NEA vs. FAGIX

Last updated Jun 20, 2026

NEA (Nuveen AMT-Free Quality Municipal Income Fund) is a stock, while FAGIX (Fidelity Capital & Income Fund) is High Yield Bonds fund actively managed by Fidelity. Over the past 10 years, NEA returned 3.01%/yr vs 8.14%/yr for FAGIX. At a 0.20 correlation, their price movements are largely independent. NEA charges 1.41%/yr vs 0.67%/yr for FAGIX.

Performance

NEA vs. FAGIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nuveen AMT-Free Quality Municipal Income Fund (NEA) and Fidelity Capital & Income Fund (FAGIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NEA achieves a 3.22% return, which is significantly lower than FAGIX's 8.52% return. Over the past 10 years, NEA has underperformed FAGIX with an annualized return of 3.01%, while FAGIX has yielded a comparatively higher 8.14% 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%

FAGIX

• 1D: 0.70%
• 1M: 1.92%
• YTD: 8.52%
• 6M: 9.16%
• 1Y: 18.07%
• 3Y*: 13.10%
• 5Y*: 7.14%
• 10Y*: 8.14%

*Multi-year figures are annualized to reflect compound growth (CAGR)

NEA vs. FAGIX - 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%
FAGIX Fidelity Capital & Income Fund	8.52%	12.38%	10.69%	13.02%	-11.50%	11.13%	9.95%	18.96%	-7.17%	11.66%

Correlation

The correlation between NEA and FAGIX is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.32
Correlation (3Y) Calculated over the trailing 3-year period	0.39
Correlation (5Y) Calculated over the trailing 5-year period	0.39
Correlation (10Y) Calculated over the trailing 10-year period	0.29
Correlation (All Time) Calculated using the full available price history since Nov 22, 2002	0.20

The correlation between NEA and FAGIX shifts across timeframes, from 0.20 (all time) to 0.39 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

NEA vs. FAGIX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

NEA

NEA Risk / Return Rank: 81
NEA Sharpe Ratio Rank: 82
NEA Sortino Ratio Rank: 79
NEA Omega Ratio Rank: 79
NEA Calmar Ratio Rank: 77
NEA Martin Ratio Rank: 85

FAGIX

FAGIX Risk / Return Rank: 92
FAGIX Sharpe Ratio Rank: 92
FAGIX Sortino Ratio Rank: 90
FAGIX Omega Ratio Rank: 87
FAGIX Calmar Ratio Rank: 95
FAGIX Martin Ratio Rank: 96

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

NEA vs. FAGIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuveen AMT-Free Quality Municipal Income Fund (NEA) and Fidelity Capital & Income Fund (FAGIX). 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	FAGIX	Difference
Sharpe ratio: Return per unit of total volatility	1.46	2.80	-1.34
Sortino ratio: Return per unit of downside risk	2.18	4.02	-1.84
Omega ratio: Gain probability vs. loss probability	1.29	1.55	-0.26
Calmar ratio: Return relative to maximum drawdown	2.15	5.20	-3.05
Martin ratio: Return relative to average drawdown	8.57	21.24	-12.66

NEA vs. FAGIX - Sharpe Ratio Comparison

The current NEA Sharpe Ratio is 1.46, which is lower than the FAGIX Sharpe Ratio of 2.80. The chart below compares the historical Sharpe Ratios of NEA and FAGIX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

NEA vs. FAGIX - Drawdown Comparison

The maximum NEA drawdown since its inception was -43.83%, which is greater than FAGIX's maximum drawdown of -37.97%. Use the drawdown chart below to compare losses from any high point for NEA and FAGIX.

Drawdown Indicators

	NEA	FAGIX	Difference
Max Drawdown Largest peak-to-trough decline	-43.83%	-37.97%	-5.86%
Max Drawdown (1Y) Largest decline over 1 year	-7.27%	-3.49%	-3.78%
Max Drawdown (3Y) Largest decline over 3 years	-15.16%	-7.26%	-7.90%
Max Drawdown (5Y) Largest decline over 5 years	-36.57%	-15.42%	-21.15%
Max Drawdown (10Y) Largest decline over 10 years	-36.57%	-28.45%	-8.12%
Current Drawdown Current decline from peak	-4.02%	-0.00%	-4.02%
Average Drawdown Average peak-to-trough decline	-8.00%	-6.98%	-1.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.82%	0.85%	+0.97%

Volatility

NEA vs. FAGIX - Volatility Comparison

Nuveen AMT-Free Quality Municipal Income Fund (NEA) and Fidelity Capital & Income Fund (FAGIX) have volatilities of 2.67% and 2.74%, 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.

Volatility by Period

	NEA	FAGIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.67%	2.74%	-0.07%
Volatility (6M) Calculated over the trailing 6-month period	8.67%	5.38%	+3.29%
Volatility (1Y) Calculated over the trailing 1-year period	10.72%	6.47%	+4.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.52%	6.68%	+4.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.82%	7.85%	+3.97%

NEA vs. FAGIX - Expense Ratio Comparison

NEA has a 1.41% expense ratio, which is higher than FAGIX's 0.67% expense ratio.

Dividends

NEA vs. FAGIX - Dividend Comparison

NEA's dividend yield for the trailing twelve months is around 7.13%, more than FAGIX's 5.23% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FAGIX Fidelity Capital & Income Fund	5.23%	4.74%	5.02%	5.28%	10.25%	6.08%	4.59%	5.00%	5.67%	5.05%	4.57%	4.51%
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

Can I hold both NEA and FAGIX in my portfolio?

NEA and FAGIX have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NEA or FAGIX?

FAGIX has higher volatility (2.74%) compared to NEA (2.67%). In terms of maximum drawdown, NEA dropped -43.83% vs FAGIX's -37.97%.

Which has better risk-adjusted returns?

FAGIX currently has the higher Sharpe Ratio (2.80 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.