SNTIX vs. NMI
SNTIX (SIT Tax Free Income Fund) and NMI (Nuveen Municipal Income Fund, Inc.) are both Municipal Bonds funds. Over the past 10 years, SNTIX returned 2.25%/yr vs 2.60%/yr for NMI. At a 0.16 correlation, their price movements are largely independent. SNTIX charges 0.80%/yr vs 0.72%/yr for NMI.
Performance
SNTIX vs. NMI - Performance Comparison
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Returns By Period
In the year-to-date period, SNTIX achieves a 2.35% return, which is significantly lower than NMI's 11.50% return. Over the past 10 years, SNTIX has underperformed NMI with an annualized return of 2.25%, while NMI has yielded a comparatively higher 2.60% annualized return.
SNTIX
- 1D
- 0.23%
- 1M
- 0.99%
- YTD
- 2.35%
- 6M
- 2.82%
- 1Y
- 9.38%
- 3Y*
- 5.54%
- 5Y*
- 0.87%
- 10Y*
- 2.25%
NMI
- 1D
- -0.14%
- 1M
- 9.19%
- YTD
- 11.50%
- 6M
- 11.36%
- 1Y
- 16.27%
- 3Y*
- 9.16%
- 5Y*
- 2.66%
- 10Y*
- 2.60%
SNTIX vs. NMI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SNTIX SIT Tax Free Income Fund | 2.35% | 5.29% | 5.95% | 5.02% | -13.91% | 3.01% | 3.76% | 7.34% | 0.75% | 7.70% |
NMI Nuveen Municipal Income Fund, Inc. | 11.50% | 10.52% | 7.03% | 1.90% | -15.09% | 3.86% | 4.70% | 16.02% | -8.07% | 7.49% |
Correlation
The correlation between SNTIX and NMI is 0.15, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.15 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.25 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.21 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.19 |
Correlation (All Time) Calculated using the full available price history since May 31, 1996 | 0.16 |
The correlation between SNTIX and NMI shifts across timeframes, from 0.15 (1 year) to 0.25 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
SNTIX vs. NMI — Risk / Return Rank
SNTIX
NMI
SNTIX vs. NMI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SIT Tax Free Income Fund (SNTIX) 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.
| SNTIX | NMI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.55 | ||
| Sortino ratioReturn per unit of downside risk | +2.42 | ||
| Omega ratioGain probability vs. loss probability | 1.63 | 1.26 | +0.36 |
| Calmar ratioReturn relative to maximum drawdown | 3.06 | 1.49 | +1.56 |
| Martin ratioReturn relative to average drawdown | 11.46 | 3.51 | +7.96 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SNTIX | NMI | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.58 | 1.03 | +1.55 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.19 | 0.18 | +0.01 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.50 | 0.17 | +0.32 |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.10 | 0.34 | +0.76 |
Drawdowns
SNTIX vs. NMI - Drawdown Comparison
The maximum SNTIX drawdown since its inception was -18.13%, smaller than the maximum NMI drawdown of -28.92%. Use the drawdown chart below to compare losses from any high point for SNTIX and NMI.
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Drawdown Indicators
| SNTIX | NMI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.13% | -28.92% | +10.79% |
Max Drawdown (1Y)Largest decline over 1 year | -3.04% | -10.96% | +7.92% |
Max Drawdown (3Y)Largest decline over 3 years | -6.75% | -14.54% | +7.79% |
Max Drawdown (5Y)Largest decline over 5 years | -18.13% | -28.92% | +10.79% |
Max Drawdown (10Y)Largest decline over 10 years | -18.13% | -28.92% | +10.79% |
Current DrawdownCurrent decline from peak | 0.00% | -1.19% | +1.19% |
Average DrawdownAverage peak-to-trough decline | -2.32% | -5.92% | +3.60% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.81% | 4.65% | -3.84% |
Volatility
SNTIX vs. NMI - Volatility Comparison
The current volatility for SIT Tax Free Income Fund (SNTIX) is 1.39%, while Nuveen Municipal Income Fund, Inc. (NMI) has a volatility of 7.28%. This indicates that SNTIX 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.
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Volatility by Period
| SNTIX | NMI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.39% | 7.28% | -5.89% |
Volatility (6M)Calculated over the trailing 6-month period | 2.59% | 13.31% | -10.72% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.64% | 15.89% | -12.25% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.62% | 14.46% | -9.84% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.56% | 14.93% | -10.37% |
SNTIX vs. NMI - Expense Ratio Comparison
SNTIX has a 0.80% expense ratio, which is higher than NMI's 0.72% expense ratio.
Dividends
SNTIX vs. NMI - Dividend Comparison
SNTIX's dividend yield for the trailing twelve months is around 3.66%, less than NMI's 4.20% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
NMI Nuveen Municipal Income Fund, Inc. | 4.20% | 4.59% | 4.63% | 4.04% | 3.51% | 3.22% | 3.53% | 4.15% | 5.12% | 4.21% | 4.45% | 4.28% |
SNTIX SIT Tax Free Income Fund | 3.66% | 4.49% | 4.14% | 3.54% | 1.88% | 2.46% | 2.62% | 3.33% | 3.37% | 4.01% | 3.70% | 3.60% |
Frequently Asked Questions
SNTIX and NMI have a correlation of 0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NMI has higher volatility (7.28%) compared to SNTIX (1.39%). In terms of maximum drawdown, SNTIX dropped -18.13% vs NMI's -28.92%.
SNTIX currently has the higher Sharpe Ratio (2.58 vs 1.03), 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.
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