NAC vs. NKX
NAC (Nuveen California Quality Municipal Income Fund) and NKX (Nuveen California AMT-Free Quality Municipal Income Fund) are both Municipal Bonds funds from Nuveen. Over the past 10 years, NAC returned 1.71%/yr vs 1.73%/yr for NKX. Their 0.42 correlation means their historical movements had little consistent relationship. NAC charges 0.04%/yr vs 0.04%/yr for NKX.
Performance
NAC vs. NKX - Performance Comparison
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Returns By Period
In the year-to-date period, NAC achieves a 3.55% return, which is significantly higher than NKX's 1.30% return. Both investments have delivered pretty close results over the past 10 years, with NAC having a 1.71% annualized return and NKX not far ahead at 1.73%.
NAC
- 1D
- -0.42%
- 1M
- -3.06%
- 6M
- 1.79%
- YTD
- 3.55%
- 1Y
- 12.28%
- 3Y*
- 9.82%
- 5Y*
- -0.32%
- 10Y*
- 1.71%
- ALL TIME*
- 5.30%
NKX
- 1D
- 0.00%
- 1M
- -3.42%
- 6M
- -2.58%
- YTD
- 1.30%
- 1Y
- 11.59%
- 3Y*
- 8.32%
- 5Y*
- -0.32%
- 10Y*
- 1.73%
- ALL TIME*
- 4.79%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $4.57M | $4.34M | $5.82M | |
| $2.02M | $1.69M | $1.67M |
NAC vs. NKX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
NAC Nuveen California Quality Municipal Income Fund | 3.55% | 13.09% | 8.67% | 4.47% | -25.66% | 7.62% | 6.29% | 22.27% | -6.23% | 6.79% |
NKX Nuveen California AMT-Free Quality Municipal Income Fund | 1.30% | 5.99% | 16.48% | -1.91% | -18.45% | 4.70% | 8.08% | 25.20% | -13.35% | 13.02% |
Correlation
The correlation between NAC and NKX is 0.45, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.45 |
Correlation (3Y) Balances recent behavior with more history. | 0.57 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.58 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.57 |
Correlation (All Time) Calculated using the full available price history since Jan 16, 2003 | 0.42 |
The correlation between NAC and NKX shifts across timeframes, from 0.42 (all time) to 0.58 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
NAC vs. NKX — Risk / Return Rank
NAC
NKX
NAC vs. NKX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Nuveen California Quality Municipal Income Fund (NAC) and Nuveen California AMT-Free Quality Municipal Income Fund (NKX). 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.
| NAC | NKX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.43 | ||
| Sortino ratioReturn per unit of downside risk | +0.95 | ||
| Omega ratioGain probability vs. loss probability | 1.35 | 1.29 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | 2.96 | 1.33 | +1.63 |
| Martin ratioReturn relative to average drawdown | 10.39 | 4.43 | +5.96 |
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Drawdowns
NAC vs. NKX - Drawdown Comparison
The maximum NAC drawdown since its inception was -46.41%, which is greater than NKX's maximum drawdown of -43.89%. Use the drawdown chart below to compare losses from any high point for NAC and NKX.
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Drawdown Indicators
| NAC | NKX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -46.41% | -43.89% | -2.52% |
Max Drawdown (1Y)Largest decline over 1 year | -4.96% | -9.74% | +4.78% |
Max Drawdown (3Y)Largest decline over 3 years | -11.87% | -13.92% | +2.05% |
Max Drawdown (5Y)Largest decline over 5 years | -36.31% | -35.64% | -0.67% |
Max Drawdown (10Y)Largest decline over 10 years | -36.31% | -35.64% | -0.67% |
Current DrawdownCurrent decline from peak | -3.22% | -4.73% | +1.51% |
Average DrawdownAverage peak-to-trough decline | -8.36% | -8.31% | -0.05% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.41% | 2.91% | -1.50% |
Volatility
NAC vs. NKX - Volatility Comparison
The current volatility for Nuveen California Quality Municipal Income Fund (NAC) is 1.47%, while Nuveen California AMT-Free Quality Municipal Income Fund (NKX) has a volatility of 1.79%. This indicates that NAC experiences smaller price fluctuations and is considered to be less risky than NKX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NAC | NKX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.47% | 1.79% | -0.32% |
Volatility (6M)Calculated over the trailing 6-month period | 5.65% | 6.29% | -0.64% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.75% | 8.81% | -1.06% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.72% | 12.30% | -1.58% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.21% | 12.81% | -0.60% |
NAC vs. NKX - Expense Ratio Comparison
NAC has a 0.04% expense ratio, which is higher than NKX's 0.04% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
NAC vs. NKX - Dividend Comparison
NAC's dividend yield for the trailing twelve months is around 7.46%, which matches NKX's 7.48% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
NAC Nuveen California Quality Municipal Income Fund | 7.46% | 7.47% | 6.63% | 4.03% | 5.47% | 4.18% | 4.17% | 4.38% | 5.34% | 5.54% | 6.25% | 6.05% |
NKX Nuveen California AMT-Free Quality Municipal Income Fund | 7.48% | 7.33% | 6.14% | 4.38% | 5.17% | 4.21% | 4.05% | 4.06% | 5.25% | 5.06% | 6.18% | 5.66% |
Frequently Asked Questions
NAC and NKX have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NKX has higher volatility (1.79%) compared to NAC (1.47%). In terms of maximum drawdown, NAC dropped -46.41% vs NKX's -43.89%.
NAC currently has the higher Sharpe Ratio (1.90 vs 1.47), 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.
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