NAZ vs. JQC
NAZ (Nuveen Arizona Quality Municipal Income Fund) and JQC (Nuveen Credit Strategies Income Fund) are both mutual funds - NAZ is a Municipal Bonds fund managed by Nuveen, while JQC is a Bank Loan fund managed by Nuveen. Over the past 10 years, NAZ returned 1.76%/yr vs 5.73%/yr for JQC. At a 0.16 correlation, their price movements are largely independent. NAZ charges 0.03%/yr vs 4.34%/yr for JQC.
Performance
NAZ vs. JQC - Performance Comparison
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Returns By Period
In the year-to-date period, NAZ achieves a 9.68% return, which is significantly higher than JQC's 1.77% return. Over the past 10 years, NAZ has underperformed JQC with an annualized return of 1.76%, while JQC has yielded a comparatively higher 5.73% annualized return.
NAZ
- 1D
- 0.00%
- 1M
- -2.38%
- 6M
- 8.22%
- YTD
- 9.68%
- 1Y
- 13.37%
- 3Y*
- 12.19%
- 5Y*
- 0.53%
- 10Y*
- 1.76%
JQC
- 1D
- -0.21%
- 1M
- 0.41%
- 6M
- -0.60%
- YTD
- 1.77%
- 1Y
- -0.85%
- 3Y*
- 10.59%
- 5Y*
- 4.53%
- 10Y*
- 5.73%
NAZ vs. JQC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
NAZ Nuveen Arizona Quality Municipal Income Fund | 9.68% | 12.08% | 12.93% | -0.48% | -27.24% | 4.75% | 22.64% | 18.15% | -12.52% | 5.81% |
JQC Nuveen Credit Strategies Income Fund | 1.77% | -0.36% | 22.29% | 15.26% | -14.22% | 13.29% | -2.96% | 21.78% | -4.33% | -0.27% |
Correlation
The correlation between NAZ and JQC 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 | 0.13 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.16 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.15 |
Correlation (All Time) Calculated using the full available price history since Jun 26, 2003 | 0.16 |
The correlation between NAZ and JQC shifts across timeframes, from -0.01 (1 year) to 0.16 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
NAZ vs. JQC — Risk / Return Rank
NAZ
JQC
NAZ vs. JQC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Nuveen Arizona Quality Municipal Income Fund (NAZ) and Nuveen Credit Strategies Income Fund (JQC). 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 | JQC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.19 | ||
| Sortino ratioReturn per unit of downside risk | +1.77 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.00 | +0.21 |
| Calmar ratioReturn relative to maximum drawdown | 2.01 | -0.08 | +2.10 |
| Martin ratioReturn relative to average drawdown | 6.68 | -0.16 | +6.84 |
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Drawdowns
NAZ vs. JQC - Drawdown Comparison
The maximum NAZ drawdown since its inception was -38.28%, smaller than the maximum JQC drawdown of -75.18%. Use the drawdown chart below to compare losses from any high point for NAZ and JQC.
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Drawdown Indicators
| NAZ | JQC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.28% | -75.18% | +36.90% |
Max Drawdown (1Y)Largest decline over 1 year | -6.66% | -10.15% | +3.49% |
Max Drawdown (3Y)Largest decline over 3 years | -13.76% | -15.37% | +1.61% |
Max Drawdown (5Y)Largest decline over 5 years | -38.28% | -19.83% | -18.45% |
Max Drawdown (10Y)Largest decline over 10 years | -38.28% | -47.99% | +9.71% |
Current DrawdownCurrent decline from peak | -4.80% | -4.36% | -0.44% |
Average DrawdownAverage peak-to-trough decline | -9.33% | -8.80% | -0.53% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.01% | 5.23% | -3.22% |
Volatility
NAZ vs. JQC - Volatility Comparison
Nuveen Arizona Quality Municipal Income Fund (NAZ) has a higher volatility of 3.94% compared to Nuveen Credit Strategies Income Fund (JQC) at 1.77%. This indicates that NAZ's price experiences larger fluctuations and is considered to be riskier than JQC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NAZ | JQC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.94% | 1.77% | +2.17% |
Volatility (6M)Calculated over the trailing 6-month period | 9.93% | 8.72% | +1.21% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.03% | 11.19% | +0.84% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.70% | 13.13% | +0.57% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.94% | 17.52% | -2.58% |
NAZ vs. JQC - Expense Ratio Comparison
NAZ has a 0.03% expense ratio, which is lower than JQC's 4.34% expense ratio.
Dividends
NAZ vs. JQC - Dividend Comparison
NAZ's dividend yield for the trailing twelve months is around 6.31%, less than JQC's 13.13% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
JQC Nuveen Credit Strategies Income Fund | 13.13% | 12.91% | 11.39% | 11.42% | 9.71% | 10.03% | 16.11% | 16.14% | 6.53% | 7.42% | 6.99% | 7.51% |
NAZ Nuveen Arizona Quality Municipal Income Fund | 6.31% | 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 JQC 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.
NAZ has higher volatility (3.94%) compared to JQC (1.77%). In terms of maximum drawdown, NAZ dropped -38.28% vs JQC's -75.18%.
NAZ currently has the higher Sharpe Ratio (1.12 vs -0.08), 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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