NUMI vs SPY
Nuveen Municipal Income ETF 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 505 holdings.
Side-by-Side Comparison
| Metric | NUMI | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.30% | 0.09% | |
| AUM | $85M | $821.1B | |
| Dividend Yield | 3.68% | 1.01% | |
| Holdings | 275 | 505 | |
| YTD Return | +0.28% | +12.68% | |
| 1Y Return | +5.72% | +21.82% | |
| 3Y Return (annualized) | - | +21.98% | |
| 5Y Return (annualized) | - | +12.89% | |
| Volatility (annualized) | 4.5% | 15.3% | |
| Max Drawdown | -4.7% | -56.5% | |
| Fund Family | Nuveen | State Street Investment Management | |
| Category | Tax Preferred | Equity | |
| Inception | Jan 22, 2025 | Jan 22, 1993 |
NUMI vs SPY Performance
Nuveen Municipal Income ETF (NUMI) 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 NUMI returned +5.72% while SPY returned +21.82%. Year to date, NUMI is up 0.28% versus a gain of 12.68% for SPY.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 4.5% for NUMI. 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 -4.7% for NUMI 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 0.51. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
NUMI charges 0.30% per year while SPY charges 0.09%. On a $10,000 position that is $30 vs $9 annually, a gap of $21 per year that compounds over a long holding period. On income, NUMI currently yields 3.68% against 1.01% for SPY.
Holdings Overlap
NUMI and SPY share 0 holdings out of 616 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, NUMI or SPY?
NUMI has an expense ratio of 0.30% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $21 per year of difference.
Which performed better, NUMI or SPY?
Over the past year NUMI returned +5.72% vs +21.82% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (2 years), NUMI annualized +2.71% vs +8.81% for SPY. Past performance does not guarantee future results.
Which is riskier, NUMI or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 4.5% for NUMI. Worst drawdown: NUMI -4.7% vs SPY -56.5%.
Should I hold both NUMI and SPY?
NUMI and SPY have a monthly-return correlation of 0.51, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between NUMI and SPY?
NUMI and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 616 unique securities.
Which pays a higher dividend, NUMI or SPY?
NUMI yields 3.68% while SPY yields 1.01%, so NUMI currently pays the higher dividend yield.
Popular ETF Comparisons
Get Full ETF Analytics
Access complete holdings data, overlap analysis, screener tools, and more with FundXLS.