MUJ vs. NMI

Last updated Jun 5, 2026

MUJ (BlackRock MuniHoldings New Jersey Quality Fund) and NMI (Nuveen Municipal Income Fund, Inc.) are both Municipal Bonds funds. Over the past 10 years, MUJ returned 2.59%/yr vs 2.60%/yr for NMI. At a 0.22 correlation, their price movements are largely independent. MUJ charges 2.26%/yr vs 0.72%/yr for NMI.

Performance

MUJ vs. NMI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BlackRock MuniHoldings New Jersey Quality Fund (MUJ) 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, MUJ achieves a 5.41% return, which is significantly lower than NMI's 11.50% return. Both investments have delivered pretty close results over the past 10 years, with MUJ having a 2.59% annualized return and NMI not far ahead at 2.60%.

MUJ

• 1D: 0.74%
• 1M: 1.35%
• YTD: 5.41%
• 6M: 4.83%
• 1Y: 19.41%
• 3Y*: 8.66%
• 5Y*: 0.13%
• 10Y*: 2.59%

NMI

• 1D: -0.14%
• 1M: 9.19%
• YTD: 11.50%
• 6M: 11.36%
• 1Y: 16.27%
• 3Y*: 9.16%
• 5Y*: 2.66%
• 10Y*: 2.60%

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

MUJ vs. NMI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MUJ BlackRock MuniHoldings New Jersey Quality Fund	5.41%	13.86%	2.28%	7.55%	-26.31%	15.20%	5.95%	18.95%	-8.49%	9.99%
NMI Nuveen Municipal Income Fund, Inc.	11.50%	10.52%	7.03%	1.90%	-15.09%	3.86%	4.70%	16.02%	-8.07%	7.49%

Correlation

The correlation between MUJ and NMI is 0.19, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.19
Correlation (3Y) Calculated over the trailing 3-year period	0.35
Correlation (5Y) Calculated over the trailing 5-year period	0.31
Correlation (10Y) Calculated over the trailing 10-year period	0.28
Correlation (All Time) Calculated using the full available price history since Mar 13, 1998	0.22

The correlation between MUJ and NMI shifts across timeframes, from 0.19 (1 year) to 0.35 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

MUJ vs. NMI — Risk / Return Rank

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

MUJ

MUJ Risk / Return Rank: 51
MUJ Sharpe Ratio Rank: 59
MUJ Sortino Ratio Rank: 60
MUJ Omega Ratio Rank: 64
MUJ Calmar Ratio Rank: 32
MUJ Martin Ratio Rank: 40

NMI

NMI Risk / Return Rank: 17
NMI Sharpe Ratio Rank: 14
NMI Sortino Ratio Rank: 17
NMI Omega Ratio Rank: 26
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.

MUJ vs. NMI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BlackRock MuniHoldings New Jersey Quality Fund (MUJ) 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.

	MUJ	NMI	Difference
Sharpe ratio: Return per unit of total volatility	2.21	1.03	+1.18
Sortino ratio: Return per unit of downside risk	3.19	1.68	+1.51
Omega ratio: Gain probability vs. loss probability	1.44	1.26	+0.17
Calmar ratio: Return relative to maximum drawdown	2.07	1.49	+0.58
Martin ratio: Return relative to average drawdown	8.38	3.51	+4.87
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MUJ vs. NMI - Sharpe Ratio Comparison

The current MUJ Sharpe Ratio is 2.21, which is higher than the NMI Sharpe Ratio of 1.03. The chart below compares the historical Sharpe Ratios of MUJ 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

	MUJ	NMI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.21	1.03	+1.18
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.01	0.18	-0.17
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.23	0.17	+0.06
Sharpe Ratio (All Time) Calculated using the full available price history	0.35	0.34	+0.01

Drawdowns

MUJ vs. NMI - Drawdown Comparison

The maximum MUJ drawdown since its inception was -41.72%, which is greater than NMI's maximum drawdown of -28.92%. Use the drawdown chart below to compare losses from any high point for MUJ and NMI.

Drawdown Indicators

	MUJ	NMI	Difference
Max Drawdown Largest peak-to-trough decline	-41.72%	-28.92%	-12.80%
Max Drawdown (1Y) Largest decline over 1 year	-9.41%	-10.96%	+1.55%
Max Drawdown (3Y) Largest decline over 3 years	-12.17%	-14.54%	+2.37%
Max Drawdown (5Y) Largest decline over 5 years	-32.71%	-28.92%	-3.79%
Max Drawdown (10Y) Largest decline over 10 years	-32.71%	-28.92%	-3.79%
Current Drawdown Current decline from peak	-2.74%	-1.19%	-1.55%
Average Drawdown Average peak-to-trough decline	-9.04%	-5.92%	-3.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.32%	4.65%	-2.33%

Volatility

MUJ vs. NMI - Volatility Comparison

The current volatility for BlackRock MuniHoldings New Jersey Quality Fund (MUJ) is 2.87%, while Nuveen Municipal Income Fund, Inc. (NMI) has a volatility of 7.28%. This indicates that MUJ 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

	MUJ	NMI	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.87%	7.28%	-4.41%
Volatility (6M) Calculated over the trailing 6-month period	6.90%	13.31%	-6.41%
Volatility (1Y) Calculated over the trailing 1-year period	8.84%	15.89%	-7.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.35%	14.46%	-4.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.20%	14.93%	-3.73%

MUJ vs. NMI - Expense Ratio Comparison

MUJ has a 2.26% expense ratio, which is higher than NMI's 0.72% expense ratio.

Dividends

MUJ vs. NMI - Dividend Comparison

MUJ's dividend yield for the trailing twelve months is around 5.28%, more than NMI's 4.20% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MUJ BlackRock MuniHoldings New Jersey Quality Fund	5.28%	5.45%	5.53%	4.13%	6.40%	4.77%	4.78%	4.03%	5.34%	5.55%	6.00%	5.69%
NMI Nuveen Municipal Income Fund, Inc.	4.20%	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 MUJ and NMI in my portfolio?

MUJ and NMI have a correlation of 0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MUJ or NMI?

NMI has higher volatility (7.28%) compared to MUJ (2.87%). In terms of maximum drawdown, MUJ dropped -41.72% vs NMI's -28.92%.

Which has better risk-adjusted returns?

MUJ currently has the higher Sharpe Ratio (2.21 vs 1.03), 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.