NPFD vs. NQ=F

Last updated Jun 3, 2026

NPFD (Nuveen Variable Rate Preferred & Income Fund) is Preferred Stock/Convertible Bonds fund actively managed by Nuveen, while NQ=F (E-Mini Nasdaq 100 Futures) is an asset. Over the past 3 years, NPFD returned 17.60%/yr vs 28.25%/yr for NQ=F. At a 0.32 correlation, their price movements are largely independent.

Performance

NPFD vs. NQ=F - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nuveen Variable Rate Preferred & Income Fund (NPFD) and E-Mini Nasdaq 100 Futures (NQ=F). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NPFD achieves a 3.94% return, which is significantly lower than NQ=F's 20.77% return.

NPFD

• 1D: 0.00%
• 1M: -0.59%
• YTD: 3.94%
• 6M: 1.32%
• 1Y: 11.17%
• 3Y*: 17.60%
• 5Y*: —
• 10Y*: —

NQ=F

• 1D: 0.58%
• 1M: 10.44%
• YTD: 20.77%
• 6M: 20.06%
• 1Y: 42.76%
• 3Y*: 28.25%
• 5Y*: 17.84%
• 10Y*: 21.16%

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

NPFD vs. NQ=F - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
NPFD Nuveen Variable Rate Preferred & Income Fund	3.94%	15.94%	23.52%	-1.10%	-25.33%	1.40%
NQ=F E-Mini Nasdaq 100 Futures	20.77%	19.93%	24.69%	54.45%	-32.46%	2.86%

Correlation

The correlation between NPFD and NQ=F is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.35
Correlation (3Y) Calculated over the trailing 3-year period	0.31
Correlation (All Time) Calculated using the full available price history since Dec 17, 2021	0.32

Return for Risk

NPFD vs. NQ=F — Risk / Return Rank

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

NPFD

NPFD Risk / Return Rank: 17
NPFD Sharpe Ratio Rank: 16
NPFD Sortino Ratio Rank: 15
NPFD Omega Ratio Rank: 19
NPFD Calmar Ratio Rank: 11
NPFD Martin Ratio Rank: 21

NQ=F

NQ=F Risk / Return Rank: 97
NQ=F Sharpe Ratio Rank: 94
NQ=F Sortino Ratio Rank: 94
NQ=F Omega Ratio Rank: 94
NQ=F Calmar Ratio Rank: 100
NQ=F Martin Ratio Rank: 100

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.

NPFD vs. NQ=F - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuveen Variable Rate Preferred & Income Fund (NPFD) and E-Mini Nasdaq 100 Futures (NQ=F). 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.

	NPFD	NQ=F	Difference
Sharpe ratio Return per unit of total volatility	1.14	2.63	-1.49
Sortino ratio Return per unit of downside risk	1.61	3.48	-1.87
Omega ratio Gain probability vs. loss probability	1.23	1.46	-0.23
Calmar ratio Return relative to maximum drawdown	1.15	3.54	-2.39
Martin ratio Return relative to average drawdown	5.72	12.68	-6.96
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NPFD vs. NQ=F - Sharpe Ratio Comparison

The current NPFD Sharpe Ratio is 1.14, which is lower than the NQ=F Sharpe Ratio of 2.63. The chart below compares the historical Sharpe Ratios of NPFD and NQ=F, 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

	NPFD	NQ=F	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.14	2.63	-1.49
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.79	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.95	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.16	0.97	-0.81

Drawdowns

NPFD vs. NQ=F - Drawdown Comparison

The maximum NPFD drawdown since its inception was -39.18%, which is greater than NQ=F's maximum drawdown of -35.28%. Use the drawdown chart below to compare losses from any high point for NPFD and NQ=F.

Drawdown Indicators

	NPFD	NQ=F	Difference
Max Drawdown Largest peak-to-trough decline	-39.18%	-35.28%	-3.90%
Max Drawdown (1Y) Largest decline over 1 year	-9.88%	-11.89%	+2.01%
Max Drawdown (3Y) Largest decline over 3 years	-9.88%	-23.05%	+13.17%
Max Drawdown (5Y) Largest decline over 5 years	—	-35.28%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-35.28%	—
Current Drawdown Current decline from peak	-1.60%	0.00%	-1.60%
Average Drawdown Average peak-to-trough decline	-17.45%	-5.11%	-12.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.98%	3.32%	-1.34%

Volatility

NPFD vs. NQ=F - Volatility Comparison

The current volatility for Nuveen Variable Rate Preferred & Income Fund (NPFD) is 2.33%, while E-Mini Nasdaq 100 Futures (NQ=F) has a volatility of 4.29%. This indicates that NPFD experiences smaller price fluctuations and is considered to be less risky than NQ=F based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NPFD	NQ=F	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.33%	4.29%	-1.96%
Volatility (6M) Calculated over the trailing 6-month period	8.25%	11.86%	-3.61%
Volatility (1Y) Calculated over the trailing 1-year period	9.82%	15.60%	-5.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.22%	22.45%	-7.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.22%	22.29%	-7.07%

Frequently Asked Questions

Can I hold both NPFD and NQ=F in my portfolio?

NPFD and NQ=F have a correlation of 0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NPFD or NQ=F?

NQ=F has higher volatility (4.29%) compared to NPFD (2.33%). In terms of maximum drawdown, NPFD dropped -39.18% vs NQ=F's -35.28%.

Which has better risk-adjusted returns?

NQ=F currently has the higher Sharpe Ratio (2.63 vs 1.14), 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.