NAD vs. NEA
NAD (Nuveen Quality Municipal Income Fund) and NEA (Nuveen AMT-Free Quality Municipal Income Fund) are both stocks. Both operate in the Asset Management industry within the Financial Services sector. Over the past 10 years, NAD returned 2.83%/yr vs 2.96%/yr for NEA. A 0.53 correlation means they provide meaningful diversification when combined.
Performance
NAD vs. NEA - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with NAD having a 2.65% return and NEA slightly higher at 2.69%. Both investments have delivered pretty close results over the past 10 years, with NAD having a 2.83% annualized return and NEA not far ahead at 2.96%.
NAD
- 1D
- -0.50%
- 1M
- 3.02%
- YTD
- 2.65%
- 6M
- 2.48%
- 1Y
- 14.73%
- 3Y*
- 9.13%
- 5Y*
- 0.16%
- 10Y*
- 2.83%
NEA
- 1D
- -0.52%
- 1M
- 2.55%
- YTD
- 2.69%
- 6M
- 3.85%
- 1Y
- 14.76%
- 3Y*
- 9.04%
- 5Y*
- -0.06%
- 10Y*
- 2.96%
NAD vs. NEA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
NAD Nuveen Quality Municipal Income Fund | 2.65% | 11.29% | 8.74% | 1.26% | -22.85% | 9.70% | 10.33% | 21.92% | -6.10% | 6.37% |
NEA Nuveen AMT-Free Quality Municipal Income Fund | 2.69% | 11.31% | 9.50% | 0.75% | -23.32% | 8.16% | 10.07% | 22.42% | -5.72% | 8.77% |
Correlation
The correlation between NAD and NEA is 0.74, 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 | 0.74 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.82 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.83 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.78 |
Correlation (All Time) Calculated using the full available price history since Nov 22, 2002 | 0.53 |
Over the past year, NAD and NEA have become more correlated (0.74) than their long-term average of 0.53, meaning their price movements have been converging.
Fundamentals
NAD:
$2.78B
NEA:
$3.45B
NAD:
$2.47
NEA:
$2.18
NAD:
4.83
NEA:
5.28
NAD:
0.02
NEA:
0.02
NAD:
6.77
NEA:
4.18
NAD:
0.97
NEA:
0.98
NAD:
$410.48M
NEA:
$824.80M
NAD:
$385.55M
NEA:
$779.17M
NAD:
$744.52M
NEA:
$732.48M
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Return for Risk
NAD vs. NEA — Risk / Return Rank
NAD
NEA
NAD vs. NEA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Nuveen Quality Municipal Income Fund (NAD) 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.
| NAD | NEA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.04 | ||
| Sortino ratioReturn per unit of downside risk | -0.09 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.27 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 1.83 | 2.04 | -0.21 |
| Martin ratioReturn relative to average drawdown | 7.18 | 8.12 | -0.94 |
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Drawdowns
NAD vs. NEA - Drawdown Comparison
The maximum NAD drawdown since its inception was -44.65%, roughly equal to the maximum NEA drawdown of -43.83%. Use the drawdown chart below to compare losses from any high point for NAD and NEA.
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Drawdown Indicators
| NAD | NEA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -44.65% | -43.83% | -0.82% |
Max Drawdown (1Y)Largest decline over 1 year | -8.08% | -7.27% | -0.81% |
Max Drawdown (3Y)Largest decline over 3 years | -14.69% | -15.16% | +0.47% |
Max Drawdown (5Y)Largest decline over 5 years | -35.58% | -36.57% | +0.99% |
Max Drawdown (10Y)Largest decline over 10 years | -35.58% | -36.57% | +0.99% |
Current DrawdownCurrent decline from peak | -3.47% | -4.52% | +1.05% |
Average DrawdownAverage peak-to-trough decline | -7.82% | -8.00% | +0.18% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.06% | 1.82% | +0.24% |
Volatility
NAD vs. NEA - Volatility Comparison
Nuveen Quality Municipal Income Fund (NAD) has a higher volatility of 3.00% compared to Nuveen AMT-Free Quality Municipal Income Fund (NEA) at 2.54%. This indicates that NAD'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.
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Volatility by Period
| NAD | NEA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.00% | 2.54% | +0.46% |
Volatility (6M)Calculated over the trailing 6-month period | 9.40% | 8.68% | +0.72% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.02% | 10.75% | +0.27% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.63% | 11.52% | +0.11% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.94% | 11.83% | +0.11% |
Dividends
NAD vs. NEA - Dividend Comparison
NAD's dividend yield for the trailing twelve months is around 7.19%, which matches NEA's 7.16% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
NAD Nuveen Quality Municipal Income Fund | 7.19% | 7.37% | 6.63% | 4.13% | 5.58% | 4.43% | 4.41% | 4.40% | 5.37% | 5.42% | 6.05% | 5.96% |
NEA Nuveen AMT-Free Quality Municipal Income Fund | 7.16% | 7.36% | 6.63% | 3.95% | 5.49% | 4.50% | 4.45% | 4.46% | 5.40% | 5.33% | 5.70% | 5.71% |
Financials
NAD vs. NEA - Financials Comparison
This section allows you to compare key financial metrics between Nuveen Quality Municipal Income Fund and Nuveen AMT-Free Quality Municipal Income Fund. 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
Frequently Asked Questions
NAD and NEA have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NAD has higher volatility (3.00%) compared to NEA (2.54%). In terms of maximum drawdown, NAD dropped -44.65% vs NEA's -43.83%.
NEA currently has the higher Sharpe Ratio (1.38 vs 1.34), 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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