GBF vs NMI

Comparison between ISHARES GOVERNMENT/CREDIT BOND ETF (GBF, ETF) and Nuveen Municipal Income Fund (NMI, ETF).

5-Year PerformanceNMI has outperformed GBF, delivering a return of +2.7% compared to -0.3%

GBF vs NMI - Performance Comparison

Log

Key Characteristics

Financial metrics and valuation ratios

Metric	GBF(ETF)	NMI(ETF)
Net Assets	$119M	$119M
Expense Ratio	0.20%	N/A
Max Drawdown	23.43%	37.13%
Sharpe Ratio	-0.01	0.80
5Y Beta	0.03	0.10
5Y Dividends CAGR	18.25%	4.52%

Net Assets

Winner

GBF

$119M

NMI

$119M

Expense Ratio

GBF

0.20%

NMI

N/A

Max Drawdown

Winner

GBF

23.43%

NMI

37.13%

Sharpe Ratio

GBF

-0.01

Winner

NMI

0.80

5Y Beta

Winner

GBF

0.03

NMI

0.10

5Y Dividends CAGR

Winner

GBF

18.25%

NMI

4.52%

GBF vs NMI - Historical Returns

Returns include dividend reinvestment.

Period	GBF	NMI
1 month	-0.20%	+9.19%
3 months	-1.14%	+10.11%
6 months	-0.10%	+11.07%
1 year	+3.78%	+15.80%
5 years(CAGR)	-0.27%	+2.65%
10 years(CAGR)	+1.47%	+2.59%
Max(CAGR)	+3.01%	+4.83%

GBF

-0.20%

Winner

NMI

+9.19%

GBF

-1.14%

Winner

NMI

+10.11%

GBF

-0.10%

Winner

NMI

+11.07%

GBF

+3.78%

Winner

NMI

+15.80%

5Y(CAGR)

GBF

-0.27%

Winner

NMI

+2.65%

10Y(CAGR)

GBF

+1.47%

Winner

NMI

+2.59%

Max(CAGR)

GBF

+3.01%

Winner

NMI

+4.83%

GBF vs NMI - Annual Returns (1999 - 2026)

Returns include dividend reinvestment.

Year	GBF	NMI
2026	-0.14%	+11.05%
2025	+6.30%	+9.47%
2024	+1.42%	+6.56%
2023	+5.13%	-1.27%
2022	-13.13%	-15.15%
2021	-2.07%	+4.22%
2020	+8.44%	+4.89%
2019	+9.34%	+14.75%
2018	-0.15%	-8.06%
2017	+3.83%	+7.78%
2016	+2.25%	-3.15%
2015	-0.28%	+5.68%
2014	+6.05%	+23.72%
2013	-2.09%	-13.55%
2012	+4.13%	+10.45%
2011	+9.44%	+18.12%
2010	+5.44%	-0.83%
2009	+3.45%	+18.46%
2008	+6.81%	-4.73%
2007	+6.69%	+3.15%
2006	N/A	+8.62%
2005	N/A	+10.00%
2004	N/A	+8.28%
2003	N/A	+2.33%
2002	N/A	-3.31%
2001	N/A	+0.15%
2000	N/A	+16.51%
1999	N/A	-3.48%

GBF vs NMI Drawdown Comparison

The maximum drawdown for GBF was -19.67%, occurring on Oct 24, 2022. This drawdown has not yet recovered.

The maximum drawdown for NMI was -28.92%, occurring on Oct 24, 2022. Recovery took 890 trading sessions.

The current GBF drawdown is -5.11%. The current NMI drawdown is -1.20%.

Rank	GBF	NMI
#1	-19.67% Aug 4, 2020 - Oct 24, 2022	-28.92% Dec 21, 2021 - Jul 11, 2025
#2	-8.75% Sep 9, 2008 - Dec 2, 2008	-22.57% Mar 13, 2013 - Dec 11, 2014
#3	-7.97% Mar 9, 2020 - Jun 26, 2020	-20.89% May 30, 2008 - Apr 27, 2009
#4	-6.12% May 2, 2013 - Jul 23, 2014	-19.97% Mar 5, 2020 - Mar 30, 2020
#5	-5.85% Dec 29, 2008 - Jul 31, 2009	-18.02% Apr 7, 2017 - Aug 15, 2019
#6	-5.20% Jul 8, 2016 - Sep 5, 2017	-17.54% Aug 29, 2001 - May 20, 2003
#7	-4.35% Oct 6, 2010 - Jun 1, 2011	-16.27% Oct 11, 2016 - Apr 7, 2017
#8	-3.90% Sep 7, 2017 - Feb 7, 2019	-15.15% Nov 5, 2010 - Sep 30, 2011
#9	-3.73% Jan 30, 2015 - Feb 11, 2016	-13.50% Mar 19, 2004 - Jan 24, 2005
#10	-2.81% Apr 9, 2008 - Sep 4, 2008	-13.10% Mar 30, 2020 - Aug 31, 2020
#11	-2.75% May 7, 2007 - Aug 16, 2007	-12.93% May 6, 2015 - Dec 22, 2015
#12	-2.58% Sep 4, 2019 - Jan 23, 2020	-11.67% May 22, 2003 - Mar 19, 2004
#13	-2.00% Nov 12, 2012 - Apr 15, 2013	-11.64% Nov 8, 1999 - Feb 16, 2000
#14	-1.98% Jul 24, 2012 - Nov 7, 2012	-11.23% Aug 19, 2005 - Nov 30, 2006
#15	-1.86% Nov 30, 2009 - Mar 2, 2010	-10.96% Apr 21, 2026 - May 4, 2026

Correlation

Correlation between GBF and NMI is 0.97 which considered as a very strong positive correlation - the stocks move almost identically together.

0.97

-101

Dividend Comparison (1999 - 2026)

GBF vs NMI dividend yield comparison.

Year	GBF	NMI
2026	1.57%	1.75%
2025	3.81%	4.59%
2024	3.94%	4.63%
2023	3.03%	4.04%
2022	2.13%	3.51%
2021	1.22%	3.22%
2020	1.64%	3.53%
2019	2.64%	4.15%
2018	2.59%	5.12%
2017	2.31%	4.21%
2016	2.09%	4.45%
2015	2.04%	4.28%
2014	2.08%	4.53%
2013	2.37%	5.68%
2012	2.53%	4.31%
2011	3.03%	4.94%
2010	3.19%	5.51%
2009	3.56%	4.95%
2008	4.17%	5.31%
2007	4.67%	4.85%
2006	0.00%	4.80%
2005	0.00%	5.14%
2004	0.00%	5.38%
2003	0.00%	5.95%
2002	0.00%	6.08%
2001	0.00%	6.28%
2000	0.00%	6.13%
1999	0.00%	1.14%