IZRL vs NMI
ARK Israel Innovative Technology ETF vs Nuveen Municipal Income Fund Inc.
Quick Verdict
IZRL has a lower expense ratio. NMI delivered stronger 1-year returns. NMI offers more diversification with 220 holdings.
Side-by-Side Comparison
| Metric | IZRL | NMI | Winner |
|---|---|---|---|
| Expense Ratio | 0.49% | 0.73% | |
| AUM | $137M | - | |
| Dividend Yield | 2.63% | 4.65% | |
| Holdings | 67 | 220 | |
| YTD Return | -4.16% | +8.93% | |
| 1Y Return | +8.19% | +13.39% | |
| 3Y Return (annualized) | +15.16% | +8.56% | |
| 5Y Return (annualized) | -0.04% | +1.80% | |
| Volatility (annualized) | 23.5% | 11.0% | |
| Max Drawdown | -60.0% | -34.4% | |
| Fund Family | Ark Invest | Nuveen | |
| Category | Equity | Tax Preferred | |
| Inception | Dec 4, 2017 | Apr 20, 1988 |
IZRL vs NMI Performance
ARK Israel Innovative Technology ETF (IZRL) is a ETF from Ark Invest and Nuveen Municipal Income Fund Inc. (NMI) is a ETF from Nuveen. Over the past year IZRL returned +8.19% while NMI returned +13.39%. Year to date, IZRL is down 4.16% versus a gain of 8.93% for NMI.
Over three years, IZRL compounded at +15.16% per year against +8.56% for NMI; over five years the annualized figures are -0.04% and +1.80% respectively. Across the full 9-year window we track, IZRL has the edge at +4.95% annualized vs +0.31%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
IZRL has been the more volatile fund, with annualized monthly volatility of 23.5% 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 -60.0% for IZRL 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
IZRL charges 0.49% per year while NMI charges 0.73%. On a $10,000 position that is $49 vs $73 annually, a gap of $24 per year that compounds over a long holding period. On income, IZRL currently yields 2.63% against 4.65% for NMI.
Holdings Overlap
IZRL and NMI share 0 holdings out of 161 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, IZRL or NMI?
IZRL has an expense ratio of 0.49% while NMI charges 0.73%. IZRL is the cheaper option. On a $10,000 investment, that is $24 per year of difference.
Which performed better, IZRL or NMI?
Over the past year IZRL returned +8.19% vs +13.39% for NMI, so NMI leads on 1-year performance. Over the longest common window we track (9 years), IZRL annualized +4.95% vs +0.31% for NMI. Past performance does not guarantee future results.
Which is riskier, IZRL or NMI?
IZRL has been the more volatile fund at 23.5% annualized versus 11.0% for NMI. Worst drawdown: IZRL -60.0% vs NMI -34.4%.
Should I hold both IZRL and NMI?
IZRL 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 IZRL and NMI?
IZRL and NMI share 0 common holdings with a 0.0% weight overlap. Combined, they hold 161 unique securities.
Which pays a higher dividend, IZRL or NMI?
IZRL yields 2.63% while NMI yields 4.65%, so NMI currently pays the higher dividend yield.
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