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Nuveen Michigan Municipal Bond Fund (FMITX)
Performance
Risk-Adjusted Performance
Dividends
Drawdowns
Volatility

Fund Info

ISIN

US67065R8530

CUSIP

67065R853

Issuer

Nuveen

Inception Date

Jun 26, 1985

Min. Investment

$3,000

Asset Class

Bond

Expense Ratio

FMITX has an expense ratio of 0.78%, placing it in the medium range.


Share Price Chart


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Compare to other instruments

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Popular comparisons:
FMITX vs. QQQ
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Performance

Performance Chart

The chart shows the growth of an initial investment of $10,000 in Nuveen Michigan Municipal Bond Fund, comparing it to the performance of the S&P 500 index or another benchmark. All prices have been adjusted for splits and dividends.


500.00%1,000.00%1,500.00%2,000.00%2,500.00%December2025FebruaryMarchAprilMay
473.61%
2,302.12%
FMITX (Nuveen Michigan Municipal Bond Fund)
Benchmark (^GSPC)

Returns By Period

Nuveen Michigan Municipal Bond Fund (FMITX) returned -1.80% year-to-date (YTD) and -0.50% over the past 12 months. Over the past 10 years, FMITX returned 1.49% annually, underperforming the S&P 500 benchmark at 10.31%.


FMITX

YTD

-1.80%

1M

-0.10%

6M

-0.83%

1Y

-0.50%

5Y*

-0.10%

10Y*

1.49%

^GSPC (Benchmark)

YTD

-4.26%

1M

11.24%

6M

-5.02%

1Y

8.55%

5Y*

14.02%

10Y*

10.31%

*Annualized

Monthly Returns

The table below presents the monthly returns of FMITX, with color gradation from worst to best to easily spot seasonal factors. Returns are adjusted for dividends.


JanFebMarAprMayJunJulAugSepOctNovDecTotal
2025-0.03%1.02%-2.01%-0.87%0.10%-1.80%
2024-0.13%-0.04%-0.37%-0.83%0.06%1.39%0.81%0.24%0.99%-1.15%1.48%-1.43%0.99%
20232.95%-2.58%2.12%-0.17%-0.81%0.89%0.13%-1.28%-2.93%-1.64%6.71%2.24%5.37%
2022-2.68%-0.45%-3.38%-3.06%1.09%-2.30%2.80%-2.94%-3.70%-0.80%4.76%-0.10%-10.61%
20210.60%-1.79%0.69%0.94%0.41%0.25%0.83%-0.59%-0.84%-0.33%1.14%-0.02%1.24%
20201.73%1.37%-2.94%-1.24%3.32%0.37%1.37%-0.55%-0.13%-0.13%1.53%0.43%5.10%
20190.74%0.48%1.26%0.30%1.42%0.38%0.72%1.65%-0.64%-0.05%0.12%0.29%6.85%
2018-1.33%-0.39%0.32%-0.39%1.21%-0.04%0.14%0.04%-0.58%-0.68%1.12%1.20%0.58%
20170.27%0.62%0.18%0.62%1.66%-0.18%0.43%0.84%-0.46%0.06%-0.29%1.19%5.01%
20160.97%0.03%0.54%0.70%0.36%1.80%-0.14%0.09%-0.58%-1.00%-3.67%0.98%-0.03%
20151.78%-0.96%0.39%-0.54%-0.31%-0.14%0.82%0.38%0.55%0.47%0.54%0.63%3.64%
20142.44%1.59%0.07%1.48%1.56%0.24%0.24%1.54%0.41%0.58%0.15%0.16%10.96%

Risk-Adjusted Performance

Risk-Adjusted Performance Rank

The current rank of FMITX is 18, meaning it’s performing worse than 82% of other mutual funds on our website when it comes to balancing risk and reward. Below is a breakdown of how it compares using common performance measures.


The Risk-Adjusted Performance Rank of FMITX is 1818
Overall Rank
The Sharpe Ratio Rank of FMITX is 2020
Sharpe Ratio Rank
The Sortino Ratio Rank of FMITX is 1717
Sortino Ratio Rank
The Omega Ratio Rank of FMITX is 1616
Omega Ratio Rank
The Calmar Ratio Rank of FMITX is 1919
Calmar Ratio Rank
The Martin Ratio Rank of FMITX is 2020
Martin Ratio Rank
The risk-adjusted ranks indicate the investment's position relative to the market. A rank closer to 100 signifies top-performing investments, while a rank closer to 0 might suggest underperformance, based on the selected ratio. The values are calculated based on the past 12 months of returns.

Risk-Adjusted Performance Indicators

The charts below present risk-adjusted performance metrics for Nuveen Michigan Municipal Bond Fund (FMITX) and compare them to a chosen benchmark (^GSPC). These indicators evaluate an investment's returns against its associated risks.


The current Nuveen Michigan Municipal Bond Fund Sharpe ratio is -0.01. This value is calculated based on the past 1 year of trading data and takes into account price changes and dividends.

Use the chart below to compare the Sharpe ratio of Nuveen Michigan Municipal Bond Fund with the selected benchmark, providing insights into the investment's historical performance in terms of risk-adjusted returns. Go to the Sharpe ratio tool for more fine-grained control over the calculation options.


Rolling 12-month Sharpe Ratio-1.000.001.002.003.00December2025FebruaryMarchAprilMay
-0.09
0.44
FMITX (Nuveen Michigan Municipal Bond Fund)
Benchmark (^GSPC)

Dividends

Dividend History

Nuveen Michigan Municipal Bond Fund provided a 2.80% dividend yield over the last twelve months, with an annual payout of $0.29 per share. The fund has been increasing its distributions for 2 consecutive years.


2.00%2.50%3.00%3.50%4.00%4.50%$0.00$0.10$0.20$0.30$0.40$0.5020142015201620172018201920202021202220232024
Dividends
Dividend Yield
PeriodTTM20242023202220212020201920182017201620152014
Dividend$0.29$0.31$0.28$0.24$0.24$0.28$0.29$0.30$0.34$0.38$0.45$0.52

Dividend yield

2.80%2.96%2.59%2.28%2.03%2.34%2.44%2.64%2.94%3.39%3.84%4.48%

Monthly Dividends

The table displays the monthly dividend distributions for Nuveen Michigan Municipal Bond Fund. The dividends shown in the table have been adjusted to account for any splits that may have occurred.


JanFebMarAprMayJunJulAugSepOctNovDecTotal
2025$0.03$0.03$0.03$0.00$0.00$0.08
2024$0.03$0.03$0.03$0.03$0.03$0.03$0.03$0.03$0.03$0.03$0.03$0.03$0.31
2023$0.02$0.02$0.02$0.02$0.02$0.02$0.02$0.02$0.02$0.02$0.03$0.03$0.28
2022$0.02$0.02$0.02$0.02$0.02$0.02$0.02$0.02$0.02$0.02$0.02$0.04$0.24
2021$0.02$0.02$0.02$0.02$0.02$0.02$0.02$0.02$0.02$0.02$0.02$0.03$0.24
2020$0.02$0.02$0.02$0.02$0.02$0.02$0.02$0.02$0.02$0.02$0.02$0.02$0.28
2019$0.02$0.02$0.02$0.02$0.02$0.02$0.02$0.02$0.02$0.02$0.02$0.02$0.29
2018$0.03$0.03$0.03$0.03$0.03$0.03$0.03$0.02$0.02$0.02$0.02$0.02$0.30
2017$0.03$0.03$0.03$0.03$0.03$0.03$0.03$0.03$0.03$0.03$0.03$0.03$0.34
2016$0.03$0.03$0.03$0.03$0.03$0.03$0.03$0.03$0.03$0.03$0.00$0.06$0.38
2015$0.04$0.04$0.04$0.04$0.03$0.03$0.03$0.03$0.03$0.03$0.03$0.07$0.45
2014$0.04$0.04$0.04$0.04$0.04$0.04$0.04$0.04$0.04$0.04$0.04$0.11$0.52

Drawdowns

Drawdowns Chart

The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.


-20.00%-15.00%-10.00%-5.00%0.00%December2025FebruaryMarchAprilMay
-7.20%
-8.35%
FMITX (Nuveen Michigan Municipal Bond Fund)
Benchmark (^GSPC)

Worst Drawdowns

The table below displays the maximum drawdowns of the Nuveen Michigan Municipal Bond Fund. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.

The maximum drawdown for the Nuveen Michigan Municipal Bond Fund was 16.58%, occurring on Oct 19, 1987. Recovery took 75 trading sessions.

The current Nuveen Michigan Municipal Bond Fund drawdown is 7.20%.


Depth

Start

To Bottom

Bottom

To Recover

End

Total

-16.58%Mar 11, 1987159Oct 19, 198775Feb 1, 1988234
-15.54%Aug 6, 2021309Oct 25, 2022
-13.44%Jan 24, 2008185Oct 16, 2008146May 18, 2009331
-11.01%Mar 10, 20209Mar 20, 202092Jul 31, 2020101
-10.4%Feb 1, 1994210Nov 21, 199498Apr 6, 1995308

Volatility

Volatility Chart

The current Nuveen Michigan Municipal Bond Fund volatility is 3.54%, representing the average percentage change in the investments's value, either up or down over the past month. The chart below shows the rolling one-month volatility.


0.00%5.00%10.00%15.00%December2025FebruaryMarchAprilMay
3.54%
11.43%
FMITX (Nuveen Michigan Municipal Bond Fund)
Benchmark (^GSPC)