TMNIX vs. HIMYX

Last updated Jun 23, 2026

TMNIX (Counterpoint Tactical Municipal Fund) and HIMYX (Pioneer High Income Municipal Fund) are both High Yield Muni funds. Over the past 5 years, TMNIX returned 2.24%/yr vs -0.51%/yr for HIMYX. At a 0.48 correlation, their price movements are largely independent. TMNIX charges 1.00%/yr vs 0.55%/yr for HIMYX.

Performance

TMNIX vs. HIMYX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Counterpoint Tactical Municipal Fund (TMNIX) and Pioneer High Income Municipal Fund (HIMYX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TMNIX achieves a 1.84% return, which is significantly higher than HIMYX's 1.51% return.

TMNIX

• 1D: 0.19%
• 1M: 1.78%
• YTD: 1.84%
• 6M: 2.03%
• 1Y: 6.25%
• 3Y*: 4.06%
• 5Y*: 2.24%
• 10Y*: —

HIMYX

• 1D: 0.36%
• 1M: 1.77%
• YTD: 1.51%
• 6M: 1.67%
• 1Y: 2.78%
• 3Y*: 2.68%
• 5Y*: -0.51%
• 10Y*: 2.19%

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

TMNIX vs. HIMYX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
TMNIX Counterpoint Tactical Municipal Fund	1.84%	2.56%	3.92%	6.85%	-3.12%	2.96%	6.73%	8.70%	0.12%
HIMYX Pioneer High Income Municipal Fund	1.51%	-1.50%	6.07%	3.64%	-13.08%	6.69%	1.85%	9.56%	2.07%

Correlation

The correlation between TMNIX and HIMYX is 0.50, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.50
Correlation (3Y) Calculated over the trailing 3-year period	0.52
Correlation (5Y) Calculated over the trailing 5-year period	0.49
Correlation (All Time) Calculated using the full available price history since Jun 28, 2018	0.48

The correlation between TMNIX and HIMYX has been stable across timeframes, ranging from 0.48 to 0.52 - a consistent structural relationship.

Return for Risk

TMNIX vs. HIMYX — Risk / Return Rank

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

TMNIX

TMNIX Risk / Return Rank: 70
TMNIX Sharpe Ratio Rank: 82
TMNIX Sortino Ratio Rank: 84
TMNIX Omega Ratio Rank: 92
TMNIX Calmar Ratio Rank: 57
TMNIX Martin Ratio Rank: 37

HIMYX

HIMYX Risk / Return Rank: 8
HIMYX Sharpe Ratio Rank: 7
HIMYX Sortino Ratio Rank: 8
HIMYX Omega Ratio Rank: 9
HIMYX Calmar Ratio Rank: 7
HIMYX Martin Ratio Rank: 7

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.

TMNIX vs. HIMYX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Counterpoint Tactical Municipal Fund (TMNIX) and Pioneer High Income Municipal Fund (HIMYX). 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.

	TMNIX	HIMYX	Difference
Sharpe ratio: Return per unit of total volatility	2.46	0.51	+1.95
Sortino ratio: Return per unit of downside risk	3.69	0.99	+2.71
Omega ratio: Gain probability vs. loss probability	1.65	1.13	+0.52
Calmar ratio: Return relative to maximum drawdown	2.78	0.67	+2.11
Martin ratio: Return relative to average drawdown	7.68	1.69	+5.99

TMNIX vs. HIMYX - Sharpe Ratio Comparison

The current TMNIX Sharpe Ratio is 2.46, which is higher than the HIMYX Sharpe Ratio of 0.51. The chart below compares the historical Sharpe Ratios of TMNIX and HIMYX, 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

TMNIX vs. HIMYX - Drawdown Comparison

The maximum TMNIX drawdown since its inception was -4.63%, smaller than the maximum HIMYX drawdown of -35.00%. Use the drawdown chart below to compare losses from any high point for TMNIX and HIMYX.

Drawdown Indicators

	TMNIX	HIMYX	Difference
Max Drawdown Largest peak-to-trough decline	-4.63%	-35.00%	+30.37%
Max Drawdown (1Y) Largest decline over 1 year	-2.26%	-4.22%	+1.96%
Max Drawdown (3Y) Largest decline over 3 years	-4.61%	-7.79%	+3.18%
Max Drawdown (5Y) Largest decline over 5 years	-4.63%	-19.32%	+14.69%
Max Drawdown (10Y) Largest decline over 10 years	—	-19.32%	—
Current Drawdown Current decline from peak	-0.14%	-4.46%	+4.32%
Average Drawdown Average peak-to-trough decline	-1.47%	-5.65%	+4.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.82%	1.66%	-0.84%

Volatility

TMNIX vs. HIMYX - Volatility Comparison

The current volatility for Counterpoint Tactical Municipal Fund (TMNIX) is 0.65%, while Pioneer High Income Municipal Fund (HIMYX) has a volatility of 1.38%. This indicates that TMNIX experiences smaller price fluctuations and is considered to be less risky than HIMYX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TMNIX	HIMYX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.65%	1.38%	-0.73%
Volatility (6M) Calculated over the trailing 6-month period	1.98%	3.10%	-1.12%
Volatility (1Y) Calculated over the trailing 1-year period	2.55%	5.47%	-2.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.04%	5.68%	-2.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.68%	5.07%	-2.39%

TMNIX vs. HIMYX - Expense Ratio Comparison

TMNIX has a 1.00% expense ratio, which is higher than HIMYX's 0.55% expense ratio.

Dividends

TMNIX vs. HIMYX - Dividend Comparison

TMNIX's dividend yield for the trailing twelve months is around 3.12%, less than HIMYX's 8.68% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HIMYX Pioneer High Income Municipal Fund	8.68%	8.63%	5.32%	4.97%	3.88%	3.71%	3.96%	5.35%	5.20%	5.00%	5.66%	5.65%
TMNIX Counterpoint Tactical Municipal Fund	3.12%	2.79%	3.31%	3.40%	0.36%	4.39%	2.36%	3.69%	1.10%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TMNIX and HIMYX in my portfolio?

TMNIX and HIMYX have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TMNIX or HIMYX?

HIMYX has higher volatility (1.38%) compared to TMNIX (0.65%). In terms of maximum drawdown, TMNIX dropped -4.63% vs HIMYX's -35.00%.

Which has better risk-adjusted returns?

TMNIX currently has the higher Sharpe Ratio (2.46 vs 0.51), 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.