NMI vs. MIY
NMI (Nuveen Municipal Income Fund, Inc.) and MIY (BlackRock MuniYield Michigan Quality Fund) are both Municipal Bonds funds. Over the past 10 years, NMI returned 2.48%/yr vs 2.48%/yr for MIY. At a 0.19 correlation, their price movements are largely independent. NMI charges 0.72%/yr vs 2.25%/yr for MIY.
Performance
NMI vs. MIY - Performance Comparison
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Returns By Period
In the year-to-date period, NMI achieves a 12.91% return, which is significantly higher than MIY's 5.87% return. Over a longer period, both investments have demonstrated similar performance, with their 10-year annualized returns being quite close: NMI at 2.48% and MIY at 2.48%.
NMI
- 1D
- -0.27%
- 1M
- 2.59%
- YTD
- 12.91%
- 6M
- 12.12%
- 1Y
- 15.40%
- 3Y*
- 9.96%
- 5Y*
- 2.81%
- 10Y*
- 2.48%
MIY
- 1D
- -0.66%
- 1M
- 1.20%
- YTD
- 5.87%
- 6M
- 7.89%
- 1Y
- 16.29%
- 3Y*
- 8.91%
- 5Y*
- 0.27%
- 10Y*
- 2.48%
NMI vs. MIY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
NMI Nuveen Municipal Income Fund, Inc. | 12.91% | 10.52% | 7.03% | 1.90% | -15.09% | 3.86% | 4.70% | 16.02% | -8.07% | 7.49% |
MIY BlackRock MuniYield Michigan Quality Fund | 5.87% | 11.24% | 3.48% | 6.60% | -24.10% | 10.04% | 7.27% | 19.51% | -6.71% | 8.86% |
Correlation
The correlation between NMI and MIY is 0.04, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.04 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.27 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.27 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.26 |
Correlation (All Time) Calculated using the full available price history since Oct 27, 1994 | 0.19 |
The correlation between NMI and MIY shifts across timeframes, from 0.04 (1 year) to 0.27 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
NMI vs. MIY — Risk / Return Rank
NMI
MIY
NMI vs. MIY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Nuveen Municipal Income Fund, Inc. (NMI) and BlackRock MuniYield Michigan Quality Fund (MIY). 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 | MIY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.49 | ||
| Sortino ratioReturn per unit of downside risk | -0.64 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.27 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | 1.41 | 1.62 | -0.21 |
| Martin ratioReturn relative to average drawdown | 3.30 | 5.33 | -2.03 |
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Drawdowns
NMI vs. MIY - Drawdown Comparison
The maximum NMI drawdown since its inception was -28.92%, smaller than the maximum MIY drawdown of -42.19%. Use the drawdown chart below to compare losses from any high point for NMI and MIY.
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Drawdown Indicators
| NMI | MIY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -28.92% | -42.19% | +13.27% |
Max Drawdown (1Y)Largest decline over 1 year | -10.96% | -10.08% | -0.88% |
Max Drawdown (3Y)Largest decline over 3 years | -14.54% | -14.72% | +0.18% |
Max Drawdown (5Y)Largest decline over 5 years | -28.92% | -34.59% | +5.67% |
Max Drawdown (10Y)Largest decline over 10 years | -28.92% | -34.59% | +5.67% |
Current DrawdownCurrent decline from peak | -1.72% | -3.68% | +1.96% |
Average DrawdownAverage peak-to-trough decline | -5.91% | -8.31% | +2.40% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.67% | 3.06% | +1.61% |
Volatility
NMI vs. MIY - Volatility Comparison
Nuveen Municipal Income Fund, Inc. (NMI) has a higher volatility of 7.96% compared to BlackRock MuniYield Michigan Quality Fund (MIY) at 2.76%. This indicates that NMI's price experiences larger fluctuations and is considered to be riskier than MIY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NMI | MIY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.96% | 2.76% | +5.20% |
Volatility (6M)Calculated over the trailing 6-month period | 15.00% | 10.41% | +4.59% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.27% | 11.78% | +5.49% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.80% | 11.68% | +3.12% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.07% | 11.97% | +3.10% |
NMI vs. MIY - Expense Ratio Comparison
NMI has a 0.72% expense ratio, which is lower than MIY's 2.25% expense ratio.
Dividends
NMI vs. MIY - Dividend Comparison
NMI's dividend yield for the trailing twelve months is around 4.16%, less than MIY's 5.40% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MIY BlackRock MuniYield Michigan Quality Fund | 5.40% | 5.57% | 5.21% | 3.86% | 5.70% | 4.38% | 4.23% | 4.27% | 5.27% | 5.46% | 5.85% | 5.66% |
NMI Nuveen Municipal Income Fund, Inc. | 4.16% | 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 MIY have a correlation of 0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NMI has higher volatility (7.96%) compared to MIY (2.76%). In terms of maximum drawdown, NMI dropped -28.92% vs MIY's -42.19%.
MIY currently has the higher Sharpe Ratio (1.39 vs 0.90), 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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