NAD vs. AM
NAD (Nuveen Quality Municipal Income Fund) and AM (Antero Midstream Corporation) are both stocks. NAD operates in Asset Management (Financial Services), while AM operates in Oil & Gas Midstream (Energy). Over the past 10 years, NAD returned 2.66%/yr vs 7.26%/yr for AM. At a 0.06 correlation, their price movements are largely independent.
Performance
NAD vs. AM - Performance Comparison
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Returns By Period
In the year-to-date period, NAD achieves a 2.39% return, which is significantly lower than AM's 29.92% return. Over the past 10 years, NAD has underperformed AM with an annualized return of 2.66%, while AM has yielded a comparatively higher 7.26% annualized return.
NAD
- 1D
- -0.59%
- 1M
- -0.75%
- 6M
- 1.12%
- YTD
- 2.39%
- 1Y
- 14.19%
- 3Y*
- 8.56%
- 5Y*
- -0.31%
- 10Y*
- 2.66%
- ALL TIME*
- 4.96%
AM
- 1D
- 0.04%
- 1M
- 4.10%
- 6M
- 26.37%
- YTD
- 29.92%
- 1Y
- 31.88%
- 3Y*
- 31.57%
- 5Y*
- 26.19%
- 10Y*
- 7.26%
- ALL TIME*
- 5.40%
NAD vs. AM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
NAD Nuveen Quality Municipal Income Fund | 2.39% | 11.29% | 8.74% | 1.26% | -22.85% | 9.70% | 10.33% | 21.92% | -6.10% | 6.37% |
AM Antero Midstream Corporation | 29.92% | 24.37% | 28.46% | 25.73% | 21.98% | 39.55% | 27.59% | -60.29% | -22.28% | -2.32% |
Correlation
The correlation between NAD and AM is -0.01, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.01 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.11 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.13 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.07 |
Correlation (All Time) Calculated using the full available price history since Nov 5, 2014 | 0.06 |
The correlation between NAD and AM shifts across timeframes, from -0.01 (1 year) to 0.13 (5 years), reflecting how their relationship changes across market environments.
Fundamentals
NAD:
$2.76B
AM:
$10.73B
NAD:
$1.03
AM:
$0.85
NAD:
11.43
AM:
26.45
NAD:
0.05
AM:
4.56
NAD:
6.48
AM:
8.59
NAD:
0.99
AM:
5.58
NAD:
$425.93M
AM:
$1.26B
NAD:
$369.39M
AM:
$620.66M
NAD:
$450.24M
AM:
$955.64M
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Return for Risk
NAD vs. AM — Risk / Return Rank
NAD
AM
NAD vs. AM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Nuveen Quality Municipal Income Fund (NAD) and Antero Midstream Corporation (AM). 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.
| NAD | AM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.25 | ||
| Sortino ratioReturn per unit of downside risk | -0.32 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 1.27 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 1.76 | 2.53 | -0.76 |
| Martin ratioReturn relative to average drawdown | 7.04 | 5.37 | +1.67 |
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Drawdowns
NAD vs. AM - Drawdown Comparison
The maximum NAD drawdown since its inception was -44.65%, smaller than the maximum AM drawdown of -93.01%. Use the drawdown chart below to compare losses from any high point for NAD and AM.
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Drawdown Indicators
| NAD | AM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -44.65% | -93.01% | +48.36% |
Max Drawdown (1Y)Largest decline over 1 year | -8.08% | -12.67% | +4.59% |
Max Drawdown (3Y)Largest decline over 3 years | -14.69% | -13.98% | -0.71% |
Max Drawdown (5Y)Largest decline over 5 years | -35.58% | -21.91% | -13.67% |
Max Drawdown (10Y)Largest decline over 10 years | -35.58% | -93.01% | +57.43% |
Current DrawdownCurrent decline from peak | -3.71% | -3.24% | -0.47% |
Average DrawdownAverage peak-to-trough decline | -7.80% | -31.65% | +23.85% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.02% | 6.00% | -3.98% |
Volatility
NAD vs. AM - Volatility Comparison
The current volatility for Nuveen Quality Municipal Income Fund (NAD) is 1.85%, while Antero Midstream Corporation (AM) has a volatility of 6.64%. This indicates that NAD experiences smaller price fluctuations and is considered to be less risky than AM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NAD | AM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.85% | 6.64% | -4.79% |
Volatility (6M)Calculated over the trailing 6-month period | 9.36% | 14.71% | -5.35% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.00% | 20.78% | -9.78% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.63% | 26.26% | -14.63% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.91% | 41.89% | -29.98% |
Dividends
NAD vs. AM - Dividend Comparison
NAD's dividend yield for the trailing twelve months is around 7.21%, more than AM's 3.98% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
AM Antero Midstream Corporation | 3.98% | 5.06% | 5.96% | 7.18% | 8.34% | 10.15% | 15.95% | 18.28% | 7.53% | 4.27% | 3.14% | 2.93% |
NAD Nuveen Quality Municipal Income Fund | 7.21% | 7.37% | 6.63% | 4.13% | 5.58% | 4.43% | 4.41% | 4.40% | 5.37% | 5.42% | 6.05% | 5.96% |
Financials
NAD vs. AM - Financials Comparison
This section allows you to compare key financial metrics between Nuveen Quality Municipal Income Fund and Antero Midstream Corporation. You can select fields from income statements, balance sheets, and cash flow statements to easily visualize and compare the financial health of both companies.
Total Revenue: Total amount of money received from sales and other business activities
NAD vs. AM - Profitability Comparison
NAD - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jul 2026, Nuveen Quality Municipal Income Fund reported a gross profit of 95.77M and revenue of 109.61M. Therefore, the gross margin over that period was 87.4%.
AM - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jul 2026, Antero Midstream Corporation reported a gross profit of 0.00 and revenue of 314.21M. Therefore, the gross margin over that period was 0.0%.
NAD - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jul 2026, Nuveen Quality Municipal Income Fund reported an operating income of 67.64M and revenue of 109.61M, resulting in an operating margin of 61.7%.
AM - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jul 2026, Antero Midstream Corporation reported an operating income of 188.61M and revenue of 314.21M, resulting in an operating margin of 60.0%.
NAD - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jul 2026, Nuveen Quality Municipal Income Fund reported a net income of 32.97M and revenue of 109.61M, resulting in a net margin of 30.1%.
AM - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jul 2026, Antero Midstream Corporation reported a net income of 118.27M and revenue of 314.21M, resulting in a net margin of 37.6%.
Frequently Asked Questions
NAD and AM have a correlation of -0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
AM has higher volatility (6.64%) compared to NAD (1.85%). In terms of maximum drawdown, NAD dropped -44.65% vs AM's -93.01%.
AM currently has the higher Sharpe Ratio (1.54 vs 1.30), 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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