IQI vs. NAC

Last updated Jun 24, 2026

IQI (Invesco Quality Municipal Income Trust) is a stock, while NAC (Nuveen California Quality Municipal Income Fund) is Municipal Bonds fund managed by Nuveen. Over the past 10 years, IQI returned 2.52%/yr vs 2.00%/yr for NAC. At a 0.39 correlation, their price movements are largely independent.

Performance

IQI vs. NAC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Quality Municipal Income Trust (IQI) and Nuveen California Quality Municipal Income Fund (NAC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IQI achieves a 4.05% return, which is significantly lower than NAC's 5.41% return. Over the past 10 years, IQI has outperformed NAC with an annualized return of 2.52%, while NAC has yielded a comparatively lower 2.00% annualized return.

IQI

• 1D: -0.10%
• 1M: 3.86%
• YTD: 4.05%
• 6M: 4.37%
• 1Y: 15.70%
• 3Y*: 8.54%
• 5Y*: 0.10%
• 10Y*: 2.52%

NAC

• 1D: 0.17%
• 1M: 2.72%
• YTD: 5.41%
• 6M: 5.95%
• 1Y: 17.46%
• 3Y*: 10.77%
• 5Y*: 0.45%
• 10Y*: 2.00%

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

IQI vs. NAC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IQI Invesco Quality Municipal Income Trust	4.05%	9.20%	10.56%	5.87%	-26.96%	9.17%	8.84%	17.86%	-5.01%	6.38%
NAC Nuveen California Quality Municipal Income Fund	5.41%	13.09%	8.67%	4.47%	-25.66%	7.62%	6.29%	22.27%	-6.23%	6.79%

Correlation

The correlation between IQI and NAC is 0.50, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.50
Correlation (3Y) Calculated over the trailing 3-year period	0.64
Correlation (5Y) Calculated over the trailing 5-year period	0.61
Correlation (10Y) Calculated over the trailing 10-year period	0.53
Correlation (All Time) Calculated using the full available price history since May 26, 1999	0.39

The correlation between IQI and NAC shifts across timeframes, from 0.39 (all time) to 0.64 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

IQI vs. NAC — Risk / Return Rank

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

IQI

IQI Risk / Return Rank: 80
IQI Sharpe Ratio Rank: 84
IQI Sortino Ratio Rank: 82
IQI Omega Ratio Rank: 82
IQI Calmar Ratio Rank: 72
IQI Martin Ratio Rank: 82

NAC

NAC Risk / Return Rank: 76
NAC Sharpe Ratio Rank: 73
NAC Sortino Ratio Rank: 80
NAC Omega Ratio Rank: 71
NAC Calmar Ratio Rank: 81
NAC Martin Ratio Rank: 73

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.

IQI vs. NAC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Quality Municipal Income Trust (IQI) and Nuveen California Quality Municipal Income Fund (NAC). 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.

	IQI	NAC	Difference
Sharpe ratio: Return per unit of total volatility	1.59	2.28	-0.69
Sortino ratio: Return per unit of downside risk	2.33	3.49	-1.16
Omega ratio: Gain probability vs. loss probability	1.31	1.43	-0.12
Calmar ratio: Return relative to maximum drawdown	1.70	3.53	-1.83
Martin ratio: Return relative to average drawdown	6.94	12.99	-6.06

IQI vs. NAC - Sharpe Ratio Comparison

The current IQI Sharpe Ratio is 1.59, which is lower than the NAC Sharpe Ratio of 2.28. The chart below compares the historical Sharpe Ratios of IQI and NAC, 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

IQI vs. NAC - Drawdown Comparison

The maximum IQI drawdown since its inception was -50.22%, which is greater than NAC's maximum drawdown of -46.41%. Use the drawdown chart below to compare losses from any high point for IQI and NAC.

Drawdown Indicators

	IQI	NAC	Difference
Max Drawdown Largest peak-to-trough decline	-50.22%	-46.41%	-3.81%
Max Drawdown (1Y) Largest decline over 1 year	-9.28%	-4.96%	-4.32%
Max Drawdown (3Y) Largest decline over 3 years	-15.73%	-13.60%	-2.13%
Max Drawdown (5Y) Largest decline over 5 years	-35.35%	-36.31%	+0.96%
Max Drawdown (10Y) Largest decline over 10 years	-35.35%	-36.31%	+0.96%
Current Drawdown Current decline from peak	-3.41%	-1.10%	-2.31%
Average Drawdown Average peak-to-trough decline	-7.52%	-8.39%	+0.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.27%	1.35%	+0.92%

Volatility

IQI vs. NAC - Volatility Comparison

Invesco Quality Municipal Income Trust (IQI) and Nuveen California Quality Municipal Income Fund (NAC) have volatilities of 2.22% and 2.15%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IQI	NAC	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.22%	2.15%	+0.07%
Volatility (6M) Calculated over the trailing 6-month period	8.20%	5.58%	+2.62%
Volatility (1Y) Calculated over the trailing 1-year period	9.90%	7.69%	+2.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.44%	10.76%	+0.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.58%	12.23%	+0.35%

Dividends

IQI vs. NAC - Dividend Comparison

IQI's dividend yield for the trailing twelve months is around 7.59%, more than NAC's 7.32% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IQI Invesco Quality Municipal Income Trust	7.59%	7.60%	6.48%	4.70%	5.82%	4.53%	4.61%	4.88%	6.04%	5.33%	6.15%	6.08%
NAC Nuveen California Quality Municipal Income Fund	7.32%	7.47%	6.63%	4.03%	5.47%	4.18%	4.17%	4.38%	5.34%	5.54%	6.25%	6.05%

Frequently Asked Questions

Can I hold both IQI and NAC in my portfolio?

IQI and NAC have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IQI or NAC?

IQI has higher volatility (2.22%) compared to NAC (2.15%). In terms of maximum drawdown, IQI dropped -50.22% vs NAC's -46.41%.

Which has better risk-adjusted returns?

NAC currently has the higher Sharpe Ratio (2.28 vs 1.59), 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.