NMI vs. FLAAX
NMI (Nuveen Municipal Income Fund, Inc.) and FLAAX (Nuveen All-American Municipal Bond Fund) are both Municipal Bonds funds from Nuveen. Over the past 10 years, NMI returned 2.05%/yr vs 1.72%/yr for FLAAX. At a 0.15 correlation, their price movements are largely independent. NMI charges 0.72%/yr vs 0.66%/yr for FLAAX.
Performance
NMI vs. FLAAX - Performance Comparison
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Returns By Period
In the year-to-date period, NMI achieves a 8.28% return, which is significantly higher than FLAAX's 1.31% return. Over the past 10 years, NMI has outperformed FLAAX with an annualized return of 2.05%, while FLAAX has yielded a comparatively lower 1.72% annualized return.
NMI
- 1D
- -4.54%
- 1M
- -1.62%
- YTD
- 8.28%
- 6M
- 8.01%
- 1Y
- 11.45%
- 3Y*
- 8.44%
- 5Y*
- 1.88%
- 10Y*
- 2.05%
FLAAX
- 1D
- 0.10%
- 1M
- 1.66%
- YTD
- 1.31%
- 6M
- 1.67%
- 1Y
- 5.58%
- 3Y*
- 3.47%
- 5Y*
- -0.81%
- 10Y*
- 1.72%
NMI vs. FLAAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
NMI Nuveen Municipal Income Fund, Inc. | 8.28% | 10.52% | 7.03% | 1.90% | -15.09% | 3.86% | 4.70% | 16.02% | -8.07% | 7.49% |
FLAAX Nuveen All-American Municipal Bond Fund | 1.31% | 2.78% | 2.58% | 6.52% | -16.29% | 3.89% | 5.64% | 9.03% | 0.50% | 8.03% |
Correlation
The correlation between NMI and FLAAX is 0.11, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.11 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.28 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.27 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.22 |
Correlation (All Time) Calculated using the full available price history since Dec 16, 1988 | 0.15 |
The correlation between NMI and FLAAX shifts across timeframes, from 0.11 (1 year) to 0.28 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
NMI vs. FLAAX — Risk / Return Rank
NMI
FLAAX
NMI vs. FLAAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Nuveen Municipal Income Fund, Inc. (NMI) and Nuveen All-American Municipal Bond Fund (FLAAX). 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.
| NMI | FLAAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.29 | ||
| Sortino ratioReturn per unit of downside risk | -1.88 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.49 | -0.31 |
| Calmar ratioReturn relative to maximum drawdown | 1.05 | 1.83 | -0.78 |
| Martin ratioReturn relative to average drawdown | 2.46 | 5.27 | -2.81 |
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Drawdowns
NMI vs. FLAAX - Drawdown Comparison
The maximum NMI drawdown since its inception was -28.92%, which is greater than FLAAX's maximum drawdown of -21.01%. Use the drawdown chart below to compare losses from any high point for NMI and FLAAX.
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Drawdown Indicators
| NMI | FLAAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -28.92% | -21.01% | -7.91% |
Max Drawdown (1Y)Largest decline over 1 year | -10.96% | -3.07% | -7.89% |
Max Drawdown (3Y)Largest decline over 3 years | -14.54% | -6.04% | -8.50% |
Max Drawdown (5Y)Largest decline over 5 years | -28.92% | -21.01% | -7.91% |
Max Drawdown (10Y)Largest decline over 10 years | -28.92% | -21.01% | -7.91% |
Current DrawdownCurrent decline from peak | -5.75% | -5.14% | -0.61% |
Average DrawdownAverage peak-to-trough decline | -5.92% | -2.74% | -3.18% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.67% | 1.06% | +3.61% |
Volatility
NMI vs. FLAAX - Volatility Comparison
Nuveen Municipal Income Fund, Inc. (NMI) has a higher volatility of 6.54% compared to Nuveen All-American Municipal Bond Fund (FLAAX) at 0.82%. This indicates that NMI's price experiences larger fluctuations and is considered to be riskier than FLAAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NMI | FLAAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.54% | 0.82% | +5.72% |
Volatility (6M)Calculated over the trailing 6-month period | 14.35% | 2.15% | +12.20% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.70% | 2.84% | +13.86% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.66% | 4.54% | +10.12% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.01% | 4.65% | +10.36% |
NMI vs. FLAAX - Expense Ratio Comparison
NMI has a 0.72% expense ratio, which is higher than FLAAX's 0.66% expense ratio.
Dividends
NMI vs. FLAAX - Dividend Comparison
NMI's dividend yield for the trailing twelve months is around 4.33%, more than FLAAX's 3.88% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FLAAX Nuveen All-American Municipal Bond Fund | 3.88% | 4.21% | 3.85% | 3.55% | 3.39% | 2.83% | 3.07% | 3.69% | 3.72% | 3.65% | 3.79% | 3.84% |
NMI Nuveen Municipal Income Fund, Inc. | 4.33% | 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
NMI and FLAAX have a correlation of 0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NMI has higher volatility (6.54%) compared to FLAAX (0.82%). In terms of maximum drawdown, NMI dropped -28.92% vs FLAAX's -21.01%.
FLAAX currently has the higher Sharpe Ratio (1.98 vs 0.69), 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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