NMT vs. NRK
NMT (Nuveen Massachusetts Quality Municipal Income Fund) and NRK (Nuveen New York AMT Free Quality Municipal Income) are both Municipal Bonds funds from Nuveen. Over the past 10 years, NMT returned 2.58%/yr vs 2.37%/yr for NRK. At a 0.24 correlation, their price movements are largely independent. NMT charges 0.04%/yr vs 2.16%/yr for NRK.
Performance
NMT vs. NRK - Performance Comparison
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Returns By Period
In the year-to-date period, NMT achieves a 15.87% return, which is significantly higher than NRK's 9.70% return. Over the past 10 years, NMT has outperformed NRK with an annualized return of 2.58%, while NRK has yielded a comparatively lower 2.37% annualized return.
NMT
- 1D
- -0.31%
- 1M
- 1.10%
- YTD
- 15.87%
- 6M
- 15.57%
- 1Y
- 16.25%
- 3Y*
- 13.56%
- 5Y*
- 1.78%
- 10Y*
- 2.58%
NRK
- 1D
- 0.38%
- 1M
- 3.94%
- YTD
- 9.70%
- 6M
- 10.68%
- 1Y
- 18.60%
- 3Y*
- 8.01%
- 5Y*
- 0.31%
- 10Y*
- 2.37%
NMT vs. NRK - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
NMT Nuveen Massachusetts Quality Municipal Income Fund | 15.87% | 5.77% | 16.29% | 2.58% | -30.45% | 12.42% | 6.47% | 25.65% | -14.05% | 13.80% |
NRK Nuveen New York AMT Free Quality Municipal Income | 9.70% | 4.74% | 5.93% | 7.03% | -21.84% | 6.24% | 4.08% | 21.43% | -5.98% | 6.16% |
Correlation
The correlation between NMT and NRK is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.22 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.41 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.42 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.34 |
Correlation (All Time) Calculated using the full available price history since Jan 16, 2003 | 0.24 |
The correlation between NMT and NRK shifts across timeframes, from 0.22 (1 year) to 0.42 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
NMT vs. NRK — Risk / Return Rank
NMT
NRK
NMT vs. NRK - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Nuveen Massachusetts Quality Municipal Income Fund (NMT) and Nuveen New York AMT Free Quality Municipal Income (NRK). 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.
| NMT | NRK | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.55 | ||
| Sortino ratioReturn per unit of downside risk | -1.27 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 1.43 | -0.11 |
| Calmar ratioReturn relative to maximum drawdown | 2.79 | 3.51 | -0.72 |
| Martin ratioReturn relative to average drawdown | 8.93 | 9.37 | -0.44 |
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Drawdowns
NMT vs. NRK - Drawdown Comparison
The maximum NMT drawdown since its inception was -40.12%, roughly equal to the maximum NRK drawdown of -40.18%. Use the drawdown chart below to compare losses from any high point for NMT and NRK.
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Drawdown Indicators
| NMT | NRK | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -40.12% | -40.18% | +0.06% |
Max Drawdown (1Y)Largest decline over 1 year | -5.84% | -5.32% | -0.52% |
Max Drawdown (3Y)Largest decline over 3 years | -13.28% | -12.67% | -0.61% |
Max Drawdown (5Y)Largest decline over 5 years | -38.88% | -31.06% | -7.82% |
Max Drawdown (10Y)Largest decline over 10 years | -38.88% | -31.06% | -7.82% |
Current DrawdownCurrent decline from peak | -3.74% | -1.01% | -2.73% |
Average DrawdownAverage peak-to-trough decline | -8.44% | -8.17% | -0.27% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.82% | 1.99% | -0.17% |
Volatility
NMT vs. NRK - Volatility Comparison
The current volatility for Nuveen Massachusetts Quality Municipal Income Fund (NMT) is 2.92%, while Nuveen New York AMT Free Quality Municipal Income (NRK) has a volatility of 3.31%. This indicates that NMT experiences smaller price fluctuations and is considered to be less risky than NRK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NMT | NRK | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.92% | 3.31% | -0.39% |
Volatility (6M)Calculated over the trailing 6-month period | 8.41% | 6.66% | +1.75% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.92% | 8.51% | +1.41% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.32% | 9.95% | +2.37% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.07% | 10.35% | +3.72% |
NMT vs. NRK - Expense Ratio Comparison
NMT has a 0.04% expense ratio, which is lower than NRK's 2.16% expense ratio.
Dividends
NMT vs. NRK - Dividend Comparison
NMT's dividend yield for the trailing twelve months is around 6.12%, less than NRK's 7.75% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
NMT Nuveen Massachusetts Quality Municipal Income Fund | 6.12% | 7.27% | 5.94% | 3.06% | 4.50% | 3.43% | 3.60% | 3.46% | 4.66% | 4.57% | 5.30% | 5.15% |
NRK Nuveen New York AMT Free Quality Municipal Income | 7.75% | 8.21% | 6.74% | 4.06% | 5.41% | 4.18% | 4.15% | 3.98% | 4.68% | 4.85% | 5.37% | 5.44% |
Frequently Asked Questions
NMT and NRK have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NRK has higher volatility (3.31%) compared to NMT (2.92%). In terms of maximum drawdown, NMT dropped -40.12% vs NRK's -40.18%.
NRK currently has the higher Sharpe Ratio (2.20 vs 1.65), 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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