NMZ vs SPY

Comparison between Nuveen Municipal High Income Opportunity Fund (NMZ, ETF) and SPDR S&P 500 ETF Trust (SPY, ETF).

5-Year PerformanceSPY has outperformed NMZ, delivering a return of +13.3% compared to -1.5%

NMZ vs SPY - Performance Comparison

Log

Key Characteristics

Financial metrics and valuation ratios

Metric	NMZ(ETF)	SPY(ETF)
Net Assets	$1.20B	$652B
Expense Ratio	N/A	0.09%
Max Drawdown	63.45%	56.47%
Sharpe Ratio	0.06	2.07
5Y Beta	0.23	1.00
P/E Ratio	N/A	28.24
Forward P/E	N/A	21.85
5Y Dividends CAGR	2.65%	5.43%
5Y EPS CAGR	N/A	25.79%
Debt to Equity	N/A	22.35%
P/S Ratio	N/A	3.55
P/B Ratio	N/A	5.29

Net Assets

NMZ

$1.20B

Winner

SPY

$652B

Expense Ratio

NMZ

N/A

SPY

0.09%

Max Drawdown

NMZ

63.45%

Winner

SPY

56.47%

Sharpe Ratio

NMZ

0.06

Winner

SPY

2.07

5Y Beta

Winner

NMZ

0.23

SPY

1.00

P/E Ratio

NMZ

N/A

SPY

28.24

Forward P/E

NMZ

N/A

SPY

21.85

5Y Dividends CAGR

NMZ

2.65%

Winner

SPY

5.43%

5Y EPS CAGR

NMZ

N/A

SPY

25.79%

Debt to Equity

NMZ

N/A

SPY

22.35%

P/S Ratio

NMZ

N/A

SPY

3.55

P/B Ratio

NMZ

N/A

SPY

5.29

NMZ vs SPY - Historical Returns

Returns include dividend reinvestment.

Period	NMZ	SPY
1 month	-0.72%	+9.11%
3 months	-1.56%	+6.59%
6 months	+0.38%	+10.56%
1 year	+3.95%	+32.04%
5 years(CAGR)	-1.51%	+13.35%
10 years(CAGR)	+2.71%	+15.49%
Max(CAGR)	+4.93%	+8.50%

NMZ

-0.72%

Winner

SPY

+9.11%

NMZ

-1.56%

Winner

SPY

+6.59%

NMZ

+0.38%

Winner

SPY

+10.56%

NMZ

+3.95%

Winner

SPY

+32.04%

5Y(CAGR)

NMZ

-1.51%

Winner

SPY

+13.35%

10Y(CAGR)

NMZ

+2.71%

Winner

SPY

+15.49%

Max(CAGR)

NMZ

+4.93%

Winner

SPY

+8.50%

NMZ vs SPY - Annual Returns (1999 - 2026)

Returns include dividend reinvestment.

Year	NMZ	SPY
2026	+3.04%	+8.27%
2025	+0.23%	+18.00%
2024	+15.82%	+25.59%
2023	-1.16%	+26.72%
2022	-27.24%	-18.64%
2021	+12.04%	+30.52%
2020	+7.47%	+17.28%
2019	+25.87%	+31.09%
2018	-9.94%	-5.24%
2017	+12.41%	+20.78%
2016	-1.39%	+13.59%
2015	+9.91%	+1.31%
2014	+19.39%	+14.56%
2013	-9.82%	+29.00%
2012	+23.60%	+14.17%
2011	+15.64%	+0.85%
2010	-0.99%	+13.14%
2009	+49.88%	+22.67%
2008	-35.08%	-36.25%
2007	-8.16%	+5.32%
2006	+16.86%	+13.85%
2005	+14.20%	+5.32%
2004	+9.13%	+10.75%
2003	+0.00%	+24.18%
2002	N/A	-22.42%
2001	N/A	-10.13%
2000	N/A	-8.84%
1999	N/A	+8.61%

NMZ vs SPY Drawdown Comparison

The maximum drawdown for NMZ was -58.44%, occurring on Dec 16, 2008. Recovery took 1179 trading sessions.

The maximum drawdown for SPY was -55.20%, occurring on Mar 9, 2009. Recovery took 1224 trading sessions.

The current NMZ drawdown is -12.42%.

Rank	NMZ	SPY
#1	-58.44% May 11, 2007 - Jan 13, 2012	-55.20% Oct 9, 2007 - Aug 16, 2012
#2	-40.01% Jul 13, 2021 - Oct 27, 2023	-47.50% Mar 24, 2000 - Oct 26, 2006
#3	-32.56% Feb 20, 2020 - Dec 30, 2020	-33.70% Feb 19, 2020 - Aug 10, 2020
#4	-22.40% Jan 24, 2013 - May 13, 2014	-24.50% Jan 3, 2022 - Dec 13, 2023
#5	-15.03% Jul 8, 2016 - Mar 8, 2019	-19.34% Sep 20, 2018 - Apr 12, 2019
#6	-12.78% Mar 17, 2004 - Oct 14, 2004	-18.76% Feb 19, 2025 - Jun 26, 2025
#7	-6.78% Feb 2, 2015 - Sep 22, 2015	-13.02% Jul 20, 2015 - Apr 18, 2016
#8	-5.68% Feb 2, 2012 - Mar 28, 2012	-10.10% Jan 26, 2018 - Aug 6, 2018
#9	-5.52% Feb 11, 2021 - Apr 13, 2021	-9.44% Sep 2, 2020 - Nov 11, 2020
#10	-5.15% Jun 2, 2006 - Aug 8, 2006	-9.30% Jan 19, 2000 - Mar 17, 2000
#11	-5.05% Aug 12, 2019 - Nov 11, 2019	-9.05% Jul 19, 2007 - Oct 5, 2007
#12	-4.75% Nov 1, 2012 - Dec 5, 2012	-8.88% Jan 27, 2026 - Apr 14, 2026
#13	-4.52% May 28, 2014 - Oct 20, 2014	-8.41% Jul 16, 2024 - Sep 19, 2024
#14	-4.47% Dec 13, 2012 - Jan 4, 2013	-7.35% Sep 14, 2012 - Jan 2, 2013
#15	-4.05% Jul 31, 2012 - Sep 18, 2012	-7.27% Sep 18, 2014 - Oct 31, 2014

Correlation

Correlation between NMZ and SPY is 0.85 which considered as a strong positive correlation - the stocks tend to move together.

0.85

-101

Dividend Comparison (1999 - 2026)

NMZ vs SPY dividend yield comparison.

Year	NMZ	SPY
2026	2.56%	0.24%
2025	7.71%	1.07%
2024	6.35%	1.21%
2023	5.44%	1.40%
2022	7.04%	1.65%
2021	5.10%	1.20%
2020	5.09%	1.52%
2019	4.99%	1.75%
2018	6.15%	2.04%
2017	5.94%	1.80%
2016	6.94%	2.03%
2015	6.67%	2.06%
2014	6.88%	1.87%
2013	6.73%	1.81%
2012	5.72%	2.18%
2011	7.98%	2.05%
2010	8.75%	1.80%
2009	7.32%	1.95%
2008	11.33%	3.02%
2007	7.15%	1.85%
2006	5.82%	1.73%
2005	6.63%	1.73%
2004	7.44%	1.82%
2003	0.00%	1.47%
2002	0.00%	1.70%
2001	0.00%	1.25%
2000	0.00%	1.15%
1999	0.00%	0.24%