NMI vs GBF

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

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

NMI vs GBF - Performance Comparison

Log

Key Characteristics

Financial metrics and valuation ratios

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

Net Assets

NMI

$119M

Winner

GBF

$119M

Expense Ratio

NMI

N/A

GBF

0.20%

Max Drawdown

NMI

37.13%

Winner

GBF

23.43%

Sharpe Ratio

Winner

NMI

0.80

GBF

-0.01

5Y Beta

NMI

0.10

Winner

GBF

0.03

5Y Dividends CAGR

NMI

4.52%

Winner

GBF

18.25%

NMI vs GBF - Historical Returns

Returns include dividend reinvestment.

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

Winner

NMI

+9.19%

GBF

-0.20%

Winner

NMI

+10.11%

GBF

-1.14%

Winner

NMI

+11.07%

GBF

-0.10%

Winner

NMI

+15.80%

GBF

+3.78%

5Y(CAGR)

Winner

NMI

+2.65%

GBF

-0.27%

10Y(CAGR)

Winner

NMI

+2.59%

GBF

+1.47%

Max(CAGR)

Winner

NMI

+4.83%

GBF

+3.01%

NMI vs GBF - Annual Returns (1999 - 2026)

Returns include dividend reinvestment.

Year	NMI	GBF
2026	+11.05%	-0.14%
2025	+9.47%	+6.30%
2024	+6.56%	+1.42%
2023	-1.27%	+5.13%
2022	-15.15%	-13.13%
2021	+4.22%	-2.07%
2020	+4.89%	+8.44%
2019	+14.75%	+9.34%
2018	-8.06%	-0.15%
2017	+7.78%	+3.83%
2016	-3.15%	+2.25%
2015	+5.68%	-0.28%
2014	+23.72%	+6.05%
2013	-13.55%	-2.09%
2012	+10.45%	+4.13%
2011	+18.12%	+9.44%
2010	-0.83%	+5.44%
2009	+18.46%	+3.45%
2008	-4.73%	+6.81%
2007	+3.15%	+6.69%
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 GBF Drawdown Comparison

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

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

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

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

Correlation

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

0.97

-101

Dividend Comparison (1999 - 2026)

NMI vs GBF dividend yield comparison.

Year	NMI	GBF
2026	1.75%	1.57%
2025	4.59%	3.81%
2024	4.63%	3.94%
2023	4.04%	3.03%
2022	3.51%	2.13%
2021	3.22%	1.22%
2020	3.53%	1.64%
2019	4.15%	2.64%
2018	5.12%	2.59%
2017	4.21%	2.31%
2016	4.45%	2.09%
2015	4.28%	2.04%
2014	4.53%	2.08%
2013	5.68%	2.37%
2012	4.31%	2.53%
2011	4.94%	3.03%
2010	5.51%	3.19%
2009	4.95%	3.56%
2008	5.31%	4.17%
2007	4.85%	4.67%
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%