FAZTX vs. NVLIX

Last updated Jun 23, 2026

FAZTX (Nuveen Arizona Municipal Bond Fund) and NVLIX (Nuveen Winslow Large-Cap Growth ESG Fund Class I) are both mutual funds - FAZTX is a Municipal Bonds fund managed by Nuveen, while NVLIX is a Large Cap Growth Equities fund managed by Nuveen. Over the past 10 years, FAZTX returned 1.80%/yr vs 17.81%/yr for NVLIX. At a correlation of -0.04, they often move in opposite directions. FAZTX charges 0.80%/yr vs 0.83%/yr for NVLIX.

Performance

FAZTX vs. NVLIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nuveen Arizona Municipal Bond Fund (FAZTX) and Nuveen Winslow Large-Cap Growth ESG Fund Class I (NVLIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FAZTX achieves a 1.75% return, which is significantly lower than NVLIX's 7.86% return. Over the past 10 years, FAZTX has underperformed NVLIX with an annualized return of 1.80%, while NVLIX has yielded a comparatively higher 17.81% annualized return.

FAZTX

• 1D: 0.10%
• 1M: 1.66%
• YTD: 1.75%
• 6M: 2.12%
• 1Y: 7.06%
• 3Y*: 3.57%
• 5Y*: 0.45%
• 10Y*: 1.80%

NVLIX

• 1D: 1.35%
• 1M: 2.33%
• YTD: 7.86%
• 6M: 7.19%
• 1Y: 19.27%
• 3Y*: 22.13%
• 5Y*: 12.51%
• 10Y*: 17.81%

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

FAZTX vs. NVLIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FAZTX Nuveen Arizona Municipal Bond Fund	1.75%	3.09%	2.00%	5.93%	-10.29%	1.87%	5.17%	7.33%	0.69%	5.46%
NVLIX Nuveen Winslow Large-Cap Growth ESG Fund Class I	7.86%	12.76%	29.48%	43.60%	-31.31%	27.62%	37.97%	33.54%	3.02%	33.09%

Correlation

The correlation between FAZTX and NVLIX is 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.16
Correlation (3Y) Calculated over the trailing 3-year period	0.11
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 May 15, 2009	-0.04

The correlation between FAZTX and NVLIX shifts across timeframes, from -0.04 (all time) to 0.16 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

FAZTX vs. NVLIX — 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: 91
FAZTX Sortino Ratio Rank: 93
FAZTX Omega Ratio Rank: 93
FAZTX Calmar Ratio Rank: 54
FAZTX Martin Ratio Rank: 43

NVLIX

NVLIX Risk / Return Rank: 14
NVLIX Sharpe Ratio Rank: 17
NVLIX Sortino Ratio Rank: 16
NVLIX Omega Ratio Rank: 16
NVLIX Calmar Ratio Rank: 11
NVLIX Martin Ratio Rank: 11

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. NVLIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuveen Arizona Municipal Bond Fund (FAZTX) and Nuveen Winslow Large-Cap Growth ESG Fund Class I (NVLIX). 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.

	FAZTX	NVLIX	Difference
Sharpe ratio: Return per unit of total volatility	2.79	1.10	+1.68
Sortino ratio: Return per unit of downside risk	4.43	1.57	+2.85
Omega ratio: Gain probability vs. loss probability	1.68	1.20	+0.48
Calmar ratio: Return relative to maximum drawdown	2.70	1.00	+1.70
Martin ratio: Return relative to average drawdown	8.67	3.06	+5.61

FAZTX vs. NVLIX - Sharpe Ratio Comparison

The current FAZTX Sharpe Ratio is 2.79, which is higher than the NVLIX Sharpe Ratio of 1.10. The chart below compares the historical Sharpe Ratios of FAZTX and NVLIX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

FAZTX vs. NVLIX - Drawdown Comparison

The maximum FAZTX drawdown since its inception was -19.00%, smaller than the maximum NVLIX drawdown of -39.57%. Use the drawdown chart below to compare losses from any high point for FAZTX and NVLIX.

Drawdown Indicators

	FAZTX	NVLIX	Difference
Max Drawdown Largest peak-to-trough decline	-19.00%	-39.57%	+20.57%
Max Drawdown (1Y) Largest decline over 1 year	-2.63%	-19.01%	+16.38%
Max Drawdown (3Y) Largest decline over 3 years	-6.39%	-23.94%	+17.55%
Max Drawdown (5Y) Largest decline over 5 years	-15.24%	-39.57%	+24.33%
Max Drawdown (10Y) Largest decline over 10 years	-15.24%	-39.57%	+24.33%
Current Drawdown Current decline from peak	-0.26%	-1.51%	+1.25%
Average Drawdown Average peak-to-trough decline	-2.47%	-6.18%	+3.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.82%	6.19%	-5.37%

Volatility

FAZTX vs. NVLIX - Volatility Comparison

The current volatility for Nuveen Arizona Municipal Bond Fund (FAZTX) is 0.70%, while Nuveen Winslow Large-Cap Growth ESG Fund Class I (NVLIX) has a volatility of 7.21%. This indicates that FAZTX experiences smaller price fluctuations and is considered to be less risky than NVLIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FAZTX	NVLIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.70%	7.21%	-6.51%
Volatility (6M) Calculated over the trailing 6-month period	1.83%	13.53%	-11.70%
Volatility (1Y) Calculated over the trailing 1-year period	2.56%	17.22%	-14.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.96%	22.52%	-18.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.01%	22.13%	-18.12%

FAZTX vs. NVLIX - Expense Ratio Comparison

FAZTX has a 0.80% expense ratio, which is lower than NVLIX's 0.83% expense ratio.

Dividends

FAZTX vs. NVLIX - Dividend Comparison

FAZTX's dividend yield for the trailing twelve months is around 2.87%, less than NVLIX's 20.82% 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%
NVLIX Nuveen Winslow Large-Cap Growth ESG Fund Class I	20.82%	22.45%	14.35%	5.39%	8.93%	9.51%	5.47%	8.69%	18.81%	18.70%	17.11%	15.18%

Frequently Asked Questions

Can I hold both FAZTX and NVLIX in my portfolio?

FAZTX and NVLIX have a correlation of 0.16, 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 NVLIX?

NVLIX has higher volatility (7.21%) compared to FAZTX (0.70%). In terms of maximum drawdown, FAZTX dropped -19.00% vs NVLIX's -39.57%.

Which has better risk-adjusted returns?

FAZTX currently has the higher Sharpe Ratio (2.79 vs 1.10), 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.