NAZ vs. NMI
Compare and contrast key facts about Nuveen Arizona Quality Municipal Income Fund (NAZ) and Nuveen Municipal Income Fund, Inc. (NMI).
NAZ is managed by Nuveen. It was launched on Nov 19, 1992. NMI is managed by Nuveen. It was launched on Apr 20, 1998.
Performance
NAZ vs. NMI - Performance Comparison
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NAZ vs. NMI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
NAZ Nuveen Arizona Quality Municipal Income Fund | 2.58% | 12.08% | 12.93% | -0.48% | -27.24% | 4.75% | 22.64% | 18.15% | -12.52% | 5.81% |
NMI Nuveen Municipal Income Fund, Inc. | 6.43% | 10.52% | 7.03% | 1.90% | -15.09% | 3.86% | 4.70% | 16.02% | -8.07% | 7.49% |
Returns By Period
In the year-to-date period, NAZ achieves a 2.58% return, which is significantly lower than NMI's 6.43% return. Over the past 10 years, NAZ has underperformed NMI with an annualized return of 1.84%, while NMI has yielded a comparatively higher 2.38% annualized return.
NAZ
- 1D
- 1.87%
- 1M
- -0.87%
- YTD
- 2.58%
- 6M
- 4.55%
- 1Y
- 6.52%
- 3Y*
- 8.16%
- 5Y*
- 0.35%
- 10Y*
- 1.84%
NMI
- 1D
- 5.56%
- 1M
- 5.32%
- YTD
- 6.43%
- 6M
- 7.87%
- 1Y
- 11.18%
- 3Y*
- 8.47%
- 5Y*
- 2.21%
- 10Y*
- 2.38%
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NAZ vs. NMI - Expense Ratio Comparison
NAZ has a 0.03% expense ratio, which is lower than NMI's 0.72% expense ratio.
Return for Risk
NAZ vs. NMI — Risk / Return Rank
NAZ
NMI
NAZ vs. NMI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Nuveen Arizona Quality Municipal Income Fund (NAZ) 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.
| NAZ | NMI | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.59 | 0.93 | -0.34 |
Sortino ratioReturn per unit of downside risk | 0.92 | 1.64 | -0.72 |
Omega ratioGain probability vs. loss probability | 1.11 | 1.24 | -0.12 |
Calmar ratioReturn relative to maximum drawdown | 1.07 | 1.43 | -0.36 |
Martin ratioReturn relative to average drawdown | 3.00 | 2.89 | +0.11 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| NAZ | NMI | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.59 | 0.93 | -0.34 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.03 | 0.16 | -0.14 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.12 | 0.16 | -0.04 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.33 | 0.34 | -0.01 |
Correlation
The correlation between NAZ and NMI is 0.15, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Dividends
NAZ vs. NMI - Dividend Comparison
NAZ's dividend yield for the trailing twelve months is around 6.85%, more than NMI's 4.36% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
NAZ Nuveen Arizona Quality Municipal Income Fund | 6.85% | 7.09% | 6.20% | 3.63% | 5.01% | 3.75% | 3.52% | 3.82% | 4.52% | 4.65% | 5.53% | 5.25% |
NMI Nuveen Municipal Income Fund, Inc. | 4.36% | 4.59% | 4.63% | 4.04% | 3.51% | 3.22% | 3.53% | 4.15% | 5.12% | 4.21% | 4.45% | 4.28% |
Drawdowns
NAZ vs. NMI - Drawdown Comparison
The maximum NAZ drawdown since its inception was -38.28%, which is greater than NMI's maximum drawdown of -28.92%. Use the drawdown chart below to compare losses from any high point for NAZ and NMI.
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Drawdown Indicators
| NAZ | NMI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.28% | -28.92% | -9.36% |
Max Drawdown (1Y)Largest decline over 1 year | -6.68% | -8.71% | +2.03% |
Max Drawdown (5Y)Largest decline over 5 years | -38.28% | -28.92% | -9.36% |
Max Drawdown (10Y)Largest decline over 10 years | -38.28% | -28.92% | -9.36% |
Current DrawdownCurrent decline from peak | -6.68% | 0.00% | -6.68% |
Average DrawdownAverage peak-to-trough decline | -9.39% | -5.93% | -3.46% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.38% | 4.31% | -1.93% |
Volatility
NAZ vs. NMI - Volatility Comparison
Nuveen Arizona Quality Municipal Income Fund (NAZ) and Nuveen Municipal Income Fund, Inc. (NMI) have volatilities of 5.59% and 5.73%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NAZ | NMI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.59% | 5.73% | -0.14% |
Volatility (6M)Calculated over the trailing 6-month period | 7.65% | 7.38% | +0.27% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.09% | 12.13% | -1.04% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.44% | 13.58% | -0.14% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.82% | 14.60% | +0.22% |