FTFMX vs. NRK
FTFMX (Fidelity New York Municipal Income Fund) and NRK (Nuveen New York AMT Free Quality Municipal Income) are both Municipal Bonds funds. Over the past 10 years, FTFMX returned 1.91%/yr vs 2.37%/yr for NRK. At a 0.28 correlation, their price movements are largely independent. FTFMX charges 0.46%/yr vs 2.16%/yr for NRK.
Performance
FTFMX vs. NRK - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, FTFMX achieves a 1.89% return, which is significantly lower than NRK's 9.70% return. Over the past 10 years, FTFMX has underperformed NRK with an annualized return of 1.91%, while NRK has yielded a comparatively higher 2.37% annualized return.
FTFMX
- 1D
- 0.00%
- 1M
- 1.88%
- YTD
- 1.89%
- 6M
- 2.40%
- 1Y
- 7.48%
- 3Y*
- 4.18%
- 5Y*
- 0.89%
- 10Y*
- 1.91%
NRK
- 1D
- 0.38%
- 1M
- 3.94%
- YTD
- 9.70%
- 6M
- 10.68%
- 1Y
- 18.60%
- 3Y*
- 8.01%
- 5Y*
- 0.31%
- 10Y*
- 2.37%
FTFMX vs. NRK - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FTFMX Fidelity New York Municipal Income Fund | 1.89% | 5.12% | 1.52% | 7.51% | -11.16% | 2.39% | 4.15% | 7.73% | 0.35% | 5.31% |
NRK Nuveen New York AMT Free Quality Municipal Income | 9.70% | 4.74% | 5.93% | 7.03% | -21.84% | 6.24% | 4.08% | 21.43% | -5.98% | 6.16% |
Correlation
The correlation between FTFMX and NRK is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.46 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.54 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.51 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.43 |
Correlation (All Time) Calculated using the full available price history since Jan 16, 2003 | 0.28 |
The correlation between FTFMX and NRK shifts across timeframes, from 0.28 (all time) to 0.54 (3 years), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
FTFMX vs. NRK — Risk / Return Rank
FTFMX
NRK
FTFMX vs. NRK - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity New York Municipal Income Fund (FTFMX) and Nuveen New York AMT Free Quality Municipal Income (NRK). 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.
| FTFMX | NRK | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.30 | ||
| Sortino ratioReturn per unit of downside risk | +0.20 | ||
| Omega ratioGain probability vs. loss probability | 1.60 | 1.43 | +0.16 |
| Calmar ratioReturn relative to maximum drawdown | 2.32 | 3.51 | -1.19 |
| Martin ratioReturn relative to average drawdown | 7.96 | 9.37 | -1.41 |
Loading charts...
Drawdowns
FTFMX vs. NRK - Drawdown Comparison
The maximum FTFMX drawdown since its inception was -22.72%, smaller than the maximum NRK drawdown of -40.18%. Use the drawdown chart below to compare losses from any high point for FTFMX and NRK.
Loading charts...
Drawdown Indicators
| FTFMX | NRK | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.72% | -40.18% | +17.46% |
Max Drawdown (1Y)Largest decline over 1 year | -3.31% | -5.32% | +2.01% |
Max Drawdown (3Y)Largest decline over 3 years | -6.46% | -12.67% | +6.21% |
Max Drawdown (5Y)Largest decline over 5 years | -16.10% | -31.06% | +14.96% |
Max Drawdown (10Y)Largest decline over 10 years | -16.10% | -31.06% | +14.96% |
Current DrawdownCurrent decline from peak | -0.42% | -1.01% | +0.59% |
Average DrawdownAverage peak-to-trough decline | -2.49% | -8.17% | +5.68% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.96% | 1.99% | -1.03% |
Volatility
FTFMX vs. NRK - Volatility Comparison
The current volatility for Fidelity New York Municipal Income Fund (FTFMX) is 0.82%, while Nuveen New York AMT Free Quality Municipal Income (NRK) has a volatility of 3.31%. This indicates that FTFMX experiences smaller price fluctuations and is considered to be less risky than NRK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| FTFMX | NRK | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.82% | 3.31% | -2.49% |
Volatility (6M)Calculated over the trailing 6-month period | 2.38% | 6.66% | -4.28% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.08% | 8.51% | -5.43% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.37% | 9.95% | -5.58% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.28% | 10.35% | -6.07% |
FTFMX vs. NRK - Expense Ratio Comparison
FTFMX has a 0.46% expense ratio, which is lower than NRK's 2.16% expense ratio.
Dividends
FTFMX vs. NRK - Dividend Comparison
FTFMX's dividend yield for the trailing twelve months is around 2.92%, less than NRK's 7.75% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FTFMX Fidelity New York Municipal Income Fund | 2.92% | 3.78% | 2.81% | 2.63% | 1.79% | 2.52% | 2.78% | 2.87% | 2.87% | 3.64% | 4.25% | 3.79% |
NRK Nuveen New York AMT Free Quality Municipal Income | 7.75% | 8.21% | 6.74% | 4.06% | 5.41% | 4.18% | 4.15% | 3.98% | 4.68% | 4.85% | 5.37% | 5.44% |
Frequently Asked Questions
FTFMX and NRK have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NRK has higher volatility (3.31%) compared to FTFMX (0.82%). In terms of maximum drawdown, FTFMX dropped -22.72% vs NRK's -40.18%.
FTFMX currently has the higher Sharpe Ratio (2.50 vs 2.20), 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.
Find the right allocation for FTFMX and NRK
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer