NMI vs. USMTX

Last updated Jun 4, 2026

NMI (Nuveen Municipal Income Fund, Inc.) and USMTX (JPMorgan Ultra-Short Municipal Fund) are both Municipal Bonds funds. Over the past 5 years, NMI returned 2.69%/yr vs 1.93%/yr for USMTX. At a 0.13 correlation, their price movements are largely independent. NMI charges 0.72%/yr vs 0.24%/yr for USMTX.

Performance

NMI vs. USMTX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nuveen Municipal Income Fund, Inc. (NMI) and JPMorgan Ultra-Short Municipal Fund (USMTX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NMI achieves a 11.65% return, which is significantly higher than USMTX's 0.79% return.

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%

USMTX

• 1D: 0.00%
• 1M: 0.21%
• YTD: 0.79%
• 6M: 1.01%
• 1Y: 2.65%
• 3Y*: 3.12%
• 5Y*: 1.93%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

NMI vs. USMTX - 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%	7.78%
USMTX JPMorgan Ultra-Short Municipal Fund	0.79%	2.96%	3.30%	3.46%	-0.71%	-0.05%	1.07%	2.01%	1.32%	0.88%

Correlation

The correlation between NMI and USMTX is -0.02, 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	-0.02
Correlation (3Y) Calculated over the trailing 3-year period	0.11
Correlation (5Y) Calculated over the trailing 5-year period	0.16
Correlation (All Time) Calculated using the full available price history since Jan 4, 2017	0.13

The correlation between NMI and USMTX shifts across timeframes, from -0.02 (1 year) to 0.16 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

NMI vs. USMTX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

NMI

NMI Risk / Return Rank: 18
NMI Sharpe Ratio Rank: 14
NMI Sortino Ratio Rank: 17
NMI Omega Ratio Rank: 27
NMI Calmar Ratio Rank: 18
NMI Martin Ratio Rank: 12

USMTX

USMTX Risk / Return Rank: 99
USMTX Sharpe Ratio Rank: 99
USMTX Sortino Ratio Rank: 99
USMTX Omega Ratio Rank: 100
USMTX Calmar Ratio Rank: 98
USMTX Martin Ratio Rank: 99

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

NMI vs. USMTX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuveen Municipal Income Fund, Inc. (NMI) and JPMorgan Ultra-Short Municipal Fund (USMTX). 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	USMTX	Difference
Sharpe ratio: Return per unit of total volatility	1.05	4.52	-3.47
Sortino ratio: Return per unit of downside risk	1.72	10.05	-8.34
Omega ratio: Gain probability vs. loss probability	1.27	5.63	-4.36
Calmar ratio: Return relative to maximum drawdown	1.53	8.91	-7.38
Martin ratio: Return relative to average drawdown	3.59	49.19	-45.60
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NMI vs. USMTX - Sharpe Ratio Comparison

The current NMI Sharpe Ratio is 1.05, which is lower than the USMTX Sharpe Ratio of 4.52. The chart below compares the historical Sharpe Ratios of NMI and USMTX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	NMI	USMTX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.05	4.52	-3.47
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.19	2.69	-2.50
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.17	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.34	2.12	-1.78

Drawdowns

NMI vs. USMTX - Drawdown Comparison

The maximum NMI drawdown since its inception was -28.92%, which is greater than USMTX's maximum drawdown of -1.98%. Use the drawdown chart below to compare losses from any high point for NMI and USMTX.

Drawdown Indicators

	NMI	USMTX	Difference
Max Drawdown Largest peak-to-trough decline	-28.92%	-1.98%	-26.94%
Max Drawdown (1Y) Largest decline over 1 year	-10.96%	-0.30%	-10.66%
Max Drawdown (3Y) Largest decline over 3 years	-14.54%	-0.50%	-14.04%
Max Drawdown (5Y) Largest decline over 5 years	-28.92%	-1.92%	-27.00%
Max Drawdown (10Y) Largest decline over 10 years	-28.92%	—	—
Current Drawdown Current decline from peak	-1.06%	0.00%	-1.06%
Average Drawdown Average peak-to-trough decline	-5.92%	-0.18%	-5.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.65%	0.05%	+4.60%

Volatility

NMI vs. USMTX - Volatility Comparison

Nuveen Municipal Income Fund, Inc. (NMI) has a higher volatility of 7.35% compared to JPMorgan Ultra-Short Municipal Fund (USMTX) at 0.20%. This indicates that NMI's price experiences larger fluctuations and is considered to be riskier than USMTX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NMI	USMTX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.35%	0.20%	+7.15%
Volatility (6M) Calculated over the trailing 6-month period	13.32%	0.44%	+12.88%
Volatility (1Y) Calculated over the trailing 1-year period	15.90%	0.59%	+15.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.46%	0.72%	+13.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.93%	0.75%	+14.18%

NMI vs. USMTX - Expense Ratio Comparison

NMI has a 0.72% expense ratio, which is higher than USMTX's 0.24% expense ratio.

Dividends

NMI vs. USMTX - Dividend Comparison

NMI's dividend yield for the trailing twelve months is around 4.19%, more than USMTX's 2.52% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
USMTX JPMorgan Ultra-Short Municipal Fund	2.52%	2.62%	3.05%	2.58%	0.89%	0.25%	0.76%	1.49%	1.31%	0.78%	0.00%	0.00%

Frequently Asked Questions

Can I hold both NMI and USMTX in my portfolio?

NMI and USMTX have a correlation of -0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NMI or USMTX?

NMI has higher volatility (7.35%) compared to USMTX (0.20%). In terms of maximum drawdown, NMI dropped -28.92% vs USMTX's -1.98%.

Which has better risk-adjusted returns?

USMTX currently has the higher Sharpe Ratio (4.52 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.