FAZTX vs. MUJ

Last updated Jun 5, 2026

FAZTX (Nuveen Arizona Municipal Bond Fund) and MUJ (BlackRock MuniHoldings New Jersey Quality Fund) are both Municipal Bonds funds. Over the past 10 years, FAZTX returned 1.88%/yr vs 2.59%/yr for MUJ. At a 0.27 correlation, their price movements are largely independent. FAZTX charges 0.80%/yr vs 2.26%/yr for MUJ.

Performance

FAZTX vs. MUJ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nuveen Arizona Municipal Bond Fund (FAZTX) and BlackRock MuniHoldings New Jersey Quality Fund (MUJ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FAZTX achieves a 1.65% return, which is significantly lower than MUJ's 5.41% return. Over the past 10 years, FAZTX has underperformed MUJ with an annualized return of 1.88%, while MUJ has yielded a comparatively higher 2.59% annualized return.

FAZTX

• 1D: 0.00%
• 1M: 0.86%
• YTD: 1.65%
• 6M: 2.12%
• 1Y: 7.18%
• 3Y*: 3.64%
• 5Y*: 0.47%
• 10Y*: 1.88%

MUJ

• 1D: 0.74%
• 1M: 1.35%
• YTD: 5.41%
• 6M: 4.83%
• 1Y: 19.41%
• 3Y*: 8.66%
• 5Y*: 0.13%
• 10Y*: 2.59%

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

FAZTX vs. MUJ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FAZTX Nuveen Arizona Municipal Bond Fund	1.65%	3.09%	2.00%	5.93%	-10.29%	1.87%	5.17%	7.33%	0.69%	5.46%
MUJ BlackRock MuniHoldings New Jersey Quality Fund	5.41%	13.86%	2.28%	7.55%	-26.31%	15.20%	5.95%	18.95%	-8.49%	9.99%

Correlation

The correlation between FAZTX and MUJ is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.34
Correlation (3Y) Calculated over the trailing 3-year period	0.46
Correlation (5Y) Calculated over the trailing 5-year period	0.44
Correlation (10Y) Calculated over the trailing 10-year period	0.39
Correlation (All Time) Calculated using the full available price history since Mar 13, 1998	0.27

The correlation between FAZTX and MUJ shifts across timeframes, from 0.27 (all time) to 0.46 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

FAZTX vs. MUJ — Risk / Return Rank

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

FAZTX

FAZTX Risk / Return Rank: 75
FAZTX Sharpe Ratio Rank: 89
FAZTX Sortino Ratio Rank: 92
FAZTX Omega Ratio Rank: 93
FAZTX Calmar Ratio Rank: 57
FAZTX Martin Ratio Rank: 45

MUJ

MUJ Risk / Return Rank: 51
MUJ Sharpe Ratio Rank: 59
MUJ Sortino Ratio Rank: 60
MUJ Omega Ratio Rank: 64
MUJ Calmar Ratio Rank: 32
MUJ Martin Ratio Rank: 40

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.

FAZTX vs. MUJ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuveen Arizona Municipal Bond Fund (FAZTX) and BlackRock MuniHoldings New Jersey Quality Fund (MUJ). 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.

	FAZTX	MUJ	Difference
Sharpe ratio: Return per unit of total volatility	2.89	2.21	+0.68
Sortino ratio: Return per unit of downside risk	4.61	3.19	+1.42
Omega ratio: Gain probability vs. loss probability	1.71	1.44	+0.27
Calmar ratio: Return relative to maximum drawdown	2.83	2.07	+0.76
Martin ratio: Return relative to average drawdown	9.12	8.38	+0.75
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FAZTX vs. MUJ - Sharpe Ratio Comparison

The current FAZTX Sharpe Ratio is 2.89, which is higher than the MUJ Sharpe Ratio of 2.21. The chart below compares the historical Sharpe Ratios of FAZTX and MUJ, 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

	FAZTX	MUJ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.89	2.21	+0.68
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.12	0.01	+0.11
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.47	0.23	+0.24
Sharpe Ratio (All Time) Calculated using the full available price history	1.08	0.35	+0.72

Drawdowns

FAZTX vs. MUJ - Drawdown Comparison

The maximum FAZTX drawdown since its inception was -19.00%, smaller than the maximum MUJ drawdown of -41.72%. Use the drawdown chart below to compare losses from any high point for FAZTX and MUJ.

Drawdown Indicators

	FAZTX	MUJ	Difference
Max Drawdown Largest peak-to-trough decline	-19.00%	-41.72%	+22.72%
Max Drawdown (1Y) Largest decline over 1 year	-2.63%	-9.41%	+6.78%
Max Drawdown (3Y) Largest decline over 3 years	-6.39%	-12.17%	+5.78%
Max Drawdown (5Y) Largest decline over 5 years	-15.24%	-32.71%	+17.47%
Max Drawdown (10Y) Largest decline over 10 years	-15.24%	-32.71%	+17.47%
Current Drawdown Current decline from peak	-0.36%	-2.74%	+2.38%
Average Drawdown Average peak-to-trough decline	-2.47%	-9.04%	+6.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.81%	2.32%	-1.51%

Volatility

FAZTX vs. MUJ - Volatility Comparison

The current volatility for Nuveen Arizona Municipal Bond Fund (FAZTX) is 1.01%, while BlackRock MuniHoldings New Jersey Quality Fund (MUJ) has a volatility of 2.87%. This indicates that FAZTX experiences smaller price fluctuations and is considered to be less risky than MUJ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FAZTX	MUJ	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.01%	2.87%	-1.86%
Volatility (6M) Calculated over the trailing 6-month period	1.84%	6.90%	-5.06%
Volatility (1Y) Calculated over the trailing 1-year period	2.58%	8.84%	-6.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.96%	10.35%	-6.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.01%	11.20%	-7.19%

FAZTX vs. MUJ - Expense Ratio Comparison

FAZTX has a 0.80% expense ratio, which is lower than MUJ's 2.26% expense ratio.

Dividends

FAZTX vs. MUJ - Dividend Comparison

FAZTX's dividend yield for the trailing twelve months is around 2.87%, less than MUJ's 5.28% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FAZTX Nuveen Arizona Municipal Bond Fund	2.87%	3.09%	3.07%	2.70%	2.56%	2.02%	2.58%	2.89%	2.81%	2.58%	2.82%	3.39%
MUJ BlackRock MuniHoldings New Jersey Quality Fund	5.28%	5.45%	5.53%	4.13%	6.40%	4.77%	4.78%	4.03%	5.34%	5.55%	6.00%	5.69%

Frequently Asked Questions

Can I hold both FAZTX and MUJ in my portfolio?

FAZTX and MUJ have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FAZTX or MUJ?

MUJ has higher volatility (2.87%) compared to FAZTX (1.01%). In terms of maximum drawdown, FAZTX dropped -19.00% vs MUJ's -41.72%.

Which has better risk-adjusted returns?

FAZTX currently has the higher Sharpe Ratio (2.89 vs 2.21), 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.