MQY vs. NZF

Last updated Jun 3, 2026

MQY (BlackRock MuniYield Quality Fund) and NZF (Nuveen Municipal Credit Income Fund) are both Municipal Bonds funds. MQY is actively managed, while NZF is passively managed. Over the past 10 years, MQY returned 1.46%/yr vs 3.65%/yr for NZF. At a 0.48 correlation, their price movements are largely independent. MQY charges 2.07%/yr vs 1.89%/yr for NZF.

Performance

MQY vs. NZF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BlackRock MuniYield Quality Fund (MQY) and Nuveen Municipal Credit Income Fund (NZF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MQY achieves a 3.73% return, which is significantly higher than NZF's 3.27% return. Over the past 10 years, MQY has underperformed NZF with an annualized return of 1.46%, while NZF has yielded a comparatively higher 3.65% annualized return.

MQY

• 1D: 0.26%
• 1M: 1.85%
• YTD: 3.73%
• 6M: 3.80%
• 1Y: 10.35%
• 3Y*: 6.24%
• 5Y*: -1.83%
• 10Y*: 1.46%

NZF

• 1D: 0.16%
• 1M: 0.80%
• YTD: 3.27%
• 6M: 2.86%
• 1Y: 14.62%
• 3Y*: 10.77%
• 5Y*: 0.05%
• 10Y*: 3.65%

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

MQY vs. NZF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MQY BlackRock MuniYield Quality Fund	3.73%	4.28%	-0.06%	10.20%	-24.23%	2.67%	14.65%	20.89%	-10.12%	8.98%
NZF Nuveen Municipal Credit Income Fund	3.27%	11.78%	10.09%	2.49%	-25.53%	11.19%	3.58%	28.33%	-6.79%	14.48%

Correlation

The correlation between MQY and NZF is 0.60, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.60
Correlation (3Y) Calculated over the trailing 3-year period	0.68
Correlation (5Y) Calculated over the trailing 5-year period	0.68
Correlation (10Y) Calculated over the trailing 10-year period	0.60
Correlation (All Time) Calculated using the full available price history since Oct 4, 2001	0.48

The correlation between MQY and NZF shifts across timeframes, from 0.48 (all time) to 0.68 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

MQY vs. NZF — Risk / Return Rank

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

MQY

MQY Risk / Return Rank: 16
MQY Sharpe Ratio Rank: 16
MQY Sortino Ratio Rank: 19
MQY Omega Ratio Rank: 16
MQY Calmar Ratio Rank: 13
MQY Martin Ratio Rank: 13

NZF

NZF Risk / Return Rank: 26
NZF Sharpe Ratio Rank: 24
NZF Sortino Ratio Rank: 29
NZF Omega Ratio Rank: 26
NZF Calmar Ratio Rank: 22
NZF Martin Ratio Rank: 32

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.

MQY vs. NZF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BlackRock MuniYield Quality Fund (MQY) 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.

	MQY	NZF	Difference
Sharpe ratio Return per unit of total volatility	1.13	1.43	-0.30
Sortino ratio Return per unit of downside risk	1.88	2.25	-0.37
Omega ratio Gain probability vs. loss probability	1.21	1.27	-0.06
Calmar ratio Return relative to maximum drawdown	1.26	1.78	-0.52
Martin ratio Return relative to average drawdown	4.01	7.35	-3.34
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MQY vs. NZF - Sharpe Ratio Comparison

The current MQY Sharpe Ratio is 1.13, which is comparable to the NZF Sharpe Ratio of 1.43. The chart below compares the historical Sharpe Ratios of MQY and NZF, 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

	MQY	NZF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.13	1.43	-0.30
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.15	0.00	-0.15
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.11	0.28	-0.17
Sharpe Ratio (All Time) Calculated using the full available price history	0.35	0.38	-0.02

Drawdowns

MQY vs. NZF - Drawdown Comparison

The maximum MQY drawdown since its inception was -41.67%, smaller than the maximum NZF drawdown of -48.55%. Use the drawdown chart below to compare losses from any high point for MQY and NZF.

Drawdown Indicators

	MQY	NZF	Difference
Max Drawdown Largest peak-to-trough decline	-41.67%	-48.55%	+6.88%
Max Drawdown (1Y) Largest decline over 1 year	-8.13%	-8.11%	-0.02%
Max Drawdown (3Y) Largest decline over 3 years	-17.03%	-15.59%	-1.44%
Max Drawdown (5Y) Largest decline over 5 years	-35.44%	-37.42%	+1.98%
Max Drawdown (10Y) Largest decline over 10 years	-35.97%	-37.42%	+1.45%
Current Drawdown Current decline from peak	-13.64%	-3.88%	-9.76%
Average Drawdown Average peak-to-trough decline	-8.29%	-7.77%	-0.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.55%	1.96%	+0.59%

Volatility

MQY vs. NZF - Volatility Comparison

BlackRock MuniYield Quality Fund (MQY) and Nuveen Municipal Credit Income Fund (NZF) have volatilities of 3.63% and 3.68%, 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

	MQY	NZF	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.63%	3.68%	-0.05%
Volatility (6M) Calculated over the trailing 6-month period	7.26%	8.11%	-0.85%
Volatility (1Y) Calculated over the trailing 1-year period	9.20%	10.30%	-1.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.18%	12.36%	-0.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.04%	13.10%	-0.06%

MQY vs. NZF - Expense Ratio Comparison

MQY has a 2.07% expense ratio, which is higher than NZF's 1.89% expense ratio.

Dividends

MQY vs. NZF - Dividend Comparison

MQY's dividend yield for the trailing twelve months is around 6.09%, less than NZF's 7.58% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MQY BlackRock MuniYield Quality Fund	6.09%	6.16%	6.04%	4.46%	5.87%	4.93%	4.21%	4.00%	5.24%	5.67%	6.10%	6.06%
NZF Nuveen Municipal Credit Income Fund	7.58%	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

Can I hold both MQY and NZF in my portfolio?

MQY and NZF have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MQY or NZF?

NZF has higher volatility (3.68%) compared to MQY (3.63%). In terms of maximum drawdown, MQY dropped -41.67% vs NZF's -48.55%.

Which has better risk-adjusted returns?

NZF currently has the higher Sharpe Ratio (1.43 vs 1.13), 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.