NVHIX vs. VMLUX

Last updated Jun 3, 2026

NVHIX (Nuveen Short Duration High Yield Municipal Bond Fund) and VMLUX (Vanguard Limited-Term Tax-Exempt Fund Admiral Shares) are both mutual funds - NVHIX is a High Yield Muni fund managed by Nuveen, while VMLUX is a Municipal Bonds fund managed by Vanguard. Over the past 10 years, NVHIX returned 3.21%/yr vs 2.14%/yr for VMLUX. A 0.53 correlation means they provide meaningful diversification when combined. NVHIX charges 0.55%/yr vs 0.09%/yr for VMLUX.

Performance

NVHIX vs. VMLUX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nuveen Short Duration High Yield Municipal Bond Fund (NVHIX) and Vanguard Limited-Term Tax-Exempt Fund Admiral Shares (VMLUX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NVHIX achieves a 1.82% return, which is significantly higher than VMLUX's 0.96% return. Over the past 10 years, NVHIX has outperformed VMLUX with an annualized return of 3.21%, while VMLUX has yielded a comparatively lower 2.14% annualized return.

NVHIX

• 1D: 0.00%
• 1M: 0.81%
• YTD: 1.82%
• 6M: 2.25%
• 1Y: 4.80%
• 3Y*: 4.33%
• 5Y*: 2.08%
• 10Y*: 3.21%

VMLUX

• 1D: 0.00%
• 1M: 0.26%
• YTD: 0.96%
• 6M: 1.41%
• 1Y: 4.35%
• 3Y*: 4.31%
• 5Y*: 2.19%
• 10Y*: 2.14%

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

NVHIX vs. VMLUX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NVHIX Nuveen Short Duration High Yield Municipal Bond Fund	1.82%	2.43%	6.88%	3.54%	-6.73%	8.44%	-0.10%	8.27%	3.47%	8.17%
VMLUX Vanguard Limited-Term Tax-Exempt Fund Admiral Shares	0.96%	5.50%	3.25%	4.29%	-2.90%	0.23%	3.38%	4.21%	1.64%	2.13%

Correlation

The correlation between NVHIX and VMLUX is 0.55, 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	0.55
Correlation (3Y) Calculated over the trailing 3-year period	0.62
Correlation (5Y) Calculated over the trailing 5-year period	0.63
Correlation (10Y) Calculated over the trailing 10-year period	0.58
Correlation (All Time) Calculated using the full available price history since Feb 5, 2013	0.53

The correlation between NVHIX and VMLUX has been stable across timeframes, ranging from 0.53 to 0.63 - a consistent structural relationship.

Return for Risk

NVHIX vs. VMLUX — Risk / Return Rank

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

NVHIX

NVHIX Risk / Return Rank: 57
NVHIX Sharpe Ratio Rank: 48
NVHIX Sortino Ratio Rank: 70
NVHIX Omega Ratio Rank: 86
NVHIX Calmar Ratio Rank: 50
NVHIX Martin Ratio Rank: 29

VMLUX

VMLUX Risk / Return Rank: 78
VMLUX Sharpe Ratio Rank: 89
VMLUX Sortino Ratio Rank: 96
VMLUX Omega Ratio Rank: 97
VMLUX Calmar Ratio Rank: 61
VMLUX Martin Ratio Rank: 48

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.

NVHIX vs. VMLUX - 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 Vanguard Limited-Term Tax-Exempt Fund Admiral Shares (VMLUX). 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.

	NVHIX	VMLUX	Difference
Sharpe ratio Return per unit of total volatility	2.05	2.90	-0.85
Sortino ratio Return per unit of downside risk	3.49	5.36	-1.88
Omega ratio Gain probability vs. loss probability	1.59	1.96	-0.37
Calmar ratio Return relative to maximum drawdown	2.73	3.01	-0.28
Martin ratio Return relative to average drawdown	6.93	10.13	-3.20
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NVHIX vs. VMLUX - Sharpe Ratio Comparison

The current NVHIX Sharpe Ratio is 2.05, which is comparable to the VMLUX Sharpe Ratio of 2.90. The chart below compares the historical Sharpe Ratios of NVHIX and VMLUX, 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

	NVHIX	VMLUX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.05	2.90	-0.85
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.63	1.17	-0.55
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.93	1.11	-0.18
Sharpe Ratio (All Time) Calculated using the full available price history	1.11	1.48	-0.36

Drawdowns

NVHIX vs. VMLUX - Drawdown Comparison

The maximum NVHIX drawdown since its inception was -13.54%, which is greater than VMLUX's maximum drawdown of -6.41%. Use the drawdown chart below to compare losses from any high point for NVHIX and VMLUX.

Drawdown Indicators

	NVHIX	VMLUX	Difference
Max Drawdown Largest peak-to-trough decline	-13.54%	-6.41%	-7.13%
Max Drawdown (1Y) Largest decline over 1 year	-1.80%	-1.53%	-0.27%
Max Drawdown (3Y) Largest decline over 3 years	-4.72%	-2.02%	-2.70%
Max Drawdown (5Y) Largest decline over 5 years	-10.54%	-5.60%	-4.94%
Max Drawdown (10Y) Largest decline over 10 years	-13.54%	-6.41%	-7.13%
Current Drawdown Current decline from peak	0.00%	-0.47%	+0.47%
Average Drawdown Average peak-to-trough decline	-2.05%	-0.54%	-1.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.71%	0.46%	+0.25%

Volatility

NVHIX vs. VMLUX - Volatility Comparison

Nuveen Short Duration High Yield Municipal Bond Fund (NVHIX) has a higher volatility of 0.68% compared to Vanguard Limited-Term Tax-Exempt Fund Admiral Shares (VMLUX) at 0.46%. This indicates that NVHIX's price experiences larger fluctuations and is considered to be riskier than VMLUX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NVHIX	VMLUX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.68%	0.46%	+0.22%
Volatility (6M) Calculated over the trailing 6-month period	1.55%	1.17%	+0.38%
Volatility (1Y) Calculated over the trailing 1-year period	2.25%	1.51%	+0.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.33%	1.87%	+1.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.47%	1.93%	+1.54%

NVHIX vs. VMLUX - Expense Ratio Comparison

NVHIX has a 0.55% expense ratio, which is higher than VMLUX's 0.09% expense ratio.

Dividends

NVHIX vs. VMLUX - Dividend Comparison

NVHIX's dividend yield for the trailing twelve months is around 4.56%, more than VMLUX's 3.16% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NVHIX Nuveen Short Duration High Yield Municipal Bond Fund	4.56%	5.15%	4.36%	4.41%	3.84%	3.43%	3.90%	4.03%	3.90%	3.78%	3.62%	3.55%
VMLUX Vanguard Limited-Term Tax-Exempt Fund Admiral Shares	3.16%	3.85%	3.38%	2.39%	1.64%	1.04%	1.70%	2.10%	1.89%	1.65%	1.62%	1.58%

Frequently Asked Questions

Can I hold both NVHIX and VMLUX in my portfolio?

NVHIX and VMLUX have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NVHIX or VMLUX?

NVHIX has higher volatility (0.68%) compared to VMLUX (0.46%). In terms of maximum drawdown, NVHIX dropped -13.54% vs VMLUX's -6.41%.

Which has better risk-adjusted returns?

VMLUX currently has the higher Sharpe Ratio (2.90 vs 2.05), 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.