NEA vs. AMLP
NEA (Nuveen AMT-Free Quality Municipal Income Fund) is a stock, while AMLP (Alerian MLP ETF) is MLPs fund tracking the Alerian MLP Infrastructure Index. Over the past 10 years, NEA returned 2.57%/yr vs 6.91%/yr for AMLP. Their 0.09 correlation means their historical movements had little consistent relationship. NEA charges 1.41%/yr vs 0.90%/yr for AMLP.
Performance
NEA vs. AMLP - Performance Comparison
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Returns By Period
In the year-to-date period, NEA achieves a 1.41% return, which is significantly lower than AMLP's 20.23% return. Over the past 10 years, NEA has underperformed AMLP with an annualized return of 2.57%, while AMLP has yielded a comparatively higher 6.91% annualized return.
NEA
- 1D
- 0.00%
- 1M
- -2.85%
- 6M
- 0.57%
- YTD
- 1.41%
- 1Y
- 11.14%
- 3Y*
- 9.25%
- 5Y*
- -0.97%
- 10Y*
- 2.57%
- ALL TIME*
- 4.49%
AMLP
- 1D
- -1.16%
- 1M
- 4.70%
- 6M
- 11.68%
- YTD
- 20.23%
- 1Y
- 19.62%
- 3Y*
- 19.15%
- 5Y*
- 20.05%
- 10Y*
- 6.91%
- ALL TIME*
- 5.78%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
AMLP Alerian MLP ETF | $73.87M | $62.93M | $74.06M |
| $8.83M | $8.83M | $8.71M |
NEA vs. AMLP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
NEA Nuveen AMT-Free Quality Municipal Income Fund | 1.41% | 11.31% | 9.50% | 0.75% | -23.32% | 8.16% | 10.07% | 22.42% | -5.72% | 8.77% |
AMLP Alerian MLP ETF | 20.23% | 5.78% | 22.76% | 21.40% | 25.47% | 39.09% | -32.26% | 5.99% | -12.67% | -7.89% |
Correlation
The correlation between NEA and AMLP is -0.04, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.04 |
Correlation (3Y) Balances recent behavior with more history. | 0.09 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.13 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.10 |
Correlation (All Time) Calculated using the full available price history since Aug 25, 2010 | 0.09 |
The correlation between NEA and AMLP shifts across timeframes, from -0.04 (1 year) to 0.13 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
NEA vs. AMLP — Risk / Return Rank
NEA
AMLP
NEA vs. AMLP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Nuveen AMT-Free Quality Municipal Income Fund (NEA) and Alerian MLP ETF (AMLP). 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.
| NEA | AMLP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.54 | ||
| Sortino ratioReturn per unit of downside risk | -0.64 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.27 | -0.07 |
| Calmar ratioReturn relative to maximum drawdown | 1.54 | 2.39 | -0.85 |
| Martin ratioReturn relative to average drawdown | 5.81 | 6.69 | -0.88 |
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Drawdowns
NEA vs. AMLP - Drawdown Comparison
The maximum NEA drawdown since its inception was -43.83%, smaller than the maximum AMLP drawdown of -77.19%. Use the drawdown chart below to compare losses from any high point for NEA and AMLP.
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Drawdown Indicators
| NEA | AMLP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -43.83% | -77.19% | +33.36% |
Max Drawdown (1Y)Largest decline over 1 year | -7.27% | -8.25% | +0.98% |
Max Drawdown (3Y)Largest decline over 3 years | -12.45% | -14.27% | +1.82% |
Max Drawdown (5Y)Largest decline over 5 years | -36.57% | -20.92% | -15.65% |
Max Drawdown (10Y)Largest decline over 10 years | -36.57% | -72.62% | +36.05% |
Current DrawdownCurrent decline from peak | -5.71% | -1.74% | -3.97% |
Average DrawdownAverage peak-to-trough decline | -7.99% | -17.25% | +9.26% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.92% | 2.94% | -1.02% |
Volatility
NEA vs. AMLP - Volatility Comparison
The current volatility for Nuveen AMT-Free Quality Municipal Income Fund (NEA) is 2.06%, while Alerian MLP ETF (AMLP) has a volatility of 3.90%. This indicates that NEA experiences smaller price fluctuations and is considered to be less risky than AMLP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NEA | AMLP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.06% | 3.90% | -1.84% |
Volatility (6M)Calculated over the trailing 6-month period | 8.76% | 9.73% | -0.97% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.76% | 12.53% | -1.77% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.52% | 19.34% | -7.82% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.80% | 27.65% | -15.85% |
NEA vs. AMLP - Expense Ratio Comparison
NEA has a 1.41% expense ratio, which is higher than AMLP's 0.90% expense ratio.
Dividends
NEA vs. AMLP - Dividend Comparison
NEA's dividend yield for the trailing twelve months is around 7.25%, less than AMLP's 7.40% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
AMLP Alerian MLP ETF | 7.40% | 8.36% | 7.70% | 7.86% | 7.70% | 8.55% | 12.31% | 9.12% | 9.29% | 7.97% | 8.09% | 9.84% |
NEA Nuveen AMT-Free Quality Municipal Income Fund | 7.25% | 7.36% | 6.63% | 3.95% | 5.49% | 4.50% | 4.45% | 4.46% | 5.40% | 5.33% | 5.70% | 5.71% |
Frequently Asked Questions
NEA and AMLP have a correlation of -0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
AMLP has higher volatility (3.90%) compared to NEA (2.06%). In terms of maximum drawdown, NEA dropped -43.83% vs AMLP's -77.19%.
AMLP currently has the higher Sharpe Ratio (1.58 vs 1.04), 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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