NNY vs. NMS

Last updated Apr 15, 2026

NNY (Nuveen New York Municipal Value Fund) and NMS (Nuveen Minnesota Quality Municipal Income Fund) are both Municipal Bonds funds from Nuveen. Over the past 10 years, NNY returned 2.08%/yr vs 1.81%/yr for NMS. At 0.17, their price movements are largely independent. Both charge a 0.03% expense ratio.

Performance

NNY vs. NMS - Performance Comparison

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

Returns By Period

In the year-to-date period, NNY achieves a 1.69% return, which is significantly lower than NMS's 5.76% return. Over the past 10 years, NNY has outperformed NMS with an annualized return of 2.08%, while NMS has yielded a comparatively lower 1.81% annualized return.

NNY

• 1D: -0.12%
• 1M: 1.17%
• YTD: 1.69%
• 6M: 4.27%
• 1Y: 11.31%
• 3Y*: 4.41%
• 5Y*: 1.21%
• 10Y*: 2.08%

NMS

• 1D: 0.08%
• 1M: 2.70%
• YTD: 5.76%
• 6M: 5.73%
• 1Y: 12.54%
• 3Y*: 7.61%
• 5Y*: 0.32%
• 10Y*: 1.81%

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

NNY vs. NMS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NNY Nuveen New York Municipal Value Fund	1.69%	11.17%	1.19%	4.30%	-13.41%	1.85%	-1.65%	13.73%	4.51%	4.12%
NMS Nuveen Minnesota Quality Municipal Income Fund	5.76%	2.10%	19.59%	1.57%	-21.89%	5.47%	5.80%	25.72%	-13.31%	-1.58%

Correlation

The correlation between NNY and NMS is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.24
Correlation (3Y) Calculated over the trailing 3-year period	0.30
Correlation (5Y) Calculated over the trailing 5-year period	0.23
Correlation (All Time) Calculated using the full available price history since Oct 9, 2014	0.17

The correlation between NNY and NMS shifts across timeframes, from 0.17 (all time) to 0.30 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

NNY vs. NMS — Risk / Return Rank

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

NNY

NNY Risk / Return Rank: 12
NNY Sharpe Ratio Rank: 9
NNY Sortino Ratio Rank: 10
NNY Omega Ratio Rank: 9
NNY Calmar Ratio Rank: 16
NNY Martin Ratio Rank: 17

NMS

NMS Risk / Return Rank: 29
NMS Sharpe Ratio Rank: 17
NMS Sortino Ratio Rank: 17
NMS Omega Ratio Rank: 20
NMS Calmar Ratio Rank: 66
NMS Martin Ratio Rank: 28

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.

NNY vs. NMS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuveen New York Municipal Value Fund (NNY) and Nuveen Minnesota Quality Municipal Income Fund (NMS). 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.

	NNY	NMS	Difference
Sharpe ratio Return per unit of total volatility	1.13	1.52	-0.40
Sortino ratio Return per unit of downside risk	1.75	2.20	-0.45
Omega ratio Gain probability vs. loss probability	1.22	1.30	-0.08
Calmar ratio Return relative to maximum drawdown	1.64	3.54	-1.90
Martin ratio Return relative to average drawdown	5.92	8.28	-2.35
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NNY vs. NMS - Sharpe Ratio Comparison

The current NNY Sharpe Ratio is 1.13, which is comparable to the NMS Sharpe Ratio of 1.52. The chart below compares the historical Sharpe Ratios of NNY and NMS, 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

	NNY	NMS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.13	1.52	-0.40
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.11	0.02	+0.09
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.17	0.12	+0.05
Sharpe Ratio (All Time) Calculated using the full available price history	0.24	0.22	+0.01

Drawdowns

NNY vs. NMS - Drawdown Comparison

The maximum NNY drawdown since its inception was -36.62%, smaller than the maximum NMS drawdown of -38.76%. Use the drawdown chart below to compare losses from any high point for NNY and NMS.

Drawdown Indicators

	NNY	NMS	Difference
Max Drawdown Largest peak-to-trough decline	-36.62%	-38.76%	+2.14%
Max Drawdown (1Y) Largest decline over 1 year	-6.97%	-3.76%	-3.21%
Max Drawdown (5Y) Largest decline over 5 years	-19.68%	-38.76%	+19.08%
Max Drawdown (10Y) Largest decline over 10 years	-20.02%	-38.76%	+18.74%
Current Drawdown Current decline from peak	-1.77%	-5.09%	+3.32%
Average Drawdown Average peak-to-trough decline	-8.00%	-10.79%	+2.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.93%	1.61%	+0.32%

Volatility

NNY vs. NMS - Volatility Comparison

Nuveen New York Municipal Value Fund (NNY) has a higher volatility of 4.69% compared to Nuveen Minnesota Quality Municipal Income Fund (NMS) at 2.80%. This indicates that NNY's price experiences larger fluctuations and is considered to be riskier than NMS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NNY	NMS	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.69%	2.80%	+1.89%
Volatility (6M) Calculated over the trailing 6-month period	8.41%	5.43%	+2.98%
Volatility (1Y) Calculated over the trailing 1-year period	10.14%	8.34%	+1.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.88%	14.01%	-3.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.27%	14.60%	-2.33%

NNY vs. NMS - Expense Ratio Comparison

Both NNY and NMS have an expense ratio of 0.03%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

NNY vs. NMS - Dividend Comparison

NNY's dividend yield for the trailing twelve months is around 4.11%, less than NMS's 6.83% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NNY Nuveen New York Municipal Value Fund	3.76%	4.13%	4.25%	3.99%	3.50%	2.96%	3.29%	3.42%	3.77%	4.00%	4.10%	3.91%
NMS Nuveen Minnesota Quality Municipal Income Fund	6.23%	7.29%	6.05%	4.03%	5.24%	4.19%	3.93%	4.05%	5.52%	5.20%	4.68%	5.60%