NOM vs. NMS

Last updated Jun 3, 2026

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

Performance

NOM vs. NMS - Performance Comparison

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

Returns By Period

NOM

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

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%

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

NOM vs. NMS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
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%

Correlation

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

Return for Risk

NOM vs. NMS — 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.

NOM vs. NMS - Risk-Adjusted Trends Comparison

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

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	NOM	NMS	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

	NOM	NMS	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

	NOM	NMS	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

NOM vs. NMS - Dividend Comparison

NOM's dividend yield for the trailing twelve months is around 6.28%, less than NMS's 6.69% 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 NOM and NMS in my portfolio?

NOM and NMS 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.