NMZ vs. NRK
NMZ (Nuveen Municipal High Income Opportunity Fund) and NRK (Nuveen New York AMT Free Quality Municipal Income) are both mutual funds - NMZ is a High Yield Muni fund actively managed by Nuveen, while NRK is a Municipal Bonds fund actively managed by Nuveen. Both are actively managed. Over the past 10 years, NMZ returned 2.31%/yr vs 2.37%/yr for NRK. At a 0.34 correlation, their price movements are largely independent. NMZ charges 1.50%/yr vs 2.16%/yr for NRK.
Performance
NMZ vs. NRK - Performance Comparison
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Returns By Period
In the year-to-date period, NMZ achieves a 5.38% return, which is significantly lower than NRK's 9.70% return. Both investments have delivered pretty close results over the past 10 years, with NMZ having a 2.31% annualized return and NRK not far ahead at 2.37%.
NMZ
- 1D
- 0.10%
- 1M
- 3.44%
- YTD
- 5.38%
- 6M
- 5.90%
- 1Y
- 8.98%
- 3Y*
- 5.72%
- 5Y*
- -1.45%
- 10Y*
- 2.31%
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%
NMZ vs. NRK - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
NMZ Nuveen Municipal High Income Opportunity Fund | 5.38% | 1.56% | 16.52% | 0.69% | -27.36% | 10.41% | 7.33% | 28.36% | -9.47% | 12.87% |
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 NMZ and NRK is 0.52, 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 | 0.52 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.57 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.56 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.50 |
Correlation (All Time) Calculated using the full available price history since Nov 20, 2003 | 0.34 |
The correlation between NMZ and NRK shifts across timeframes, from 0.34 (all time) to 0.57 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
NMZ vs. NRK — Risk / Return Rank
NMZ
NRK
NMZ vs. NRK - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Nuveen Municipal High Income Opportunity Fund (NMZ) 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.
| NMZ | NRK | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.24 | ||
| Sortino ratioReturn per unit of downside risk | -2.08 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.43 | -0.25 |
| Calmar ratioReturn relative to maximum drawdown | 1.52 | 3.51 | -2.00 |
| Martin ratioReturn relative to average drawdown | 3.78 | 9.37 | -5.59 |
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Drawdowns
NMZ vs. NRK - Drawdown Comparison
The maximum NMZ drawdown since its inception was -58.53%, which is greater than NRK's maximum drawdown of -40.18%. Use the drawdown chart below to compare losses from any high point for NMZ and NRK.
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Drawdown Indicators
| NMZ | NRK | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -58.53% | -40.18% | -18.35% |
Max Drawdown (1Y)Largest decline over 1 year | -5.94% | -5.32% | -0.62% |
Max Drawdown (3Y)Largest decline over 3 years | -21.56% | -12.67% | -8.89% |
Max Drawdown (5Y)Largest decline over 5 years | -40.03% | -31.06% | -8.97% |
Max Drawdown (10Y)Largest decline over 10 years | -40.03% | -31.06% | -8.97% |
Current DrawdownCurrent decline from peak | -10.51% | -1.01% | -9.50% |
Average DrawdownAverage peak-to-trough decline | -9.47% | -8.17% | -1.30% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.38% | 1.99% | +0.39% |
Volatility
NMZ vs. NRK - Volatility Comparison
The current volatility for Nuveen Municipal High Income Opportunity Fund (NMZ) is 2.38%, while Nuveen New York AMT Free Quality Municipal Income (NRK) has a volatility of 3.31%. This indicates that NMZ 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
| NMZ | NRK | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.38% | 3.31% | -0.93% |
Volatility (6M)Calculated over the trailing 6-month period | 7.44% | 6.66% | +0.78% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.39% | 8.51% | +0.88% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.96% | 9.95% | +3.01% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.76% | 10.35% | +4.41% |
NMZ vs. NRK - Expense Ratio Comparison
NMZ has a 1.50% expense ratio, which is lower than NRK's 2.16% expense ratio.
Dividends
NMZ vs. NRK - Dividend Comparison
NMZ's dividend yield for the trailing twelve months is around 7.60%, less than NRK's 7.75% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
NMZ Nuveen Municipal High Income Opportunity Fund | 7.60% | 7.71% | 6.35% | 5.44% | 7.04% | 5.10% | 5.09% | 4.99% | 6.15% | 5.94% | 6.94% | 6.67% |
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
NMZ and NRK have a correlation of 0.52, 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 NMZ (2.38%). In terms of maximum drawdown, NMZ dropped -58.53% vs NRK's -40.18%.
NRK currently has the higher Sharpe Ratio (2.20 vs 0.96), 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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