WHYIX vs. NMCO

Last updated Jul 14, 2026

WHYIX (Allspring High Yield Municipal Bond Fund) and NMCO (Nuveen Municipal Credit Opportunities Fund) are both High Yield Muni funds. Over the past 5 years, WHYIX returned 0.93%/yr vs -1.18%/yr for NMCO. At a 0.36 correlation, their price movements are largely independent. WHYIX charges 0.55%/yr vs 0.04%/yr for NMCO.

Performance

WHYIX vs. NMCO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Allspring High Yield Municipal Bond Fund (WHYIX) and Nuveen Municipal Credit Opportunities Fund (NMCO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, WHYIX achieves a 3.59% return, which is significantly lower than NMCO's 10.11% return.

WHYIX

• 1D: 0.00%
• 1M: 0.91%
• 6M: 3.26%
• YTD: 3.59%
• 1Y: 9.28%
• 3Y*: 5.00%
• 5Y*: 0.93%
• 10Y*: 2.80%

NMCO

• 1D: 0.18%
• 1M: 1.20%
• 6M: 6.67%
• YTD: 10.11%
• 1Y: 11.29%
• 3Y*: 6.82%
• 5Y*: -1.18%
• 10Y*: —

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

WHYIX vs. NMCO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
WHYIX Allspring High Yield Municipal Bond Fund	3.59%	2.76%	5.61%	5.78%	-12.07%	5.02%	2.19%	1.22%
NMCO Nuveen Municipal Credit Opportunities Fund	10.11%	4.18%	13.64%	-4.19%	-25.66%	26.98%	-11.55%	4.14%

Correlation

The correlation between WHYIX and NMCO is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.26
Correlation (3Y) Calculated over the trailing 3-year period	0.41
Correlation (5Y) Calculated over the trailing 5-year period	0.38
Correlation (All Time) Calculated using the full available price history since Sep 17, 2019	0.36

The correlation between WHYIX and NMCO shifts across timeframes, from 0.26 (1 year) to 0.41 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

WHYIX vs. NMCO — Risk / Return Rank

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

WHYIX

WHYIX Risk / Return Rank: 93
WHYIX Sharpe Ratio Rank: 95
WHYIX Sortino Ratio Rank: 96
WHYIX Omega Ratio Rank: 95
WHYIX Calmar Ratio Rank: 88
WHYIX Martin Ratio Rank: 89

NMCO

NMCO Risk / Return Rank: 35
NMCO Sharpe Ratio Rank: 36
NMCO Sortino Ratio Rank: 34
NMCO Omega Ratio Rank: 34
NMCO Calmar Ratio Rank: 41
NMCO Martin Ratio Rank: 32

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.

WHYIX vs. NMCO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Allspring High Yield Municipal Bond Fund (WHYIX) and Nuveen Municipal Credit Opportunities Fund (NMCO). 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.

	WHYIX	NMCO	Difference
Sharpe ratio: Return per unit of total volatility	2.74	1.31	+1.43
Sortino ratio: Return per unit of downside risk	4.40	1.87	+2.53
Omega ratio: Gain probability vs. loss probability	1.67	1.23	+0.43
Calmar ratio: Return relative to maximum drawdown	3.44	1.95	+1.49
Martin ratio: Return relative to average drawdown	13.19	5.57	+7.62

WHYIX vs. NMCO - Sharpe Ratio Comparison

The current WHYIX Sharpe Ratio is 2.74, which is higher than the NMCO Sharpe Ratio of 1.31. The chart below compares the historical Sharpe Ratios of WHYIX and NMCO, 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

WHYIX vs. NMCO - Drawdown Comparison

The maximum WHYIX drawdown since its inception was -16.88%, smaller than the maximum NMCO drawdown of -42.03%. Use the drawdown chart below to compare losses from any high point for WHYIX and NMCO.

Drawdown Indicators

	WHYIX	NMCO	Difference
Max Drawdown Largest peak-to-trough decline	-16.88%	-42.03%	+25.15%
Max Drawdown (1Y) Largest decline over 1 year	-2.64%	-5.83%	+3.19%
Max Drawdown (3Y) Largest decline over 3 years	-7.18%	-24.35%	+17.17%
Max Drawdown (5Y) Largest decline over 5 years	-16.88%	-39.82%	+22.94%
Max Drawdown (10Y) Largest decline over 10 years	-16.88%	—	—
Current Drawdown Current decline from peak	-0.53%	-8.42%	+7.89%
Average Drawdown Average peak-to-trough decline	-3.02%	-15.93%	+12.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.71%	2.03%	-1.32%

Volatility

WHYIX vs. NMCO - Volatility Comparison

The current volatility for Allspring High Yield Municipal Bond Fund (WHYIX) is 0.73%, while Nuveen Municipal Credit Opportunities Fund (NMCO) has a volatility of 1.42%. This indicates that WHYIX experiences smaller price fluctuations and is considered to be less risky than NMCO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	WHYIX	NMCO	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.73%	1.42%	-0.69%
Volatility (6M) Calculated over the trailing 6-month period	2.47%	5.41%	-2.94%
Volatility (1Y) Calculated over the trailing 1-year period	3.32%	8.68%	-5.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.87%	13.98%	-9.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.53%	19.36%	-14.83%

WHYIX vs. NMCO - Expense Ratio Comparison

WHYIX has a 0.55% expense ratio, which is higher than NMCO's 0.04% expense ratio.

Dividends

WHYIX vs. NMCO - Dividend Comparison

WHYIX's dividend yield for the trailing twelve months is around 4.68%, less than NMCO's 7.58% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NMCO Nuveen Municipal Credit Opportunities Fund	7.58%	8.04%	6.79%	5.96%	6.65%	4.75%	5.57%	0.83%	0.00%	0.00%	0.00%	0.00%
WHYIX Allspring High Yield Municipal Bond Fund	4.68%	4.69%	4.71%	3.74%	4.04%	3.81%	4.24%	3.73%	3.96%	3.89%	4.41%	3.96%

Frequently Asked Questions

Can I hold both WHYIX and NMCO in my portfolio?

WHYIX and NMCO have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, WHYIX or NMCO?

NMCO has higher volatility (1.42%) compared to WHYIX (0.73%). In terms of maximum drawdown, WHYIX dropped -16.88% vs NMCO's -42.03%.

Which has better risk-adjusted returns?

WHYIX currently has the higher Sharpe Ratio (2.74 vs 1.31), 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.