NMI vs. FSHYX
NMI (Nuveen Municipal Income Fund, Inc.) and FSHYX (Nuveen Short Term Municipal Bond Fund) are both Municipal Bonds funds from Nuveen. Over the past 10 years, NMI returned 2.60%/yr vs 1.65%/yr for FSHYX. Their 0.12 correlation means their historical movements had little consistent relationship. NMI charges 0.72%/yr vs 0.49%/yr for FSHYX.
Performance
NMI vs. FSHYX - Performance Comparison
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Returns By Period
In the year-to-date period, NMI achieves a 11.94% return, which is significantly higher than FSHYX's 0.51% return. Over the past 10 years, NMI has outperformed FSHYX with an annualized return of 2.60%, while FSHYX has yielded a comparatively lower 1.65% annualized return.
NMI
- 1D
- -0.39%
- 1M
- -0.57%
- 6M
- 11.08%
- YTD
- 11.94%
- 1Y
- 14.80%
- 3Y*
- 8.35%
- 5Y*
- 2.23%
- 10Y*
- 2.60%
- ALL TIME*
- 5.26%
FSHYX
- 1D
- 0.00%
- 1M
- -0.41%
- 6M
- -0.04%
- YTD
- 0.51%
- 1Y
- 1.61%
- 3Y*
- 3.05%
- 5Y*
- 1.45%
- 10Y*
- 1.65%
- ALL TIME*
- 2.08%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $223.63K | $190.25K | $203.93K |
NMI vs. FSHYX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
NMI Nuveen Municipal Income Fund, Inc. | 11.94% | 10.52% | 7.03% | 1.90% | -15.09% | 3.86% | 4.70% | 16.02% | -8.07% | 7.49% |
FSHYX Nuveen Short Term Municipal Bond Fund | 0.51% | 3.50% | 2.86% | 3.63% | -2.66% | 0.21% | 2.24% | 4.03% | 1.45% | 2.06% |
Correlation
The correlation between NMI and FSHYX is -0.03, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.03 |
Correlation (3Y) Balances recent behavior with more history. | 0.17 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.19 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.17 |
Correlation (All Time) Calculated using the full available price history since Oct 28, 2002 | 0.12 |
The correlation between NMI and FSHYX shifts across timeframes, from -0.03 (1 year) to 0.19 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
NMI vs. FSHYX — Risk / Return Rank
NMI
FSHYX
NMI vs. FSHYX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Nuveen Municipal Income Fund, Inc. (NMI) and Nuveen Short Term Municipal Bond Fund (FSHYX). 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 | FSHYX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.72 | ||
| Sortino ratioReturn per unit of downside risk | -1.43 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.51 | -0.27 |
| Calmar ratioReturn relative to maximum drawdown | 1.33 | 2.07 | -0.74 |
| Martin ratioReturn relative to average drawdown | 6.00 | 5.16 | +0.84 |
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Drawdowns
NMI vs. FSHYX - Drawdown Comparison
The maximum NMI drawdown since its inception was -28.92%, which is greater than FSHYX's maximum drawdown of -4.96%. Use the drawdown chart below to compare losses from any high point for NMI and FSHYX.
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Drawdown Indicators
| NMI | FSHYX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -28.92% | -4.96% | -23.96% |
Max Drawdown (1Y)Largest decline over 1 year | -10.96% | -0.96% | -10.00% |
Max Drawdown (3Y)Largest decline over 3 years | -11.32% | -1.21% | -10.11% |
Max Drawdown (5Y)Largest decline over 5 years | -28.92% | -4.80% | -24.12% |
Max Drawdown (10Y)Largest decline over 10 years | -28.92% | -4.96% | -23.96% |
Current DrawdownCurrent decline from peak | -2.56% | -0.49% | -2.07% |
Average DrawdownAverage peak-to-trough decline | -5.91% | -0.48% | -5.43% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.44% | 0.39% | +2.05% |
Volatility
NMI vs. FSHYX - Volatility Comparison
Nuveen Municipal Income Fund, Inc. (NMI) has a higher volatility of 2.25% compared to Nuveen Short Term Municipal Bond Fund (FSHYX) at 0.32%. This indicates that NMI's price experiences larger fluctuations and is considered to be riskier than FSHYX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NMI | FSHYX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.25% | 0.32% | +1.93% |
Volatility (6M)Calculated over the trailing 6-month period | 14.84% | 0.88% | +13.96% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.57% | 1.20% | +14.37% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.71% | 1.44% | +13.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.04% | 1.47% | +13.57% |
NMI vs. FSHYX - Expense Ratio Comparison
NMI has a 0.72% expense ratio, which is higher than FSHYX's 0.49% expense ratio.
Dividends
NMI vs. FSHYX - Dividend Comparison
NMI's dividend yield for the trailing twelve months is around 4.21%, more than FSHYX's 2.53% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FSHYX Nuveen Short Term Municipal Bond Fund | 2.53% | 3.13% | 2.92% | 2.31% | 1.43% | 1.09% | 1.72% | 2.25% | 1.44% | 1.85% | 1.14% | 1.08% |
NMI Nuveen Municipal Income Fund, Inc. | 4.21% | 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 FSHYX have a correlation of -0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NMI has higher volatility (2.25%) compared to FSHYX (0.32%). In terms of maximum drawdown, NMI dropped -28.92% vs FSHYX's -4.96%.
FSHYX currently has the higher Sharpe Ratio (1.66 vs 0.94), 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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