NMI vs. VMATX
NMI (Nuveen Municipal Income Fund, Inc.) and VMATX (Vanguard Massachusetts Tax-Exempt Fund) are both Municipal Bonds funds. Over the past 10 years, NMI returned 2.55%/yr vs 2.45%/yr for VMATX. At a 0.17 correlation, their price movements are largely independent. NMI charges 0.72%/yr vs 0.13%/yr for VMATX.
Performance
NMI vs. VMATX - 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 VMATX's 1.83% return. Both investments have delivered pretty close results over the past 10 years, with NMI having a 2.55% annualized return and VMATX not far behind at 2.45%.
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%
VMATX
- 1D
- 0.20%
- 1M
- 0.90%
- YTD
- 1.83%
- 6M
- 2.24%
- 1Y
- 8.65%
- 3Y*
- 4.64%
- 5Y*
- 1.11%
- 10Y*
- 2.45%
NMI vs. VMATX - 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% |
VMATX Vanguard Massachusetts Tax-Exempt Fund | 1.83% | 4.96% | 2.53% | 7.19% | -10.79% | 1.65% | 6.47% | 8.93% | 0.47% | 6.02% |
Correlation
The correlation between NMI and VMATX is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.17 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.30 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.28 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.24 |
Correlation (All Time) Calculated using the full available price history since Dec 10, 1998 | 0.17 |
The correlation between NMI and VMATX shifts across timeframes, from 0.17 (all time) to 0.30 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
NMI vs. VMATX — Risk / Return Rank
NMI
VMATX
NMI vs. VMATX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Nuveen Municipal Income Fund, Inc. (NMI) and Vanguard Massachusetts Tax-Exempt Fund (VMATX). 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 | VMATX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.65 | ||
| Sortino ratioReturn per unit of downside risk | -2.48 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.66 | -0.39 |
| Calmar ratioReturn relative to maximum drawdown | 1.53 | 2.60 | -1.07 |
| Martin ratioReturn relative to average drawdown | 3.59 | 9.23 | -5.64 |
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 | VMATX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.05 | 2.70 | -1.65 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.19 | 0.24 | -0.05 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.17 | 0.53 | -0.36 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.34 | 1.00 | -0.66 |
Drawdowns
NMI vs. VMATX - Drawdown Comparison
The maximum NMI drawdown since its inception was -28.92%, which is greater than VMATX's maximum drawdown of -15.91%. Use the drawdown chart below to compare losses from any high point for NMI and VMATX.
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Drawdown Indicators
| NMI | VMATX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -28.92% | -15.91% | -13.01% |
Max Drawdown (1Y)Largest decline over 1 year | -10.96% | -3.30% | -7.66% |
Max Drawdown (3Y)Largest decline over 3 years | -14.54% | -6.68% | -7.86% |
Max Drawdown (5Y)Largest decline over 5 years | -28.92% | -15.91% | -13.01% |
Max Drawdown (10Y)Largest decline over 10 years | -28.92% | -15.91% | -13.01% |
Current DrawdownCurrent decline from peak | -1.06% | -0.44% | -0.62% |
Average DrawdownAverage peak-to-trough decline | -5.92% | -2.10% | -3.82% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.65% | 0.93% | +3.72% |
Volatility
NMI vs. VMATX - Volatility Comparison
Nuveen Municipal Income Fund, Inc. (NMI) has a higher volatility of 7.35% compared to Vanguard Massachusetts Tax-Exempt Fund (VMATX) at 1.19%. This indicates that NMI's price experiences larger fluctuations and is considered to be riskier than VMATX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NMI | VMATX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.35% | 1.19% | +6.16% |
Volatility (6M)Calculated over the trailing 6-month period | 13.32% | 2.42% | +10.90% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.90% | 3.20% | +12.70% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.46% | 4.66% | +9.80% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.93% | 4.65% | +10.28% |
NMI vs. VMATX - Expense Ratio Comparison
NMI has a 0.72% expense ratio, which is higher than VMATX's 0.13% expense ratio.
Dividends
NMI vs. VMATX - Dividend Comparison
NMI's dividend yield for the trailing twelve months is around 4.19%, more than VMATX's 3.61% 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% |
VMATX Vanguard Massachusetts Tax-Exempt Fund | 3.61% | 4.46% | 3.98% | 3.06% | 2.69% | 2.26% | 3.22% | 3.63% | 3.07% | 2.91% | 3.55% | 3.22% |
Frequently Asked Questions
NMI and VMATX have a correlation of 0.17, 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 VMATX (1.19%). In terms of maximum drawdown, NMI dropped -28.92% vs VMATX's -15.91%.
VMATX currently has the higher Sharpe Ratio (2.70 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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