UCIB vs. HTAX

Last updated Aug 1, 2026

UCIB (ETRACS CMCI Total Return ETN Series B) and HTAX (Nomura National High-Yield Municipal Bond ETF) are both exchange-traded funds - UCIB is a Commodities fund tracking the UBS Bloomberg CMCI Index, while HTAX is a High Yield Muni fund actively managed by Nomura. UCIB is passively managed, while HTAX is actively managed. Over the past year, UCIB returned 32.01% vs 8.03% for HTAX. Their -0.19 correlation means they have often moved in opposite directions in the past. UCIB charges 0.55%/yr vs 0.49%/yr for HTAX.

Performance

UCIB vs. HTAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ETRACS CMCI Total Return ETN Series B (UCIB) and Nomura National High-Yield Municipal Bond ETF (HTAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UCIB achieves a 23.75% return, which is significantly higher than HTAX's 2.49% return.

UCIB

• 1D: -0.06%
• 1M: 6.70%
• 6M: 16.87%
• YTD: 23.75%
• 1Y: 32.01%
• 3Y*: 11.21%
• 5Y*: 12.02%
• 10Y*: 10.54%
• ALL TIME*: 4.77%

HTAX

• 1D: -0.10%
• 1M: -2.50%
• 6M: 1.90%
• YTD: 2.49%
• 1Y: 8.03%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 2.43%

*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)
HTAX Nomura National High-Yield Municipal Bond ETF	$196.52K	$113.00K	$101.96K
UCIB ETRACS CMCI Total Return ETN Series B	$584.06K	$305.76K	$123.23K

UCIB vs. HTAX - Yearly Performance Comparison

	2026 (YTD)	2025
UCIB ETRACS CMCI Total Return ETN Series B	23.75%	7.38%
HTAX Nomura National High-Yield Municipal Bond ETF	2.49%	0.92%

Correlation

The correlation between UCIB and HTAX is -0.27, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.27
Correlation (All Time) Calculated using the full available price history since Mar 6, 2025	-0.19

Return for Risk

UCIB vs. HTAX — Risk / Return Rank

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

UCIB

UCIB Risk / Return Rank: 40
UCIB Sharpe Ratio Rank: 32
UCIB Sortino Ratio Rank: 35
UCIB Omega Ratio Rank: 55
UCIB Calmar Ratio Rank: 39
UCIB Martin Ratio Rank: 39

HTAX

HTAX Risk / Return Rank: 83
HTAX Sharpe Ratio Rank: 82
HTAX Sortino Ratio Rank: 85
HTAX Omega Ratio Rank: 85
HTAX Calmar Ratio Rank: 80
HTAX Martin Ratio Rank: 83

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.

UCIB vs. HTAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ETRACS CMCI Total Return ETN Series B (UCIB) and Nomura National High-Yield Municipal Bond ETF (HTAX). 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.

	UCIB	HTAX	Difference
Sharpe ratio: Return per unit of total volatility	0.78	1.91	-1.13
Sortino ratio: Return per unit of downside risk	1.32	2.84	-1.52
Omega ratio: Gain probability vs. loss probability	1.25	1.37	-0.13
Calmar ratio: Return relative to maximum drawdown	1.36	2.94	-1.57
Martin ratio: Return relative to average drawdown	4.00	11.27	-7.27

UCIB vs. HTAX - Sharpe Ratio Comparison

The current UCIB Sharpe Ratio is 0.78, which is lower than the HTAX Sharpe Ratio of 1.91. The chart below compares the historical Sharpe Ratios of UCIB and HTAX, 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

UCIB vs. HTAX - Drawdown Comparison

The maximum UCIB drawdown since its inception was -51.29%, which is greater than HTAX's maximum drawdown of -6.10%. Use the drawdown chart below to compare losses from any high point for UCIB and HTAX.

Drawdown Indicators

	UCIB	HTAX	Difference
Max Drawdown Largest peak-to-trough decline	-51.29%	-6.10%	-45.19%
Max Drawdown (1Y) Largest decline over 1 year	-22.67%	-3.06%	-19.61%
Max Drawdown (3Y) Largest decline over 3 years	-22.67%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-22.67%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-36.94%	—	—
Current Drawdown Current decline from peak	-13.37%	-2.50%	-10.87%
Average Drawdown Average peak-to-trough decline	-20.97%	-1.65%	-19.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.72%	0.80%	+6.92%

Volatility

UCIB vs. HTAX - Volatility Comparison

ETRACS CMCI Total Return ETN Series B (UCIB) has a higher volatility of 22.90% compared to Nomura National High-Yield Municipal Bond ETF (HTAX) at 1.44%. This indicates that UCIB's price experiences larger fluctuations and is considered to be riskier than HTAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UCIB	HTAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	22.90%	1.44%	+21.46%
Volatility (6M) Calculated over the trailing 6-month period	37.94%	3.59%	+34.35%
Volatility (1Y) Calculated over the trailing 1-year period	39.58%	4.72%	+34.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.69%	6.32%	+22.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.45%	6.32%	+18.13%

UCIB vs. HTAX - Expense Ratio Comparison

UCIB has a 0.55% expense ratio, which is higher than HTAX's 0.49% expense ratio.

Dividends

UCIB vs. HTAX - Dividend Comparison

UCIB has not paid dividends to shareholders, while HTAX's dividend yield for the trailing twelve months is around 4.64%.

Position	TTM	2025
HTAX Nomura National High-Yield Municipal Bond ETF	4.64%	3.67%
UCIB ETRACS CMCI Total Return ETN Series B	0.00%	0.00%

Frequently Asked Questions

Can I hold both UCIB and HTAX in my portfolio?

UCIB and HTAX have a correlation of -0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UCIB or HTAX?

UCIB has higher volatility (22.90%) compared to HTAX (1.44%). In terms of maximum drawdown, UCIB dropped -51.29% vs HTAX's -6.10%.

Which ETF is better, UCIB or HTAX?

On 1-year performance, UCIB leads with 32.01% vs 8.03% for HTAX. On fees, HTAX is cheaper at 0.49% per year. On volatility, HTAX has been the lower-risk option at 1.44%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UCIB or HTAX?

Over the 1-year period, UCIB has performed better with a 32.01% return vs 8.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UCIB or HTAX?

HTAX is cheaper with a 0.49% expense ratio, compared with 0.55% for UCIB.

Which ETF pays a higher dividend yield, UCIB or HTAX?

HTAX has the higher dividend yield at 4.64%, compared with 0.00% for UCIB.

What is the main difference between UCIB and HTAX?

UCIB is categorized as Commodities, while HTAX is High Yield Muni. They also come from different issuers: UBS and Nomura. Their fees differ too: 0.55% for UCIB and 0.49% for HTAX.

Which has better risk-adjusted returns?

HTAX currently has the higher Sharpe Ratio (1.91 vs 0.78), 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.