NNY vs. NAZ
NNY (Nuveen New York Municipal Value Fund) and NAZ (Nuveen Arizona Quality Municipal Income Fund) are both Municipal Bonds funds from Nuveen. Over the past 10 years, NNY returned 1.37%/yr vs 1.35%/yr for NAZ. Their 0.14 correlation means their historical movements had little consistent relationship. Both charge a 0.03% expense ratio.
Performance
NNY vs. NAZ - Performance Comparison
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Returns By Period
In the year-to-date period, NNY achieves a -1.45% return, which is significantly lower than NAZ's 5.59% return. Both investments have delivered pretty close results over the past 10 years, with NNY having a 1.37% annualized return and NAZ not far behind at 1.35%.
NNY
- 1D
- -0.48%
- 1M
- -5.51%
- 6M
- -2.19%
- YTD
- -1.45%
- 1Y
- 6.45%
- 3Y*
- 3.43%
- 5Y*
- -0.52%
- 10Y*
- 1.37%
- ALL TIME*
- 3.29%
NAZ
- 1D
- -0.08%
- 1M
- -3.34%
- 6M
- 3.62%
- YTD
- 5.59%
- 1Y
- 9.82%
- 3Y*
- 10.61%
- 5Y*
- -0.25%
- 10Y*
- 1.35%
- ALL TIME*
- 4.56%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $426.19K | $342.59K | $280.69K | |
| $404.02K | $287.10K | $251.44K |
NNY vs. NAZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
NNY Nuveen New York Municipal Value Fund | -1.45% | 11.17% | 1.19% | 4.30% | -13.41% | 1.85% | -1.65% | 13.73% | 4.51% | 4.12% |
NAZ Nuveen Arizona Quality Municipal Income Fund | 5.59% | 12.08% | 12.93% | -0.48% | -27.24% | 4.75% | 22.64% | 18.15% | -12.52% | 5.81% |
Correlation
The correlation between NNY and NAZ is 0.17, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.17 |
Correlation (3Y) Balances recent behavior with more history. | 0.29 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.25 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.23 |
Correlation (All Time) Calculated using the full available price history since Oct 27, 1994 | 0.14 |
The correlation between NNY and NAZ shifts across timeframes, from 0.14 (all time) to 0.29 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
NNY vs. NAZ — Risk / Return Rank
NNY
NAZ
NNY vs. NAZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Nuveen New York Municipal Value Fund (NNY) and Nuveen Arizona Quality Municipal Income Fund (NAZ). 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.
| NNY | NAZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.34 | ||
| Sortino ratioReturn per unit of downside risk | -0.52 | ||
| Omega ratioGain probability vs. loss probability | 1.12 | 1.19 | -0.07 |
| Calmar ratioReturn relative to maximum drawdown | 1.01 | 1.42 | -0.42 |
| Martin ratioReturn relative to average drawdown | 3.55 | 4.72 | -1.17 |
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Drawdowns
NNY vs. NAZ - Drawdown Comparison
The maximum NNY drawdown since its inception was -36.62%, roughly equal to the maximum NAZ drawdown of -38.28%. Use the drawdown chart below to compare losses from any high point for NNY and NAZ.
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Drawdown Indicators
| NNY | NAZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -36.62% | -38.28% | +1.66% |
Max Drawdown (1Y)Largest decline over 1 year | -6.97% | -8.34% | +1.37% |
Max Drawdown (3Y)Largest decline over 3 years | -8.40% | -13.76% | +5.36% |
Max Drawdown (5Y)Largest decline over 5 years | -19.62% | -38.28% | +18.66% |
Max Drawdown (10Y)Largest decline over 10 years | -20.02% | -38.28% | +18.26% |
Current DrawdownCurrent decline from peak | -5.83% | -8.34% | +2.51% |
Average DrawdownAverage peak-to-trough decline | -7.95% | -9.32% | +1.37% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.97% | 2.51% | -0.54% |
Volatility
NNY vs. NAZ - Volatility Comparison
Nuveen New York Municipal Value Fund (NNY) has a higher volatility of 2.72% compared to Nuveen Arizona Quality Municipal Income Fund (NAZ) at 2.58%. This indicates that NNY's price experiences larger fluctuations and is considered to be riskier than NAZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NNY | NAZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.72% | 2.58% | +0.14% |
Volatility (6M)Calculated over the trailing 6-month period | 8.13% | 10.17% | -2.04% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.68% | 11.99% | -1.31% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.98% | 13.72% | -2.74% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.29% | 14.94% | -2.65% |
NNY vs. NAZ - Expense Ratio Comparison
Both NNY and NAZ have an expense ratio of 0.03%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
NNY vs. NAZ - Dividend Comparison
NNY's dividend yield for the trailing twelve months is around 4.30%, less than NAZ's 6.50% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
NAZ Nuveen Arizona Quality Municipal Income Fund | 6.50% | 7.09% | 6.20% | 3.63% | 5.01% | 3.75% | 3.52% | 3.82% | 4.52% | 4.65% | 5.53% | 5.25% |
NNY Nuveen New York Municipal Value Fund | 4.30% | 4.13% | 4.25% | 3.99% | 3.50% | 2.96% | 3.29% | 3.42% | 3.77% | 4.00% | 4.10% | 3.91% |
Frequently Asked Questions
NNY and NAZ have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NNY has higher volatility (2.72%) compared to NAZ (2.58%). In terms of maximum drawdown, NNY dropped -36.62% vs NAZ's -38.28%.
NAZ currently has the higher Sharpe Ratio (0.99 vs 0.66), 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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