RWMIX vs. NSIOX

Last updated Jun 3, 2026

RWMIX (Redwood Managed Municipal Income Fund) and NSIOX (Nuveen Strategic Municipal Opportunities Fund) are both High Yield Muni funds. Over the past 5 years, RWMIX returned -1.15%/yr vs 0.55%/yr for NSIOX. A 0.59 correlation means they provide meaningful diversification when combined. RWMIX charges 1.00%/yr vs 0.56%/yr for NSIOX.

Performance

RWMIX vs. NSIOX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Redwood Managed Municipal Income Fund (RWMIX) and Nuveen Strategic Municipal Opportunities Fund (NSIOX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, RWMIX achieves a -0.56% return, which is significantly lower than NSIOX's 1.42% return.

RWMIX

• 1D: -0.08%
• 1M: -0.53%
• YTD: -0.56%
• 6M: -0.41%
• 1Y: 2.32%
• 3Y*: 1.31%
• 5Y*: -1.15%
• 10Y*: —

NSIOX

• 1D: 0.00%
• 1M: 0.56%
• YTD: 1.42%
• 6M: 1.71%
• 1Y: 6.03%
• 3Y*: 4.46%
• 5Y*: 0.55%
• 10Y*: 3.03%

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

RWMIX vs. NSIOX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
RWMIX Redwood Managed Municipal Income Fund	-0.56%	-2.18%	2.69%	3.77%	-9.56%	4.28%	0.13%	10.09%	0.30%	3.08%
NSIOX Nuveen Strategic Municipal Opportunities Fund	1.42%	3.19%	4.61%	7.17%	-13.81%	5.21%	6.82%	10.07%	3.31%	4.15%

Correlation

The correlation between RWMIX and NSIOX is 0.54, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.54
Correlation (3Y) Calculated over the trailing 3-year period	0.57
Correlation (5Y) Calculated over the trailing 5-year period	0.57
Correlation (All Time) Calculated using the full available price history since Jun 13, 2017	0.59

The correlation between RWMIX and NSIOX has been stable across timeframes, ranging from 0.54 to 0.59 - a consistent structural relationship.

Return for Risk

RWMIX vs. NSIOX — Risk / Return Rank

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

RWMIX

RWMIX Risk / Return Rank: 17
RWMIX Sharpe Ratio Rank: 18
RWMIX Sortino Ratio Rank: 14
RWMIX Omega Ratio Rank: 35
RWMIX Calmar Ratio Rank: 8
RWMIX Martin Ratio Rank: 8

NSIOX

NSIOX Risk / Return Rank: 43
NSIOX Sharpe Ratio Rank: 44
NSIOX Sortino Ratio Rank: 51
NSIOX Omega Ratio Rank: 65
NSIOX Calmar Ratio Rank: 29
NSIOX Martin Ratio Rank: 24

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.

RWMIX vs. NSIOX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Redwood Managed Municipal Income Fund (RWMIX) and Nuveen Strategic Municipal Opportunities Fund (NSIOX). 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.

	RWMIX	NSIOX	Difference
Sharpe ratio Return per unit of total volatility	1.19	1.94	-0.75
Sortino ratio Return per unit of downside risk	1.55	3.03	-1.48
Omega ratio Gain probability vs. loss probability	1.31	1.45	-0.14
Calmar ratio Return relative to maximum drawdown	0.86	2.06	-1.20
Martin ratio Return relative to average drawdown	2.46	6.16	-3.70
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

RWMIX vs. NSIOX - Sharpe Ratio Comparison

The current RWMIX Sharpe Ratio is 1.19, which is lower than the NSIOX Sharpe Ratio of 1.94. The chart below compares the historical Sharpe Ratios of RWMIX and NSIOX, 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

	RWMIX	NSIOX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.19	1.94	-0.75
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.30	0.12	-0.42
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.65	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.35	0.77	-0.43

Drawdowns

RWMIX vs. NSIOX - Drawdown Comparison

The maximum RWMIX drawdown since its inception was -12.90%, smaller than the maximum NSIOX drawdown of -18.38%. Use the drawdown chart below to compare losses from any high point for RWMIX and NSIOX.

Drawdown Indicators

	RWMIX	NSIOX	Difference
Max Drawdown Largest peak-to-trough decline	-12.90%	-18.38%	+5.48%
Max Drawdown (1Y) Largest decline over 1 year	-2.67%	-2.91%	+0.24%
Max Drawdown (3Y) Largest decline over 3 years	-8.09%	-6.17%	-1.92%
Max Drawdown (5Y) Largest decline over 5 years	-12.90%	-18.38%	+5.48%
Max Drawdown (10Y) Largest decline over 10 years	—	-18.38%	—
Current Drawdown Current decline from peak	-7.63%	-0.67%	-6.96%
Average Drawdown Average peak-to-trough decline	-4.70%	-3.58%	-1.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.93%	0.97%	-0.04%

Volatility

RWMIX vs. NSIOX - Volatility Comparison

The current volatility for Redwood Managed Municipal Income Fund (RWMIX) is 0.81%, while Nuveen Strategic Municipal Opportunities Fund (NSIOX) has a volatility of 1.12%. This indicates that RWMIX experiences smaller price fluctuations and is considered to be less risky than NSIOX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RWMIX	NSIOX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.81%	1.12%	-0.31%
Volatility (6M) Calculated over the trailing 6-month period	1.65%	2.13%	-0.48%
Volatility (1Y) Calculated over the trailing 1-year period	1.96%	2.96%	-1.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.92%	4.50%	-0.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.52%	4.69%	-1.17%

RWMIX vs. NSIOX - Expense Ratio Comparison

RWMIX has a 1.00% expense ratio, which is higher than NSIOX's 0.56% expense ratio.

Dividends

RWMIX vs. NSIOX - Dividend Comparison

RWMIX's dividend yield for the trailing twelve months is around 3.60%, less than NSIOX's 4.19% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NSIOX Nuveen Strategic Municipal Opportunities Fund	4.19%	4.53%	3.91%	3.85%	4.20%	4.25%	2.88%	3.25%	3.12%	3.22%	4.09%	2.48%
RWMIX Redwood Managed Municipal Income Fund	3.60%	2.67%	4.08%	2.80%	1.02%	6.80%	2.16%	3.36%	2.13%	2.06%	0.00%	0.00%

Frequently Asked Questions

Can I hold both RWMIX and NSIOX in my portfolio?

RWMIX and NSIOX have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, RWMIX or NSIOX?

NSIOX has higher volatility (1.12%) compared to RWMIX (0.81%). In terms of maximum drawdown, RWMIX dropped -12.90% vs NSIOX's -18.38%.

Which has better risk-adjusted returns?

NSIOX currently has the higher Sharpe Ratio (1.94 vs 1.19), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.