FLTDX vs. NELIX

Last updated Jun 24, 2026

FLTDX (Nuveen Limited Term Municipal Bond Fund) and NELIX (Nuveen Equity Long/Short Fund) are both mutual funds - FLTDX is a Municipal Bonds fund managed by Nuveen, while NELIX is a Long-Short fund managed by Nuveen. Over the past 10 years, FLTDX returned 1.76%/yr vs 11.25%/yr for NELIX. At a correlation of -0.05, they often move in opposite directions. FLTDX charges 0.60%/yr vs 1.35%/yr for NELIX.

Performance

FLTDX vs. NELIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nuveen Limited Term Municipal Bond Fund (FLTDX) and Nuveen Equity Long/Short Fund (NELIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FLTDX achieves a 0.63% return, which is significantly lower than NELIX's 8.59% return. Over the past 10 years, FLTDX has underperformed NELIX with an annualized return of 1.76%, while NELIX has yielded a comparatively higher 11.25% annualized return.

FLTDX

• 1D: -0.09%
• 1M: 0.86%
• YTD: 0.63%
• 6M: 0.95%
• 1Y: 3.56%
• 3Y*: 3.05%
• 5Y*: 1.29%
• 10Y*: 1.76%

NELIX

• 1D: 0.14%
• 1M: 1.17%
• YTD: 8.59%
• 6M: 7.65%
• 1Y: 18.93%
• 3Y*: 18.23%
• 5Y*: 11.10%
• 10Y*: 11.25%

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

FLTDX vs. NELIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FLTDX Nuveen Limited Term Municipal Bond Fund	0.63%	4.30%	1.47%	4.09%	-4.08%	0.98%	3.42%	5.05%	1.73%	3.15%
NELIX Nuveen Equity Long/Short Fund	8.59%	11.31%	20.55%	24.09%	-14.94%	32.92%	-0.79%	6.35%	-2.36%	19.32%

Correlation

The correlation between FLTDX and NELIX is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.17
Correlation (3Y) Calculated over the trailing 3-year period	0.09
Correlation (5Y) Calculated over the trailing 5-year period	0.05
Correlation (10Y) Calculated over the trailing 10-year period	-0.02
Correlation (All Time) Calculated using the full available price history since Jun 26, 2013	-0.05

The correlation between FLTDX and NELIX shifts across timeframes, from -0.05 (all time) to 0.17 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

FLTDX vs. NELIX — Risk / Return Rank

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

FLTDX

FLTDX Risk / Return Rank: 58
FLTDX Sharpe Ratio Rank: 68
FLTDX Sortino Ratio Rank: 79
FLTDX Omega Ratio Rank: 91
FLTDX Calmar Ratio Rank: 29
FLTDX Martin Ratio Rank: 22

NELIX

NELIX Risk / Return Rank: 60
NELIX Sharpe Ratio Rank: 54
NELIX Sortino Ratio Rank: 53
NELIX Omega Ratio Rank: 52
NELIX Calmar Ratio Rank: 74
NELIX Martin Ratio Rank: 69

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.

FLTDX vs. NELIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuveen Limited Term Municipal Bond Fund (FLTDX) and Nuveen Equity Long/Short Fund (NELIX). 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.

	FLTDX	NELIX	Difference
Sharpe ratio: Return per unit of total volatility	2.22	2.01	+0.21
Sortino ratio: Return per unit of downside risk	3.45	2.81	+0.64
Omega ratio: Gain probability vs. loss probability	1.62	1.36	+0.26
Calmar ratio: Return relative to maximum drawdown	1.87	3.18	-1.31
Martin ratio: Return relative to average drawdown	4.95	12.47	-7.52

FLTDX vs. NELIX - Sharpe Ratio Comparison

The current FLTDX Sharpe Ratio is 2.22, which is comparable to the NELIX Sharpe Ratio of 2.01. The chart below compares the historical Sharpe Ratios of FLTDX and NELIX, 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

FLTDX vs. NELIX - Drawdown Comparison

The maximum FLTDX drawdown since its inception was -8.57%, smaller than the maximum NELIX drawdown of -28.72%. Use the drawdown chart below to compare losses from any high point for FLTDX and NELIX.

Drawdown Indicators

	FLTDX	NELIX	Difference
Max Drawdown Largest peak-to-trough decline	-8.57%	-28.72%	+20.15%
Max Drawdown (1Y) Largest decline over 1 year	-1.97%	-6.31%	+4.34%
Max Drawdown (3Y) Largest decline over 3 years	-3.07%	-15.50%	+12.43%
Max Drawdown (5Y) Largest decline over 5 years	-6.92%	-19.30%	+12.38%
Max Drawdown (10Y) Largest decline over 10 years	-8.57%	-28.72%	+20.15%
Current Drawdown Current decline from peak	-0.90%	0.00%	-0.90%
Average Drawdown Average peak-to-trough decline	-0.77%	-4.68%	+3.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.74%	1.60%	-0.86%

Volatility

FLTDX vs. NELIX - Volatility Comparison

The current volatility for Nuveen Limited Term Municipal Bond Fund (FLTDX) is 0.47%, while Nuveen Equity Long/Short Fund (NELIX) has a volatility of 3.61%. This indicates that FLTDX experiences smaller price fluctuations and is considered to be less risky than NELIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FLTDX	NELIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.47%	3.61%	-3.14%
Volatility (6M) Calculated over the trailing 6-month period	1.31%	7.95%	-6.64%
Volatility (1Y) Calculated over the trailing 1-year period	1.67%	10.01%	-8.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.21%	12.72%	-10.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.42%	13.70%	-11.28%

FLTDX vs. NELIX - Expense Ratio Comparison

FLTDX has a 0.60% expense ratio, which is lower than NELIX's 1.35% expense ratio.

Dividends

FLTDX vs. NELIX - Dividend Comparison

FLTDX's dividend yield for the trailing twelve months is around 2.49%, less than NELIX's 3.51% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FLTDX Nuveen Limited Term Municipal Bond Fund	2.49%	2.72%	2.48%	1.95%	1.36%	1.15%	1.93%	2.11%	1.89%	1.82%	1.86%	1.84%
NELIX Nuveen Equity Long/Short Fund	3.51%	3.81%	4.78%	4.20%	6.84%	2.44%	0.00%	0.00%	1.35%	1.58%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FLTDX and NELIX in my portfolio?

FLTDX and NELIX 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.

Which is riskier, FLTDX or NELIX?

NELIX has higher volatility (3.61%) compared to FLTDX (0.47%). In terms of maximum drawdown, FLTDX dropped -8.57% vs NELIX's -28.72%.

Which has better risk-adjusted returns?

FLTDX currently has the higher Sharpe Ratio (2.22 vs 2.01), 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.