FSAZX vs. NMI
FSAZX (Fidelity Arizona Municipal Income Fund) and NMI (Nuveen Municipal Income Fund, Inc.) are both Municipal Bonds funds. Over the past 10 years, FSAZX returned 1.70%/yr vs 2.60%/yr for NMI. Their 0.14 correlation means their historical movements had little consistent relationship. FSAZX charges 0.55%/yr vs 0.72%/yr for NMI.
Performance
FSAZX vs. NMI - Performance Comparison
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Returns By Period
In the year-to-date period, FSAZX achieves a 0.04% return, which is significantly lower than NMI's 11.94% return. Over the past 10 years, FSAZX has underperformed NMI with an annualized return of 1.70%, while NMI has yielded a comparatively higher 2.60% annualized return.
FSAZX
- 1D
- -0.17%
- 1M
- -1.89%
- 6M
- -0.53%
- YTD
- 0.04%
- 1Y
- 4.32%
- 3Y*
- 3.52%
- 5Y*
- 0.50%
- 10Y*
- 1.70%
- ALL TIME*
- 4.19%
NMI
- 1D
- -0.39%
- 1M
- -0.57%
- 6M
- 11.08%
- YTD
- 11.94%
- 1Y
- 14.80%
- 3Y*
- 8.35%
- 5Y*
- 2.23%
- 10Y*
- 2.60%
- ALL TIME*
- 5.26%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $223.63K | $190.25K | $203.93K |
FSAZX vs. NMI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FSAZX Fidelity Arizona Municipal Income Fund | 0.04% | 4.96% | 2.06% | 6.04% | -9.40% | 0.88% | 4.51% | 7.44% | 0.64% | 5.44% |
NMI Nuveen Municipal Income Fund, Inc. | 11.94% | 10.52% | 7.03% | 1.90% | -15.09% | 3.86% | 4.70% | 16.02% | -8.07% | 7.49% |
Correlation
The correlation between FSAZX and NMI is 0.15, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.15 |
Correlation (3Y) Balances recent behavior with more history. | 0.27 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.27 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.22 |
Correlation (All Time) Calculated using the full available price history since Oct 11, 1994 | 0.14 |
The correlation between FSAZX and NMI shifts across timeframes, from 0.14 (all time) to 0.27 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
FSAZX vs. NMI — Risk / Return Rank
FSAZX
NMI
FSAZX vs. NMI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Arizona Municipal Income Fund (FSAZX) 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.
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.
| FSAZX | NMI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.00 | ||
| Sortino ratioReturn per unit of downside risk | +1.32 | ||
| Omega ratioGain probability vs. loss probability | 1.46 | 1.24 | +0.22 |
| Calmar ratioReturn relative to maximum drawdown | 1.83 | 1.33 | +0.50 |
| Martin ratioReturn relative to average drawdown | 5.86 | 6.00 | -0.14 |
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Drawdowns
FSAZX vs. NMI - Drawdown Comparison
The maximum FSAZX drawdown since its inception was -14.01%, smaller than the maximum NMI drawdown of -28.92%. Use the drawdown chart below to compare losses from any high point for FSAZX and NMI.
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Drawdown Indicators
| FSAZX | NMI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.01% | -28.92% | +14.91% |
Max Drawdown (1Y)Largest decline over 1 year | -2.81% | -10.96% | +8.15% |
Max Drawdown (3Y)Largest decline over 3 years | -4.25% | -11.32% | +7.07% |
Max Drawdown (5Y)Largest decline over 5 years | -14.01% | -28.92% | +14.91% |
Max Drawdown (10Y)Largest decline over 10 years | -14.01% | -28.92% | +14.91% |
Current DrawdownCurrent decline from peak | -1.89% | -2.56% | +0.67% |
Average DrawdownAverage peak-to-trough decline | -1.80% | -5.91% | +4.11% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.88% | 2.44% | -1.56% |
Volatility
FSAZX vs. NMI - Volatility Comparison
The current volatility for Fidelity Arizona Municipal Income Fund (FSAZX) is 0.92%, while Nuveen Municipal Income Fund, Inc. (NMI) has a volatility of 2.25%. This indicates that FSAZX 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.
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Volatility by Period
| FSAZX | NMI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.92% | 2.25% | -1.33% |
Volatility (6M)Calculated over the trailing 6-month period | 2.15% | 14.84% | -12.69% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.66% | 15.57% | -12.91% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.63% | 14.71% | -11.08% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.78% | 15.04% | -11.26% |
FSAZX vs. NMI - Expense Ratio Comparison
FSAZX has a 0.55% expense ratio, which is lower than NMI's 0.72% expense ratio.
Dividends
FSAZX vs. NMI - Dividend Comparison
FSAZX's dividend yield for the trailing twelve months is around 2.48%, less than NMI's 4.21% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FSAZX Fidelity Arizona Municipal Income Fund | 2.48% | 3.47% | 2.82% | 2.43% | 1.52% | 2.00% | 2.54% | 2.52% | 2.55% | 3.19% | 3.19% | 3.73% |
NMI Nuveen Municipal Income Fund, Inc. | 4.21% | 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
FSAZX and NMI have a correlation of 0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NMI has higher volatility (2.25%) compared to FSAZX (0.92%). In terms of maximum drawdown, FSAZX dropped -14.01% vs NMI's -28.92%.
FSAZX currently has the higher Sharpe Ratio (1.94 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.
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