SCMAX vs. NMI
SCMAX (DWS Massachusetts Tax Free Fund) and NMI (Nuveen Municipal Income Fund, Inc.) are both Municipal Bonds funds. Over the past 10 years, SCMAX returned 1.41%/yr vs 2.51%/yr for NMI. At a 0.15 correlation, their price movements are largely independent. SCMAX charges 0.61%/yr vs 0.72%/yr for NMI.
Performance
SCMAX vs. NMI - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, SCMAX achieves a 1.69% return, which is significantly lower than NMI's 13.22% return. Over the past 10 years, SCMAX has underperformed NMI with an annualized return of 1.41%, while NMI has yielded a comparatively higher 2.51% annualized return.
SCMAX
- 1D
- 0.00%
- 1M
- 1.38%
- YTD
- 1.69%
- 6M
- 2.13%
- 1Y
- 6.62%
- 3Y*
- 3.01%
- 5Y*
- -0.08%
- 10Y*
- 1.41%
NMI
- 1D
- 4.56%
- 1M
- 2.87%
- YTD
- 13.22%
- 6M
- 12.77%
- 1Y
- 16.78%
- 3Y*
- 10.06%
- 5Y*
- 2.78%
- 10Y*
- 2.51%
SCMAX vs. NMI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SCMAX DWS Massachusetts Tax Free Fund | 1.69% | 3.28% | 1.32% | 5.24% | -11.25% | 0.72% | 5.08% | 8.08% | 0.37% | 4.96% |
NMI Nuveen Municipal Income Fund, Inc. | 13.22% | 10.52% | 7.03% | 1.90% | -15.09% | 3.86% | 4.70% | 16.02% | -8.07% | 7.49% |
Correlation
The correlation between SCMAX and NMI is 0.09, 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 | 0.09 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.27 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.27 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.22 |
Correlation (All Time) Calculated using the full available price history since Jan 2, 1990 | 0.15 |
The correlation between SCMAX and NMI shifts across timeframes, from 0.09 (1 year) to 0.27 (5 years), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
SCMAX vs. NMI — Risk / Return Rank
SCMAX
NMI
SCMAX vs. NMI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for DWS Massachusetts Tax Free Fund (SCMAX) 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| SCMAX | NMI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.75 | ||
| Sortino ratioReturn per unit of downside risk | +2.49 | ||
| Omega ratioGain probability vs. loss probability | 1.69 | 1.25 | +0.44 |
| Calmar ratioReturn relative to maximum drawdown | 2.65 | 1.54 | +1.11 |
| Martin ratioReturn relative to average drawdown | 8.79 | 3.60 | +5.19 |
Loading charts...
Drawdowns
SCMAX vs. NMI - Drawdown Comparison
The maximum SCMAX drawdown since its inception was -16.28%, smaller than the maximum NMI drawdown of -28.92%. Use the drawdown chart below to compare losses from any high point for SCMAX and NMI.
Loading charts...
Drawdown Indicators
| SCMAX | NMI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.28% | -28.92% | +12.64% |
Max Drawdown (1Y)Largest decline over 1 year | -2.55% | -10.96% | +8.41% |
Max Drawdown (3Y)Largest decline over 3 years | -5.89% | -14.54% | +8.65% |
Max Drawdown (5Y)Largest decline over 5 years | -16.28% | -28.92% | +12.64% |
Max Drawdown (10Y)Largest decline over 10 years | -16.28% | -28.92% | +12.64% |
Current DrawdownCurrent decline from peak | -1.29% | -1.45% | +0.16% |
Average DrawdownAverage peak-to-trough decline | -2.17% | -5.92% | +3.75% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.77% | 4.67% | -3.90% |
Volatility
SCMAX vs. NMI - Volatility Comparison
The current volatility for DWS Massachusetts Tax Free Fund (SCMAX) is 0.61%, while Nuveen Municipal Income Fund, Inc. (NMI) has a volatility of 7.95%. This indicates that SCMAX 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.
Loading charts...
Volatility by Period
| SCMAX | NMI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.61% | 7.95% | -7.34% |
Volatility (6M)Calculated over the trailing 6-month period | 1.96% | 15.00% | -13.04% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.49% | 17.26% | -14.77% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.80% | 14.80% | -11.00% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.97% | 15.07% | -11.10% |
SCMAX vs. NMI - Expense Ratio Comparison
SCMAX has a 0.61% expense ratio, which is lower than NMI's 0.72% expense ratio.
Dividends
SCMAX vs. NMI - Dividend Comparison
SCMAX's dividend yield for the trailing twelve months is around 2.90%, less than NMI's 4.15% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
NMI Nuveen Municipal Income Fund, Inc. | 4.15% | 4.59% | 4.63% | 4.04% | 3.51% | 3.22% | 3.53% | 4.15% | 5.12% | 4.21% | 4.45% | 4.28% |
SCMAX DWS Massachusetts Tax Free Fund | 2.90% | 3.10% | 2.69% | 2.02% | 1.72% | 1.59% | 2.66% | 3.45% | 3.34% | 3.36% | 3.60% | 3.70% |
Frequently Asked Questions
SCMAX and NMI have a correlation of 0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NMI has higher volatility (7.95%) compared to SCMAX (0.61%). In terms of maximum drawdown, SCMAX dropped -16.28% vs NMI's -28.92%.
SCMAX currently has the higher Sharpe Ratio (2.72 vs 0.98), 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.
Find the right allocation for SCMAX and NMI
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer