PRFHX vs. NMZ
Compare and contrast key facts about T. Rowe Price Tax Free High Yield Fund (PRFHX) and Nuveen Municipal High Income Opportunity Fund (NMZ).
PRFHX is managed by T. Rowe Price. It was launched on Feb 28, 1985. NMZ is an actively managed fund by Nuveen. It was launched on Nov 19, 2003.
Performance
PRFHX vs. NMZ - Performance Comparison
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PRFHX vs. NMZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PRFHX T. Rowe Price Tax Free High Yield Fund | 0.17% | 7.33% | 5.99% | 7.65% | -14.41% | 6.09% | 3.40% | 9.03% | 0.66% | 7.31% |
NMZ Nuveen Municipal High Income Opportunity Fund | 3.79% | 1.56% | 16.52% | 0.69% | -27.36% | 10.41% | 7.33% | 28.36% | -9.47% | 12.87% |
Returns By Period
In the year-to-date period, PRFHX achieves a 0.17% return, which is significantly lower than NMZ's 3.79% return. Both investments have delivered pretty close results over the past 10 years, with PRFHX having a 3.03% annualized return and NMZ not far behind at 2.92%.
PRFHX
- 1D
- 0.18%
- 1M
- -2.57%
- YTD
- 0.17%
- 6M
- 3.06%
- 1Y
- 7.66%
- 3Y*
- 5.93%
- 5Y*
- 1.91%
- 10Y*
- 3.03%
NMZ
- 1D
- 3.70%
- 1M
- -2.29%
- YTD
- 3.79%
- 6M
- 1.74%
- 1Y
- 2.59%
- 3Y*
- 5.34%
- 5Y*
- -0.49%
- 10Y*
- 2.92%
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PRFHX vs. NMZ - Expense Ratio Comparison
PRFHX has a 0.63% expense ratio, which is lower than NMZ's 1.50% expense ratio.
Return for Risk
PRFHX vs. NMZ — Risk / Return Rank
PRFHX
NMZ
PRFHX vs. NMZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Tax Free High Yield Fund (PRFHX) and Nuveen Municipal High Income Opportunity Fund (NMZ). 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.
| PRFHX | NMZ | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.36 | 0.21 | +1.15 |
Sortino ratioReturn per unit of downside risk | 1.81 | 0.35 | +1.46 |
Omega ratioGain probability vs. loss probability | 1.37 | 1.05 | +0.31 |
Calmar ratioReturn relative to maximum drawdown | 1.17 | 0.32 | +0.84 |
Martin ratioReturn relative to average drawdown | 4.10 | 0.96 | +3.14 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| PRFHX | NMZ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.36 | 0.21 | +1.15 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.40 | -0.04 | +0.43 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.66 | 0.20 | +0.46 |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.28 | 0.27 | +1.01 |
Correlation
The correlation between PRFHX and NMZ is 0.25, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Dividends
PRFHX vs. NMZ - Dividend Comparison
PRFHX's dividend yield for the trailing twelve months is around 7.22%, less than NMZ's 7.57% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PRFHX T. Rowe Price Tax Free High Yield Fund | 7.22% | 7.11% | 3.80% | 4.19% | 2.81% | 3.01% | 3.47% | 3.52% | 3.71% | 3.64% | 3.88% | 4.02% |
NMZ Nuveen Municipal High Income Opportunity Fund | 7.57% | 7.71% | 6.35% | 5.44% | 7.04% | 5.10% | 5.09% | 4.99% | 6.15% | 5.94% | 6.94% | 6.67% |
Drawdowns
PRFHX vs. NMZ - Drawdown Comparison
The maximum PRFHX drawdown since its inception was -24.76%, smaller than the maximum NMZ drawdown of -58.53%. Use the drawdown chart below to compare losses from any high point for PRFHX and NMZ.
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Drawdown Indicators
| PRFHX | NMZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -24.76% | -58.53% | +33.77% |
Max Drawdown (1Y)Largest decline over 1 year | -6.12% | -11.04% | +4.92% |
Max Drawdown (5Y)Largest decline over 5 years | -18.81% | -40.03% | +21.22% |
Max Drawdown (10Y)Largest decline over 10 years | -18.81% | -40.03% | +21.22% |
Current DrawdownCurrent decline from peak | -2.57% | -11.86% | +9.29% |
Average DrawdownAverage peak-to-trough decline | -2.79% | -9.44% | +6.65% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.74% | 3.69% | -1.95% |
Volatility
PRFHX vs. NMZ - Volatility Comparison
The current volatility for T. Rowe Price Tax Free High Yield Fund (PRFHX) is 1.20%, while Nuveen Municipal High Income Opportunity Fund (NMZ) has a volatility of 4.99%. This indicates that PRFHX experiences smaller price fluctuations and is considered to be less risky than NMZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PRFHX | NMZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.20% | 4.99% | -3.79% |
Volatility (6M)Calculated over the trailing 6-month period | 2.16% | 6.60% | -4.44% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.31% | 12.73% | -6.42% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.87% | 12.90% | -8.03% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.63% | 14.72% | -10.09% |