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 2.86%/yr vs 3.03%/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
In the year-to-date period, NAD achieves a 2.91% return, which is significantly lower than NEA's 3.13% return. Over the past 10 years, NAD has underperformed NEA with an annualized return of 2.86%, while NEA has yielded a comparatively higher 3.03% annualized return.
NAD
- 1D
- 0.08%
- 1M
- 0.51%
- 6M
- 1.39%
- YTD
- 2.91%
- 1Y
- 13.29%
- 3Y*
- 9.04%
- 5Y*
- -0.31%
- 10Y*
- 2.86%
NEA
- 1D
- 0.00%
- 1M
- 0.85%
- 6M
- 2.08%
- YTD
- 3.13%
- 1Y
- 13.06%
- 3Y*
- 9.02%
- 5Y*
- -0.60%
- 10Y*
- 3.03%
NAD vs. NEA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
NAD Nuveen Quality Municipal Income Fund | 2.91% | 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 | 3.13% | 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 0.75, 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 | 0.75 |
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 (0.75) than their long-term average of 0.53, meaning their price movements have been converging.
Fundamentals
NAD:
$2.79B
NEA:
$3.46B
NAD:
$1.03
NEA:
$0.80
NAD:
11.55
NEA:
14.39
NAD:
0.05
NEA:
0.04
NAD:
6.55
NEA:
6.85
NAD:
1.00
NEA:
1.00
NAD:
$425.93M
NEA:
$507.00M
NAD:
$369.39M
NEA:
$445.06M
NAD:
$450.24M
NEA:
$528.27M
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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 | 0.00 | ||
| Sortino ratioReturn per unit of downside risk | -0.04 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.24 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 1.65 | 1.80 | -0.15 |
| Martin ratioReturn relative to average drawdown | 6.53 | 7.20 | -0.67 |
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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 | -3.22% | -4.11% | +0.89% |
Average DrawdownAverage peak-to-trough decline | -7.81% | -7.99% | +0.18% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.04% | 1.83% | +0.21% |
Volatility
NAD vs. NEA - Volatility Comparison
Nuveen Quality Municipal Income Fund (NAD) and Nuveen AMT-Free Quality Municipal Income Fund (NEA) have volatilities of 2.15% and 2.15%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. 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 | 2.15% | 2.15% | 0.00% |
Volatility (6M)Calculated over the trailing 6-month period | 9.34% | 8.67% | +0.67% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.04% | 10.80% | +0.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.64% | 11.51% | +0.13% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.93% | 11.81% | +0.12% |
Dividends
NAD vs. NEA - Dividend Comparison
NAD's dividend yield for the trailing twelve months is around 7.17%, which matches NEA's 7.13% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
NAD Nuveen Quality Municipal Income Fund | 7.17% | 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 | 7.13% | 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
NAD vs. NEA - 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%.
NEA - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jul 2026, Nuveen AMT-Free Quality Municipal Income Fund reported a gross profit of 116.19M and revenue of 132.50M. Therefore, the gross margin over that period was 87.7%.
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%.
NEA - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jul 2026, Nuveen AMT-Free Quality Municipal Income Fund reported an operating income of 79.07M and revenue of 132.50M, resulting in an operating margin of 59.7%.
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%.
NEA - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jul 2026, Nuveen AMT-Free Quality Municipal Income Fund reported a net income of 39.90M and revenue of 132.50M, resulting in a net margin of 30.1%.
Frequently Asked Questions
NAD and NEA have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NEA has higher volatility (2.15%) compared to NAD (2.15%). In terms of maximum drawdown, NAD dropped -44.65% vs NEA's -43.83%.
NEA currently has the higher Sharpe Ratio (1.22 vs 1.21), 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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