- CUSIP
- 670695808
- Issuer
- Nuveen
- Inception Date
- Dec 15, 2021
- Region
- North America (U.S.)
- Leveraged
- 1x (No leverage)
- Index Tracked
- No Index (Active)
- Domicile
- United States
- Distribution Policy
- Distributing
- Asset Class
- Preferred Stock
Share Price Chart
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Performance
NPFD Performance Chart
Nuveen Variable Rate Preferred & Income Fund (NPFD) is up 1.9% since the beginning of the year. NPFD is currently trading at $18 per share.
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Returns By Period
Nuveen Variable Rate Preferred & Income Fund (NPFD) has returned 1.89% so far this year and 7.51% over the past 12 months.
Nuveen Variable Rate Preferred & Income Fund
- 1D
- 0.05%
- 1M
- -0.93%
- YTD
- 1.89%
- 6M
- 1.46%
- 1Y
- 7.51%
- 3Y*
- 17.01%
- 5Y*
- —
- 10Y*
- —
Benchmark (S&P 500 Index)
- 1D
- -1.44%
- 1M
- -1.45%
- YTD
- 7.60%
- 6M
- 6.59%
- 1Y
- 22.24%
- 3Y*
- 19.20%
- 5Y*
- 11.54%
- 10Y*
- 13.71%
NPFD Monthly Returns History
Based on dividend-adjusted daily data since Dec 16, 2021, NPFD's average daily return is +0.01%, while the average monthly return is +0.28%. At this rate, an investment would double in approximately 20.7 years.
Historically, 58% of months were positive and 42% were negative. The best month was Jul 2022 with a return of +9.3%, while the worst month was Apr 2022 at -12.7%. The longest winning streak lasted 7 consecutive months, and the longest losing streak was 3 months.
On a daily basis, NPFD closed higher 53% of trading days. The best single day was Aug 25, 2022 with a return of +3.6%, while the worst single day was Apr 4, 2025 at -5.0%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 2.88% | 2.20% | -7.06% | 7.21% | -0.43% | -2.33% | 1.89% | ||||||
| 2025 | 6.10% | -0.54% | 0.21% | -0.01% | 2.35% | 3.13% | 1.76% | 1.86% | 2.50% | 0.64% | -0.20% | -2.67% | 15.94% |
| 2024 | 6.75% | 2.22% | 2.99% | -4.42% | 4.30% | 5.36% | 3.20% | 1.83% | 0.74% | 0.04% | 3.65% | -4.66% | 23.52% |
| 2023 | 8.32% | -4.54% | -11.33% | 0.42% | -2.40% | 1.40% | 6.46% | -1.37% | -2.03% | -4.24% | 7.84% | 2.15% | -1.10% |
| 2022 | -2.25% | -10.40% | 4.77% | -12.67% | -1.54% | -4.89% | 9.33% | -3.12% | -8.50% | -1.73% | 4.17% | 0.28% | -25.33% |
| 2021 | 1.40% | 1.40% |
Benchmark Metrics
Nuveen Variable Rate Preferred & Income Fund has an annualized alpha of -0.74%, beta of 0.34, and R2 of 0.15 versus S&P 500 Index. Calculated based on daily prices since December 16, 2021.
- This fund participated in 92.74% of S&P 500 Index downside but only 60.91% of its upside - more exposed to losses than it benefited from rallies.
- Beta of 0.34 may look defensive, but with R2 of 0.15 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 0.15 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.
- Alpha
- -0.74%
- Beta
- 0.34
- R²
- 0.15
- Upside Capture
- 60.91%
- Downside Capture
- 92.74%
Return for Risk
Risk / Return Rank
NPFD ranks 11 for risk / return — in the bottom 11% of mutual funds on our site. This means you're taking on significantly more risk than the returns justify. Consider whether the potential upside is worth the volatility, or explore alternatives with better risk / return profiles.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for Nuveen Variable Rate Preferred & Income Fund (NPFD) and compare them to S&P 500 Index.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| NPFD | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.00 | ||
| Sortino ratioReturn per unit of downside risk | -1.30 | ||
| Omega ratioGain probability vs. loss probability | 1.16 | 1.32 | -0.16 |
| Calmar ratioReturn relative to maximum drawdown | 0.76 | 2.46 | -1.69 |
| Martin ratioReturn relative to average drawdown | 3.57 | 10.92 | -7.34 |
Dividends
Dividend History
Nuveen Variable Rate Preferred & Income Fund provided a 10.47% dividend yield over the last twelve months, with an annual payout of $1.93 per share. The fund has been increasing its distributions for 2 consecutive years.
| Period | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Dividend | $1.93 | $2.00 | $1.74 | $1.07 | $1.46 |
Dividend yield | 10.47% | 10.50% | 9.57% | 6.61% | 8.33% |
Monthly Dividends
The table displays the monthly dividend distributions for Nuveen Variable Rate Preferred & Income Fund. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.16 | $0.16 | $0.16 | $0.16 | $0.16 | $0.16 | $0.94 | ||||||
| 2025 | $0.17 | $0.17 | $0.17 | $0.17 | $0.17 | $0.17 | $0.17 | $0.17 | $0.17 | $0.17 | $0.17 | $0.16 | $2.00 |
| 2024 | $0.09 | $0.12 | $0.12 | $0.12 | $0.12 | $0.17 | $0.17 | $0.17 | $0.17 | $0.17 | $0.17 | $0.17 | $1.74 |
| 2023 | $0.10 | $0.10 | $0.10 | $0.09 | $0.09 | $0.09 | $0.09 | $0.09 | $0.09 | $0.09 | $0.09 | $0.09 | $1.07 |
| 2022 | $0.14 | $0.14 | $0.14 | $0.14 | $0.14 | $0.14 | $0.14 | $0.14 | $0.12 | $0.12 | $0.12 | $1.46 |
Drawdowns
Drawdowns Chart
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.
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Worst Drawdowns
The table below displays the maximum drawdowns of the Nuveen Variable Rate Preferred & 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 Variable Rate Preferred & Income Fund was 39.18%, occurring on May 12, 2023. Recovery took 571 trading sessions.
The current Nuveen Variable Rate Preferred & Income Fund drawdown is 3.54%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
2023 bear market2023 | -39.18%May 2023 | 1y 3mo | 2y 3mo | 3y 7moJan 2022 - Aug 2025 |
2026 pullback2026 | -9.88%Mar 2026 | 1mo 5d | — | 4mo 1dFeb 2026 - now |
2025 pullback2025 | -3.38%Nov 2025 | 20d | 2mo 14d | 3mo 4dOct 2025 - Feb 2026 |
2025 pullback2025 | -2.00%Sep 2025 | 1d | 19d | 20dSep 2025 - Oct 2025 |
2025 pullback2025 | -1.35%Oct 2025 | 2d | 7d | 9dOct 2025 - Oct 2025 |
Drawdown Indicators
| NPFD | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -39.18% | -56.78% | +17.60% |
Max Drawdown (1Y)Largest decline over 1 year | -9.88% | -9.10% | -0.78% |
Max Drawdown (3Y)Largest decline over 3 years | -9.88% | -18.90% | +9.02% |
Max Drawdown (5Y)Largest decline over 5 years | — | -25.43% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.92% | — |
Current DrawdownCurrent decline from peak | -3.54% | -3.21% | -0.33% |
Average DrawdownAverage peak-to-trough decline | -17.26% | -10.71% | -6.55% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.11% | 2.04% | +0.07% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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