NEA vs. BSIIX
NEA (Nuveen AMT-Free Quality Municipal Income Fund) is a stock, while BSIIX (BlackRock Strategic Income Opportunities Fund Class I) is Total Bond Market fund managed by BlackRock. Over the past 10 years, NEA returned 3.01%/yr vs 3.85%/yr for BSIIX. At a 0.22 correlation, their price movements are largely independent. NEA charges 1.41%/yr vs 0.69%/yr for BSIIX.
Performance
NEA vs. BSIIX - Performance Comparison
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Returns By Period
In the year-to-date period, NEA achieves a 3.22% return, which is significantly higher than BSIIX's 2.00% return. Over the past 10 years, NEA has underperformed BSIIX with an annualized return of 3.01%, while BSIIX has yielded a comparatively higher 3.85% annualized return.
NEA
- 1D
- 0.61%
- 1M
- 3.54%
- YTD
- 3.22%
- 6M
- 3.85%
- 1Y
- 15.57%
- 3Y*
- 9.20%
- 5Y*
- -0.07%
- 10Y*
- 3.01%
BSIIX
- 1D
- -0.10%
- 1M
- 1.23%
- YTD
- 2.00%
- 6M
- 2.57%
- 1Y
- 6.95%
- 3Y*
- 6.84%
- 5Y*
- 3.01%
- 10Y*
- 3.85%
NEA vs. BSIIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
NEA Nuveen AMT-Free Quality Municipal Income Fund | 3.22% | 11.31% | 9.50% | 0.75% | -23.32% | 8.16% | 10.07% | 22.42% | -5.72% | 8.77% |
BSIIX BlackRock Strategic Income Opportunities Fund Class I | 2.00% | 8.59% | 5.22% | 6.18% | -6.14% | 0.80% | 7.22% | 7.65% | -0.42% | 4.89% |
Correlation
The correlation between NEA and BSIIX is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.45 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.56 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.49 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.36 |
Correlation (All Time) Calculated using the full available price history since Feb 7, 2008 | 0.22 |
Over the past year, NEA and BSIIX have become more correlated (0.45) than their long-term average of 0.22, meaning their price movements have been converging.
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Return for Risk
NEA vs. BSIIX — Risk / Return Rank
NEA
BSIIX
NEA vs. BSIIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Nuveen AMT-Free Quality Municipal Income Fund (NEA) and BlackRock Strategic Income Opportunities Fund Class I (BSIIX). 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 | BSIIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.90 | ||
| Sortino ratioReturn per unit of downside risk | -1.55 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 1.50 | -0.21 |
| Calmar ratioReturn relative to maximum drawdown | 2.15 | 2.46 | -0.31 |
| Martin ratioReturn relative to average drawdown | 8.57 | 9.49 | -0.92 |
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Drawdowns
NEA vs. BSIIX - Drawdown Comparison
The maximum NEA drawdown since its inception was -43.83%, which is greater than BSIIX's maximum drawdown of -18.76%. Use the drawdown chart below to compare losses from any high point for NEA and BSIIX.
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Drawdown Indicators
| NEA | BSIIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -43.83% | -18.76% | -25.07% |
Max Drawdown (1Y)Largest decline over 1 year | -7.27% | -2.84% | -4.43% |
Max Drawdown (3Y)Largest decline over 3 years | -15.16% | -2.84% | -12.32% |
Max Drawdown (5Y)Largest decline over 5 years | -36.57% | -9.13% | -27.44% |
Max Drawdown (10Y)Largest decline over 10 years | -36.57% | -9.91% | -26.66% |
Current DrawdownCurrent decline from peak | -4.02% | -0.31% | -3.71% |
Average DrawdownAverage peak-to-trough decline | -8.00% | -1.80% | -6.20% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.82% | 0.73% | +1.09% |
Volatility
NEA vs. BSIIX - Volatility Comparison
Nuveen AMT-Free Quality Municipal Income Fund (NEA) has a higher volatility of 2.67% compared to BlackRock Strategic Income Opportunities Fund Class I (BSIIX) at 0.92%. This indicates that NEA's price experiences larger fluctuations and is considered to be riskier than BSIIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NEA | BSIIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.67% | 0.92% | +1.75% |
Volatility (6M)Calculated over the trailing 6-month period | 8.67% | 2.37% | +6.30% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.72% | 2.96% | +7.76% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.52% | 3.65% | +7.87% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.82% | 3.15% | +8.67% |
NEA vs. BSIIX - Expense Ratio Comparison
NEA has a 1.41% expense ratio, which is higher than BSIIX's 0.69% expense ratio.
Dividends
NEA vs. BSIIX - Dividend Comparison
NEA's dividend yield for the trailing twelve months is around 7.13%, more than BSIIX's 5.15% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BSIIX BlackRock Strategic Income Opportunities Fund Class I | 5.15% | 5.07% | 4.75% | 3.33% | 3.58% | 2.98% | 2.92% | 3.54% | 3.32% | 3.45% | 2.91% | 3.19% |
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% |
Frequently Asked Questions
NEA and BSIIX have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NEA has higher volatility (2.67%) compared to BSIIX (0.92%). In terms of maximum drawdown, NEA dropped -43.83% vs BSIIX's -18.76%.
BSIIX currently has the higher Sharpe Ratio (2.36 vs 1.46), 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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