NZF vs. HYGH
NZF (Nuveen Municipal Credit Income Fund) and HYGH (iShares Interest Rate Hedged High Yield Bond ETF) are both funds - NZF is a Municipal Bonds fund tracking the S&P National Municipal Bond Index, while HYGH is a High Yield Bonds fund tracking the Markit iBoxx USD Liquid High Yield Interest Hedged Index. Both are passively managed. Over the past 10 years, NZF returned 3.16%/yr vs 6.28%/yr for HYGH. Their 0.13 correlation means their historical movements had little consistent relationship. NZF charges 1.89%/yr vs 0.52%/yr for HYGH.
Performance
NZF vs. HYGH - Performance Comparison
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Returns By Period
In the year-to-date period, NZF achieves a 1.35% return, which is significantly lower than HYGH's 3.69% return. Over the past 10 years, NZF has underperformed HYGH with an annualized return of 3.16%, while HYGH has yielded a comparatively higher 6.28% annualized return.
NZF
- 1D
- -0.73%
- 1M
- -2.79%
- 6M
- 1.93%
- YTD
- 1.35%
- 1Y
- 10.90%
- 3Y*
- 8.45%
- 5Y*
- -1.05%
- 10Y*
- 3.16%
- ALL TIME*
- 5.28%
HYGH
- 1D
- 0.23%
- 1M
- 0.18%
- 6M
- 3.04%
- YTD
- 3.69%
- 1Y
- 7.30%
- 3Y*
- 9.04%
- 5Y*
- 7.04%
- 10Y*
- 6.28%
- ALL TIME*
- 4.72%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $5.51M | $5.45M | $4.91M | |
| $6.09M | $6.45M | $6.65M |
NZF vs. HYGH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
NZF Nuveen Municipal Credit Income Fund | 1.35% | 11.78% | 10.09% | 2.49% | -25.53% | 11.19% | 3.58% | 28.33% | -6.79% | 14.48% |
HYGH iShares Interest Rate Hedged High Yield Bond ETF | 3.69% | 6.94% | 11.22% | 12.17% | -0.92% | 5.82% | 0.54% | 11.09% | -0.85% | 6.38% |
Correlation
The correlation between NZF and HYGH is 0.22, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.22 |
Correlation (3Y) Balances recent behavior with more history. | 0.22 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.23 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.16 |
Correlation (All Time) Calculated using the full available price history since May 29, 2014 | 0.13 |
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Return for Risk
NZF vs. HYGH — Risk / Return Rank
NZF
HYGH
NZF vs. HYGH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Nuveen Municipal Credit Income Fund (NZF) and iShares Interest Rate Hedged High Yield Bond ETF (HYGH). 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.
| NZF | HYGH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.70 | ||
| Sortino ratioReturn per unit of downside risk | -0.96 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.35 | -0.13 |
| Calmar ratioReturn relative to maximum drawdown | 1.55 | 4.24 | -2.69 |
| Martin ratioReturn relative to average drawdown | 6.35 | 16.68 | -10.33 |
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Drawdowns
NZF vs. HYGH - Drawdown Comparison
The maximum NZF drawdown since its inception was -48.55%, which is greater than HYGH's maximum drawdown of -23.88%. Use the drawdown chart below to compare losses from any high point for NZF and HYGH.
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Drawdown Indicators
| NZF | HYGH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -48.55% | -23.88% | -24.67% |
Max Drawdown (1Y)Largest decline over 1 year | -8.11% | -1.62% | -6.49% |
Max Drawdown (3Y)Largest decline over 3 years | -13.54% | -8.06% | -5.48% |
Max Drawdown (5Y)Largest decline over 5 years | -37.42% | -8.24% | -29.18% |
Max Drawdown (10Y)Largest decline over 10 years | -37.42% | -23.88% | -13.54% |
Current DrawdownCurrent decline from peak | -5.67% | -0.06% | -5.61% |
Average DrawdownAverage peak-to-trough decline | -7.75% | -2.20% | -5.55% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.97% | 0.41% | +1.56% |
Volatility
NZF vs. HYGH - Volatility Comparison
Nuveen Municipal Credit Income Fund (NZF) has a higher volatility of 2.12% compared to iShares Interest Rate Hedged High Yield Bond ETF (HYGH) at 0.63%. This indicates that NZF's price experiences larger fluctuations and is considered to be riskier than HYGH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NZF | HYGH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.12% | 0.63% | +1.49% |
Volatility (6M)Calculated over the trailing 6-month period | 8.08% | 2.77% | +5.31% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.58% | 3.64% | +6.94% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.39% | 7.06% | +5.33% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.09% | 8.21% | +4.88% |
NZF vs. HYGH - Expense Ratio Comparison
NZF has a 1.89% expense ratio, which is higher than HYGH's 0.52% expense ratio.
Dividends
NZF vs. HYGH - Dividend Comparison
NZF's dividend yield for the trailing twelve months is around 7.82%, more than HYGH's 6.56% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HYGH iShares Interest Rate Hedged High Yield Bond ETF | 6.56% | 6.86% | 7.85% | 8.95% | 6.21% | 3.74% | 4.06% | 4.89% | 6.45% | 4.79% | 4.60% | 5.75% |
NZF Nuveen Municipal Credit Income Fund | 7.82% | 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
NZF and HYGH have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NZF has higher volatility (2.12%) compared to HYGH (0.63%). In terms of maximum drawdown, NZF dropped -48.55% vs HYGH's -23.88%.
HYGH currently has the higher Sharpe Ratio (1.89 vs 1.19), 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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