IFAFX vs. NMAI

Last updated Jul 18, 2026

IFAFX (American Funds Income Fund of America Class F1) and NMAI (Nuveen Multi-Asset Income Fund) are both Global Allocation funds. Both are actively managed. Over the past 3 years, IFAFX returned 13.15%/yr vs 18.19%/yr for NMAI. A 0.64 correlation means they provide meaningful diversification when combined. IFAFX charges 0.63%/yr vs 2.91%/yr for NMAI.

Performance

IFAFX vs. NMAI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in American Funds Income Fund of America Class F1 (IFAFX) and Nuveen Multi-Asset Income Fund (NMAI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IFAFX achieves a 7.41% return, which is significantly lower than NMAI's 12.55% return.

IFAFX

• 1D: 0.55%
• 1M: 1.43%
• 6M: 4.32%
• YTD: 7.41%
• 1Y: 14.00%
• 3Y*: 13.15%
• 5Y*: 8.19%
• 10Y*: 8.16%

NMAI

• 1D: -2.12%
• 1M: 1.56%
• 6M: 9.39%
• YTD: 12.55%
• 1Y: 23.67%
• 3Y*: 18.19%
• 5Y*: —
• 10Y*: —

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

IFAFX vs. NMAI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
IFAFX American Funds Income Fund of America Class F1	7.41%	17.71%	10.76%	6.76%	-6.48%	3.35%
NMAI Nuveen Multi-Asset Income Fund	12.55%	20.03%	11.65%	19.52%	-26.38%	-4.91%

Correlation

The correlation between IFAFX and NMAI is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.42
Correlation (3Y) Calculated over the trailing 3-year period	0.56
Correlation (All Time) Calculated using the full available price history since Nov 22, 2021	0.64

Over the past year, the correlation between IFAFX and NMAI has dropped to 0.42 - well below their long-term average of 0.64, suggesting their price drivers have been diverging.

Return for Risk

IFAFX vs. NMAI — Risk / Return Rank

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

IFAFX

IFAFX Risk / Return Rank: 63
IFAFX Sharpe Ratio Rank: 72
IFAFX Sortino Ratio Rank: 72
IFAFX Omega Ratio Rank: 69
IFAFX Calmar Ratio Rank: 54
IFAFX Martin Ratio Rank: 50

NMAI

NMAI Risk / Return Rank: 50
NMAI Sharpe Ratio Rank: 58
NMAI Sortino Ratio Rank: 51
NMAI Omega Ratio Rank: 55
NMAI Calmar Ratio Rank: 39
NMAI Martin Ratio Rank: 48

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.

IFAFX vs. NMAI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for American Funds Income Fund of America Class F1 (IFAFX) and Nuveen Multi-Asset Income Fund (NMAI). 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.

	IFAFX	NMAI	Difference
Sharpe ratio: Return per unit of total volatility	1.95	1.74	+0.21
Sortino ratio: Return per unit of downside risk	2.79	2.37	+0.42
Omega ratio: Gain probability vs. loss probability	1.35	1.31	+0.04
Calmar ratio: Return relative to maximum drawdown	2.35	2.00	+0.35
Martin ratio: Return relative to average drawdown	8.54	8.34	+0.20

IFAFX vs. NMAI - Sharpe Ratio Comparison

The current IFAFX Sharpe Ratio is 1.95, which is comparable to the NMAI Sharpe Ratio of 1.74. The chart below compares the historical Sharpe Ratios of IFAFX and NMAI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

IFAFX vs. NMAI - Drawdown Comparison

The maximum IFAFX drawdown since its inception was -41.90%, which is greater than NMAI's maximum drawdown of -37.40%. Use the drawdown chart below to compare losses from any high point for IFAFX and NMAI.

Drawdown Indicators

	IFAFX	NMAI	Difference
Max Drawdown Largest peak-to-trough decline	-41.90%	-37.40%	-4.50%
Max Drawdown (1Y) Largest decline over 1 year	-6.11%	-11.88%	+5.77%
Max Drawdown (3Y) Largest decline over 3 years	-8.63%	-13.05%	+4.42%
Max Drawdown (5Y) Largest decline over 5 years	-15.84%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-26.13%	—	—
Current Drawdown Current decline from peak	-0.19%	-2.67%	+2.48%
Average Drawdown Average peak-to-trough decline	-3.91%	-13.74%	+9.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.68%	2.84%	-1.16%

Volatility

IFAFX vs. NMAI - Volatility Comparison

The current volatility for American Funds Income Fund of America Class F1 (IFAFX) is 2.05%, while Nuveen Multi-Asset Income Fund (NMAI) has a volatility of 4.88%. This indicates that IFAFX experiences smaller price fluctuations and is considered to be less risky than NMAI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IFAFX	NMAI	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.05%	4.88%	-2.83%
Volatility (6M) Calculated over the trailing 6-month period	5.83%	11.77%	-5.94%
Volatility (1Y) Calculated over the trailing 1-year period	7.37%	13.64%	-6.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.48%	16.65%	-7.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.62%	16.65%	-6.03%

IFAFX vs. NMAI - Expense Ratio Comparison

IFAFX has a 0.63% expense ratio, which is lower than NMAI's 2.91% expense ratio.

Dividends

IFAFX vs. NMAI - Dividend Comparison

IFAFX's dividend yield for the trailing twelve months is around 9.34%, less than NMAI's 10.35% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IFAFX American Funds Income Fund of America Class F1	9.34%	9.91%	6.33%	2.90%	6.94%	6.61%	2.76%	4.95%	7.39%	4.20%	3.01%	5.02%
NMAI Nuveen Multi-Asset Income Fund	10.35%	9.89%	13.73%	10.57%	19.45%	1.88%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both IFAFX and NMAI in my portfolio?

IFAFX and NMAI have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IFAFX or NMAI?

NMAI has higher volatility (4.88%) compared to IFAFX (2.05%). In terms of maximum drawdown, IFAFX dropped -41.90% vs NMAI's -37.40%.

Which has better risk-adjusted returns?

IFAFX currently has the higher Sharpe Ratio (1.95 vs 1.74), 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.