NMI vs TYO
Nuveen Municipal Income Fund Inc. vs Direxion Daily 7-10 Year Treasury Bear 3X ETF
Quick Verdict
NMI has a lower expense ratio. NMI delivered stronger 1-year returns. NMI offers more diversification with 95 holdings.
Side-by-Side Comparison
| Metric | NMI | TYO | Winner |
|---|---|---|---|
| Expense Ratio | 0.73% | 1.00% | |
| AUM | - | $12M | |
| Dividend Yield | 4.57% | 2.62% | |
| Holdings | 220 | 6 | |
| YTD Return | +10.41% | +11.67% | |
| 1Y Return | +14.14% | +11.48% | |
| 3Y Return (annualized) | +9.57% | +4.90% | |
| 5Y Return (annualized) | +1.91% | +14.80% | |
| Volatility (annualized) | 11.0% | 19.3% | |
| Max Drawdown | -34.4% | -90.4% | |
| Fund Family | Nuveen | Direxion Shares ETF Trust | |
| Category | Tax Preferred | Alternative | |
| Inception | Apr 20, 1988 | Apr 16, 2009 |
NMI vs TYO Performance
Nuveen Municipal Income Fund Inc. (NMI) is a ETF from Nuveen and Direxion Daily 7-10 Year Treasury Bear 3X ETF (TYO) is a ETF from Direxion Shares ETF Trust. Over the past year NMI returned +14.14% while TYO returned +11.48%. Year to date, NMI is up 10.41% versus a gain of 11.67% for TYO.
Over three years, NMI compounded at +9.57% per year against +4.90% for TYO; over five years the annualized figures are +1.91% and +14.80% respectively. Across the full 17-year window we track, NMI has the edge at +0.36% annualized vs -7.21%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
TYO has been the more volatile fund, with annualized monthly volatility of 19.3% 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 -34.4% for NMI and -90.4% for TYO. 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 -0.45. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
NMI charges 0.73% per year while TYO charges 1.00%. On a $10,000 position that is $73 vs $100 annually, a gap of $27 per year that compounds over a long holding period. On income, NMI currently yields 4.57% against 2.62% for TYO.
Holdings Overlap
NMI and TYO 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 TYO?
NMI has an expense ratio of 0.73% while TYO charges 1.00%. NMI is the cheaper option. On a $10,000 investment, that is $27 per year of difference.
Which performed better, NMI or TYO?
Over the past year NMI returned +14.14% vs +11.48% for TYO, so NMI leads on 1-year performance. Over the longest common window we track (17 years), NMI annualized +0.36% vs -7.21% for TYO. Past performance does not guarantee future results.
Which is riskier, NMI or TYO?
TYO has been the more volatile fund at 19.3% annualized versus 11.0% for NMI. Worst drawdown: NMI -34.4% vs TYO -90.4%.
Should I hold both NMI and TYO?
NMI and TYO have a monthly-return correlation of -0.45, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between NMI and TYO?
NMI and TYO share 0 common holdings with a 0.0% weight overlap. Combined, they hold 98 unique securities.
Which pays a higher dividend, NMI or TYO?
NMI yields 4.57% while TYO yields 2.62%, so NMI currently pays the higher dividend yield.
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