JPC vs. NAZ

Last updated Jun 4, 2026

JPC (Nuveen Preferred and Income Opportunities Fund) and NAZ (Nuveen Arizona Quality Municipal Income Fund) are both mutual funds - JPC is a Preferred Stock/Convertible Bonds fund managed by Nuveen, while NAZ is a Municipal Bonds fund managed by Nuveen. Over the past 10 years, JPC returned 5.70%/yr vs 2.77%/yr for NAZ. At a 0.20 correlation, their price movements are largely independent. JPC charges 0.01%/yr vs 0.03%/yr for NAZ.

Performance

JPC vs. NAZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nuveen Preferred and Income Opportunities Fund (JPC) and Nuveen Arizona Quality Municipal Income Fund (NAZ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JPC achieves a 0.12% return, which is significantly lower than NAZ's 13.56% return. Over the past 10 years, JPC has outperformed NAZ with an annualized return of 5.70%, while NAZ has yielded a comparatively lower 2.77% annualized return.

JPC

• 1D: -0.64%
• 1M: -1.23%
• YTD: 0.12%
• 6M: -1.30%
• 1Y: 8.95%
• 3Y*: 17.01%
• 5Y*: 4.08%
• 10Y*: 5.70%

NAZ

• 1D: 1.55%
• 1M: 3.79%
• YTD: 13.56%
• 6M: 13.05%
• 1Y: 21.54%
• 3Y*: 13.80%
• 5Y*: 1.25%
• 10Y*: 2.77%

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

JPC vs. NAZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
JPC Nuveen Preferred and Income Opportunities Fund	0.12%	14.00%	27.58%	0.75%	-19.18%	9.75%	-2.09%	35.25%	-12.70%	13.35%
NAZ Nuveen Arizona Quality Municipal Income Fund	13.56%	12.08%	12.93%	-0.48%	-27.24%	4.75%	22.64%	18.15%	-12.52%	5.81%

Correlation

The correlation between JPC and NAZ is 0.14, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.14
Correlation (3Y) Calculated over the trailing 3-year period	0.27
Correlation (5Y) Calculated over the trailing 5-year period	0.30
Correlation (10Y) Calculated over the trailing 10-year period	0.25
Correlation (All Time) Calculated using the full available price history since Apr 1, 2003	0.20

The correlation between JPC and NAZ shifts across timeframes, from 0.14 (1 year) to 0.30 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

JPC vs. NAZ — Risk / Return Rank

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

JPC

JPC Risk / Return Rank: 11
JPC Sharpe Ratio Rank: 10
JPC Sortino Ratio Rank: 10
JPC Omega Ratio Rank: 12
JPC Calmar Ratio Rank: 8
JPC Martin Ratio Rank: 15

NAZ

NAZ Risk / Return Rank: 57
NAZ Sharpe Ratio Rank: 41
NAZ Sortino Ratio Rank: 48
NAZ Omega Ratio Rank: 44
NAZ Calmar Ratio Rank: 70
NAZ Martin Ratio Rank: 84

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.

JPC vs. NAZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuveen Preferred and Income Opportunities Fund (JPC) and Nuveen Arizona Quality Municipal Income Fund (NAZ). 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.

	JPC	NAZ	Difference
Sharpe ratio: Return per unit of total volatility	0.80	1.88	-1.08
Sortino ratio: Return per unit of downside risk	1.20	2.92	-1.72
Omega ratio: Gain probability vs. loss probability	1.18	1.36	-0.19
Calmar ratio: Return relative to maximum drawdown	0.79	3.25	-2.46
Martin ratio: Return relative to average drawdown	4.30	15.89	-11.59
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

JPC vs. NAZ - Sharpe Ratio Comparison

The current JPC Sharpe Ratio is 0.80, which is lower than the NAZ Sharpe Ratio of 1.88. The chart below compares the historical Sharpe Ratios of JPC and NAZ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	JPC	NAZ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.80	1.88	-1.08
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.28	0.09	+0.19
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.28	0.19	+0.09
Sharpe Ratio (All Time) Calculated using the full available price history	0.26	0.35	-0.09

Drawdowns

JPC vs. NAZ - Drawdown Comparison

The maximum JPC drawdown since its inception was -76.07%, which is greater than NAZ's maximum drawdown of -38.28%. Use the drawdown chart below to compare losses from any high point for JPC and NAZ.

Drawdown Indicators

	JPC	NAZ	Difference
Max Drawdown Largest peak-to-trough decline	-76.07%	-38.28%	-37.79%
Max Drawdown (1Y) Largest decline over 1 year	-11.43%	-6.66%	-4.77%
Max Drawdown (3Y) Largest decline over 3 years	-11.65%	-13.76%	+2.11%
Max Drawdown (5Y) Largest decline over 5 years	-32.26%	-38.28%	+6.02%
Max Drawdown (10Y) Largest decline over 10 years	-52.53%	-38.28%	-14.25%
Current Drawdown Current decline from peak	-3.07%	0.00%	-3.07%
Average Drawdown Average peak-to-trough decline	-9.95%	-9.34%	-0.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.08%	1.36%	+0.72%

Volatility

JPC vs. NAZ - Volatility Comparison

The current volatility for Nuveen Preferred and Income Opportunities Fund (JPC) is 3.41%, while Nuveen Arizona Quality Municipal Income Fund (NAZ) has a volatility of 3.63%. This indicates that JPC experiences smaller price fluctuations and is considered to be less risky than NAZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JPC	NAZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.41%	3.63%	-0.22%
Volatility (6M) Calculated over the trailing 6-month period	10.04%	9.24%	+0.80%
Volatility (1Y) Calculated over the trailing 1-year period	11.19%	11.51%	-0.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.51%	13.64%	+0.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.63%	14.94%	+5.69%

JPC vs. NAZ - Expense Ratio Comparison

JPC has a 0.01% expense ratio, which is lower than NAZ's 0.03% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

JPC vs. NAZ - Dividend Comparison

JPC's dividend yield for the trailing twelve months is around 9.91%, more than NAZ's 6.14% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
JPC Nuveen Preferred and Income Opportunities Fund	9.91%	9.79%	8.94%	8.00%	8.74%	6.52%	6.95%	7.00%	9.02%	7.50%	8.14%	8.65%
NAZ Nuveen Arizona Quality Municipal Income Fund	6.14%	7.09%	6.20%	3.63%	5.01%	3.75%	3.52%	3.82%	4.52%	4.65%	5.53%	5.25%

Frequently Asked Questions

Can I hold both JPC and NAZ in my portfolio?

JPC and NAZ have a correlation of 0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JPC or NAZ?

NAZ has higher volatility (3.63%) compared to JPC (3.41%). In terms of maximum drawdown, JPC dropped -76.07% vs NAZ's -38.28%.

Which has better risk-adjusted returns?

NAZ currently has the higher Sharpe Ratio (1.88 vs 0.80), 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.