NMS vs. NOM

Last updated Jun 4, 2026

NMS (Nuveen Minnesota Quality Municipal Income Fund) and NOM (Nuveen Missouri Quality Municipal Income Fund) are both Municipal Bonds funds from Nuveen. At a 0.11 correlation, their price movements are largely independent.

Performance

NMS vs. NOM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nuveen Minnesota Quality Municipal Income Fund (NMS) and Nuveen Missouri Quality Municipal Income Fund (NOM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

NMS

• 1D: 0.12%
• 1M: 0.92%
• YTD: 7.31%
• 6M: 5.39%
• 1Y: 15.23%
• 3Y*: 9.90%
• 5Y*: -0.31%
• 10Y*: 1.97%

NOM

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

NMS vs. NOM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NMS Nuveen Minnesota Quality Municipal Income Fund	7.31%	2.10%	19.59%	1.57%	-21.89%	5.47%	5.80%	25.72%	-13.31%	-1.58%
NOM Nuveen Missouri Quality Municipal Income Fund	-5.66%	6.89%	27.11%	-0.84%	-26.11%	8.91%	1.20%	30.63%	-15.20%	-3.04%

Correlation

The correlation between NMS and NOM 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	0.25
Correlation (5Y) Calculated over the trailing 5-year period	0.18
Correlation (10Y) Calculated over the trailing 10-year period	0.13
Correlation (All Time) Calculated using the full available price history since Oct 9, 2014	0.11

The correlation between NMS and NOM shifts across timeframes, from 0.04 (1 year) to 0.25 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

NMS vs. NOM — Risk / Return Rank

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

NMS

NMS Risk / Return Rank: 62
NMS Sharpe Ratio Rank: 42
NMS Sortino Ratio Rank: 46
NMS Omega Ratio Rank: 46
NMS Calmar Ratio Rank: 94
NMS Martin Ratio Rank: 82

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.

NMS vs. NOM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuveen Minnesota Quality Municipal Income Fund (NMS) and Nuveen Missouri Quality Municipal Income Fund (NOM). 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.

	NMS	NOM	Difference
Sharpe ratio: Return per unit of total volatility	1.91	—	—
Sortino ratio: Return per unit of downside risk	2.85	—	—
Omega ratio: Gain probability vs. loss probability	1.37	—	—
Calmar ratio: Return relative to maximum drawdown	5.38	—	—
Martin ratio: Return relative to average drawdown	15.35	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	NMS	NOM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.91	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.02	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.14	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.23	—	—

Drawdowns

Drawdown Indicators

	NMS	NOM	Difference
Max Drawdown Largest peak-to-trough decline	-38.76%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-2.84%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-17.28%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-38.76%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-38.76%	—	—
Current Drawdown Current decline from peak	-3.69%	—	—
Average Drawdown Average peak-to-trough decline	-10.71%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	0.99%	—	—

Volatility

Volatility by Period

	NMS	NOM	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.65%	—	—
Volatility (6M) Calculated over the trailing 6-month period	5.25%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	8.02%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.43%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.58%	—	—

Dividends

NMS vs. NOM - Dividend Comparison

NMS's dividend yield for the trailing twelve months is around 6.69%, more than NOM's 6.28% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NMS Nuveen Minnesota Quality Municipal Income Fund	6.69%	7.29%	6.05%	4.03%	5.24%	4.19%	3.93%	4.05%	5.52%	5.20%	4.68%	5.60%
NOM Nuveen Missouri Quality Municipal Income Fund	6.28%	6.58%	5.45%	3.17%	4.45%	3.60%	3.43%	3.60%	4.82%	4.74%	4.51%	4.76%

Frequently Asked Questions

Can I hold both NMS and NOM in my portfolio?

NMS and NOM 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.