NMAI vs VTI
Nuveen Multi-Asset Income Fund vs Vanguard Morningstar Total Stock Market ETF
Which is better, NMAI or VTI?
Allocation/Balanced against Large Cap Blend.
VTI has a lower expense ratio. NMAI led over 1Y and 3Y, VTI over 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 | NMAI | VTI |
|---|---|---|
| Expense Ratio | 1.87% | 0.03%Best |
| AUM | - | $666.9B |
| Dividend Yield | 9.58% | 1.07% |
| Holdings | 1,312 | 3,543 |
| YTD Return | +20.40%Best | +12.95% |
| 1Y Return | +26.83%Best | +19.17% |
| 3Y Return (annualized) | +21.14%Best | +20.86% |
| 5Y Return (annualized) | - | +11.72% |
| Volatility (annualized) | 18.7% | 15.9%Best |
| Max Drawdown | -35.6% | -25.4%Best |
| $10,000 over 4.8 years | $13,874 | $16,812Best |
| Fund Family | Nuveen | Vanguard (US) |
| Category | Allocation/Balanced | Equity |
| Style | Allocation/Balanced | Large Cap Blend |
| Inception | Nov 22, 2021 | May 24, 2001 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown, and the $10,000 over 4.8 years row, are measured over the window both funds cover: Nov 22, 2021 to Sep 8, 2026 (4.8 years).
NMAI vs VTI 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 covers the 4.8 years both funds cover.
NMAI vs VTI Performance
Nuveen Multi-Asset Income Fund (NMAI) is an ETF from Nuveen and Vanguard Morningstar Total Stock Market ETF (VTI) is an ETF from Vanguard (US). Over the past year NMAI returned +26.83% while VTI returned +19.17%. Year to date, NMAI is up 20.40% versus a gain of 12.95% for VTI.
Over three years, NMAI compounded at +21.14% per year against +20.86% for VTI.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
NMAI has been the more volatile fund, with annualized monthly volatility of 18.7% compared with 15.9% for VTI. 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 -35.6% for NMAI and -25.4% for VTI. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.85. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
NMAI charges 1.87% per year while VTI charges 0.03%. On a $10,000 position that is $187 vs $3 annually, a gap of $184 per year that compounds over a long holding period. On income, NMAI currently yields 9.58% against 1.07% for VTI.
Holdings Overlap
We hold position weights for 663 holdings in NMAI and 2,788 in VTI, totalling 66.5% and 92.3% of the two funds. Neither is a share of a fund we can divide by, so no overlap percentage is shown here. Within what we can see, 280 positions appear in both.
The two holdings books were reported 151 days apart, NMAI as of Jan 30, 2026 and VTI as of Jun 30, 2026, so some of the difference between them is the time between the two reports rather than the funds.
280 positions in common, counted across the 663 positions we hold weights for in NMAI and 2,788 in VTI, against full books of 1,312 and 3,543.
Top Shared Holdings
| Stock | Weight in NMAI | Weight in VTI | Difference |
|---|---|---|---|
| NVDANvidia Corp. | 2.01% | 6.32% | 4.31% |
| AAPLApple Inc Ord | 2.07% | 5.84% | 3.77% |
| MSFTMicrosoft Corp 4.100 Feb 06 37 | 2.00% | 3.81% | 1.81% |
| AMZNAmazon.Com Inc | 1.43% | 3.17% | 1.74% |
| AVGOBroadcom Inc | 1.45% | 2.46% | 1.01% |
| GOOGL Alphabet Inc. Class A | 0.82% | 2.88% | 2.06% |
| GOOGAlphabet, Inc., Class C | 0.99% | 2.27% | 1.28% |
| METAMeta Platform Inc | 0.71% | 1.70% | 0.99% |
| JPMJpmorgan Chase & Co. | 1.20% | 1.11% | 0.09% |
| LLYEli Lilly & Co. | 0.69% | 1.40% | 0.71% |
You are not choosing between two funds in isolation.
Whichever of NMAI and VTI 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, NMAI or VTI?
NMAI has an expense ratio of 1.87% while VTI charges 0.03%. VTI is the cheaper option, by $184 a year on a $10,000 investment.
Which performed better, NMAI or VTI?
Over the past year NMAI returned +26.83% vs +19.17% for VTI, so NMAI leads on 1-year performance. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, NMAI or VTI?
NMAI has been the more volatile fund at 18.7% annualized versus 15.9% for VTI. Worst drawdown: NMAI -35.6% vs VTI -25.4%.
Should I hold both NMAI and VTI?
NMAI and VTI have a monthly-return correlation of 0.85, 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, NMAI or VTI?
NMAI yields 9.58% while VTI yields 1.07%, so NMAI currently pays the higher dividend yield.
Is VTI better than NMAI?
VTI has a lower expense ratio. NMAI led over 1Y and 3Y, VTI over the full window. Which one suits a particular account depends on what it is for. This is information, not a recommendation.