TBIRX vs. NHMRX

Last updated Jun 6, 2026

TBIRX (Nuveen Bond Index Fund Retirement Class) and NHMRX (Nuveen High Yield Municipal Bond Fund) are both mutual funds - TBIRX is a Total Bond Market fund tracking the Bloomberg U.S. Aggregate Bond Index, while NHMRX is a High Yield Muni fund managed by Nuveen. Over the past 10 years, TBIRX returned 1.18%/yr vs 3.74%/yr for NHMRX. At a 0.38 correlation, their price movements are largely independent. TBIRX charges 0.32%/yr vs 0.52%/yr for NHMRX.

Performance

TBIRX vs. NHMRX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nuveen Bond Index Fund Retirement Class (TBIRX) and Nuveen High Yield Municipal Bond Fund (NHMRX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TBIRX achieves a 0.30% return, which is significantly lower than NHMRX's 3.18% return. Over the past 10 years, TBIRX has underperformed NHMRX with an annualized return of 1.18%, while NHMRX has yielded a comparatively higher 3.74% annualized return.

TBIRX

• 1D: 0.10%
• 1M: -0.20%
• YTD: 0.30%
• 6M: 0.51%
• 1Y: 4.66%
• 3Y*: 3.57%
• 5Y*: -0.40%
• 10Y*: 1.18%

NHMRX

• 1D: 0.07%
• 1M: 0.96%
• YTD: 3.18%
• 6M: 3.94%
• 1Y: 9.90%
• 3Y*: 5.21%
• 5Y*: 1.20%
• 10Y*: 3.74%

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

TBIRX vs. NHMRX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TBIRX Nuveen Bond Index Fund Retirement Class	0.30%	6.85%	0.81%	5.01%	-13.87%	-2.05%	7.50%	8.28%	-0.57%	3.17%
NHMRX Nuveen High Yield Municipal Bond Fund	3.18%	3.24%	5.62%	7.31%	-14.96%	9.93%	3.25%	12.59%	2.06%	12.10%

Correlation

The correlation between TBIRX and NHMRX is 0.63, 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	0.63
Correlation (3Y) Calculated over the trailing 3-year period	0.62
Correlation (5Y) Calculated over the trailing 5-year period	0.52
Correlation (10Y) Calculated over the trailing 10-year period	0.45
Correlation (All Time) Calculated using the full available price history since Jan 5, 2010	0.38

Over the past year, TBIRX and NHMRX have become more correlated (0.63) than their long-term average of 0.38, meaning their price movements have been converging.

Return for Risk

TBIRX vs. NHMRX — Risk / Return Rank

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

TBIRX

TBIRX Risk / Return Rank: 18
TBIRX Sharpe Ratio Rank: 18
TBIRX Sortino Ratio Rank: 18
TBIRX Omega Ratio Rank: 16
TBIRX Calmar Ratio Rank: 19
TBIRX Martin Ratio Rank: 18

NHMRX

NHMRX Risk / Return Rank: 60
NHMRX Sharpe Ratio Rank: 58
NHMRX Sortino Ratio Rank: 72
NHMRX Omega Ratio Rank: 78
NHMRX Calmar Ratio Rank: 54
NHMRX Martin Ratio Rank: 39

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.

TBIRX vs. NHMRX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuveen Bond Index Fund Retirement Class (TBIRX) and Nuveen High Yield Municipal Bond Fund (NHMRX). 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.

	TBIRX	NHMRX	Difference
Sharpe ratio: Return per unit of total volatility	1.15	2.18	-1.04
Sortino ratio: Return per unit of downside risk	1.71	3.45	-1.73
Omega ratio: Gain probability vs. loss probability	1.20	1.50	-0.30
Calmar ratio: Return relative to maximum drawdown	1.48	2.72	-1.24
Martin ratio: Return relative to average drawdown	4.43	8.24	-3.81
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TBIRX vs. NHMRX - Sharpe Ratio Comparison

The current TBIRX Sharpe Ratio is 1.15, which is lower than the NHMRX Sharpe Ratio of 2.18. The chart below compares the historical Sharpe Ratios of TBIRX and NHMRX, 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

	TBIRX	NHMRX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.15	2.18	-1.04
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.07	0.18	-0.24
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.24	0.56	-0.32
Sharpe Ratio (All Time) Calculated using the full available price history	0.49	0.89	-0.40

Drawdowns

TBIRX vs. NHMRX - Drawdown Comparison

The maximum TBIRX drawdown since its inception was -19.64%, smaller than the maximum NHMRX drawdown of -45.45%. Use the drawdown chart below to compare losses from any high point for TBIRX and NHMRX.

Drawdown Indicators

	TBIRX	NHMRX	Difference
Max Drawdown Largest peak-to-trough decline	-19.64%	-45.45%	+25.81%
Max Drawdown (1Y) Largest decline over 1 year	-3.03%	-3.58%	+0.55%
Max Drawdown (3Y) Largest decline over 3 years	-6.22%	-10.49%	+4.27%
Max Drawdown (5Y) Largest decline over 5 years	-18.79%	-21.52%	+2.73%
Max Drawdown (10Y) Largest decline over 10 years	-19.64%	-22.22%	+2.58%
Current Drawdown Current decline from peak	-4.79%	-0.00%	-4.79%
Average Drawdown Average peak-to-trough decline	-3.93%	-5.32%	+1.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.01%	1.18%	-0.17%

Volatility

TBIRX vs. NHMRX - Volatility Comparison

The current volatility for Nuveen Bond Index Fund Retirement Class (TBIRX) is 1.30%, while Nuveen High Yield Municipal Bond Fund (NHMRX) has a volatility of 1.58%. This indicates that TBIRX experiences smaller price fluctuations and is considered to be less risky than NHMRX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TBIRX	NHMRX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.30%	1.58%	-0.28%
Volatility (6M) Calculated over the trailing 6-month period	2.86%	3.10%	-0.24%
Volatility (1Y) Calculated over the trailing 1-year period	3.95%	4.48%	-0.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.04%	6.85%	-0.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.99%	6.73%	-1.74%

TBIRX vs. NHMRX - Expense Ratio Comparison

TBIRX has a 0.32% expense ratio, which is lower than NHMRX's 0.52% expense ratio.

Dividends

TBIRX vs. NHMRX - Dividend Comparison

TBIRX's dividend yield for the trailing twelve months is around 3.65%, less than NHMRX's 6.09% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NHMRX Nuveen High Yield Municipal Bond Fund	6.09%	6.54%	5.79%	7.34%	5.64%	4.69%	5.03%	5.39%	5.47%	5.38%	5.88%	5.60%
TBIRX Nuveen Bond Index Fund Retirement Class	3.65%	3.48%	2.91%	2.23%	1.89%	1.81%	2.90%	2.56%	2.23%	2.19%	2.06%	1.95%

Frequently Asked Questions

Can I hold both TBIRX and NHMRX in my portfolio?

TBIRX and NHMRX have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TBIRX or NHMRX?

NHMRX has higher volatility (1.58%) compared to TBIRX (1.30%). In terms of maximum drawdown, TBIRX dropped -19.64% vs NHMRX's -45.45%.

Which has better risk-adjusted returns?

NHMRX currently has the higher Sharpe Ratio (2.18 vs 1.15), 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.