MLN vs. NUMI

Last updated Aug 2, 2026

MLN (VanEck Long Muni ETF) and NUMI (Nuveen Municipal Income ETF) are both Municipal Bonds funds. MLN is passively managed, while NUMI is actively managed. Over the past year, MLN returned 7.33% vs 5.27% for NUMI. Their 0.70 correlation means they have sometimes moved together and sometimes differently. MLN charges 0.24%/yr vs 0.29%/yr for NUMI.

Performance

MLN vs. NUMI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Long Muni ETF (MLN) and Nuveen Municipal Income ETF (NUMI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MLN achieves a 1.01% return, which is significantly higher than NUMI's 0.27% return.

MLN

• 1D: -0.26%
• 1M: -2.20%
• 6M: 0.87%
• YTD: 1.01%
• 1Y: 7.33%
• 3Y*: 2.80%
• 5Y*: -1.42%
• 10Y*: 1.23%
• ALL TIME*: 2.84%

NUMI

• 1D: -0.18%
• 1M: -1.57%
• 6M: -0.55%
• YTD: 0.27%
• 1Y: 5.27%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 2.66%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
MLN VanEck Long Muni ETF	$2.96M	$2.78M	$3.87M
NUMI Nuveen Municipal Income ETF	$143.18K	$168.88K	$126.57K

MLN vs. NUMI - Yearly Performance Comparison

	2026 (YTD)	2025
MLN VanEck Long Muni ETF	1.01%	2.63%
NUMI Nuveen Municipal Income ETF	0.27%	3.78%

Correlation

The correlation between MLN and NUMI is 0.61, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.61
Correlation (All Time) Calculated using the full available price history since Jan 23, 2025	0.70

The correlation between MLN and NUMI has been stable across timeframes, ranging from 0.61 to 0.70 - a consistent structural relationship.

Return for Risk

MLN vs. NUMI — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

MLN

MLN Risk / Return Rank: 85
MLN Sharpe Ratio Rank: 83
MLN Sortino Ratio Rank: 85
MLN Omega Ratio Rank: 88
MLN Calmar Ratio Rank: 86
MLN Martin Ratio Rank: 81

NUMI

NUMI Risk / Return Rank: 73
NUMI Sharpe Ratio Rank: 79
NUMI Sortino Ratio Rank: 82
NUMI Omega Ratio Rank: 87
NUMI Calmar Ratio Rank: 60
NUMI Martin Ratio Rank: 56

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

MLN vs. NUMI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Long Muni ETF (MLN) and Nuveen Municipal Income ETF (NUMI). 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.

	MLN	NUMI	Difference
Sharpe ratio: Return per unit of total volatility	1.94	1.84	+0.10
Sortino ratio: Return per unit of downside risk	2.85	2.69	+0.16
Omega ratio: Gain probability vs. loss probability	1.40	1.39	+0.01
Calmar ratio: Return relative to maximum drawdown	3.35	2.15	+1.20
Martin ratio: Return relative to average drawdown	10.75	6.74	+4.00

MLN vs. NUMI - Sharpe Ratio Comparison

The current MLN Sharpe Ratio is 1.94, which is comparable to the NUMI Sharpe Ratio of 1.84. The chart below compares the historical Sharpe Ratios of MLN and NUMI, 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

MLN vs. NUMI - Drawdown Comparison

The maximum MLN drawdown since its inception was -28.36%, which is greater than NUMI's maximum drawdown of -4.72%. Use the drawdown chart below to compare losses from any high point for MLN and NUMI.

Drawdown Indicators

	MLN	NUMI	Difference
Max Drawdown Largest peak-to-trough decline	-28.36%	-4.72%	-23.64%
Max Drawdown (1Y) Largest decline over 1 year	-2.56%	-2.82%	+0.26%
Max Drawdown (3Y) Largest decline over 3 years	-8.73%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-24.12%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-24.46%	—	—
Current Drawdown Current decline from peak	-7.42%	-1.87%	-5.55%
Average Drawdown Average peak-to-trough decline	-5.73%	-1.32%	-4.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.80%	0.90%	-0.10%

Volatility

MLN vs. NUMI - Volatility Comparison

VanEck Long Muni ETF (MLN) has a higher volatility of 1.28% compared to Nuveen Municipal Income ETF (NUMI) at 0.85%. This indicates that MLN's price experiences larger fluctuations and is considered to be riskier than NUMI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MLN	NUMI	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.28%	0.85%	+0.43%
Volatility (6M) Calculated over the trailing 6-month period	3.28%	2.29%	+0.99%
Volatility (1Y) Calculated over the trailing 1-year period	4.43%	3.31%	+1.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.34%	4.23%	+3.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.88%	4.23%	+4.65%

MLN vs. NUMI - Expense Ratio Comparison

MLN has a 0.24% expense ratio, which is lower than NUMI's 0.29% expense ratio.

Dividends

MLN vs. NUMI - Dividend Comparison

MLN's dividend yield for the trailing twelve months is around 3.85%, more than NUMI's 3.68% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MLN VanEck Long Muni ETF	3.53%	3.73%	3.59%	3.19%	2.67%	2.52%	2.69%	2.98%	3.09%	2.91%	3.16%	3.38%
NUMI Nuveen Municipal Income ETF	3.32%	3.44%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MLN and NUMI in my portfolio?

MLN and NUMI have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MLN or NUMI?

MLN has higher volatility (1.28%) compared to NUMI (0.85%). In terms of maximum drawdown, MLN dropped -28.36% vs NUMI's -4.72%.

Which ETF is better, MLN or NUMI?

On 1-year performance, MLN leads with 7.33% vs 5.27% for NUMI. On fees, MLN is cheaper at 0.24% per year. On volatility, NUMI has been the lower-risk option at 0.85%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MLN or NUMI?

Over the 1-year period, MLN has performed better with a 7.33% return vs 5.27%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MLN or NUMI?

MLN is cheaper with a 0.24% expense ratio, compared with 0.29% for NUMI.

Which ETF pays a higher dividend yield, MLN or NUMI?

MLN has the higher dividend yield at 3.53%, compared with 3.32% for NUMI.

What is the main difference between MLN and NUMI?

They also come from different issuers: VanEck and Nuveen. Their fees differ too: 0.24% for MLN and 0.29% for NUMI.

Which has better risk-adjusted returns?

MLN currently has the higher Sharpe Ratio (1.94 vs 1.84), 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.