NAC vs. NZF
NAC (Nuveen California Quality Municipal Income Fund) and NZF (Nuveen Municipal Credit Income Fund) are both Municipal Bonds funds from Nuveen. Over the past 10 years, NAC returned 1.71%/yr vs 3.16%/yr for NZF. Their 0.44 correlation means their historical movements had little consistent relationship. NAC charges 0.04%/yr vs 1.89%/yr for NZF.
Performance
NAC vs. NZF - 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 NZF's 1.35% return. Over the past 10 years, NAC has underperformed NZF with an annualized return of 1.71%, while NZF has yielded a comparatively higher 3.16% annualized return.
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%
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) |
|---|---|---|---|
| $4.57M | $4.34M | $5.82M | |
| $6.09M | $6.45M | $6.65M |
NAC vs. NZF - 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% |
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 NAC and NZF is 0.57, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.57 |
Correlation (3Y) Balances recent behavior with more history. | 0.67 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.65 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.58 |
Correlation (All Time) Calculated using the full available price history since Oct 3, 2001 | 0.44 |
The correlation between NAC and NZF shifts across timeframes, from 0.44 (all time) to 0.67 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
NAC vs. NZF — Risk / Return Rank
NAC
NZF
NAC vs. NZF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Nuveen California Quality Municipal Income Fund (NAC) 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.
| NAC | NZF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.71 | ||
| Sortino ratioReturn per unit of downside risk | +1.01 | ||
| Omega ratioGain probability vs. loss probability | 1.35 | 1.22 | +0.13 |
| Calmar ratioReturn relative to maximum drawdown | 2.96 | 1.55 | +1.41 |
| Martin ratioReturn relative to average drawdown | 10.39 | 6.35 | +4.03 |
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Drawdowns
NAC vs. NZF - Drawdown Comparison
The maximum NAC drawdown since its inception was -46.41%, roughly equal to the maximum NZF drawdown of -48.55%. Use the drawdown chart below to compare losses from any high point for NAC and NZF.
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Drawdown Indicators
| NAC | NZF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -46.41% | -48.55% | +2.14% |
Max Drawdown (1Y)Largest decline over 1 year | -4.96% | -8.11% | +3.15% |
Max Drawdown (3Y)Largest decline over 3 years | -11.87% | -13.54% | +1.67% |
Max Drawdown (5Y)Largest decline over 5 years | -36.31% | -37.42% | +1.11% |
Max Drawdown (10Y)Largest decline over 10 years | -36.31% | -37.42% | +1.11% |
Current DrawdownCurrent decline from peak | -3.22% | -5.67% | +2.45% |
Average DrawdownAverage peak-to-trough decline | -8.36% | -7.75% | -0.61% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.41% | 1.97% | -0.56% |
Volatility
NAC vs. NZF - Volatility Comparison
The current volatility for Nuveen California Quality Municipal Income Fund (NAC) is 1.47%, while Nuveen Municipal Credit Income Fund (NZF) has a volatility of 2.12%. This indicates that NAC 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.
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Volatility by Period
| NAC | NZF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.47% | 2.12% | -0.65% |
Volatility (6M)Calculated over the trailing 6-month period | 5.65% | 8.08% | -2.43% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.75% | 10.58% | -2.83% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.72% | 12.39% | -1.67% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.21% | 13.09% | -0.88% |
NAC vs. NZF - Expense Ratio Comparison
NAC has a 0.04% expense ratio, which is lower than NZF's 1.89% expense ratio.
Dividends
NAC vs. NZF - Dividend Comparison
NAC's dividend yield for the trailing twelve months is around 7.46%, less than NZF's 7.82% 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% |
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
NAC and NZF have a correlation of 0.57, 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 NAC (1.47%). In terms of maximum drawdown, NAC dropped -46.41% vs NZF's -48.55%.
NAC currently has the higher Sharpe Ratio (1.90 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.
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