NAZ vs. EIM
NAZ (Nuveen Arizona Quality Municipal Income Fund) and EIM (Eaton Vance Municipal Bond Fund) are both Municipal Bonds funds. Over the past 10 years, NAZ returned 1.79%/yr vs 1.44%/yr for EIM. At a 0.25 correlation, their price movements are largely independent. NAZ charges 0.03%/yr vs 0.01%/yr for EIM.
Performance
NAZ vs. EIM - Performance Comparison
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Returns By Period
In the year-to-date period, NAZ achieves a 8.20% return, which is significantly higher than EIM's 3.77% return. Over the past 10 years, NAZ has outperformed EIM with an annualized return of 1.79%, while EIM has yielded a comparatively lower 1.44% annualized return.
NAZ
- 1D
- -0.56%
- 1M
- -2.11%
- YTD
- 8.20%
- 6M
- 7.84%
- 1Y
- 15.18%
- 3Y*
- 11.97%
- 5Y*
- 0.20%
- 10Y*
- 1.79%
EIM
- 1D
- 0.62%
- 1M
- 1.35%
- YTD
- 3.77%
- 6M
- 4.73%
- 1Y
- 9.64%
- 3Y*
- 5.26%
- 5Y*
- -1.28%
- 10Y*
- 1.44%
NAZ vs. EIM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
NAZ Nuveen Arizona Quality Municipal Income Fund | 8.20% | 12.08% | 12.93% | -0.48% | -27.24% | 4.75% | 22.64% | 18.15% | -12.52% | 5.81% |
EIM Eaton Vance Municipal Bond Fund | 3.77% | -0.08% | 8.21% | 1.66% | -19.82% | 4.35% | 10.53% | 18.91% | -5.30% | 6.44% |
Correlation
The correlation between NAZ and EIM is 0.06, 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 | 0.06 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.35 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.37 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.32 |
Correlation (All Time) Calculated using the full available price history since Aug 28, 2002 | 0.25 |
The correlation between NAZ and EIM shifts across timeframes, from 0.06 (1 year) to 0.37 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
NAZ vs. EIM — Risk / Return Rank
NAZ
EIM
NAZ vs. EIM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Nuveen Arizona Quality Municipal Income Fund (NAZ) and Eaton Vance Municipal Bond Fund (EIM). 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.
| NAZ | EIM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.24 | ||
| Sortino ratioReturn per unit of downside risk | +0.19 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.22 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 2.29 | 1.83 | +0.46 |
| Martin ratioReturn relative to average drawdown | 9.52 | 3.76 | +5.77 |
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Drawdowns
NAZ vs. EIM - Drawdown Comparison
The maximum NAZ drawdown since its inception was -38.28%, smaller than the maximum EIM drawdown of -52.50%. Use the drawdown chart below to compare losses from any high point for NAZ and EIM.
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Drawdown Indicators
| NAZ | EIM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.28% | -52.50% | +14.22% |
Max Drawdown (1Y)Largest decline over 1 year | -6.66% | -5.30% | -1.36% |
Max Drawdown (3Y)Largest decline over 3 years | -13.76% | -13.41% | -0.35% |
Max Drawdown (5Y)Largest decline over 5 years | -38.28% | -31.69% | -6.59% |
Max Drawdown (10Y)Largest decline over 10 years | -38.28% | -31.69% | -6.59% |
Current DrawdownCurrent decline from peak | -6.08% | -9.53% | +3.45% |
Average DrawdownAverage peak-to-trough decline | -9.33% | -8.37% | -0.96% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.60% | 2.57% | -0.97% |
Volatility
NAZ vs. EIM - Volatility Comparison
Nuveen Arizona Quality Municipal Income Fund (NAZ) has a higher volatility of 4.25% compared to Eaton Vance Municipal Bond Fund (EIM) at 2.38%. This indicates that NAZ's price experiences larger fluctuations and is considered to be riskier than EIM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NAZ | EIM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.25% | 2.38% | +1.87% |
Volatility (6M)Calculated over the trailing 6-month period | 9.78% | 6.36% | +3.42% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.84% | 9.25% | +2.59% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.67% | 10.74% | +2.93% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.97% | 11.57% | +3.40% |
NAZ vs. EIM - Expense Ratio Comparison
NAZ has a 0.03% expense ratio, which is higher than EIM's 0.01% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
NAZ vs. EIM - Dividend Comparison
NAZ's dividend yield for the trailing twelve months is around 6.39%, more than EIM's 6.23% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EIM Eaton Vance Municipal Bond Fund | 6.23% | 6.27% | 5.65% | 4.07% | 4.87% | 4.38% | 4.29% | 4.00% | 4.98% | 5.48% | 5.64% | 5.90% |
NAZ Nuveen Arizona Quality Municipal Income Fund | 6.39% | 7.09% | 6.20% | 3.63% | 5.01% | 3.75% | 3.52% | 3.82% | 4.52% | 4.65% | 5.53% | 5.25% |
Frequently Asked Questions
NAZ and EIM have a correlation of 0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NAZ has higher volatility (4.25%) compared to EIM (2.38%). In terms of maximum drawdown, NAZ dropped -38.28% vs EIM's -52.50%.
NAZ currently has the higher Sharpe Ratio (1.29 vs 1.05), 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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