FARCX vs. NMZ
FARCX (Nuveen Real Estate Securities Fund) and NMZ (Nuveen Municipal High Income Opportunity Fund) are both mutual funds - FARCX is a REIT fund managed by Nuveen, while NMZ is a High Yield Muni fund actively managed by Nuveen. Over the past 10 years, FARCX returned 5.36%/yr vs 2.05%/yr for NMZ. Their 0.18 correlation means their historical movements had little consistent relationship. FARCX charges 0.97%/yr vs 1.50%/yr for NMZ.
Performance
FARCX vs. NMZ - Performance Comparison
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Returns By Period
In the year-to-date period, FARCX achieves a 18.37% return, which is significantly higher than NMZ's 4.40% return. Over the past 10 years, FARCX has outperformed NMZ with an annualized return of 5.36%, while NMZ has yielded a comparatively lower 2.05% annualized return.
FARCX
- 1D
- -0.65%
- 1M
- 0.77%
- 6M
- 16.52%
- YTD
- 18.37%
- 1Y
- 23.02%
- 3Y*
- 10.65%
- 5Y*
- 4.02%
- 10Y*
- 5.36%
- ALL TIME*
- 9.87%
NMZ
- 1D
- 0.20%
- 1M
- -2.71%
- 6M
- 0.69%
- YTD
- 4.40%
- 1Y
- 8.99%
- 3Y*
- 6.07%
- 5Y*
- -2.06%
- 10Y*
- 2.05%
- ALL TIME*
- 4.99%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $6.57M | $6.37M | $6.81M |
FARCX vs. NMZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FARCX Nuveen Real Estate Securities Fund | 18.37% | 2.56% | 6.04% | 11.55% | -24.57% | 41.57% | -6.14% | 25.63% | -5.57% | 5.67% |
NMZ Nuveen Municipal High Income Opportunity Fund | 4.40% | 1.56% | 16.52% | 0.69% | -27.36% | 10.41% | 7.33% | 28.36% | -9.47% | 12.87% |
Correlation
The correlation between FARCX and NMZ is 0.17, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.17 |
Correlation (3Y) Balances recent behavior with more history. | 0.34 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.31 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.26 |
Correlation (All Time) Calculated using the full available price history since Nov 20, 2003 | 0.18 |
The correlation between FARCX and NMZ shifts across timeframes, from 0.17 (1 year) to 0.34 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
FARCX vs. NMZ — Risk / Return Rank
FARCX
NMZ
FARCX vs. NMZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Nuveen Real Estate Securities Fund (FARCX) and Nuveen Municipal High Income Opportunity Fund (NMZ). 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.
| FARCX | NMZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.70 | ||
| Sortino ratioReturn per unit of downside risk | +0.80 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 1.19 | +0.11 |
| Calmar ratioReturn relative to maximum drawdown | 2.91 | 1.52 | +1.39 |
| Martin ratioReturn relative to average drawdown | 9.99 | 4.39 | +5.60 |
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Drawdowns
FARCX vs. NMZ - Drawdown Comparison
The maximum FARCX drawdown since its inception was -70.62%, which is greater than NMZ's maximum drawdown of -58.53%. Use the drawdown chart below to compare losses from any high point for FARCX and NMZ.
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Drawdown Indicators
| FARCX | NMZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -70.62% | -58.53% | -12.09% |
Max Drawdown (1Y)Largest decline over 1 year | -7.83% | -5.94% | -1.89% |
Max Drawdown (3Y)Largest decline over 3 years | -17.59% | -19.43% | +1.84% |
Max Drawdown (5Y)Largest decline over 5 years | -31.77% | -39.82% | +8.05% |
Max Drawdown (10Y)Largest decline over 10 years | -41.05% | -40.03% | -1.02% |
Current DrawdownCurrent decline from peak | -2.82% | -11.34% | +8.52% |
Average DrawdownAverage peak-to-trough decline | -10.40% | -9.47% | -0.93% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.29% | 2.05% | +0.24% |
Volatility
FARCX vs. NMZ - Volatility Comparison
Nuveen Real Estate Securities Fund (FARCX) has a higher volatility of 4.51% compared to Nuveen Municipal High Income Opportunity Fund (NMZ) at 1.46%. This indicates that FARCX's price experiences larger fluctuations and is considered to be riskier than NMZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FARCX | NMZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.51% | 1.46% | +3.05% |
Volatility (6M)Calculated over the trailing 6-month period | 10.56% | 7.26% | +3.30% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.61% | 9.20% | +4.41% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.40% | 12.91% | +5.49% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.21% | 14.69% | +5.52% |
FARCX vs. NMZ - Expense Ratio Comparison
FARCX has a 0.97% expense ratio, which is lower than NMZ's 1.50% expense ratio.
Dividends
FARCX vs. NMZ - Dividend Comparison
FARCX's dividend yield for the trailing twelve months is around 4.80%, less than NMZ's 7.72% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FARCX Nuveen Real Estate Securities Fund | 4.80% | 5.77% | 9.34% | 3.30% | 20.25% | 15.12% | 2.89% | 11.46% | 6.19% | 13.43% | 10.99% | 8.24% |
NMZ Nuveen Municipal High Income Opportunity Fund | 7.72% | 7.71% | 6.35% | 5.44% | 7.04% | 5.10% | 5.09% | 4.99% | 6.15% | 5.94% | 6.94% | 6.67% |
Frequently Asked Questions
FARCX and NMZ have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FARCX has higher volatility (4.51%) compared to NMZ (1.46%). In terms of maximum drawdown, FARCX dropped -70.62% vs NMZ's -58.53%.
FARCX currently has the higher Sharpe Ratio (1.69 vs 0.98), 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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