NPV vs. NMI

Last updated Apr 1, 2026

Compare and contrast key facts about Nuveen Virginia Quality Municipal Income Fund (NPV) and Nuveen Municipal Income Fund, Inc. (NMI).

NPV is an actively managed fund by Nuveen. It was launched on Mar 18, 1993. NMI is managed by Nuveen. It was launched on Apr 20, 1998.

Performance

NPV vs. NMI - Performance Comparison

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

NPV vs. NMI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NPV Nuveen Virginia Quality Municipal Income Fund	4.12%	-5.91%	24.61%	0.42%	-31.53%	10.93%	13.15%	29.60%	-4.42%	3.20%
NMI Nuveen Municipal Income Fund, Inc.	6.43%	10.52%	7.03%	1.90%	-15.09%	3.86%	4.70%	16.02%	-8.07%	7.49%

Returns By Period

In the year-to-date period, NPV achieves a 4.12% return, which is significantly lower than NMI's 6.43% return. Both investments have delivered pretty close results over the past 10 years, with NPV having a 2.40% annualized return and NMI not far behind at 2.38%.

NPV

• 1D: 1.34%
• 1M: -2.61%
• YTD: 4.12%
• 6M: 1.08%
• 1Y: 2.00%
• 3Y*: 5.94%
• 5Y*: -1.81%
• 10Y*: 2.40%

NMI

• 1D: 5.56%
• 1M: 5.32%
• YTD: 6.43%
• 6M: 7.87%
• 1Y: 11.18%
• 3Y*: 8.47%
• 5Y*: 2.21%
• 10Y*: 2.38%

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

NPV vs. NMI - Expense Ratio Comparison

NPV has a 1.51% expense ratio, which is higher than NMI's 0.72% expense ratio.

NPV

Nuveen Virginia Quality Municipal Income Fund

NMI

Nuveen Municipal Income Fund, Inc.

Return for Risk

NPV vs. NMI — Risk / Return Rank

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

NPV

NPV Risk / Return Rank: 8
NPV Sharpe Ratio Rank: 9
NPV Sortino Ratio Rank: 8
NPV Omega Ratio Rank: 8
NPV Calmar Ratio Rank: 9
NPV Martin Ratio Rank: 8

NMI

NMI Risk / Return Rank: 52
NMI Sharpe Ratio Rank: 46
NMI Sortino Ratio Rank: 65
NMI Omega Ratio Rank: 62
NMI Calmar Ratio Rank: 62
NMI Martin Ratio Rank: 26

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.

NPV vs. NMI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuveen Virginia Quality Municipal Income Fund (NPV) and Nuveen Municipal Income Fund, Inc. (NMI). 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.

	NPV	NMI	Difference
Sharpe ratio Return per unit of total volatility	0.22	0.93	-0.71
Sortino ratio Return per unit of downside risk	0.36	1.64	-1.29
Omega ratio Gain probability vs. loss probability	1.05	1.24	-0.19
Calmar ratio Return relative to maximum drawdown	0.16	1.43	-1.27
Martin ratio Return relative to average drawdown	0.37	2.89	-2.51
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NPV vs. NMI - Sharpe Ratio Comparison

The current NPV Sharpe Ratio is 0.22, which is lower than the NMI Sharpe Ratio of 0.93. The chart below compares the historical Sharpe Ratios of NPV and NMI, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	NPV	NMI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.22	0.93	-0.71
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.13	0.16	-0.30
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.18	0.16	+0.02
Sharpe Ratio (All Time) Calculated using the full available price history	0.28	0.34	-0.05

Correlation

The correlation between NPV and NMI is 0.15, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

NPV vs. NMI - Dividend Comparison

NPV's dividend yield for the trailing twelve months is around 7.19%, more than NMI's 4.36% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NPV Nuveen Virginia Quality Municipal Income Fund	7.19%	7.55%	5.63%	3.89%	5.08%	3.42%	3.49%	3.58%	4.62%	4.40%	4.87%	5.25%
NMI Nuveen Municipal Income Fund, Inc.	4.36%	4.59%	4.63%	4.04%	3.51%	3.22%	3.53%	4.15%	5.12%	4.21%	4.45%	4.28%

Drawdowns

NPV vs. NMI - Drawdown Comparison

The maximum NPV drawdown since its inception was -44.25%, which is greater than NMI's maximum drawdown of -28.92%. Use the drawdown chart below to compare losses from any high point for NPV and NMI.

Drawdown Indicators

	NPV	NMI	Difference
Max Drawdown Largest peak-to-trough decline	-44.25%	-28.92%	-15.33%
Max Drawdown (1Y) Largest decline over 1 year	-9.07%	-8.71%	-0.36%
Max Drawdown (5Y) Largest decline over 5 years	-44.25%	-28.92%	-15.33%
Max Drawdown (10Y) Largest decline over 10 years	-44.25%	-28.92%	-15.33%
Current Drawdown Current decline from peak	-17.90%	0.00%	-17.90%
Average Drawdown Average peak-to-trough decline	-10.15%	-5.93%	-4.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.77%	4.31%	-0.54%

Volatility

NPV vs. NMI - Volatility Comparison

The current volatility for Nuveen Virginia Quality Municipal Income Fund (NPV) is 2.43%, while Nuveen Municipal Income Fund, Inc. (NMI) has a volatility of 5.73%. This indicates that NPV experiences smaller price fluctuations and is considered to be less risky than NMI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NPV	NMI	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.43%	5.73%	-3.30%
Volatility (6M) Calculated over the trailing 6-month period	5.20%	7.38%	-2.18%
Volatility (1Y) Calculated over the trailing 1-year period	9.05%	12.13%	-3.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.52%	13.58%	-0.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.19%	14.60%	-1.41%