Nuveen California AMT-Free Quality Municipal Income Fund (NKX)

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Nuveen California AMT-Free Quality Municipal Income Fund (NKX) is up 4.5% since the beginning of the year. NKX is currently trading at $13 per share. Investors who bought $1,000 worth of NKX shares 5 years ago would now be looking at an investment worth $1,042.

Nuveen California AMT-Free Quality Municipal Income Fund (NKX) has returned 4.53% so far this year and 15.37% over the past 12 months. Over the last ten years, NKX has returned 2.63% per year, falling short of the S&P 500 Index benchmark, which averaged 13.75% annually.

Based on dividend-adjusted daily data since Jan 16, 2003, NKX's average daily return is +0.02%, while the average monthly return is +0.48%. At this rate, an investment would double in approximately 12.1 years.

Historically, 59% of months were positive and 41% were negative. The best month was Nov 2023 with a return of +14.5%, while the worst month was Sep 2008 at -16.3%. The longest winning streak lasted 11 consecutive months, and the longest losing streak was 7 months.

On a daily basis, NKX closed higher 51% of trading days. The best single day was Oct 13, 2008 with a return of +8.8%, while the worst single day was Mar 18, 2020 at -13.8%.

Nuveen California AMT-Free Quality Municipal Income Fund has an annualized alpha of 4.35%, beta of 0.15, and R2 of 0.04 versus S&P 500 Index. Calculated based on daily prices since January 17, 2003.

• This fund participates in less of S&P 500 Index's moves in both directions, but captures a larger share of gains (31.88%) than losses (30.17%) - typical of diversified or defensive assets.
• Beta of 0.15 may look defensive, but with R2 of 0.04 this fund is largely uncorrelated with S&P 500 Index - low beta reflects independence, not downside protection. See the Volatility section for a true picture of this fund's risk.
• R2 of 0.04 means this fund moves largely independently of S&P 500 Index - capture ratios reflect limited market correlation rather than active downside protection. Consider using a more representative benchmark.

NKX has an expense ratio of 0.04%, which is considered low.

NKX ranks 30 for risk / return — below 30% of mutual funds on our site. The returns aren't fully compensating for the risk involved. This isn't necessarily a dealbreaker, but factor it into your decision — especially if you're risk-averse.

The table below present risk-adjusted performance metrics for Nuveen California AMT-Free Quality Municipal Income Fund (NKX) and compare them to S&P 500 Index.

Nuveen California AMT-Free Quality Municipal Income Fund provided a 7.23% dividend yield over the last twelve months, with an annual payout of $0.91 per share. The fund has been increasing its distributions for 2 consecutive years.

The table displays the monthly dividend distributions for Nuveen California AMT-Free Quality Municipal Income Fund. The dividends shown in the table have been adjusted to account for any splits that may have occurred.

The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.

The table below displays the maximum drawdowns of the Nuveen California AMT-Free Quality Municipal Income Fund. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.

The maximum drawdown for the Nuveen California AMT-Free Quality Municipal Income Fund was 43.89%, occurring on Oct 10, 2008. Recovery took 239 trading sessions.

The current Nuveen California AMT-Free Quality Municipal Income Fund drawdown is 1.69%.

The chart below shows the rolling one-month volatility.