IVV vs NMI
iShares Core S&P 500 ETF vs Nuveen Municipal Income Fund Inc.
Quick Verdict
IVV has a lower expense ratio. IVV delivered stronger 1-year returns. IVV offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | IVV | NMI | Winner |
|---|---|---|---|
| Expense Ratio | 0.03% | 0.73% | |
| AUM | $865.2B | - | |
| Dividend Yield | 1.09% | 4.57% | |
| Holdings | 508 | 220 | |
| YTD Return | +13.43% | +10.41% | |
| 1Y Return | +22.61% | +14.14% | |
| 3Y Return (annualized) | +21.47% | +9.57% | |
| 5Y Return (annualized) | +13.26% | +1.91% | |
| Volatility (annualized) | 15.1% | 11.0% | |
| Max Drawdown | -56.5% | -34.4% | |
| Fund Family | iShares by BlackRock (US) | Nuveen | |
| Category | Equity | Tax Preferred | |
| Inception | May 15, 2000 | Apr 20, 1988 |
IVV vs NMI Performance
iShares Core S&P 500 ETF (IVV) is a ETF from iShares by BlackRock (US) and Nuveen Municipal Income Fund Inc. (NMI) is a ETF from Nuveen. Over the past year IVV returned +22.61% while NMI returned +14.14%. Year to date, IVV is up 13.43% versus a gain of 10.41% for NMI.
Over three years, IVV compounded at +21.47% per year against +9.57% for NMI; over five years the annualized figures are +13.26% and +1.91% respectively. Across the full 26-year window we track, IVV has the edge at +7.03% annualized vs +0.36%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
IVV has been the more volatile fund, with annualized monthly volatility of 15.1% 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 -56.5% for IVV 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 0.04. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
IVV charges 0.03% per year while NMI charges 0.73%. On a $10,000 position that is $3 vs $73 annually, a gap of $70 per year that compounds over a long holding period. On income, IVV currently yields 1.09% against 4.57% for NMI.
Holdings Overlap
IVV and NMI share 0 holdings out of 600 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, IVV or NMI?
IVV has an expense ratio of 0.03% while NMI charges 0.73%. IVV is the cheaper option. On a $10,000 investment, that is $70 per year of difference.
Which performed better, IVV or NMI?
Over the past year IVV returned +22.61% vs +14.14% for NMI, so IVV leads on 1-year performance. Over the longest common window we track (26 years), IVV annualized +7.03% vs +0.36% for NMI. Past performance does not guarantee future results.
Which is riskier, IVV or NMI?
IVV has been the more volatile fund at 15.1% annualized versus 11.0% for NMI. Worst drawdown: IVV -56.5% vs NMI -34.4%.
Should I hold both IVV and NMI?
IVV and NMI have a monthly-return correlation of 0.04, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between IVV and NMI?
IVV and NMI share 0 common holdings with a 0.0% weight overlap. Combined, they hold 600 unique securities.
Which pays a higher dividend, IVV or NMI?
IVV yields 1.09% while NMI yields 4.57%, so NMI currently pays the higher dividend yield.
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