AVNM vs NMI
Avantis All International Markets Equity ETF vs Nuveen Municipal Income Fund Inc.
Quick Verdict
AVNM has a lower expense ratio. AVNM delivered stronger 1-year returns. NMI offers more diversification with 220 holdings.
Side-by-Side Comparison
| Metric | AVNM | NMI | Winner |
|---|---|---|---|
| Expense Ratio | 0.31% | 0.73% | |
| AUM | $734M | - | |
| Dividend Yield | 2.36% | 4.65% | |
| Holdings | 9 | 220 | |
| YTD Return | +16.39% | +7.43% | |
| 1Y Return | +29.08% | +11.77% | |
| 3Y Return (annualized) | +23.36% | +8.45% | |
| 5Y Return (annualized) | - | +1.49% | |
| Volatility (annualized) | 12.6% | 11.0% | |
| Max Drawdown | -14.0% | -34.4% | |
| Fund Family | Avantis Investors | Nuveen | |
| Category | Equity | Tax Preferred | |
| Inception | Jun 27, 2023 | Apr 20, 1988 |
AVNM vs NMI Performance
Avantis All International Markets Equity ETF (AVNM) is a ETF from Avantis Investors and Nuveen Municipal Income Fund Inc. (NMI) is a ETF from Nuveen. Over the past year AVNM returned +29.08% while NMI returned +11.77%. Year to date, AVNM is up 16.39% versus a gain of 7.43% for NMI.
Over three years, AVNM compounded at +23.36% per year against +8.45% for NMI. Across the full 3-year window we track, AVNM has the edge at +21.94% annualized vs +0.27%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
AVNM has been the more volatile fund, with annualized monthly volatility of 12.6% compared with 11.0% for NMI. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -14.0% for AVNM and -34.4% for NMI. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.21. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
AVNM charges 0.31% per year while NMI charges 0.73%. On a $10,000 position that is $31 vs $73 annually, a gap of $42 per year that compounds over a long holding period. On income, AVNM currently yields 2.36% against 4.65% for NMI.
Holdings Overlap
AVNM and NMI share 0 holdings out of 103 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, AVNM or NMI?
AVNM has an expense ratio of 0.31% while NMI charges 0.73%. AVNM is the cheaper option. On a $10,000 investment, that is $42 per year of difference.
Which performed better, AVNM or NMI?
Over the past year AVNM returned +29.08% vs +11.77% for NMI, so AVNM leads on 1-year performance. Over the longest common window we track (3 years), AVNM annualized +21.94% vs +0.27% for NMI. Past performance does not guarantee future results.
Which is riskier, AVNM or NMI?
AVNM has been the more volatile fund at 12.6% annualized versus 11.0% for NMI. Worst drawdown: AVNM -14.0% vs NMI -34.4%.
Should I hold both AVNM and NMI?
AVNM and NMI have a monthly-return correlation of 0.21, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between AVNM and NMI?
AVNM and NMI share 0 common holdings with a 0.0% weight overlap. Combined, they hold 103 unique securities.
Which pays a higher dividend, AVNM or NMI?
AVNM yields 2.36% while NMI yields 4.65%, so NMI currently pays the higher dividend yield.
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