KTF vs. NZF
KTF (DWS Municipal Income Trust) is a stock, while NZF (Nuveen Municipal Credit Income Fund) is Municipal Bonds fund tracking the S&P National Municipal Bond Index. Over the past 10 years, KTF returned 0.62%/yr vs 3.16%/yr for NZF. Their 0.44 correlation means their historical movements had little consistent relationship.
Performance
KTF vs. NZF - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, KTF achieves a 1.81% return, which is significantly higher than NZF's 1.35% return. Over the past 10 years, KTF has underperformed NZF with an annualized return of 0.62%, while NZF has yielded a comparatively higher 3.16% annualized return.
KTF
- 1D
- -0.11%
- 1M
- -4.00%
- 6M
- 0.91%
- YTD
- 1.81%
- 1Y
- 10.94%
- 3Y*
- 8.10%
- 5Y*
- -0.89%
- 10Y*
- 0.62%
- ALL TIME*
- 5.79%
NZF
- 1D
- -0.73%
- 1M
- -2.79%
- 6M
- 1.93%
- YTD
- 1.35%
- 1Y
- 10.90%
- 3Y*
- 8.45%
- 5Y*
- -1.05%
- 10Y*
- 3.16%
- ALL TIME*
- 5.28%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $2.44M | $1.83M | $1.25M | |
| $6.09M | $6.45M | $6.65M |
KTF vs. NZF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
KTF DWS Municipal Income Trust | 1.81% | 4.64% | 13.80% | 7.09% | -23.94% | 6.00% | 7.46% | 15.31% | -8.25% | -3.81% |
NZF Nuveen Municipal Credit Income Fund | 1.35% | 11.78% | 10.09% | 2.49% | -25.53% | 11.19% | 3.58% | 28.33% | -6.79% | 14.48% |
Correlation
The correlation between KTF and NZF is 0.46, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.46 |
Correlation (3Y) Balances recent behavior with more history. | 0.55 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.56 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.53 |
Correlation (All Time) Calculated using the full available price history since Oct 3, 2001 | 0.44 |
The correlation between KTF and NZF shifts across timeframes, from 0.44 (all time) to 0.56 (5 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
KTF vs. NZF — Risk / Return Rank
KTF
NZF
KTF vs. NZF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for DWS Municipal Income Trust (KTF) and Nuveen Municipal Credit Income Fund (NZF). 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.
| KTF | NZF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.37 | ||
| Sortino ratioReturn per unit of downside risk | +0.52 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 1.22 | +0.09 |
| Calmar ratioReturn relative to maximum drawdown | 2.42 | 1.55 | +0.87 |
| Martin ratioReturn relative to average drawdown | 8.85 | 6.35 | +2.50 |
Loading charts...
Drawdowns
KTF vs. NZF - Drawdown Comparison
The maximum KTF drawdown since its inception was -47.01%, roughly equal to the maximum NZF drawdown of -48.55%. Use the drawdown chart below to compare losses from any high point for KTF and NZF.
Loading charts...
Drawdown Indicators
| KTF | NZF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -47.01% | -48.55% | +1.54% |
Max Drawdown (1Y)Largest decline over 1 year | -4.96% | -8.11% | +3.15% |
Max Drawdown (3Y)Largest decline over 3 years | -12.03% | -13.54% | +1.51% |
Max Drawdown (5Y)Largest decline over 5 years | -34.62% | -37.42% | +2.80% |
Max Drawdown (10Y)Largest decline over 10 years | -35.40% | -37.42% | +2.02% |
Current DrawdownCurrent decline from peak | -5.60% | -5.67% | +0.07% |
Average DrawdownAverage peak-to-trough decline | -7.76% | -7.75% | -0.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.36% | 1.97% | -0.61% |
Volatility
KTF vs. NZF - Volatility Comparison
The current volatility for DWS Municipal Income Trust (KTF) is 1.73%, while Nuveen Municipal Credit Income Fund (NZF) has a volatility of 2.12%. This indicates that KTF experiences smaller price fluctuations and is considered to be less risky than NZF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| KTF | NZF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.73% | 2.12% | -0.39% |
Volatility (6M)Calculated over the trailing 6-month period | 6.03% | 8.08% | -2.05% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.73% | 10.58% | -2.85% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.14% | 12.39% | -1.25% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.97% | 13.09% | -1.12% |
Dividends
KTF vs. NZF - Dividend Comparison
KTF's dividend yield for the trailing twelve months is around 8.67%, more than NZF's 7.82% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
KTF DWS Municipal Income Trust | 8.67% | 8.42% | 6.94% | 3.51% | 4.76% | 4.25% | 4.36% | 4.67% | 6.17% | 6.44% | 6.48% | 6.23% |
NZF Nuveen Municipal Credit Income Fund | 7.82% | 7.58% | 6.84% | 4.51% | 5.80% | 4.63% | 4.74% | 4.82% | 6.05% | 5.86% | 6.26% | 5.50% |
Frequently Asked Questions
KTF and NZF 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.
NZF has higher volatility (2.12%) compared to KTF (1.73%). In terms of maximum drawdown, KTF dropped -47.01% vs NZF's -48.55%.
KTF currently has the higher Sharpe Ratio (1.56 vs 1.19), 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 KTF and NZF
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