VNJTX vs. NMI

Last updated Jun 4, 2026

VNJTX (Vanguard New Jersey Long-Term Tax-Exempt Fund Investor Shares) and NMI (Nuveen Municipal Income Fund, Inc.) are both Municipal Bonds funds. Over the past 10 years, VNJTX returned 3.07%/yr vs 2.55%/yr for NMI. At a 0.15 correlation, their price movements are largely independent. VNJTX charges 0.17%/yr vs 0.72%/yr for NMI.

Performance

VNJTX vs. NMI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard New Jersey Long-Term Tax-Exempt Fund Investor Shares (VNJTX) and Nuveen Municipal Income Fund, Inc. (NMI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VNJTX achieves a 1.94% return, which is significantly lower than NMI's 11.65% return. Over the past 10 years, VNJTX has outperformed NMI with an annualized return of 3.07%, while NMI has yielded a comparatively lower 2.55% annualized return.

VNJTX

• 1D: 0.18%
• 1M: 0.74%
• YTD: 1.94%
• 6M: 2.34%
• 1Y: 8.74%
• 3Y*: 4.75%
• 5Y*: 1.44%
• 10Y*: 3.07%

NMI

• 1D: 1.25%
• 1M: 11.12%
• YTD: 11.65%
• 6M: 11.63%
• 1Y: 16.67%
• 3Y*: 8.46%
• 5Y*: 2.69%
• 10Y*: 2.55%

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

VNJTX vs. NMI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VNJTX Vanguard New Jersey Long-Term Tax-Exempt Fund Investor Shares	1.94%	4.89%	2.69%	8.04%	-10.31%	2.62%	6.02%	9.27%	1.53%	8.37%
NMI Nuveen Municipal Income Fund, Inc.	11.65%	10.52%	7.03%	1.90%	-15.09%	3.86%	4.70%	16.02%	-8.07%	7.49%

Correlation

The correlation between VNJTX and NMI is 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.16
Correlation (3Y) Calculated over the trailing 3-year period	0.30
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 Dec 19, 1988	0.15

The correlation between VNJTX and NMI shifts across timeframes, from 0.15 (all time) to 0.30 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

VNJTX vs. NMI — Risk / Return Rank

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

VNJTX

VNJTX Risk / Return Rank: 76
VNJTX Sharpe Ratio Rank: 87
VNJTX Sortino Ratio Rank: 91
VNJTX Omega Ratio Rank: 92
VNJTX Calmar Ratio Rank: 58
VNJTX Martin Ratio Rank: 51

NMI

NMI Risk / Return Rank: 18
NMI Sharpe Ratio Rank: 14
NMI Sortino Ratio Rank: 17
NMI Omega Ratio Rank: 27
NMI Calmar Ratio Rank: 18
NMI Martin Ratio Rank: 12

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.

VNJTX vs. NMI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard New Jersey Long-Term Tax-Exempt Fund Investor Shares (VNJTX) 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.

	VNJTX	NMI	Difference
Sharpe ratio: Return per unit of total volatility	2.82	1.05	+1.77
Sortino ratio: Return per unit of downside risk	4.47	1.72	+2.76
Omega ratio: Gain probability vs. loss probability	1.69	1.27	+0.42
Calmar ratio: Return relative to maximum drawdown	2.92	1.53	+1.39
Martin ratio: Return relative to average drawdown	10.50	3.59	+6.91
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VNJTX vs. NMI - Sharpe Ratio Comparison

The current VNJTX Sharpe Ratio is 2.82, which is higher than the NMI Sharpe Ratio of 1.05. The chart below compares the historical Sharpe Ratios of VNJTX and NMI, 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

	VNJTX	NMI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.82	1.05	+1.77
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.32	0.19	+0.13
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.67	0.17	+0.50
Sharpe Ratio (All Time) Calculated using the full available price history	1.25	0.34	+0.91

Drawdowns

VNJTX vs. NMI - Drawdown Comparison

The maximum VNJTX drawdown since its inception was -15.71%, smaller than the maximum NMI drawdown of -28.92%. Use the drawdown chart below to compare losses from any high point for VNJTX and NMI.

Drawdown Indicators

	VNJTX	NMI	Difference
Max Drawdown Largest peak-to-trough decline	-15.71%	-28.92%	+13.21%
Max Drawdown (1Y) Largest decline over 1 year	-2.94%	-10.96%	+8.02%
Max Drawdown (3Y) Largest decline over 3 years	-6.88%	-14.54%	+7.66%
Max Drawdown (5Y) Largest decline over 5 years	-15.71%	-28.92%	+13.21%
Max Drawdown (10Y) Largest decline over 10 years	-15.71%	-28.92%	+13.21%
Current Drawdown Current decline from peak	-0.23%	-1.06%	+0.83%
Average Drawdown Average peak-to-trough decline	-1.86%	-5.92%	+4.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.82%	4.65%	-3.83%

Volatility

VNJTX vs. NMI - Volatility Comparison

The current volatility for Vanguard New Jersey Long-Term Tax-Exempt Fund Investor Shares (VNJTX) is 1.15%, while Nuveen Municipal Income Fund, Inc. (NMI) has a volatility of 7.35%. This indicates that VNJTX 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.

Volatility by Period

	VNJTX	NMI	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.15%	7.35%	-6.20%
Volatility (6M) Calculated over the trailing 6-month period	2.25%	13.32%	-11.07%
Volatility (1Y) Calculated over the trailing 1-year period	3.05%	15.90%	-12.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.55%	14.46%	-9.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.56%	14.93%	-10.37%

VNJTX vs. NMI - Expense Ratio Comparison

VNJTX has a 0.17% expense ratio, which is lower than NMI's 0.72% expense ratio.

Dividends

VNJTX vs. NMI - Dividend Comparison

VNJTX's dividend yield for the trailing twelve months is around 3.58%, less than NMI's 4.19% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NMI Nuveen Municipal Income Fund, Inc.	4.19%	4.59%	4.63%	4.04%	3.51%	3.22%	3.53%	4.15%	5.12%	4.21%	4.45%	4.28%
VNJTX Vanguard New Jersey Long-Term Tax-Exempt Fund Investor Shares	3.58%	4.42%	3.97%	3.26%	3.14%	2.84%	3.71%	4.06%	3.93%	4.03%	4.51%	3.70%

Frequently Asked Questions

Can I hold both VNJTX and NMI in my portfolio?

VNJTX and NMI have a correlation of 0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VNJTX or NMI?

NMI has higher volatility (7.35%) compared to VNJTX (1.15%). In terms of maximum drawdown, VNJTX dropped -15.71% vs NMI's -28.92%.

Which has better risk-adjusted returns?

VNJTX currently has the higher Sharpe Ratio (2.82 vs 1.05), 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.