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Nuveen Municipal Credit Income Fund (NZF) Diversifiers

Mutual Fund · Currency in USD · Last updated Jun 4, 2026

Nuveen Municipal Credit Income Fund is a closed-end fixed income mutual fund that invests in undervalued municipal securities and other related investments, aiming to provide income exempt from regular federal income taxes. The fund seeks to invest in investment-grade securities rated Baa/BBB or better, with an average maturity of around 18 years, employing a bottom-up stock picking approach to create its portfolio.

Looking to diversify beyond NZF? The mutual funds below have the lowest correlation with NZF — they tend to move on their own, which can help reduce risk when the rest of your portfolio drops. The stock ideas table highlights individual companies that behave independently from NZF.

Best Diversifiers for NZF

16 mutual funds have low correlation with NZF (below 0.3), 1 of which are negatively correlated. The least correlated is DFA California Municipal Real Return Portfolio (DCARX) (Municipal Bonds) with a 1Y correlation of -0.15, down from 0.15 over 5 years.

SymbolNameCorrelation 1YCorrelation 3YCorrelation 5YRisk / Return RankCategoryCompare
DCARX
DFA California Municipal Real Return Portfolio-0.150.090.15
96
Municipal BondsNZF vs DCARX
DMREX
DFA Municipal Real Return Portfolio0.040.100.16
95
Municipal BondsNZF vs DMREX
FHMIX
Federated Hermes Conservative Municipal Microshort...0.110.110.09
98
Municipal BondsNZF vs FHMIX
ATOIX
abrdn Ultra Short Municipal Income Fund0.110.140.15
99
Municipal BondsNZF vs ATOIX
DFSMX
DFA Short Term Municipal Bond Portfolio0.130.170.22
99
Municipal BondsNZF vs DFSMX
See all 30 diversifiers for NZF

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Low-Correlation Stock Ideas

If you're looking for individual stocks that move independently from NZF, these are worth exploring. The table shows U.S. companies ($1B+ market cap) with low correlation to NZF and solid risk/return profiles. The least correlated is Antero Midstream Corporation (AM) (Energy) with a 1Y correlation of -0.06, down from 0.12 over 5 years.

SymbolNameCorrelation 1YCorrelation 3YCorrelation 5YRisk / Return RankSector
AM
Antero Midstream Corporation-0.060.100.12
65
Energy
NEA
Nuveen AMT-Free Quality Municipal Income Fund0.700.780.75
78
Financial Services
NAD
Nuveen Quality Municipal Income Fund0.710.800.77
75
Financial Services
NVG
Nuveen AMT-Free Municipal Credit Income Fund0.730.810.80
74
Financial Services

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Diversification Analysis

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