HFXI vs NMI
NYLI FTSE International Equity Currency Neutral ETF vs Nuveen Municipal Income Fund Inc.
Quick Verdict
HFXI has a lower expense ratio. HFXI delivered stronger 1-year returns. HFXI offers more diversification with 876 holdings.
Side-by-Side Comparison
| Metric | HFXI | NMI | Winner |
|---|---|---|---|
| Expense Ratio | 0.20% | 0.73% | |
| AUM | $2.1B | - | |
| Dividend Yield | 3.39% | 4.65% | |
| Holdings | 876 | 220 | |
| YTD Return | +17.30% | +7.43% | |
| 1Y Return | +29.54% | +11.77% | |
| 3Y Return (annualized) | +21.69% | +8.45% | |
| 5Y Return (annualized) | +12.45% | +1.49% | |
| Volatility (annualized) | 13.8% | 11.0% | |
| Max Drawdown | -34.2% | -34.4% | |
| Fund Family | INDEXIQ ETF TRUST | Nuveen | |
| Category | Equity | Tax Preferred | |
| Inception | Jul 22, 2015 | Apr 20, 1988 |
HFXI vs NMI Performance
NYLI FTSE International Equity Currency Neutral ETF (HFXI) is a ETF from INDEXIQ ETF TRUST and Nuveen Municipal Income Fund Inc. (NMI) is a ETF from Nuveen. Over the past year HFXI returned +29.54% while NMI returned +11.77%. Year to date, HFXI is up 17.30% versus a gain of 7.43% for NMI.
Over three years, HFXI compounded at +21.69% per year against +8.45% for NMI; over five years the annualized figures are +12.45% and +1.49% respectively. Across the full 11-year window we track, HFXI has the edge at +7.92% annualized vs +0.27%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
HFXI has been the more volatile fund, with annualized monthly volatility of 13.8% 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 -34.2% for HFXI 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 0.20. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
HFXI charges 0.20% per year while NMI charges 0.73%. On a $10,000 position that is $20 vs $73 annually, a gap of $53 per year that compounds over a long holding period. On income, HFXI currently yields 3.39% against 4.65% for NMI.
Holdings Overlap
HFXI and NMI share 0 holdings out of 837 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, HFXI or NMI?
HFXI has an expense ratio of 0.20% while NMI charges 0.73%. HFXI is the cheaper option. On a $10,000 investment, that is $53 per year of difference.
Which performed better, HFXI or NMI?
Over the past year HFXI returned +29.54% vs +11.77% for NMI, so HFXI leads on 1-year performance. Over the longest common window we track (11 years), HFXI annualized +7.92% vs +0.27% for NMI. Past performance does not guarantee future results.
Which is riskier, HFXI or NMI?
HFXI has been the more volatile fund at 13.8% annualized versus 11.0% for NMI. Worst drawdown: HFXI -34.2% vs NMI -34.4%.
Should I hold both HFXI and NMI?
HFXI and NMI have a monthly-return correlation of 0.20, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between HFXI and NMI?
HFXI and NMI share 0 common holdings with a 0.0% weight overlap. Combined, they hold 837 unique securities.
Which pays a higher dividend, HFXI or NMI?
HFXI yields 3.39% while NMI yields 4.65%, so NMI currently pays the higher dividend yield.
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