NMT vs SPY
Nuveen Massachusetts Quality Municipal Income Fund vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 503 holdings.
Side-by-Side Comparison
| Metric | NMT | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 3.90% | 0.09% | |
| AUM | - | $789.1B | |
| Dividend Yield | 6.89% | 1.01% | |
| Holdings | 114 | 505 | |
| YTD Return | +16.08% | +13.39% | |
| 1Y Return | +18.70% | +22.52% | |
| 3Y Return (annualized) | +13.92% | +21.36% | |
| 5Y Return (annualized) | +1.33% | +13.19% | |
| Volatility (annualized) | 11.7% | 15.3% | |
| Max Drawdown | -49.6% | -56.5% | |
| Fund Family | Nuveen | State Street Investment Management | |
| Category | Tax Preferred | Equity | |
| Inception | Mar 18, 1993 | Jan 22, 1993 |
NMT vs SPY Performance
Nuveen Massachusetts Quality Municipal Income Fund (NMT) 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 NMT returned +18.70% while SPY returned +22.52%. Year to date, NMT is up 16.08% versus a gain of 13.39% for SPY.
Over three years, NMT compounded at +13.92% per year against +21.36% for SPY; over five years the annualized figures are +1.33% and +13.19% respectively. Across the full 31-year window we track, SPY has the edge at +8.84% annualized vs +0.59%. 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 11.7% for NMT. 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 -49.6% for NMT 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
NMT charges 3.90% per year while SPY charges 0.09%. On a $10,000 position that is $390 vs $9 annually, a gap of $381 per year that compounds over a long holding period. On income, NMT currently yields 6.89% against 1.01% for SPY.
Holdings Overlap
NMT and SPY share 0 holdings out of 531 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, NMT or SPY?
NMT has an expense ratio of 3.90% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $381 per year of difference.
Which performed better, NMT or SPY?
Over the past year NMT returned +18.70% vs +22.52% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (31 years), NMT annualized +0.59% vs +8.84% for SPY. Past performance does not guarantee future results.
Which is riskier, NMT or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 11.7% for NMT. Worst drawdown: NMT -49.6% vs SPY -56.5%.
Should I hold both NMT and SPY?
NMT and SPY have a monthly-return correlation of 0.15, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between NMT and SPY?
NMT and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 531 unique securities.
Which pays a higher dividend, NMT or SPY?
NMT yields 6.89% while SPY yields 1.01%, so NMT currently pays the higher dividend yield.
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