MYI vs. NEA

Last updated Jun 25, 2026

MYI (BlackRock MuniYield Quality Fund III) is Municipal Bonds fund actively managed by BlackRock, while NEA (Nuveen AMT-Free Quality Municipal Income Fund) is a stock. Over the past 10 years, MYI returned 1.61%/yr vs 3.01%/yr for NEA. At a 0.45 correlation, their price movements are largely independent. MYI charges 2.16%/yr vs 1.41%/yr for NEA.

Performance

MYI vs. NEA - Performance Comparison

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

Returns By Period

In the year-to-date period, MYI achieves a 4.49% return, which is significantly higher than NEA's 3.22% return. Over the past 10 years, MYI has underperformed NEA with an annualized return of 1.61%, while NEA has yielded a comparatively higher 3.01% annualized return.

MYI

• 1D: -0.09%
• 1M: 3.71%
• YTD: 4.49%
• 6M: 5.85%
• 1Y: 12.52%
• 3Y*: 6.76%
• 5Y*: -0.55%
• 10Y*: 1.61%

NEA

• 1D: 0.43%
• 1M: 3.08%
• YTD: 3.22%
• 6M: 3.85%
• 1Y: 15.14%
• 3Y*: 9.23%
• 5Y*: -0.06%
• 10Y*: 3.01%

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

MYI vs. NEA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MYI BlackRock MuniYield Quality Fund III	4.49%	4.74%	0.55%	8.79%	-20.52%	6.99%	11.60%	16.64%	-8.42%	7.13%
NEA Nuveen AMT-Free Quality Municipal Income Fund	3.22%	11.31%	9.50%	0.75%	-23.32%	8.16%	10.07%	22.42%	-5.72%	8.77%

Correlation

The correlation between MYI and NEA is 0.58, 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	0.58
Correlation (3Y) Calculated over the trailing 3-year period	0.69
Correlation (5Y) Calculated over the trailing 5-year period	0.69
Correlation (10Y) Calculated over the trailing 10-year period	0.62
Correlation (All Time) Calculated using the full available price history since Nov 22, 2002	0.45

The correlation between MYI and NEA shifts across timeframes, from 0.45 (all time) to 0.69 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

MYI vs. NEA — Risk / Return Rank

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

MYI

MYI Risk / Return Rank: 31
MYI Sharpe Ratio Rank: 31
MYI Sortino Ratio Rank: 35
MYI Omega Ratio Rank: 33
MYI Calmar Ratio Rank: 25
MYI Martin Ratio Rank: 29

NEA

NEA Risk / Return Rank: 81
NEA Sharpe Ratio Rank: 82
NEA Sortino Ratio Rank: 79
NEA Omega Ratio Rank: 79
NEA Calmar Ratio Rank: 77
NEA Martin Ratio Rank: 86

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.

MYI vs. NEA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BlackRock MuniYield Quality Fund III (MYI) and Nuveen AMT-Free Quality Municipal Income Fund (NEA). 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.

	MYI	NEA	Difference
Sharpe ratio: Return per unit of total volatility	1.42	1.42	+0.01
Sortino ratio: Return per unit of downside risk	2.19	2.12	+0.06
Omega ratio: Gain probability vs. loss probability	1.27	1.28	-0.01
Calmar ratio: Return relative to maximum drawdown	1.66	2.09	-0.43
Martin ratio: Return relative to average drawdown	6.05	8.33	-2.28

MYI vs. NEA - Sharpe Ratio Comparison

The current MYI Sharpe Ratio is 1.42, which is comparable to the NEA Sharpe Ratio of 1.42. The chart below compares the historical Sharpe Ratios of MYI and NEA, 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

MYI vs. NEA - Drawdown Comparison

The maximum MYI drawdown since its inception was -43.90%, roughly equal to the maximum NEA drawdown of -43.83%. Use the drawdown chart below to compare losses from any high point for MYI and NEA.

Drawdown Indicators

	MYI	NEA	Difference
Max Drawdown Largest peak-to-trough decline	-43.90%	-43.83%	-0.07%
Max Drawdown (1Y) Largest decline over 1 year	-7.58%	-7.27%	-0.31%
Max Drawdown (3Y) Largest decline over 3 years	-15.07%	-15.16%	+0.09%
Max Drawdown (5Y) Largest decline over 5 years	-31.84%	-36.57%	+4.73%
Max Drawdown (10Y) Largest decline over 10 years	-31.84%	-36.57%	+4.73%
Current Drawdown Current decline from peak	-5.68%	-4.02%	-1.66%
Average Drawdown Average peak-to-trough decline	-9.38%	-8.00%	-1.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.07%	1.82%	+0.25%

Volatility

MYI vs. NEA - Volatility Comparison

BlackRock MuniYield Quality Fund III (MYI) has a higher volatility of 2.96% compared to Nuveen AMT-Free Quality Municipal Income Fund (NEA) at 2.55%. This indicates that MYI's price experiences larger fluctuations and is considered to be riskier than NEA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MYI	NEA	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.96%	2.55%	+0.41%
Volatility (6M) Calculated over the trailing 6-month period	6.99%	8.67%	-1.68%
Volatility (1Y) Calculated over the trailing 1-year period	8.83%	10.73%	-1.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.00%	11.52%	-0.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.39%	11.83%	-0.44%

MYI vs. NEA - Expense Ratio Comparison

MYI has a 2.16% expense ratio, which is higher than NEA's 1.41% expense ratio.

Dividends

MYI vs. NEA - Dividend Comparison

MYI's dividend yield for the trailing twelve months is around 6.04%, less than NEA's 7.13% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MYI BlackRock MuniYield Quality Fund III	6.04%	6.13%	6.03%	4.30%	5.22%	4.17%	3.84%	3.89%	5.01%	5.88%	6.20%	6.03%
NEA Nuveen AMT-Free Quality Municipal Income Fund	7.13%	7.36%	6.63%	3.95%	5.49%	4.50%	4.45%	4.46%	5.40%	5.33%	5.70%	5.71%

Frequently Asked Questions

Can I hold both MYI and NEA in my portfolio?

MYI and NEA have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MYI or NEA?

MYI has higher volatility (2.96%) compared to NEA (2.55%). In terms of maximum drawdown, MYI dropped -43.90% vs NEA's -43.83%.

Which has better risk-adjusted returns?

MYI currently has the higher Sharpe Ratio (1.42 vs 1.42), 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.