AM vs. NZF

Last updated Jun 9, 2026

AM (Antero Midstream Corporation) is a stock, while NZF (Nuveen Municipal Credit Income Fund) is Municipal Bonds fund tracking the S&P National Municipal Bond Index. Over the past 10 years, AM returned 7.20%/yr vs 3.53%/yr for NZF. At a 0.09 correlation, their price movements are largely independent.

Performance

AM vs. NZF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Antero Midstream Corporation (AM) and Nuveen Municipal Credit Income Fund (NZF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AM achieves a 22.62% return, which is significantly higher than NZF's 2.70% return. Over the past 10 years, AM has outperformed NZF with an annualized return of 7.20%, while NZF has yielded a comparatively lower 3.53% annualized return.

AM

• 1D: -0.88%
• 1M: 1.96%
• YTD: 22.62%
• 6M: 16.77%
• 1Y: 19.29%
• 3Y*: 32.87%
• 5Y*: 24.10%
• 10Y*: 7.20%

NZF

• 1D: -0.48%
• 1M: -0.55%
• YTD: 2.70%
• 6M: 2.53%
• 1Y: 14.27%
• 3Y*: 9.86%
• 5Y*: -0.10%
• 10Y*: 3.53%

*Multi-year figures are annualized to reflect compound growth (CAGR)

AM vs. NZF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
AM Antero Midstream Corporation	22.62%	24.37%	28.46%	25.73%	21.98%	39.55%	27.59%	-60.29%	-22.28%	-2.32%
NZF Nuveen Municipal Credit Income Fund	2.70%	11.78%	10.09%	2.49%	-25.53%	11.19%	3.58%	28.33%	-6.79%	14.48%

Correlation

The correlation between AM and NZF is -0.03, 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	-0.03
Correlation (3Y) Calculated over the trailing 3-year period	0.11
Correlation (5Y) Calculated over the trailing 5-year period	0.12
Correlation (10Y) Calculated over the trailing 10-year period	0.10
Correlation (All Time) Calculated using the full available price history since Nov 6, 2014	0.09

The correlation between AM and NZF shifts across timeframes, from -0.03 (1 year) to 0.12 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

AM vs. NZF — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

AM

AM Risk / Return Rank: 67
AM Sharpe Ratio Rank: 71
AM Sortino Ratio Rank: 66
AM Omega Ratio Rank: 63
AM Calmar Ratio Rank: 70
AM Martin Ratio Rank: 68

NZF

NZF Risk / Return Rank: 30
NZF Sharpe Ratio Rank: 27
NZF Sortino Ratio Rank: 32
NZF Omega Ratio Rank: 29
NZF Calmar Ratio Rank: 27
NZF Martin Ratio Rank: 34

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

AM vs. NZF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Antero Midstream Corporation (AM) and Nuveen Municipal Credit Income Fund (NZF). 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.

	AM	NZF	Difference
Sharpe ratio: Return per unit of total volatility	0.93	1.38	-0.45
Sortino ratio: Return per unit of downside risk	1.43	2.18	-0.75
Omega ratio: Gain probability vs. loss probability	1.17	1.26	-0.09
Calmar ratio: Return relative to maximum drawdown	1.53	1.77	-0.24
Martin ratio: Return relative to average drawdown	3.18	7.25	-4.07
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AM vs. NZF - Sharpe Ratio Comparison

The current AM Sharpe Ratio is 0.93, which is lower than the NZF Sharpe Ratio of 1.38. The chart below compares the historical Sharpe Ratios of AM and NZF, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	AM	NZF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.93	1.38	-0.45
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.91	-0.01	+0.92
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.17	0.27	-0.10
Sharpe Ratio (All Time) Calculated using the full available price history	0.13	0.37	-0.24

Drawdowns

AM vs. NZF - Drawdown Comparison

The maximum AM drawdown since its inception was -93.01%, which is greater than NZF's maximum drawdown of -48.55%. Use the drawdown chart below to compare losses from any high point for AM and NZF.

Drawdown Indicators

	AM	NZF	Difference
Max Drawdown Largest peak-to-trough decline	-93.01%	-48.55%	-44.46%
Max Drawdown (1Y) Largest decline over 1 year	-12.67%	-8.11%	-4.56%
Max Drawdown (3Y) Largest decline over 3 years	-13.98%	-15.59%	+1.61%
Max Drawdown (5Y) Largest decline over 5 years	-21.91%	-37.42%	+15.51%
Max Drawdown (10Y) Largest decline over 10 years	-93.01%	-37.42%	-55.59%
Current Drawdown Current decline from peak	-8.68%	-4.41%	-4.27%
Average Drawdown Average peak-to-trough decline	-31.42%	-7.77%	-23.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.10%	1.97%	+4.13%

Volatility

AM vs. NZF - Volatility Comparison

Antero Midstream Corporation (AM) has a higher volatility of 5.87% compared to Nuveen Municipal Credit Income Fund (NZF) at 3.42%. This indicates that AM's price experiences larger fluctuations and is considered to be riskier than NZF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AM	NZF	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.87%	3.42%	+2.45%
Volatility (6M) Calculated over the trailing 6-month period	14.39%	8.23%	+6.16%
Volatility (1Y) Calculated over the trailing 1-year period	20.88%	10.42%	+10.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.55%	12.38%	+14.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	42.01%	13.11%	+28.90%

Dividends

AM vs. NZF - Dividend Comparison

AM's dividend yield for the trailing twelve months is around 4.22%, less than NZF's 7.62% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AM Antero Midstream Corporation	4.22%	5.06%	5.96%	7.18%	8.34%	10.15%	15.95%	18.28%	7.53%	4.27%	3.14%	2.93%
NZF Nuveen Municipal Credit Income Fund	7.62%	7.58%	6.84%	4.51%	5.80%	4.63%	4.74%	4.82%	6.05%	5.86%	6.26%	5.50%

Frequently Asked Questions

Can I hold both AM and NZF in my portfolio?

AM and NZF have a correlation of -0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AM or NZF?

AM has higher volatility (5.87%) compared to NZF (3.42%). In terms of maximum drawdown, AM dropped -93.01% vs NZF's -48.55%.

Which has better risk-adjusted returns?

NZF currently has the higher Sharpe Ratio (1.38 vs 0.93), 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.