NMCO vs. AGD

Last updated Jun 5, 2026

NMCO (Nuveen Municipal Credit Opportunities Fund) and AGD (abrdn Global Dynamic Dividend Fund) are both mutual funds - NMCO is a High Yield Muni fund managed by Nuveen, while AGD is a Global Equity Income fund actively managed by abrdn. Over the past 5 years, NMCO returned -0.60%/yr vs 10.61%/yr for AGD. At a 0.22 correlation, their price movements are largely independent. NMCO charges 0.04%/yr vs 1.14%/yr for AGD.

Performance

NMCO vs. AGD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nuveen Municipal Credit Opportunities Fund (NMCO) and abrdn Global Dynamic Dividend Fund (AGD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NMCO achieves a 7.90% return, which is significantly lower than AGD's 13.31% return.

NMCO

• 1D: 0.56%
• 1M: 0.35%
• YTD: 7.90%
• 6M: 3.73%
• 1Y: 9.97%
• 3Y*: 5.43%
• 5Y*: -0.60%
• 10Y*: —

AGD

• 1D: 0.16%
• 1M: 2.19%
• YTD: 13.31%
• 6M: 15.97%
• 1Y: 37.00%
• 3Y*: 23.15%
• 5Y*: 10.61%
• 10Y*: 13.26%

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

NMCO vs. AGD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
NMCO Nuveen Municipal Credit Opportunities Fund	7.90%	4.18%	13.64%	-4.19%	-25.66%	26.98%	-11.55%	2.16%
AGD abrdn Global Dynamic Dividend Fund	13.31%	34.31%	16.39%	7.36%	-15.31%	23.74%	9.49%	9.27%

Correlation

The correlation between NMCO and AGD is 0.12, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.12
Correlation (3Y) Calculated over the trailing 3-year period	0.25
Correlation (5Y) Calculated over the trailing 5-year period	0.24
Correlation (All Time) Calculated using the full available price history since Sep 18, 2019	0.22

The correlation between NMCO and AGD shifts across timeframes, from 0.12 (1 year) to 0.25 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

NMCO vs. AGD — Risk / Return Rank

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

NMCO

NMCO Risk / Return Rank: 16
NMCO Sharpe Ratio Rank: 17
NMCO Sortino Ratio Rank: 16
NMCO Omega Ratio Rank: 16
NMCO Calmar Ratio Rank: 17
NMCO Martin Ratio Rank: 14

AGD

AGD Risk / Return Rank: 25
AGD Sharpe Ratio Rank: 30
AGD Sortino Ratio Rank: 20
AGD Omega Ratio Rank: 36
AGD Calmar Ratio Rank: 25
AGD Martin Ratio Rank: 14

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.

NMCO vs. AGD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuveen Municipal Credit Opportunities Fund (NMCO) and abrdn Global Dynamic Dividend Fund (AGD). 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.

	NMCO	AGD	Difference
Sharpe ratio: Return per unit of total volatility	1.12	1.56	-0.44
Sortino ratio: Return per unit of downside risk	1.62	1.84	-0.22
Omega ratio: Gain probability vs. loss probability	1.20	1.31	-0.12
Calmar ratio: Return relative to maximum drawdown	1.38	1.84	-0.45
Martin ratio: Return relative to average drawdown	3.72	3.94	-0.22
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NMCO vs. AGD - Sharpe Ratio Comparison

The current NMCO Sharpe Ratio is 1.12, which is comparable to the AGD Sharpe Ratio of 1.56. The chart below compares the historical Sharpe Ratios of NMCO and AGD, 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

	NMCO	AGD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.12	1.56	-0.44
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.04	0.56	-0.61
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.68	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.03	0.18	-0.14

Drawdowns

NMCO vs. AGD - Drawdown Comparison

The maximum NMCO drawdown since its inception was -42.03%, smaller than the maximum AGD drawdown of -76.36%. Use the drawdown chart below to compare losses from any high point for NMCO and AGD.

Drawdown Indicators

	NMCO	AGD	Difference
Max Drawdown Largest peak-to-trough decline	-42.03%	-76.36%	+34.33%
Max Drawdown (1Y) Largest decline over 1 year	-7.24%	-20.25%	+13.01%
Max Drawdown (3Y) Largest decline over 3 years	-24.35%	-20.25%	-4.10%
Max Drawdown (5Y) Largest decline over 5 years	-39.82%	-28.16%	-11.66%
Max Drawdown (10Y) Largest decline over 10 years	—	-44.12%	—
Current Drawdown Current decline from peak	-10.26%	-2.01%	-8.25%
Average Drawdown Average peak-to-trough decline	-16.04%	-29.89%	+13.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.69%	9.42%	-6.73%

Volatility

NMCO vs. AGD - Volatility Comparison

The current volatility for Nuveen Municipal Credit Opportunities Fund (NMCO) is 2.34%, while abrdn Global Dynamic Dividend Fund (AGD) has a volatility of 4.09%. This indicates that NMCO experiences smaller price fluctuations and is considered to be less risky than AGD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NMCO	AGD	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.34%	4.09%	-1.75%
Volatility (6M) Calculated over the trailing 6-month period	5.95%	16.21%	-10.26%
Volatility (1Y) Calculated over the trailing 1-year period	8.96%	23.88%	-14.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.03%	18.95%	-4.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.49%	19.59%	-0.10%

NMCO vs. AGD - Expense Ratio Comparison

NMCO has a 0.04% expense ratio, which is lower than AGD's 1.14% expense ratio.

Dividends

NMCO vs. AGD - Dividend Comparison

NMCO's dividend yield for the trailing twelve months is around 7.69%, less than AGD's 11.05% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AGD abrdn Global Dynamic Dividend Fund	11.05%	11.41%	10.46%	8.35%	8.25%	6.45%	7.47%	7.50%	9.17%	7.22%	8.89%	8.77%
NMCO Nuveen Municipal Credit Opportunities Fund	7.69%	8.04%	6.79%	5.96%	6.65%	4.75%	5.57%	0.83%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both NMCO and AGD in my portfolio?

NMCO and AGD have a correlation of 0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NMCO or AGD?

AGD has higher volatility (4.09%) compared to NMCO (2.34%). In terms of maximum drawdown, NMCO dropped -42.03% vs AGD's -76.36%.

Which has better risk-adjusted returns?

AGD currently has the higher Sharpe Ratio (1.56 vs 1.12), 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.