NMI vs. MUJ
NMI (Nuveen Municipal Income Fund, Inc.) and MUJ (BlackRock MuniHoldings New Jersey Quality Fund) are both Municipal Bonds funds. Over the past 10 years, NMI returned 2.55%/yr vs 2.47%/yr for MUJ. At a 0.22 correlation, their price movements are largely independent. NMI charges 0.72%/yr vs 2.26%/yr for MUJ.
Performance
NMI vs. MUJ - Performance Comparison
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Returns By Period
In the year-to-date period, NMI achieves a 11.65% return, which is significantly higher than MUJ's 4.64% return. Both investments have delivered pretty close results over the past 10 years, with NMI having a 2.55% annualized return and MUJ not far behind at 2.47%.
NMI
- 1D
- 1.25%
- 1M
- 11.12%
- YTD
- 11.65%
- 6M
- 11.63%
- 1Y
- 16.67%
- 3Y*
- 8.46%
- 5Y*
- 2.69%
- 10Y*
- 2.55%
MUJ
- 1D
- -0.49%
- 1M
- 1.10%
- YTD
- 4.64%
- 6M
- 4.23%
- 1Y
- 18.31%
- 3Y*
- 8.52%
- 5Y*
- -0.02%
- 10Y*
- 2.47%
NMI vs. MUJ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
NMI Nuveen Municipal Income Fund, Inc. | 11.65% | 10.52% | 7.03% | 1.90% | -15.09% | 3.86% | 4.70% | 16.02% | -8.07% | 7.49% |
MUJ BlackRock MuniHoldings New Jersey Quality Fund | 4.64% | 13.86% | 2.28% | 7.55% | -26.31% | 15.20% | 5.95% | 18.95% | -8.49% | 9.99% |
Correlation
The correlation between NMI and MUJ 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 NMI and MUJ shifts across timeframes, from 0.19 (1 year) to 0.35 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
NMI vs. MUJ — Risk / Return Rank
NMI
MUJ
NMI vs. MUJ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Nuveen Municipal Income Fund, Inc. (NMI) and BlackRock MuniHoldings New Jersey Quality Fund (MUJ). 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.
| NMI | MUJ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.03 | ||
| Sortino ratioReturn per unit of downside risk | -1.31 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.41 | -0.14 |
| Calmar ratioReturn relative to maximum drawdown | 1.53 | 1.96 | -0.43 |
| Martin ratioReturn relative to average drawdown | 3.59 | 7.91 | -4.32 |
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
| NMI | MUJ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.05 | 2.09 | -1.03 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.19 | -0.00 | +0.19 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.17 | 0.22 | -0.05 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.34 | 0.35 | -0.01 |
Drawdowns
NMI vs. MUJ - Drawdown Comparison
The maximum NMI drawdown since its inception was -28.92%, smaller than the maximum MUJ drawdown of -41.72%. Use the drawdown chart below to compare losses from any high point for NMI and MUJ.
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Drawdown Indicators
| NMI | MUJ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -28.92% | -41.72% | +12.80% |
Max Drawdown (1Y)Largest decline over 1 year | -10.96% | -9.41% | -1.55% |
Max Drawdown (3Y)Largest decline over 3 years | -14.54% | -12.17% | -2.37% |
Max Drawdown (5Y)Largest decline over 5 years | -28.92% | -32.71% | +3.79% |
Max Drawdown (10Y)Largest decline over 10 years | -28.92% | -32.71% | +3.79% |
Current DrawdownCurrent decline from peak | -1.06% | -3.46% | +2.40% |
Average DrawdownAverage peak-to-trough decline | -5.92% | -9.04% | +3.12% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.65% | 2.32% | +2.33% |
Volatility
NMI vs. MUJ - Volatility Comparison
Nuveen Municipal Income Fund, Inc. (NMI) has a higher volatility of 7.35% compared to BlackRock MuniHoldings New Jersey Quality Fund (MUJ) at 2.82%. This indicates that NMI's price experiences larger fluctuations and is considered to be riskier than MUJ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NMI | MUJ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.35% | 2.82% | +4.53% |
Volatility (6M)Calculated over the trailing 6-month period | 13.32% | 6.90% | +6.42% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.90% | 8.82% | +7.08% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.46% | 10.35% | +4.11% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.93% | 11.20% | +3.73% |
NMI vs. MUJ - Expense Ratio Comparison
NMI has a 0.72% expense ratio, which is lower than MUJ's 2.26% expense ratio.
Dividends
NMI vs. MUJ - Dividend Comparison
NMI's dividend yield for the trailing twelve months is around 4.19%, less than MUJ's 5.32% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MUJ BlackRock MuniHoldings New Jersey Quality Fund | 5.32% | 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. | 4.19% | 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 MUJ 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.
NMI has higher volatility (7.35%) compared to MUJ (2.82%). In terms of maximum drawdown, NMI dropped -28.92% vs MUJ's -41.72%.
MUJ currently has the higher Sharpe Ratio (2.09 vs 1.05), 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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