AM vs. NEA
AM (Antero Midstream Corporation) and NEA (Nuveen AMT-Free Quality Municipal Income Fund) are both stocks. AM operates in Oil & Gas Midstream (Energy), while NEA operates in Asset Management (Financial Services). Over the past 10 years, AM returned 7.26%/yr vs 2.74%/yr for NEA. At a 0.06 correlation, their price movements are largely independent.
Performance
AM vs. NEA - Performance Comparison
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Returns By Period
In the year-to-date period, AM achieves a 29.92% return, which is significantly higher than NEA's 2.48% return. Over the past 10 years, AM has outperformed NEA with an annualized return of 7.26%, while NEA has yielded a comparatively lower 2.74% annualized return.
AM
- 1D
- 0.04%
- 1M
- 4.10%
- 6M
- 26.37%
- YTD
- 29.92%
- 1Y
- 31.88%
- 3Y*
- 31.57%
- 5Y*
- 26.19%
- 10Y*
- 7.26%
- ALL TIME*
- 5.40%
NEA
- 1D
- -0.61%
- 1M
- -0.71%
- 6M
- 1.11%
- YTD
- 2.48%
- 1Y
- 14.94%
- 3Y*
- 8.52%
- 5Y*
- -0.54%
- 10Y*
- 2.74%
- ALL TIME*
- 4.54%
AM vs. NEA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
AM Antero Midstream Corporation | 29.92% | 24.37% | 28.46% | 25.73% | 21.98% | 39.55% | 27.59% | -60.29% | -22.28% | -2.32% |
NEA Nuveen AMT-Free Quality Municipal Income Fund | 2.48% | 11.31% | 9.50% | 0.75% | -23.32% | 8.16% | 10.07% | 22.42% | -5.72% | 8.77% |
Correlation
The correlation between AM and NEA is -0.06, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.06 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.08 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.11 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.06 |
Correlation (All Time) Calculated using the full available price history since Nov 5, 2014 | 0.06 |
The correlation between AM and NEA shifts across timeframes, from -0.06 (1 year) to 0.11 (5 years), reflecting how their relationship changes across market environments.
Fundamentals
AM:
$10.73B
NEA:
$3.42B
AM:
$0.85
NEA:
$0.80
AM:
26.45
NEA:
14.22
AM:
4.56
NEA:
0.04
AM:
8.59
NEA:
6.76
AM:
5.58
NEA:
0.99
AM:
$1.26B
NEA:
$507.00M
AM:
$620.66M
NEA:
$445.06M
AM:
$955.64M
NEA:
$528.27M
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Return for Risk
AM vs. NEA — Risk / Return Rank
AM
NEA
AM vs. NEA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Antero Midstream Corporation (AM) and Nuveen AMT-Free Quality Municipal Income Fund (NEA). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
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.
| AM | NEA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.15 | ||
| Sortino ratioReturn per unit of downside risk | +0.16 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.27 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 2.53 | 2.06 | +0.46 |
| Martin ratioReturn relative to average drawdown | 5.37 | 8.45 | -3.08 |
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Drawdowns
AM vs. NEA - Drawdown Comparison
The maximum AM drawdown since its inception was -93.01%, which is greater than NEA's maximum drawdown of -43.83%. Use the drawdown chart below to compare losses from any high point for AM and NEA.
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Drawdown Indicators
| AM | NEA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -93.01% | -43.83% | -49.18% |
Max Drawdown (1Y)Largest decline over 1 year | -12.67% | -7.27% | -5.40% |
Max Drawdown (3Y)Largest decline over 3 years | -13.98% | -15.00% | +1.02% |
Max Drawdown (5Y)Largest decline over 5 years | -21.91% | -36.57% | +14.66% |
Max Drawdown (10Y)Largest decline over 10 years | -93.01% | -36.57% | -56.44% |
Current DrawdownCurrent decline from peak | -3.24% | -4.71% | +1.47% |
Average DrawdownAverage peak-to-trough decline | -31.65% | -7.99% | -23.66% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.00% | 1.77% | +4.23% |
Volatility
AM vs. NEA - Volatility Comparison
Antero Midstream Corporation (AM) has a higher volatility of 6.64% compared to Nuveen AMT-Free Quality Municipal Income Fund (NEA) at 2.04%. This indicates that AM's price experiences larger fluctuations and is considered to be riskier than NEA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| AM | NEA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.64% | 2.04% | +4.60% |
Volatility (6M)Calculated over the trailing 6-month period | 14.71% | 8.71% | +6.00% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.78% | 10.79% | +9.99% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 26.26% | 11.52% | +14.74% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 41.89% | 11.81% | +30.08% |
Dividends
AM vs. NEA - Dividend Comparison
AM's dividend yield for the trailing twelve months is around 3.98%, less than NEA's 7.18% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
AM Antero Midstream Corporation | 3.98% | 5.06% | 5.96% | 7.18% | 8.34% | 10.15% | 15.95% | 18.28% | 7.53% | 4.27% | 3.14% | 2.93% |
NEA Nuveen AMT-Free Quality Municipal Income Fund | 7.18% | 7.36% | 6.63% | 3.95% | 5.49% | 4.50% | 4.45% | 4.46% | 5.40% | 5.33% | 5.70% | 5.71% |
Financials
AM vs. NEA - Financials Comparison
This section allows you to compare key financial metrics between Antero Midstream Corporation and Nuveen AMT-Free Quality Municipal Income Fund. You can select fields from income statements, balance sheets, and cash flow statements to easily visualize and compare the financial health of both companies.
Total Revenue: Total amount of money received from sales and other business activities
AM vs. NEA - Profitability Comparison
AM - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jul 2026, Antero Midstream Corporation reported a gross profit of 0.00 and revenue of 314.21M. Therefore, the gross margin over that period was 0.0%.
NEA - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jul 2026, Nuveen AMT-Free Quality Municipal Income Fund reported a gross profit of 116.19M and revenue of 132.50M. Therefore, the gross margin over that period was 87.7%.
AM - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jul 2026, Antero Midstream Corporation reported an operating income of 188.61M and revenue of 314.21M, resulting in an operating margin of 60.0%.
NEA - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jul 2026, Nuveen AMT-Free Quality Municipal Income Fund reported an operating income of 79.07M and revenue of 132.50M, resulting in an operating margin of 59.7%.
AM - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jul 2026, Antero Midstream Corporation reported a net income of 118.27M and revenue of 314.21M, resulting in a net margin of 37.6%.
NEA - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jul 2026, Nuveen AMT-Free Quality Municipal Income Fund reported a net income of 39.90M and revenue of 132.50M, resulting in a net margin of 30.1%.
Frequently Asked Questions
AM and NEA have a correlation of -0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
AM has higher volatility (6.64%) compared to NEA (2.04%). In terms of maximum drawdown, AM dropped -93.01% vs NEA's -43.83%.
AM currently has the higher Sharpe Ratio (1.54 vs 1.39), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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