expense Ratio Comparison
NVHIX has a 0.55% expense ratio, which is lower than NZF's 1.89% expense ratio.
Dividends
NVHIX vs. NZF - Dividend Comparison
NVHIX's dividend yield for the trailing twelve months is around 4.55%, less than NZF's 7.55% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
NZF Nuveen Municipal Credit Income Fund | 7.55% | 7.58% | 6.84% | 4.51% | 5.80% | 4.63% | 4.74% | 4.82% | 6.05% | 5.86% | 6.26% | 5.50% |
Frequently Asked Questions
NVHIX and NZF have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NZF has higher volatility (2.64%) compared to NVHIX (0.59%). In terms of maximum drawdown, NVHIX dropped -13.54% vs NZF's -48.55%.
NVHIX currently has the higher Sharpe Ratio (2.16 vs 1.52), 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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