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NMI vs SPY

Comparison between Nuveen Municipal Income Fund (NMI, ETF) and SPDR S&P 500 ETF Trust (SPY, ETF).

5-Year PerformanceSPY has outperformed NMI, delivering a return of +13.3% compared to +2.7%

NMI vs SPY - Performance Comparison

Key Characteristics

Financial metrics and valuation ratios

Net Assets
NMI
$119M
Winner
SPY
$735B
Expense Ratio
NMI
N/A
SPY
0.09%
Max Drawdown
Winner
NMI
37.13%
SPY
56.47%
Sharpe Ratio
NMI
0.80
Winner
SPY
1.62
5Y Beta
Winner
NMI
0.10
SPY
1.00
P/E Ratio
NMI
N/A
SPY
28.99
Forward P/E
NMI
N/A
SPY
22.37
5Y Dividends CAGR
NMI
4.52%
Winner
SPY
5.43%
5Y EPS CAGR
NMI
N/A
SPY
26.05%
Debt to Equity
NMI
N/A
SPY
32.40%
P/S Ratio
NMI
N/A
SPY
3.74
P/B Ratio
NMI
N/A
SPY
5.61

NMI vs SPY - Historical Returns

Returns include dividend reinvestment.

1M
Winner
NMI
+9.19%
SPY
+1.90%
3M
Winner
NMI
+10.11%
SPY
+8.55%
6M
Winner
NMI
+11.07%
SPY
+8.18%
1Y
NMI
+15.80%
Winner
SPY
+25.79%
5Y(CAGR)
NMI
+2.65%
Winner
SPY
+13.32%
10Y(CAGR)
NMI
+2.59%
Winner
SPY
+15.19%
Max(CAGR)
NMI
+4.83%
Winner
SPY
+8.47%

NMI vs SPY - Annual Returns (1999 - 2026)

Returns include dividend reinvestment.

YearNMISPY
2026+11.05%+8.26%
2025+9.47%+18.00%
2024+6.56%+25.59%
2023-1.27%+26.72%
2022-15.15%-18.64%
2021+4.22%+30.52%
2020+4.89%+17.28%
2019+14.75%+31.09%
2018-8.06%-5.24%
2017+7.78%+20.78%
2016-3.15%+13.59%
2015+5.68%+1.31%
2014+23.72%+14.56%
2013-13.55%+29.00%
2012+10.45%+14.17%
2011+18.12%+0.85%
2010-0.83%+13.14%
2009+18.46%+22.67%
2008-4.73%-36.25%
2007+3.15%+5.32%
2006+8.62%+13.85%
2005+10.00%+5.32%
2004+8.28%+10.75%
2003+2.33%+24.18%
2002-3.31%-22.42%
2001+0.15%-10.13%
2000+16.51%-8.84%
1999-3.48%+8.61%

NMI vs SPY Drawdown Comparison

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

The maximum drawdown for SPY was -55.20%, occurring on Mar 9, 2009. Recovery took 1224 trading sessions.

The current NMI drawdown is -1.20%. The current SPY drawdown is -2.90%.

RankNMISPY
#1-28.92%
Dec 21, 2021 - Jul 11, 2025		-55.20%
Oct 9, 2007 - Aug 16, 2012
#2-22.57%
Mar 13, 2013 - Dec 11, 2014		-47.50%
Mar 24, 2000 - Oct 26, 2006
#3-20.89%
May 30, 2008 - Apr 27, 2009		-33.70%
Feb 19, 2020 - Aug 10, 2020
#4-19.97%
Mar 5, 2020 - Mar 30, 2020		-24.50%
Jan 3, 2022 - Dec 13, 2023
#5-18.02%
Apr 7, 2017 - Aug 15, 2019		-19.34%
Sep 20, 2018 - Apr 12, 2019
#6-17.54%
Aug 29, 2001 - May 20, 2003		-18.76%
Feb 19, 2025 - Jun 26, 2025
#7-16.27%
Oct 11, 2016 - Apr 7, 2017		-13.02%
Jul 20, 2015 - Apr 18, 2016
#8-15.15%
Nov 5, 2010 - Sep 30, 2011		-10.10%
Jan 26, 2018 - Aug 6, 2018
#9-13.50%
Mar 19, 2004 - Jan 24, 2005		-9.44%
Sep 2, 2020 - Nov 11, 2020
#10-13.10%
Mar 30, 2020 - Aug 31, 2020		-9.30%
Jan 19, 2000 - Mar 17, 2000
#11-12.93%
May 6, 2015 - Dec 22, 2015		-9.05%
Jul 19, 2007 - Oct 5, 2007
#12-11.67%
May 22, 2003 - Mar 19, 2004		-8.88%
Jan 27, 2026 - Apr 14, 2026
#13-11.64%
Nov 8, 1999 - Feb 16, 2000		-8.41%
Jul 16, 2024 - Sep 19, 2024
#14-11.23%
Aug 19, 2005 - Nov 30, 2006		-7.35%
Sep 14, 2012 - Jan 2, 2013
#15-10.96%
Apr 21, 2026 - May 4, 2026		-7.27%
Sep 18, 2014 - Oct 31, 2014

Correlation

Correlation between NMI and SPY is 0.82 which considered as a strong positive correlation - the stocks tend to move together.

0.82
-101

Dividend Comparison (1999 - 2026)

NMI vs SPY dividend yield comparison.

YearNMISPY
20261.75%0.24%
20254.59%1.07%
20244.63%1.21%
20234.04%1.40%
20223.51%1.65%
20213.22%1.20%
20203.53%1.52%
20194.15%1.75%
20185.12%2.04%
20174.21%1.80%
20164.45%2.03%
20154.28%2.06%
20144.53%1.87%
20135.68%1.81%
20124.31%2.18%
20114.94%2.05%
20105.51%1.80%
20094.95%1.95%
20085.31%3.02%
20074.85%1.85%
20064.80%1.73%
20055.14%1.73%
20045.38%1.82%
20035.95%1.47%
20026.08%1.70%
20016.28%1.25%
20006.13%1.15%
19991.14%0.24%

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