SHYM vs. NHYM

Last updated Aug 1, 2026

SHYM (iShares Short Duration High Yield Muni Active ETF) and NHYM (Nuveen High Yield Municipal Income ETF) are both High Yield Muni funds. Both are actively managed. Over the past year, SHYM returned 4.26% vs 7.27% for NHYM. Their 0.58 correlation means they have sometimes moved together and sometimes differently. Both charge a 0.35% expense ratio.

Performance

SHYM vs. NHYM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Short Duration High Yield Muni Active ETF (SHYM) and Nuveen High Yield Municipal Income ETF (NHYM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SHYM achieves a 1.67% return, which is significantly higher than NHYM's 1.57% return.

SHYM

• 1D: -0.05%
• 1M: -1.14%
• 6M: 0.76%
• YTD: 1.67%
• 1Y: 4.26%
• 3Y*: 5.36%
• 5Y*: 0.39%
• 10Y*: —
• ALL TIME*: 1.75%

NHYM

• 1D: -0.18%
• 1M: -1.52%
• 6M: 1.04%
• YTD: 1.57%
• 1Y: 7.27%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 3.15%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
NHYM Nuveen High Yield Municipal Income ETF	$370.71K	$444.40K	$624.01K
SHYM iShares Short Duration High Yield Muni Active ETF	$4.04M	$4.20M	$7.86M

SHYM vs. NHYM - Yearly Performance Comparison

	2026 (YTD)	2025
SHYM iShares Short Duration High Yield Muni Active ETF	1.67%	2.13%
NHYM Nuveen High Yield Municipal Income ETF	1.57%	3.19%

Correlation

The correlation between SHYM and NHYM is 0.57, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.57
Correlation (All Time) Calculated using the full available price history since Jan 23, 2025	0.58

The correlation between SHYM and NHYM has been stable across timeframes, ranging from 0.57 to 0.58 - a consistent structural relationship.

Return for Risk

SHYM vs. NHYM — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

SHYM

SHYM Risk / Return Rank: 67
SHYM Sharpe Ratio Rank: 71
SHYM Sortino Ratio Rank: 70
SHYM Omega Ratio Rank: 78
SHYM Calmar Ratio Rank: 56
SHYM Martin Ratio Rank: 63

NHYM

NHYM Risk / Return Rank: 86
NHYM Sharpe Ratio Rank: 86
NHYM Sortino Ratio Rank: 90
NHYM Omega Ratio Rank: 91
NHYM Calmar Ratio Rank: 82
NHYM Martin Ratio Rank: 82

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

SHYM vs. NHYM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Short Duration High Yield Muni Active ETF (SHYM) and Nuveen High Yield Municipal Income ETF (NHYM). 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.

	SHYM	NHYM	Difference
Sharpe ratio: Return per unit of total volatility	1.61	2.04	-0.43
Sortino ratio: Return per unit of downside risk	2.27	3.17	-0.89
Omega ratio: Gain probability vs. loss probability	1.33	1.43	-0.11
Calmar ratio: Return relative to maximum drawdown	1.99	3.03	-1.04
Martin ratio: Return relative to average drawdown	7.49	10.90	-3.41

SHYM vs. NHYM - Sharpe Ratio Comparison

The current SHYM Sharpe Ratio is 1.61, which is comparable to the NHYM Sharpe Ratio of 2.04. The chart below compares the historical Sharpe Ratios of SHYM and NHYM, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

SHYM vs. NHYM - Drawdown Comparison

The maximum SHYM drawdown since its inception was -22.55%, which is greater than NHYM's maximum drawdown of -6.11%. Use the drawdown chart below to compare losses from any high point for SHYM and NHYM.

Drawdown Indicators

	SHYM	NHYM	Difference
Max Drawdown Largest peak-to-trough decline	-22.55%	-6.11%	-16.44%
Max Drawdown (1Y) Largest decline over 1 year	-2.23%	-2.77%	+0.54%
Max Drawdown (3Y) Largest decline over 3 years	-8.06%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-22.30%	—	—
Current Drawdown Current decline from peak	-1.23%	-1.66%	+0.43%
Average Drawdown Average peak-to-trough decline	-6.57%	-1.60%	-4.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.59%	0.77%	-0.18%

Volatility

SHYM vs. NHYM - Volatility Comparison

The current volatility for iShares Short Duration High Yield Muni Active ETF (SHYM) is 0.89%, while Nuveen High Yield Municipal Income ETF (NHYM) has a volatility of 1.00%. This indicates that SHYM experiences smaller price fluctuations and is considered to be less risky than NHYM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SHYM	NHYM	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.89%	1.00%	-0.11%
Volatility (6M) Calculated over the trailing 6-month period	1.96%	2.73%	-0.77%
Volatility (1Y) Calculated over the trailing 1-year period	2.80%	4.11%	-1.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.06%	5.69%	+1.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.85%	5.69%	+1.16%

SHYM vs. NHYM - Expense Ratio Comparison

Both SHYM and NHYM have an expense ratio of 0.35%.

Dividends

SHYM vs. NHYM - Dividend Comparison

SHYM's dividend yield for the trailing twelve months is around 4.32%, less than NHYM's 4.60% yield.

Position	TTM	2025	2024	2023	2022	2021
NHYM Nuveen High Yield Municipal Income ETF	4.20%	4.06%	0.00%	0.00%	0.00%	0.00%
SHYM iShares Short Duration High Yield Muni Active ETF	3.99%	4.55%	4.35%	4.35%	4.01%	2.97%

Frequently Asked Questions

Can I hold both SHYM and NHYM in my portfolio?

SHYM and NHYM have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SHYM or NHYM?

NHYM has higher volatility (1.00%) compared to SHYM (0.89%). In terms of maximum drawdown, SHYM dropped -22.55% vs NHYM's -6.11%.

Which ETF is better, SHYM or NHYM?

On 1-year performance, NHYM leads with 7.27% vs 4.26% for SHYM. Both ETFs have the same 0.35% expense ratio. On volatility, SHYM has been the lower-risk option at 0.89%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SHYM or NHYM?

Over the 1-year period, NHYM has performed better with a 7.27% return vs 4.26%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SHYM or NHYM?

SHYM and NHYM have the same expense ratio: 0.35% per year.

Which ETF pays a higher dividend yield, SHYM or NHYM?

NHYM has the higher dividend yield at 4.20%, compared with 3.99% for SHYM.

What is the main difference between SHYM and NHYM?

They also come from different issuers: iShares and Nuveen.

Which has better risk-adjusted returns?

NHYM currently has the higher Sharpe Ratio (2.04 vs 1.61), 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.