NIM vs SPY
Nuveen Select Maturities Municipal Fund vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. NIM offers more diversification with 537 holdings.
Side-by-Side Comparison
| Metric | NIM | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.56% | 0.09% | |
| AUM | - | $821.1B | |
| Dividend Yield | 3.54% | 1.01% | |
| Holdings | 537 | 505 | |
| YTD Return | +2.48% | +13.17% | |
| 1Y Return | +5.58% | +21.53% | |
| 3Y Return (annualized) | +5.46% | +22.06% | |
| 5Y Return (annualized) | +0.22% | +13.35% | |
| Volatility (annualized) | 8.8% | 15.3% | |
| Max Drawdown | -30.4% | -56.5% | |
| Fund Family | Nuveen | State Street Investment Management | |
| Category | Tax Preferred | Equity | |
| Inception | Sep 18, 1992 | Jan 22, 1993 |
NIM vs SPY Performance
Nuveen Select Maturities Municipal Fund (NIM) is a ETF from Nuveen and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year NIM returned +5.58% while SPY returned +21.53%. Year to date, NIM is up 2.48% versus a gain of 13.17% for SPY.
Over three years, NIM compounded at +5.46% per year against +22.06% for SPY; over five years the annualized figures are +0.22% and +13.35% respectively. Across the full 31-year window we track, SPY has the edge at +8.82% annualized vs -0.09%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 8.8% for NIM. 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 -30.4% for NIM and -56.5% for SPY. 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 0.15. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
NIM charges 0.56% per year while SPY charges 0.09%. On a $10,000 position that is $56 vs $9 annually, a gap of $47 per year that compounds over a long holding period. On income, NIM currently yields 3.54% against 1.01% for SPY.
Frequently Asked Questions
Which is cheaper, NIM or SPY?
NIM has an expense ratio of 0.56% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $47 per year of difference.
Which performed better, NIM or SPY?
Over the past year NIM returned +5.58% vs +21.53% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (31 years), NIM annualized -0.09% vs +8.82% for SPY. Past performance does not guarantee future results.
Which is riskier, NIM or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 8.8% for NIM. Worst drawdown: NIM -30.4% vs SPY -56.5%.
Should I hold both NIM and SPY?
NIM and SPY have a monthly-return correlation of 0.15, so combining them can provide real diversification depending on your allocation goals.
Which pays a higher dividend, NIM or SPY?
NIM yields 3.54% while SPY yields 1.01%, so NIM currently pays the higher dividend yield.
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