NMI vs AFSM

Comparison between Nuveen Municipal Income Fund (NMI, ETF) and FIRST TRUST ACTIVE FACTOR SMALL CAP ETF (AFSM, ETF).

5-Year PerformanceAFSM has outperformed NMI, delivering a return of +9.9% compared to +1.4%

NMI vs AFSM - Performance Comparison

Log

Key Characteristics

Financial metrics and valuation ratios

Metric	NMI(ETF)	AFSM(ETF)
Net Assets	$120M	$120M
Expense Ratio	N/A	0.75%
Max Drawdown	37.13%	43.54%
Sharpe Ratio	0.49	1.18
5Y Beta	0.07	1.01
P/E Ratio	N/A	18.33
Forward P/E	N/A	13.07
5Y Dividends CAGR	4.84%	17.16%
5Y EPS CAGR	N/A	17.89%
Debt to Equity	N/A	-30.45%
P/S Ratio	N/A	1.21
P/B Ratio	N/A	2.23

Net Assets

NMI

$120M

Winner

AFSM

$120M

Expense Ratio

NMI

N/A

AFSM

0.75%

Max Drawdown

Winner

NMI

37.13%

AFSM

43.54%

Sharpe Ratio

NMI

0.49

Winner

AFSM

1.18

5Y Beta

Winner

NMI

0.07

AFSM

1.01

P/E Ratio

NMI

N/A

AFSM

18.33

Forward P/E

NMI

N/A

AFSM

13.07

5Y Dividends CAGR

NMI

4.84%

Winner

AFSM

17.16%

5Y EPS CAGR

NMI

N/A

AFSM

17.89%

Debt to Equity

NMI

N/A

AFSM

-30.45%

P/S Ratio

NMI

N/A

AFSM

1.21

P/B Ratio

NMI

N/A

AFSM

2.23

NMI vs AFSM - Historical Returns

Returns include dividend reinvestment.

Period	NMI	AFSM
1 month	-3.18%	+2.22%
3 months	-1.68%	+5.43%
6 months	+6.40%	+16.16%
1 year	+11.60%	+27.19%
5 years(CAGR)	+1.44%	+9.91%
10 years(CAGR)	+2.21%	N/A
Max(CAGR)	+4.66%	+11.89%

NMI

-3.18%

Winner

AFSM

+2.22%

NMI

-1.68%

Winner

AFSM

+5.43%

NMI

+6.40%

Winner

AFSM

+16.16%

NMI

+11.60%

Winner

AFSM

+27.19%

5Y(CAGR)

NMI

+1.44%

Winner

AFSM

+9.91%

10Y(CAGR)

NMI

+2.21%

AFSM

N/A

Max(CAGR)

NMI

+4.66%

Winner

AFSM

+11.89%

NMI vs AFSM - Annual Returns (1999 - 2026)

Returns include dividend reinvestment.

Year	NMI	AFSM
2026	+7.27%	+23.43%
2025	+9.47%	+9.99%
2024	+6.56%	+10.93%
2023	-1.27%	+22.85%
2022	-15.15%	-17.86%
2021	+4.22%	+27.36%
2020	+4.89%	+8.73%
2019	+14.75%	+2.63%
2018	-8.06%	N/A
2017	+7.78%	N/A
2016	-3.15%	N/A
2015	+5.68%	N/A
2014	+23.72%	N/A
2013	-13.55%	N/A
2012	+10.45%	N/A
2011	+18.12%	N/A
2010	-0.83%	N/A
2009	+18.46%	N/A
2008	-4.73%	N/A
2007	+3.15%	N/A
2006	+8.62%	N/A
2005	+10.00%	N/A
2004	+8.28%	N/A
2003	+2.33%	N/A
2002	-3.31%	N/A
2001	+0.15%	N/A
2000	+16.51%	N/A
1999	-3.48%	N/A

NMI vs AFSM Drawdown Comparison

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

The maximum drawdown for AFSM was -43.54%, occurring on Mar 23, 2020. Recovery took 224 trading sessions.

The current NMI drawdown is -6.24%. The current AFSM drawdown is -2.38%.

Rank	NMI	AFSM
#1	-28.92% Dec 21, 2021 - Jul 11, 2025	-43.54% Jan 16, 2020 - Dec 4, 2020
#2	-22.57% Mar 13, 2013 - Dec 11, 2014	-28.27% Nov 16, 2021 - Feb 15, 2024
#3	-20.89% May 30, 2008 - Apr 27, 2009	-25.07% Nov 11, 2024 - Sep 11, 2025
#4	-19.97% Mar 5, 2020 - Mar 30, 2020	-9.56% Feb 26, 2026 - Apr 14, 2026
#5	-18.02% Apr 7, 2017 - Aug 15, 2019	-9.26% Jul 31, 2024 - Oct 14, 2024
#6	-17.54% Aug 29, 2001 - May 20, 2003	-8.21% Mar 15, 2021 - Apr 26, 2021
#7	-16.27% Oct 11, 2016 - Apr 7, 2017	-8.17% Feb 12, 2021 - Mar 12, 2021
#8	-15.15% Nov 5, 2010 - Sep 30, 2011	-8.05% Sep 18, 2025 - Dec 10, 2025
#9	-13.50% Mar 19, 2004 - Jan 24, 2005	-7.71% Jul 1, 2021 - Aug 27, 2021
#10	-13.10% Mar 30, 2020 - Aug 31, 2020	-7.54% Mar 28, 2024 - May 15, 2024
#11	-12.93% May 6, 2015 - Dec 22, 2015	-6.30% Apr 27, 2021 - Jun 1, 2021
#12	-11.67% May 22, 2003 - Mar 19, 2004	-5.51% May 15, 2024 - Jul 15, 2024
#13	-11.64% Nov 8, 1999 - Feb 16, 2000	-4.91% Sep 2, 2021 - Oct 20, 2021
#14	-11.23% Aug 19, 2005 - Nov 30, 2006	-4.84% Jun 8, 2021 - Jul 1, 2021
#15	-10.96% Apr 21, 2026 - Jun 10, 2026	-4.45% Jan 22, 2021 - Feb 4, 2021

Correlation

Correlation between NMI and AFSM is 0.61 which considered as a moderate positive correlation - the stocks show some tendency to move together.

0.61

-101

Dividend Comparison (1999 - 2026)

NMI vs AFSM dividend yield comparison.

Year	NMI	AFSM
2026	2.93%	0.30%
2025	4.59%	0.58%
2024	4.63%	0.58%
2023	4.04%	0.92%
2022	3.51%	1.28%
2021	3.22%	0.35%
2020	3.53%	0.53%
2019	4.15%	0.32%
2018	5.12%	0.00%
2017	4.21%	0.00%
2016	4.45%	0.00%
2015	4.28%	0.00%
2014	4.53%	0.00%
2013	5.68%	0.00%
2012	4.31%	0.00%
2011	4.94%	0.00%
2010	5.51%	0.00%
2009	4.95%	0.00%
2008	5.31%	0.00%
2007	4.85%	0.00%
2006	4.80%	0.00%
2005	5.14%	0.00%
2004	5.38%	0.00%
2003	5.95%	0.00%
2002	6.08%	0.00%
2001	6.28%	0.00%
2000	6.13%	0.00%
1999	1.14%	0.00%