FZIAX vs. NRK
FZIAX (Fidelity Advisor Intermediate Municipal Income Fund Class A) and NRK (Nuveen New York AMT Free Quality Municipal Income) are both Municipal Bonds funds. Over the past 10 years, FZIAX returned 1.59%/yr vs 1.88%/yr for NRK. Their 0.27 correlation means their historical movements had little consistent relationship. FZIAX charges 0.64%/yr vs 2.16%/yr for NRK.
Performance
FZIAX vs. NRK - Performance Comparison
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Returns By Period
In the year-to-date period, FZIAX achieves a -0.48% return, which is significantly lower than NRK's 7.15% return. Over the past 10 years, FZIAX has underperformed NRK with an annualized return of 1.59%, while NRK has yielded a comparatively higher 1.88% annualized return.
FZIAX
- 1D
- -0.20%
- 1M
- -1.66%
- 6M
- -1.46%
- YTD
- -0.48%
- 1Y
- 3.02%
- 3Y*
- 2.93%
- 5Y*
- 0.56%
- 10Y*
- 1.59%
- ALL TIME*
- 2.48%
NRK
- 1D
- -0.19%
- 1M
- -3.05%
- 6M
- 5.59%
- YTD
- 7.15%
- 1Y
- 18.50%
- 3Y*
- 7.05%
- 5Y*
- -0.53%
- 10Y*
- 1.88%
- ALL TIME*
- 3.99%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $2.56M | $2.40M | $2.73M |
FZIAX vs. NRK - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FZIAX Fidelity Advisor Intermediate Municipal Income Fund Class A | -0.48% | 5.58% | 0.80% | 5.17% | -7.11% | 0.70% | 4.21% | 6.21% | 0.91% | 4.25% |
NRK Nuveen New York AMT Free Quality Municipal Income | 7.15% | 4.74% | 5.93% | 7.03% | -21.84% | 6.24% | 4.08% | 21.43% | -5.98% | 6.16% |
Correlation
The correlation between FZIAX and NRK is 0.49, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.49 |
Correlation (3Y) Balances recent behavior with more history. | 0.54 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.50 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.43 |
Correlation (All Time) Calculated using the full available price history since Nov 1, 2004 | 0.27 |
Over the past year, FZIAX and NRK have become more correlated (0.49) than their long-term average of 0.27, meaning their price movements have been converging.
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Return for Risk
FZIAX vs. NRK — Risk / Return Rank
FZIAX
NRK
FZIAX vs. NRK - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor Intermediate Municipal Income Fund Class A (FZIAX) 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.
| FZIAX | NRK | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.74 | ||
| Sortino ratioReturn per unit of downside risk | -1.41 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 1.46 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | 1.24 | 3.70 | -2.46 |
| Martin ratioReturn relative to average drawdown | 3.24 | 13.46 | -10.21 |
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Drawdowns
FZIAX vs. NRK - Drawdown Comparison
The maximum FZIAX drawdown since its inception was -11.15%, smaller than the maximum NRK drawdown of -40.18%. Use the drawdown chart below to compare losses from any high point for FZIAX and NRK.
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Drawdown Indicators
| FZIAX | NRK | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -11.15% | -40.18% | +29.03% |
Max Drawdown (1Y)Largest decline over 1 year | -2.97% | -5.32% | +2.35% |
Max Drawdown (3Y)Largest decline over 3 years | -3.72% | -11.49% | +7.77% |
Max Drawdown (5Y)Largest decline over 5 years | -11.15% | -31.06% | +19.91% |
Max Drawdown (10Y)Largest decline over 10 years | -11.15% | -31.06% | +19.91% |
Current DrawdownCurrent decline from peak | -2.49% | -3.50% | +1.01% |
Average DrawdownAverage peak-to-trough decline | -1.61% | -8.14% | +6.53% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.13% | 1.46% | -0.33% |
Volatility
FZIAX vs. NRK - Volatility Comparison
The current volatility for Fidelity Advisor Intermediate Municipal Income Fund Class A (FZIAX) is 0.80%, while Nuveen New York AMT Free Quality Municipal Income (NRK) has a volatility of 2.22%. This indicates that FZIAX 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.
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Volatility by Period
| FZIAX | NRK | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.80% | 2.22% | -1.42% |
Volatility (6M)Calculated over the trailing 6-month period | 1.98% | 6.95% | -4.97% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.34% | 8.52% | -6.18% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.06% | 9.98% | -6.92% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.21% | 10.34% | -7.13% |
FZIAX vs. NRK - Expense Ratio Comparison
FZIAX has a 0.64% expense ratio, which is lower than NRK's 2.16% expense ratio.
Dividends
FZIAX vs. NRK - Dividend Comparison
FZIAX's dividend yield for the trailing twelve months is around 2.41%, less than NRK's 7.95% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FZIAX Fidelity Advisor Intermediate Municipal Income Fund Class A | 2.41% | 3.30% | 2.19% | 2.10% | 1.15% | 1.53% | 1.86% | 2.27% | 2.35% | 2.31% | 2.83% | 2.05% |
NRK Nuveen New York AMT Free Quality Municipal Income | 7.95% | 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
FZIAX and NRK have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NRK has higher volatility (2.22%) compared to FZIAX (0.80%). In terms of maximum drawdown, FZIAX dropped -11.15% vs NRK's -40.18%.
NRK currently has the higher Sharpe Ratio (2.31 vs 1.57), 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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