FRORX vs. NMI

Last updated Jun 4, 2026

FRORX (Franklin Oregon Tax Free Income Fund) and NMI (Nuveen Municipal Income Fund, Inc.) are both Municipal Bonds funds. Over the past 10 years, FRORX returned 1.78%/yr vs 2.55%/yr for NMI. At a 0.13 correlation, their price movements are largely independent. FRORX charges 0.66%/yr vs 0.72%/yr for NMI.

Performance

FRORX vs. NMI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin Oregon Tax Free Income Fund (FRORX) 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, FRORX achieves a 1.80% return, which is significantly lower than NMI's 11.65% return. Over the past 10 years, FRORX has underperformed NMI with an annualized return of 1.78%, while NMI has yielded a comparatively higher 2.55% annualized return.

FRORX

• 1D: 0.19%
• 1M: 0.88%
• YTD: 1.80%
• 6M: 2.21%
• 1Y: 8.05%
• 3Y*: 4.19%
• 5Y*: 0.69%
• 10Y*: 1.78%

NMI

• 1D: 1.25%
• 1M: 11.12%
• YTD: 11.65%
• 6M: 11.63%
• 1Y: 16.67%
• 3Y*: 8.46%
• 5Y*: 2.69%
• 10Y*: 2.55%

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

FRORX vs. NMI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FRORX Franklin Oregon Tax Free Income Fund	1.80%	4.61%	2.66%	5.24%	-10.60%	1.36%	5.00%	6.74%	0.73%	3.45%
NMI Nuveen Municipal Income Fund, Inc.	11.65%	10.52%	7.03%	1.90%	-15.09%	3.86%	4.70%	16.02%	-8.07%	7.49%

Correlation

The correlation between FRORX and NMI is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.13
Correlation (3Y) Calculated over the trailing 3-year period	0.28
Correlation (5Y) Calculated over the trailing 5-year period	0.28
Correlation (10Y) Calculated over the trailing 10-year period	0.22
Correlation (All Time) Calculated using the full available price history since Dec 19, 1988	0.13

The correlation between FRORX and NMI shifts across timeframes, from 0.13 (1 year) to 0.28 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

FRORX vs. NMI — Risk / Return Rank

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

FRORX

FRORX Risk / Return Rank: 72
FRORX Sharpe Ratio Rank: 80
FRORX Sortino Ratio Rank: 88
FRORX Omega Ratio Rank: 90
FRORX Calmar Ratio Rank: 56
FRORX Martin Ratio Rank: 48

NMI

NMI Risk / Return Rank: 18
NMI Sharpe Ratio Rank: 14
NMI Sortino Ratio Rank: 17
NMI Omega Ratio Rank: 27
NMI Calmar Ratio Rank: 18
NMI Martin Ratio Rank: 12

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.

FRORX vs. NMI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin Oregon Tax Free Income Fund (FRORX) 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.

	FRORX	NMI	Difference
Sharpe ratio Return per unit of total volatility	2.64	1.05	+1.59
Sortino ratio Return per unit of downside risk	4.29	1.72	+2.57
Omega ratio Gain probability vs. loss probability	1.66	1.27	+0.39
Calmar ratio Return relative to maximum drawdown	2.85	1.53	+1.32
Martin ratio Return relative to average drawdown	9.90	3.59	+6.31
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FRORX vs. NMI - Sharpe Ratio Comparison

The current FRORX Sharpe Ratio is 2.64, which is higher than the NMI Sharpe Ratio of 1.05. The chart below compares the historical Sharpe Ratios of FRORX 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

	FRORX	NMI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.64	1.05	+1.59
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.16	0.19	-0.02
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.44	0.17	+0.27
Sharpe Ratio (All Time) Calculated using the full available price history	1.13	0.34	+0.78

Drawdowns

FRORX vs. NMI - Drawdown Comparison

The maximum FRORX drawdown since its inception was -15.27%, smaller than the maximum NMI drawdown of -28.92%. Use the drawdown chart below to compare losses from any high point for FRORX and NMI.

Drawdown Indicators

	FRORX	NMI	Difference
Max Drawdown Largest peak-to-trough decline	-15.27%	-28.92%	+13.65%
Max Drawdown (1Y) Largest decline over 1 year	-2.84%	-10.96%	+8.12%
Max Drawdown (3Y) Largest decline over 3 years	-6.44%	-14.54%	+8.10%
Max Drawdown (5Y) Largest decline over 5 years	-15.27%	-28.92%	+13.65%
Max Drawdown (10Y) Largest decline over 10 years	-15.27%	-28.92%	+13.65%
Current Drawdown Current decline from peak	-0.02%	-1.06%	+1.04%
Average Drawdown Average peak-to-trough decline	-1.94%	-5.92%	+3.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.82%	4.65%	-3.83%

Volatility

FRORX vs. NMI - Volatility Comparison

The current volatility for Franklin Oregon Tax Free Income Fund (FRORX) is 1.18%, while Nuveen Municipal Income Fund, Inc. (NMI) has a volatility of 7.35%. This indicates that FRORX 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

	FRORX	NMI	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.18%	7.35%	-6.17%
Volatility (6M) Calculated over the trailing 6-month period	2.19%	13.32%	-11.13%
Volatility (1Y) Calculated over the trailing 1-year period	3.09%	15.90%	-12.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.28%	14.46%	-10.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.06%	14.93%	-10.87%

FRORX vs. NMI - Expense Ratio Comparison

FRORX has a 0.66% expense ratio, which is lower than NMI's 0.72% expense ratio.

Dividends

FRORX vs. NMI - Dividend Comparison

FRORX's dividend yield for the trailing twelve months is around 3.50%, less than NMI's 4.19% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FRORX Franklin Oregon Tax Free Income Fund	3.50%	4.52%	3.77%	2.75%	2.66%	2.10%	2.39%	3.35%	3.17%	3.05%	3.20%	3.66%
NMI Nuveen Municipal Income Fund, Inc.	4.19%	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 FRORX and NMI in my portfolio?

FRORX and NMI have a correlation of 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FRORX or NMI?

NMI has higher volatility (7.35%) compared to FRORX (1.18%). In terms of maximum drawdown, FRORX dropped -15.27% vs NMI's -28.92%.

Which has better risk-adjusted returns?

FRORX currently has the higher Sharpe Ratio (2.64 vs 1.05), 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.