IVV vs NMI
iShares Core S&P 500 ETF vs Nuveen Municipal Income Fund Inc.
Which is better, IVV or NMI?
Large Cap Blend against Municipal Bond.
IVV has a lower expense ratio. IVV led over 1Y, 3Y, 5Y and the full window.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | IVV | NMI |
|---|---|---|
| Expense Ratio | 0.03%Best | 0.73% |
| AUM | $886.7B | - |
| Dividend Yield | 1.10% | 4.65% |
| Holdings | 508 | 220 |
| YTD Return | +13.39%Best | +7.69% |
| 1Y Return | +20.08%Best | +12.85% |
| 3Y Return (annualized) | +21.29%Best | +9.12% |
| 5Y Return (annualized) | +12.88%Best | +1.53% |
| Volatility (annualized) | 15.1% | 11.4%Best |
| Max Drawdown | -56.5% | -32.4%Best |
| $10,000 over 5 years | $18,327Best | $10,789 |
| Fund Family | iShares by BlackRock (US) | Nuveen |
| Category | Equity | Tax Preferred |
| Style | Large Cap Blend | Municipal Bond |
| Inception | May 15, 2000 | Apr 20, 1988 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: May 19, 2000 to Sep 4, 2026 (26.3 years).
IVV vs NMI growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view is available from the range buttons; it is not the opening view here because over the whole period one of these two funds moves so much further than the other that its line would sit flat on the axis.
IVV vs NMI Performance
iShares Core S&P 500 ETF (IVV) is an ETF from iShares by BlackRock (US) and Nuveen Municipal Income Fund Inc. (NMI) is an ETF from Nuveen. Over the past year IVV returned +20.08% while NMI returned +12.85%. Year to date, IVV is up 13.39% versus a gain of 7.69% for NMI.
Over three years, IVV compounded at +21.29% per year against +9.12% for NMI; over five years the annualized figures are +12.88% and +1.53% respectively. Across the full 26-year window we track, IVV has the edge at +7.01% annualized vs +0.69%.
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 11.4% 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 -32.4% for NMI. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.04. They move largely independently of each other.
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 1.10% against 4.65% for NMI.
Holdings Overlap
We hold position weights for 505 holdings in IVV and 95 in NMI, totalling 100.0% and 44.9% of the two funds. The two books name no position in common, so there is no overlap percentage to show.
The two holdings books were reported 186 days apart, IVV as of Aug 5, 2026 and NMI as of Jan 31, 2026, so some of the difference between them is the time between the two reports rather than the funds.
0 positions in common, counted across the 505 positions we hold weights for in IVV and 95 in NMI, against full books of 508 and 220.
You are not choosing between two funds in isolation.
Whichever of IVV and NMI you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
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, by $70 a year on a $10,000 investment.
Which performed better, IVV or NMI?
Over the past year IVV returned +20.08% vs +12.85% for NMI, so IVV leads on 1-year performance. Over the longest common window we track (26 years), IVV annualized +7.01% vs +0.69% for NMI. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, IVV or NMI?
IVV has been the more volatile fund at 15.1% annualized versus 11.4% for NMI. Worst drawdown: IVV -56.5% vs NMI -32.4%.
Should I hold both IVV and NMI?
IVV and NMI have a monthly-return correlation of 0.04, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
Which pays a higher dividend, IVV or NMI?
IVV yields 1.10% while NMI yields 4.65%, so NMI currently pays the higher dividend yield.
Is NMI better than IVV?
IVV has a lower expense ratio. IVV led over 1Y, 3Y, 5Y and the full window. Which one suits a particular account depends on what it is for. This is information, not a recommendation.