NAD vs. NZF
NAD (Nuveen Quality Municipal Income Fund) is a stock, while NZF (Nuveen Municipal Credit Income Fund) is Municipal Bonds fund tracking the S&P National Municipal Bond Index. Over the past 10 years, NAD returned 2.83%/yr vs 3.63%/yr for NZF. A 0.57 correlation means they provide meaningful diversification when combined.
Performance
NAD vs. NZF - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, NAD achieves a 2.38% return, which is significantly lower than NZF's 3.68% return. Over the past 10 years, NAD has underperformed NZF with an annualized return of 2.83%, while NZF has yielded a comparatively higher 3.63% annualized return.
NAD
- 1D
- -0.42%
- 1M
- 1.28%
- YTD
- 2.38%
- 6M
- 2.47%
- 1Y
- 13.47%
- 3Y*
- 9.46%
- 5Y*
- 0.16%
- 10Y*
- 2.83%
NZF
- 1D
- -0.47%
- 1M
- 1.12%
- YTD
- 3.68%
- 6M
- 3.27%
- 1Y
- 14.21%
- 3Y*
- 10.46%
- 5Y*
- 0.01%
- 10Y*
- 3.63%
NAD vs. NZF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
NAD Nuveen Quality Municipal Income Fund | 2.38% | 11.29% | 8.74% | 1.26% | -22.85% | 9.70% | 10.33% | 21.92% | -6.10% | 6.37% |
NZF Nuveen Municipal Credit Income Fund | 3.68% | 11.78% | 10.09% | 2.49% | -25.53% | 11.19% | 3.58% | 28.33% | -6.79% | 14.48% |
Correlation
The correlation between NAD and NZF is 0.71, 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 | 0.71 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.80 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.77 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.70 |
Correlation (All Time) Calculated using the full available price history since Oct 3, 2001 | 0.57 |
The correlation between NAD and NZF shifts across timeframes, from 0.57 (all time) to 0.80 (3 years), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
NAD vs. NZF — Risk / Return Rank
NAD
NZF
NAD vs. NZF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Nuveen Quality Municipal Income Fund (NAD) 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.
| NAD | NZF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.13 | ||
| Sortino ratioReturn per unit of downside risk | -0.34 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.26 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 1.68 | 1.76 | -0.08 |
| Martin ratioReturn relative to average drawdown | 6.58 | 7.22 | -0.64 |
Loading charts...
Drawdowns
NAD vs. NZF - Drawdown Comparison
The maximum NAD drawdown since its inception was -44.65%, smaller than the maximum NZF drawdown of -48.55%. Use the drawdown chart below to compare losses from any high point for NAD and NZF.
Loading charts...
Drawdown Indicators
| NAD | NZF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -44.65% | -48.55% | +3.90% |
Max Drawdown (1Y)Largest decline over 1 year | -8.08% | -8.11% | +0.03% |
Max Drawdown (3Y)Largest decline over 3 years | -14.69% | -15.59% | +0.90% |
Max Drawdown (5Y)Largest decline over 5 years | -35.58% | -37.42% | +1.84% |
Max Drawdown (10Y)Largest decline over 10 years | -35.58% | -37.42% | +1.84% |
Current DrawdownCurrent decline from peak | -3.72% | -3.50% | -0.22% |
Average DrawdownAverage peak-to-trough decline | -7.82% | -7.77% | -0.05% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.06% | 1.97% | +0.09% |
Volatility
NAD vs. NZF - Volatility Comparison
Nuveen Quality Municipal Income Fund (NAD) and Nuveen Municipal Credit Income Fund (NZF) have volatilities of 3.60% and 3.61%, 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.
Loading charts...
Volatility by Period
| NAD | NZF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.60% | 3.61% | -0.01% |
Volatility (6M)Calculated over the trailing 6-month period | 9.36% | 8.30% | +1.06% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.98% | 10.47% | +0.51% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.63% | 12.39% | -0.76% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.93% | 13.11% | -1.18% |
Dividends
NAD vs. NZF - Dividend Comparison
NAD's dividend yield for the trailing twelve months is around 7.21%, less than NZF's 7.55% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
NZF Nuveen Municipal Credit Income Fund | 7.55% | 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
NAD and NZF have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NZF has higher volatility (3.61%) compared to NAD (3.60%). In terms of maximum drawdown, NAD dropped -44.65% vs NZF's -48.55%.
NZF currently has the higher Sharpe Ratio (1.36 vs 1.23), 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.
Find the right allocation for NAD and NZF
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer