NMI vs TLTP
Nuveen Municipal Income Fund Inc. vs Amplify TLT US Treasury 12% Option Income ETF
Quick Verdict
TLTP has a lower expense ratio. NMI delivered stronger 1-year returns. NMI offers more diversification with 220 holdings.
Side-by-Side Comparison
| Metric | NMI | TLTP | Winner |
|---|---|---|---|
| Expense Ratio | 0.73% | 0.39% | |
| AUM | - | $25M | |
| Dividend Yield | 4.65% | 15.05% | |
| Holdings | 220 | 5 | |
| YTD Return | +8.93% | -8.87% | |
| 1Y Return | +13.39% | -7.14% | |
| 3Y Return (annualized) | +8.56% | - | |
| 5Y Return (annualized) | +1.80% | - | |
| Volatility (annualized) | 11.0% | 8.7% | |
| Max Drawdown | -34.4% | -13.3% | |
| Fund Family | Nuveen | Amplify ETFs | |
| Category | Tax Preferred | Alternative | |
| Inception | Apr 20, 1988 | Oct 29, 2024 |
NMI vs TLTP Performance
Nuveen Municipal Income Fund Inc. (NMI) is a ETF from Nuveen and Amplify TLT US Treasury 12% Option Income ETF (TLTP) is a ETF from Amplify ETFs. Over the past year NMI returned +13.39% while TLTP returned -7.14%. Year to date, NMI is up 8.93% versus a loss of 8.87% for TLTP.
Risk: Volatility and Drawdowns
NMI has been the more volatile fund, with annualized monthly volatility of 11.0% compared with 8.7% for TLTP. 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 -34.4% for NMI and -13.3% for TLTP. 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 0.24. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
NMI charges 0.73% per year while TLTP charges 0.39%. On a $10,000 position that is $73 vs $39 annually, a gap of $34 per year that compounds over a long holding period. On income, NMI currently yields 4.65% against 15.05% for TLTP.
Holdings Overlap
NMI and TLTP share 0 holdings out of 98 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, NMI or TLTP?
NMI has an expense ratio of 0.73% while TLTP charges 0.39%. TLTP is the cheaper option. On a $10,000 investment, that is $34 per year of difference.
Which performed better, NMI or TLTP?
Over the past year NMI returned +13.39% vs -7.14% for TLTP, so NMI leads on 1-year performance. Over the longest common window we track (2 years), NMI annualized +0.31% vs -5.01% for TLTP. Past performance does not guarantee future results.
Which is riskier, NMI or TLTP?
NMI has been the more volatile fund at 11.0% annualized versus 8.7% for TLTP. Worst drawdown: NMI -34.4% vs TLTP -13.3%.
Should I hold both NMI and TLTP?
NMI and TLTP have a monthly-return correlation of 0.24, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between NMI and TLTP?
NMI and TLTP share 0 common holdings with a 0.0% weight overlap. Combined, they hold 98 unique securities.
Which pays a higher dividend, NMI or TLTP?
NMI yields 4.65% while TLTP yields 15.05%, so TLTP currently pays the higher dividend yield.
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