TSORX vs. NHMRX

Last updated Jun 4, 2026

TSORX (Nuveen International Responsible Equity Fund Class A) and NHMRX (Nuveen High Yield Municipal Bond Fund) are both mutual funds - TSORX is a Foreign Large Cap Equities fund actively managed by Nuveen, while NHMRX is a High Yield Muni fund managed by Nuveen. Over the past 10 years, TSORX returned 8.53%/yr vs 3.75%/yr for NHMRX. At a 0.09 correlation, their price movements are largely independent. TSORX charges 0.71%/yr vs 0.52%/yr for NHMRX.

Performance

TSORX vs. NHMRX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nuveen International Responsible Equity Fund Class A (TSORX) 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, TSORX achieves a 7.29% return, which is significantly higher than NHMRX's 3.18% return. Over the past 10 years, TSORX has outperformed NHMRX with an annualized return of 8.53%, while NHMRX has yielded a comparatively lower 3.75% annualized return.

TSORX

• 1D: 0.18%
• 1M: 3.97%
• YTD: 7.29%
• 6M: 9.77%
• 1Y: 18.76%
• 3Y*: 15.04%
• 5Y*: 7.85%
• 10Y*: 8.53%

NHMRX

• 1D: 0.28%
• 1M: 1.39%
• YTD: 3.18%
• 6M: 3.87%
• 1Y: 10.14%
• 3Y*: 5.26%
• 5Y*: 1.21%
• 10Y*: 3.75%

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

TSORX vs. NHMRX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TSORX Nuveen International Responsible Equity Fund Class A	7.29%	28.13%	2.92%	18.90%	-15.04%	11.57%	9.49%	23.02%	-13.94%	21.85%
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 TSORX and NHMRX is 0.31, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.31
Correlation (3Y) Calculated over the trailing 3-year period	0.20
Correlation (5Y) Calculated over the trailing 5-year period	0.18
Correlation (10Y) Calculated over the trailing 10-year period	0.10
Correlation (All Time) Calculated using the full available price history since Jan 5, 2016	0.09

Over the past year, TSORX and NHMRX have become more correlated (0.31) than their long-term average of 0.09, meaning their price movements have been converging.

Return for Risk

TSORX vs. NHMRX — Risk / Return Rank

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

TSORX

TSORX Risk / Return Rank: 17
TSORX Sharpe Ratio Rank: 16
TSORX Sortino Ratio Rank: 16
TSORX Omega Ratio Rank: 16
TSORX Calmar Ratio Rank: 16
TSORX Martin Ratio Rank: 20

NHMRX

NHMRX Risk / Return Rank: 61
NHMRX Sharpe Ratio Rank: 58
NHMRX Sortino Ratio Rank: 73
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.

TSORX vs. NHMRX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuveen International Responsible Equity Fund Class A (TSORX) 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.

	TSORX	NHMRX	Difference
Sharpe ratio Return per unit of total volatility	1.15	2.25	-1.09
Sortino ratio Return per unit of downside risk	1.69	3.55	-1.86
Omega ratio Gain probability vs. loss probability	1.21	1.51	-0.30
Calmar ratio Return relative to maximum drawdown	1.41	2.81	-1.40
Martin ratio Return relative to average drawdown	5.19	8.50	-3.30
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TSORX vs. NHMRX - Sharpe Ratio Comparison

The current TSORX Sharpe Ratio is 1.15, which is lower than the NHMRX Sharpe Ratio of 2.25. The chart below compares the historical Sharpe Ratios of TSORX 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

	TSORX	NHMRX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.15	2.25	-1.09
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.49	0.18	+0.31
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.51	0.56	-0.05
Sharpe Ratio (All Time) Calculated using the full available price history	0.50	0.89	-0.39

Drawdowns

TSORX vs. NHMRX - Drawdown Comparison

The maximum TSORX drawdown since its inception was -33.10%, smaller than the maximum NHMRX drawdown of -45.45%. Use the drawdown chart below to compare losses from any high point for TSORX and NHMRX.

Drawdown Indicators

	TSORX	NHMRX	Difference
Max Drawdown Largest peak-to-trough decline	-33.10%	-45.45%	+12.35%
Max Drawdown (1Y) Largest decline over 1 year	-12.68%	-3.58%	-9.10%
Max Drawdown (3Y) Largest decline over 3 years	-13.26%	-10.49%	-2.77%
Max Drawdown (5Y) Largest decline over 5 years	-29.70%	-21.52%	-8.18%
Max Drawdown (10Y) Largest decline over 10 years	-33.10%	-22.22%	-10.88%
Current Drawdown Current decline from peak	-1.53%	0.00%	-1.53%
Average Drawdown Average peak-to-trough decline	-6.16%	-5.33%	-0.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.43%	1.18%	+2.25%

Volatility

TSORX vs. NHMRX - Volatility Comparison

Nuveen International Responsible Equity Fund Class A (TSORX) has a higher volatility of 4.55% compared to Nuveen High Yield Municipal Bond Fund (NHMRX) at 1.59%. This indicates that TSORX's price experiences larger fluctuations and is considered to be riskier than NHMRX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TSORX	NHMRX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.55%	1.59%	+2.96%
Volatility (6M) Calculated over the trailing 6-month period	12.55%	3.17%	+9.38%
Volatility (1Y) Calculated over the trailing 1-year period	15.54%	4.50%	+11.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.11%	6.85%	+9.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.68%	6.73%	+9.95%

TSORX vs. NHMRX - Expense Ratio Comparison

TSORX has a 0.71% expense ratio, which is higher than NHMRX's 0.52% expense ratio.

Dividends

TSORX vs. NHMRX - Dividend Comparison

TSORX's dividend yield for the trailing twelve months is around 5.11%, 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%
TSORX Nuveen International Responsible Equity Fund Class A	5.11%	5.48%	2.98%	2.96%	2.03%	2.85%	1.21%	1.34%	2.11%	0.04%	2.21%	0.00%

Frequently Asked Questions

Can I hold both TSORX and NHMRX in my portfolio?

TSORX and NHMRX have a correlation of 0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TSORX or NHMRX?

TSORX has higher volatility (4.55%) compared to NHMRX (1.59%). In terms of maximum drawdown, TSORX dropped -33.10% vs NHMRX's -45.45%.

Which has better risk-adjusted returns?

NHMRX currently has the higher Sharpe Ratio (2.25 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.