NSMIX vs. NQP

Last updated Jun 5, 2026

NSMIX (Columbia Short Term Municipal Bond Fund) and NQP (Nuveen Pennsylvania Quality Municipal Income) are both Municipal Bonds funds. At a 0.21 correlation, their price movements are largely independent. NSMIX charges 0.39%/yr vs 1.27%/yr for NQP.

Performance

NSMIX vs. NQP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Columbia Short Term Municipal Bond Fund (NSMIX) and Nuveen Pennsylvania Quality Municipal Income (NQP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

NSMIX

• 1D: 0.00%
• 1M: 0.35%
• YTD: 1.03%
• 6M: 1.37%
• 1Y: 3.96%
• 3Y*: 3.74%
• 5Y*: 1.81%
• 10Y*: 1.71%

NQP

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

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

NSMIX vs. NQP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NSMIX Columbia Short Term Municipal Bond Fund	1.03%	5.01%	2.54%	3.59%	-3.06%	0.57%	1.95%	3.24%	1.46%	1.53%
NQP Nuveen Pennsylvania Quality Municipal Income	3.84%	15.46%	2.70%	7.44%	-21.95%	7.75%	7.08%	21.21%	-2.28%	5.96%

Correlation

The correlation between NSMIX and NQP is 0.31, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.31
Correlation (3Y) Calculated over the trailing 3-year period	0.51
Correlation (5Y) Calculated over the trailing 5-year period	0.47
Correlation (10Y) Calculated over the trailing 10-year period	0.35
Correlation (All Time) Calculated using the full available price history since Oct 8, 1993	0.21

The correlation between NSMIX and NQP shifts across timeframes, from 0.21 (all time) to 0.51 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

NSMIX vs. NQP — Risk / Return Rank

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

NSMIX

NSMIX Risk / Return Rank: 78
NSMIX Sharpe Ratio Rank: 91
NSMIX Sortino Ratio Rank: 96
NSMIX Omega Ratio Rank: 98
NSMIX Calmar Ratio Rank: 58
NSMIX Martin Ratio Rank: 48

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.

NSMIX vs. NQP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Columbia Short Term Municipal Bond Fund (NSMIX) and Nuveen Pennsylvania Quality Municipal Income (NQP). 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.

	NSMIX	NQP	Difference
Sharpe ratio: Return per unit of total volatility	3.00	—	—
Sortino ratio: Return per unit of downside risk	5.47	—	—
Omega ratio: Gain probability vs. loss probability	2.14	—	—
Calmar ratio: Return relative to maximum drawdown	2.81	—	—
Martin ratio: Return relative to average drawdown	9.62	—	—
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

	NSMIX	NQP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.00	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.05	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	1.09	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.83	—	—

Drawdowns

Drawdown Indicators

	NSMIX	NQP	Difference
Max Drawdown Largest peak-to-trough decline	-5.20%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-1.45%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-1.97%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-5.20%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-5.20%	—	—
Current Drawdown Current decline from peak	-0.31%	—	—
Average Drawdown Average peak-to-trough decline	-0.37%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	0.42%	—	—

Volatility

Volatility by Period

	NSMIX	NQP	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.48%	—	—
Volatility (6M) Calculated over the trailing 6-month period	1.06%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	1.36%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.73%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.57%	—	—

NSMIX vs. NQP - Expense Ratio Comparison

NSMIX has a 0.39% expense ratio, which is lower than NQP's 1.27% expense ratio.

Dividends

NSMIX vs. NQP - Dividend Comparison

NSMIX's dividend yield for the trailing twelve months is around 2.90%, less than NQP's 7.13% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NQP Nuveen Pennsylvania Quality Municipal Income	7.13%	7.87%	6.69%	3.07%	4.89%	4.51%	4.38%	4.23%	5.34%	5.34%	5.67%	6.10%
NSMIX Columbia Short Term Municipal Bond Fund	2.90%	3.58%	2.81%	2.01%	1.31%	0.95%	1.45%	1.93%	1.64%	1.33%	1.04%	0.94%

Frequently Asked Questions

Can I hold both NSMIX and NQP in my portfolio?

NSMIX and NQP have a correlation of 0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.