BDJ vs. NMI

Last updated Jun 3, 2026

BDJ (BlackRock Enhanced Equity Dividend Fund) and NMI (Nuveen Municipal Income Fund, Inc.) are both mutual funds - BDJ is a Derivative Income fund managed by BlackRock, while NMI is a Municipal Bonds fund managed by Nuveen. Over the past 10 years, BDJ returned 10.09%/yr vs 2.42%/yr for NMI. At a 0.11 correlation, their price movements are largely independent. BDJ charges 0.86%/yr vs 0.72%/yr for NMI.

Performance

BDJ vs. NMI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BlackRock Enhanced Equity Dividend Fund (BDJ) and Nuveen Municipal Income Fund, Inc. (NMI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BDJ achieves a 0.03% return, which is significantly lower than NMI's 10.27% return. Over the past 10 years, BDJ has outperformed NMI with an annualized return of 10.09%, while NMI has yielded a comparatively lower 2.42% annualized return.

BDJ

• 1D: -0.43%
• 1M: -0.19%
• YTD: 0.03%
• 6M: 5.73%
• 1Y: 17.13%
• 3Y*: 13.69%
• 5Y*: 6.90%
• 10Y*: 10.09%

NMI

• 1D: -1.65%
• 1M: 8.64%
• YTD: 10.27%
• 6M: 9.91%
• 1Y: 14.87%
• 3Y*: 8.01%
• 5Y*: 2.47%
• 10Y*: 2.42%

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

BDJ vs. NMI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BDJ BlackRock Enhanced Equity Dividend Fund	0.03%	26.12%	16.87%	-6.67%	0.83%	26.56%	-7.58%	37.43%	-10.42%	20.78%
NMI Nuveen Municipal Income Fund, Inc.	10.27%	10.52%	7.03%	1.90%	-15.09%	3.86%	4.70%	16.02%	-8.07%	7.49%

Correlation

The correlation between BDJ and NMI is 0.10, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.10
Correlation (3Y) Calculated over the trailing 3-year period	0.23
Correlation (5Y) Calculated over the trailing 5-year period	0.21
Correlation (10Y) Calculated over the trailing 10-year period	0.13
Correlation (All Time) Calculated using the full available price history since Aug 30, 2005	0.11

The correlation between BDJ and NMI shifts across timeframes, from 0.10 (1 year) to 0.23 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

BDJ vs. NMI — Risk / Return Rank

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

BDJ

BDJ Risk / Return Rank: 21
BDJ Sharpe Ratio Rank: 24
BDJ Sortino Ratio Rank: 23
BDJ Omega Ratio Rank: 22
BDJ Calmar Ratio Rank: 15
BDJ Martin Ratio Rank: 19

NMI

NMI Risk / Return Rank: 14
NMI Sharpe Ratio Rank: 12
NMI Sortino Ratio Rank: 14
NMI Omega Ratio Rank: 21
NMI Calmar Ratio Rank: 14
NMI Martin Ratio Rank: 10

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.

BDJ vs. NMI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BlackRock Enhanced Equity Dividend Fund (BDJ) and Nuveen Municipal Income Fund, Inc. (NMI). 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.

	BDJ	NMI	Difference
Sharpe ratio Return per unit of total volatility	1.44	0.94	+0.50
Sortino ratio Return per unit of downside risk	2.07	1.56	+0.52
Omega ratio Gain probability vs. loss probability	1.25	1.24	+0.01
Calmar ratio Return relative to maximum drawdown	1.44	1.38	+0.06
Martin ratio Return relative to average drawdown	5.33	3.25	+2.08
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BDJ vs. NMI - Sharpe Ratio Comparison

The current BDJ Sharpe Ratio is 1.44, which is higher than the NMI Sharpe Ratio of 0.94. The chart below compares the historical Sharpe Ratios of BDJ and NMI, 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

	BDJ	NMI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.44	0.94	+0.50
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.43	0.17	+0.26
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.55	0.16	+0.39
Sharpe Ratio (All Time) Calculated using the full available price history	0.31	0.34	-0.03

Drawdowns

BDJ vs. NMI - Drawdown Comparison

The maximum BDJ drawdown since its inception was -59.46%, which is greater than NMI's maximum drawdown of -28.92%. Use the drawdown chart below to compare losses from any high point for BDJ and NMI.

Drawdown Indicators

	BDJ	NMI	Difference
Max Drawdown Largest peak-to-trough decline	-59.46%	-28.92%	-30.54%
Max Drawdown (1Y) Largest decline over 1 year	-12.28%	-10.96%	-1.32%
Max Drawdown (3Y) Largest decline over 3 years	-15.70%	-14.54%	-1.16%
Max Drawdown (5Y) Largest decline over 5 years	-21.39%	-28.92%	+7.53%
Max Drawdown (10Y) Largest decline over 10 years	-48.14%	-28.92%	-19.22%
Current Drawdown Current decline from peak	-3.50%	-2.28%	-1.22%
Average Drawdown Average peak-to-trough decline	-8.96%	-5.92%	-3.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.32%	4.65%	-1.33%

Volatility

BDJ vs. NMI - Volatility Comparison

The current volatility for BlackRock Enhanced Equity Dividend Fund (BDJ) is 3.68%, while Nuveen Municipal Income Fund, Inc. (NMI) has a volatility of 7.45%. This indicates that BDJ experiences smaller price fluctuations and is considered to be less risky than NMI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BDJ	NMI	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.68%	7.45%	-3.77%
Volatility (6M) Calculated over the trailing 6-month period	9.37%	13.27%	-3.90%
Volatility (1Y) Calculated over the trailing 1-year period	11.93%	15.85%	-3.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.17%	14.45%	+1.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.42%	14.93%	+3.49%

BDJ vs. NMI - Expense Ratio Comparison

BDJ has a 0.86% expense ratio, which is higher than NMI's 0.72% expense ratio.

Dividends

BDJ vs. NMI - Dividend Comparison

BDJ's dividend yield for the trailing twelve months is around 9.33%, more than NMI's 4.24% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BDJ BlackRock Enhanced Equity Dividend Fund	9.33%	9.03%	8.21%	9.49%	12.18%	5.95%	7.08%	6.66%	7.21%	6.07%	6.88%	7.36%
NMI Nuveen Municipal Income Fund, Inc.	4.24%	4.59%	4.63%	4.04%	3.51%	3.22%	3.53%	4.15%	5.12%	4.21%	4.45%	4.28%

Frequently Asked Questions

Can I hold both BDJ and NMI in my portfolio?

BDJ and NMI have a correlation of 0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BDJ or NMI?

NMI has higher volatility (7.45%) compared to BDJ (3.68%). In terms of maximum drawdown, BDJ dropped -59.46% vs NMI's -28.92%.

Which has better risk-adjusted returns?

BDJ currently has the higher Sharpe Ratio (1.44 vs 0.94), 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.