UTAHX vs. NMI
UTAHX (Aquila Tax-Free Fund For Utah) and NMI (Nuveen Municipal Income Fund, Inc.) are both Municipal Bonds funds. Over the past 10 years, UTAHX returned 1.43%/yr vs 2.51%/yr for NMI. At a 0.15 correlation, their price movements are largely independent. UTAHX charges 0.87%/yr vs 0.72%/yr for NMI.
Performance
UTAHX vs. NMI - Performance Comparison
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Returns By Period
In the year-to-date period, UTAHX achieves a 1.92% return, which is significantly lower than NMI's 13.22% return. Over the past 10 years, UTAHX has underperformed NMI with an annualized return of 1.43%, while NMI has yielded a comparatively higher 2.51% annualized return.
UTAHX
- 1D
- 0.00%
- 1M
- 1.24%
- YTD
- 1.92%
- 6M
- 2.34%
- 1Y
- 6.89%
- 3Y*
- 3.24%
- 5Y*
- 0.58%
- 10Y*
- 1.43%
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%
UTAHX vs. NMI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UTAHX Aquila Tax-Free Fund For Utah | 1.92% | 4.73% | 0.46% | 3.87% | -7.91% | 0.21% | 4.09% | 6.24% | 0.79% | 4.27% |
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 UTAHX and NMI is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.17 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.29 |
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 Jul 24, 1992 | 0.15 |
The correlation between UTAHX and NMI shifts across timeframes, from 0.15 (all time) to 0.29 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
UTAHX vs. NMI — Risk / Return Rank
UTAHX
NMI
UTAHX vs. NMI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Aquila Tax-Free Fund For Utah (UTAHX) 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.
| UTAHX | NMI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.03 | ||
| Sortino ratioReturn per unit of downside risk | +3.29 | ||
| Omega ratioGain probability vs. loss probability | 1.78 | 1.25 | +0.53 |
| Calmar ratioReturn relative to maximum drawdown | 2.68 | 1.54 | +1.14 |
| Martin ratioReturn relative to average drawdown | 9.42 | 3.60 | +5.82 |
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Drawdowns
UTAHX vs. NMI - Drawdown Comparison
The maximum UTAHX drawdown since its inception was -13.94%, smaller than the maximum NMI drawdown of -28.92%. Use the drawdown chart below to compare losses from any high point for UTAHX and NMI.
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Drawdown Indicators
| UTAHX | NMI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.94% | -28.92% | +14.98% |
Max Drawdown (1Y)Largest decline over 1 year | -2.64% | -10.96% | +8.32% |
Max Drawdown (3Y)Largest decline over 3 years | -4.61% | -14.54% | +9.93% |
Max Drawdown (5Y)Largest decline over 5 years | -12.26% | -28.92% | +16.66% |
Max Drawdown (10Y)Largest decline over 10 years | -12.26% | -28.92% | +16.66% |
Current DrawdownCurrent decline from peak | -0.42% | -1.45% | +1.03% |
Average DrawdownAverage peak-to-trough decline | -1.93% | -5.92% | +3.99% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.75% | 4.67% | -3.92% |
Volatility
UTAHX vs. NMI - Volatility Comparison
The current volatility for Aquila Tax-Free Fund For Utah (UTAHX) is 0.68%, while Nuveen Municipal Income Fund, Inc. (NMI) has a volatility of 7.95%. This indicates that UTAHX 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
| UTAHX | NMI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.68% | 7.95% | -7.27% |
Volatility (6M)Calculated over the trailing 6-month period | 1.82% | 15.00% | -13.18% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.35% | 17.26% | -14.91% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.18% | 14.80% | -11.62% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.29% | 15.07% | -11.78% |
UTAHX vs. NMI - Expense Ratio Comparison
UTAHX has a 0.87% expense ratio, which is higher than NMI's 0.72% expense ratio.
Dividends
UTAHX vs. NMI - Dividend Comparison
UTAHX's dividend yield for the trailing twelve months is around 3.59%, 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% |
UTAHX Aquila Tax-Free Fund For Utah | 3.59% | 3.52% | 2.44% | 2.00% | 1.59% | 1.63% | 2.02% | 2.75% | 2.52% | 2.62% | 2.69% | 2.83% |
Frequently Asked Questions
UTAHX and NMI have a correlation of 0.17, 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 UTAHX (0.68%). In terms of maximum drawdown, UTAHX dropped -13.94% vs NMI's -28.92%.
UTAHX currently has the higher Sharpe Ratio (3.01 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.
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