NEA vs. NVG

Last updated Jun 4, 2026

NEA (Nuveen AMT-Free Quality Municipal Income Fund) and NVG (Nuveen AMT-Free Municipal Credit Income Fund) are both stocks. Both operate in the Asset Management industry within the Financial Services sector. Over the past 10 years, NEA returned 2.97%/yr vs 3.56%/yr for NVG. At a 0.48 correlation, their price movements are largely independent. NEA charges 1.41%/yr vs 1.50%/yr for NVG.

Performance

NEA vs. NVG - Performance Comparison

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

Returns By Period

In the year-to-date period, NEA achieves a 1.73% return, which is significantly lower than NVG's 2.31% return. Over the past 10 years, NEA has underperformed NVG with an annualized return of 2.97%, while NVG has yielded a comparatively higher 3.56% annualized return.

NEA

• 1D: -0.61%
• 1M: 3.38%
• YTD: 1.73%
• 6M: 2.95%
• 1Y: 14.66%
• 3Y*: 9.40%
• 5Y*: -0.08%
• 10Y*: 2.97%

NVG

• 1D: -0.63%
• 1M: 2.09%
• YTD: 2.31%
• 6M: 2.78%
• 1Y: 14.65%
• 3Y*: 10.49%
• 5Y*: -0.65%
• 10Y*: 3.56%

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

NEA vs. NVG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NEA Nuveen AMT-Free Quality Municipal Income Fund	1.73%	11.31%	9.50%	0.75%	-23.32%	8.16%	10.07%	22.42%	-5.72%	8.77%
NVG Nuveen AMT-Free Municipal Credit Income Fund	2.31%	11.61%	10.79%	1.94%	-28.47%	12.14%	6.40%	25.63%	-4.03%	13.19%

Correlation

The correlation between NEA and NVG is 0.72, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.72
Correlation (3Y) Calculated over the trailing 3-year period	0.78
Correlation (5Y) Calculated over the trailing 5-year period	0.75
Correlation (10Y) Calculated over the trailing 10-year period	0.68
Correlation (All Time) Calculated using the full available price history since Nov 25, 2002	0.48

Over the past year, NEA and NVG have become more correlated (0.72) than their long-term average of 0.48, meaning their price movements have been converging.

Fundamentals

Market Cap NEA : $3.44B NVG : $2.68B
EPS NEA : $2.18 NVG : $2.87
PE Ratio NEA : 5.26 NVG : 4.38
PEG Ratio NEA : 0.02 NVG : 0.01
PS Ratio NEA : 4.17 NVG : 6.06
PB Ratio NEA : 0.97 NVG : 0.97
Total Revenue (TTM) NEA : $824.80M NVG : $442.39M
Gross Profit (TTM) NEA : $779.17M NVG : $398.18M
EBITDA (TTM) NEA : $732.48M NVG : $645.87M

Return for Risk

NEA vs. NVG — Risk / Return Rank

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

NEA

NEA Risk / Return Rank: 78
NEA Sharpe Ratio Rank: 79
NEA Sortino Ratio Rank: 76
NEA Omega Ratio Rank: 76
NEA Calmar Ratio Rank: 74
NEA Martin Ratio Rank: 83

NVG

NVG Risk / Return Rank: 74
NVG Sharpe Ratio Rank: 80
NVG Sortino Ratio Rank: 76
NVG Omega Ratio Rank: 76
NVG Calmar Ratio Rank: 67
NVG Martin Ratio Rank: 73

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. NVG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuveen AMT-Free Quality Municipal Income Fund (NEA) and Nuveen AMT-Free Municipal Credit Income Fund (NVG). 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.

	NEA	NVG	Difference
Sharpe ratio Return per unit of total volatility	1.39	1.42	-0.02
Sortino ratio Return per unit of downside risk	2.08	2.10	-0.02
Omega ratio Gain probability vs. loss probability	1.28	1.28	0.00
Calmar ratio Return relative to maximum drawdown	2.02	1.41	+0.62
Martin ratio Return relative to average drawdown	8.11	4.64	+3.47
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NEA vs. NVG - Sharpe Ratio Comparison

The current NEA Sharpe Ratio is 1.39, which is comparable to the NVG Sharpe Ratio of 1.42. The chart below compares the historical Sharpe Ratios of NEA and NVG, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	NEA	NVG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.39	1.42	-0.02
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.01	-0.05	+0.04
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.25	0.28	-0.02
Sharpe Ratio (All Time) Calculated using the full available price history	0.32	0.39	-0.08

Drawdowns

NEA vs. NVG - Drawdown Comparison

The maximum NEA drawdown since its inception was -43.83%, which is greater than NVG's maximum drawdown of -41.72%. Use the drawdown chart below to compare losses from any high point for NEA and NVG.

Drawdown Indicators

	NEA	NVG	Difference
Max Drawdown Largest peak-to-trough decline	-43.83%	-41.72%	-2.11%
Max Drawdown (1Y) Largest decline over 1 year	-7.27%	-10.44%	+3.17%
Max Drawdown (3Y) Largest decline over 3 years	-15.16%	-17.22%	+2.06%
Max Drawdown (5Y) Largest decline over 5 years	-36.57%	-40.58%	+4.01%
Max Drawdown (10Y) Largest decline over 10 years	-36.57%	-40.58%	+4.01%
Current Drawdown Current decline from peak	-5.41%	-7.76%	+2.35%
Average Drawdown Average peak-to-trough decline	-8.01%	-7.92%	-0.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.81%	3.17%	-1.36%

Volatility

NEA vs. NVG - Volatility Comparison

Nuveen AMT-Free Quality Municipal Income Fund (NEA) has a higher volatility of 3.80% compared to Nuveen AMT-Free Municipal Credit Income Fund (NVG) at 3.61%. This indicates that NEA's price experiences larger fluctuations and is considered to be riskier than NVG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NEA	NVG	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.80%	3.61%	+0.19%
Volatility (6M) Calculated over the trailing 6-month period	8.50%	8.73%	-0.23%
Volatility (1Y) Calculated over the trailing 1-year period	10.59%	10.40%	+0.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.49%	13.06%	-1.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.81%	12.89%	-1.08%

NEA vs. NVG - Expense Ratio Comparison

NEA has a 1.41% expense ratio, which is lower than NVG's 1.50% expense ratio.

Dividends

NEA vs. NVG - Dividend Comparison

NEA's dividend yield for the trailing twelve months is around 7.23%, less than NVG's 7.55% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NEA Nuveen AMT-Free Quality Municipal Income Fund	7.23%	7.36%	6.63%	3.95%	5.49%	4.50%	4.45%	4.46%	5.40%	5.33%	5.70%	5.71%
NVG Nuveen AMT-Free Municipal Credit Income Fund	7.55%	7.49%	6.74%	4.45%	6.18%	4.69%	5.24%	4.94%	6.07%	5.67%	6.17%	5.46%

Financials

Frequently Asked Questions

Can I hold both NEA and NVG in my portfolio?

NEA and NVG have a correlation of 0.72, 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 NVG?

NEA has higher volatility (3.80%) compared to NVG (3.61%). In terms of maximum drawdown, NEA dropped -43.83% vs NVG's -41.72%.

Which has better risk-adjusted returns?

NVG currently has the higher Sharpe Ratio (1.42 vs 1.39), 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.