INCE vs NMI
Franklin Income Equity Focus ETF vs Nuveen Municipal Income Fund Inc.
Quick Verdict
INCE has a lower expense ratio. INCE delivered stronger 1-year returns. NMI offers more diversification with 95 holdings.
Side-by-Side Comparison
| Metric | INCE | NMI | Winner |
|---|---|---|---|
| Expense Ratio | 0.29% | 0.73% | |
| AUM | $132M | - | |
| Dividend Yield | 4.82% | 4.57% | |
| Holdings | 82 | 220 | |
| YTD Return | +17.14% | +11.00% | |
| 1Y Return | +26.04% | +14.29% | |
| 3Y Return (annualized) | +16.96% | +9.76% | |
| 5Y Return (annualized) | +10.99% | +2.10% | |
| Volatility (annualized) | 13.8% | 11.0% | |
| Max Drawdown | -34.1% | -34.4% | |
| Fund Family | Franklin Templeton Investments (US) | Nuveen | |
| Category | Equity | Tax Preferred | |
| Inception | Sep 20, 2016 | Apr 20, 1988 |
INCE vs NMI Performance
Franklin Income Equity Focus ETF (INCE) is a ETF from Franklin Templeton Investments (US) and Nuveen Municipal Income Fund Inc. (NMI) is a ETF from Nuveen. Over the past year INCE returned +26.04% while NMI returned +14.29%. Year to date, INCE is up 17.14% versus a gain of 11.00% for NMI.
Over three years, INCE compounded at +16.96% per year against +9.76% for NMI; over five years the annualized figures are +10.99% and +2.10% respectively. Across the full 10-year window we track, INCE has the edge at +12.63% annualized vs +0.37%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
INCE 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 -34.1% for INCE 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 0.22. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
INCE charges 0.29% per year while NMI charges 0.73%. On a $10,000 position that is $29 vs $73 annually, a gap of $44 per year that compounds over a long holding period. On income, INCE currently yields 4.82% against 4.57% for NMI.
Holdings Overlap
INCE and NMI share 0 holdings out of 142 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, INCE or NMI?
INCE has an expense ratio of 0.29% while NMI charges 0.73%. INCE is the cheaper option. On a $10,000 investment, that is $44 per year of difference.
Which performed better, INCE or NMI?
Over the past year INCE returned +26.04% vs +14.29% for NMI, so INCE leads on 1-year performance. Over the longest common window we track (10 years), INCE annualized +12.63% vs +0.37% for NMI. Past performance does not guarantee future results.
Which is riskier, INCE or NMI?
INCE has been the more volatile fund at 13.8% annualized versus 11.0% for NMI. Worst drawdown: INCE -34.1% vs NMI -34.4%.
Should I hold both INCE and NMI?
INCE and NMI have a monthly-return correlation of 0.22, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between INCE and NMI?
INCE and NMI share 0 common holdings with a 0.0% weight overlap. Combined, they hold 142 unique securities.
Which pays a higher dividend, INCE or NMI?
INCE yields 4.82% while NMI yields 4.57%, so INCE currently pays the higher dividend yield.
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