NPV vs. JQC

Last updated Aug 4, 2026

NPV (Nuveen Virginia Quality Municipal Income Fund) and JQC (Nuveen Credit Strategies Income Fund) are both mutual funds - NPV is a Municipal Bonds fund actively managed by Nuveen, while JQC is a Bank Loan fund managed by Nuveen. Over the past 10 years, NPV returned 1.48%/yr vs 5.49%/yr for JQC. Their 0.17 correlation means their historical movements had little consistent relationship. NPV charges 1.51%/yr vs 4.34%/yr for JQC.

Performance

NPV vs. JQC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nuveen Virginia Quality Municipal Income Fund (NPV) and Nuveen Credit Strategies Income Fund (JQC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NPV achieves a 1.08% return, which is significantly lower than JQC's 2.40% return. Over the past 10 years, NPV has underperformed JQC with an annualized return of 1.48%, while JQC has yielded a comparatively higher 5.49% annualized return.

NPV

• 1D: -0.37%
• 1M: -6.17%
• 6M: -1.81%
• YTD: 1.08%
• 1Y: 4.84%
• 3Y*: 6.54%
• 5Y*: -3.29%
• 10Y*: 1.48%
• ALL TIME*: 4.14%

JQC

• 1D: 0.42%
• 1M: -0.01%
• 6M: -0.84%
• YTD: 2.40%
• 1Y: -1.75%
• 3Y*: 10.82%
• 5Y*: 4.66%
• 10Y*: 5.49%
• ALL TIME*: 4.95%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
JQC Nuveen Credit Strategies Income Fund	$2.47M	$2.59M	$2.73M
NPV Nuveen Virginia Quality Municipal Income Fund	$813.25K	$739.98K	$539.84K

NPV vs. JQC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NPV Nuveen Virginia Quality Municipal Income Fund	1.08%	-5.91%	24.61%	0.42%	-31.53%	10.93%	13.15%	29.60%	-4.42%	3.20%
JQC Nuveen Credit Strategies Income Fund	2.40%	-0.36%	22.29%	15.26%	-14.22%	13.29%	-2.96%	21.78%	-4.33%	-0.27%

Correlation

The correlation between NPV and JQC is 0.14, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.14
Correlation (3Y) Balances recent behavior with more history.	0.20
Correlation (5Y) Shows whether the relationship held over a longer period.	0.23
Correlation (10Y) Provides a long-term view across more market conditions.	0.20
Correlation (All Time) Calculated using the full available price history since Jun 26, 2003	0.17

Return for Risk

NPV vs. JQC — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

NPV

NPV Risk / Return Rank: 16
NPV Sharpe Ratio Rank: 16
NPV Sortino Ratio Rank: 16
NPV Omega Ratio Rank: 15
NPV Calmar Ratio Rank: 14
NPV Martin Ratio Rank: 17

JQC

JQC Risk / Return Rank: 3
JQC Sharpe Ratio Rank: 3
JQC Sortino Ratio Rank: 3
JQC Omega Ratio Rank: 3
JQC Calmar Ratio Rank: 3
JQC Martin Ratio Rank: 3

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

NPV vs. JQC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuveen Virginia Quality Municipal Income Fund (NPV) and Nuveen Credit Strategies Income Fund (JQC). 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.

	NPV	JQC	Difference
Sharpe ratio: Return per unit of total volatility	0.68	-0.16	+0.84
Sortino ratio: Return per unit of downside risk	1.03	-0.15	+1.17
Omega ratio: Gain probability vs. loss probability	1.12	0.98	+0.14
Calmar ratio: Return relative to maximum drawdown	0.75	-0.17	+0.92
Martin ratio: Return relative to average drawdown	2.57	-0.33	+2.90

NPV vs. JQC - Sharpe Ratio Comparison

The current NPV Sharpe Ratio is 0.68, which is higher than the JQC Sharpe Ratio of -0.16. The chart below compares the historical Sharpe Ratios of NPV and JQC, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

NPV vs. JQC - Drawdown Comparison

The maximum NPV drawdown since its inception was -44.25%, smaller than the maximum JQC drawdown of -75.18%. Use the drawdown chart below to compare losses from any high point for NPV and JQC.

Drawdown Indicators

	NPV	JQC	Difference
Max Drawdown Largest peak-to-trough decline	-44.25%	-75.18%	+30.93%
Max Drawdown (1Y) Largest decline over 1 year	-6.50%	-10.15%	+3.65%
Max Drawdown (3Y) Largest decline over 3 years	-18.29%	-15.37%	-2.92%
Max Drawdown (5Y) Largest decline over 5 years	-44.25%	-19.83%	-24.42%
Max Drawdown (10Y) Largest decline over 10 years	-44.25%	-47.99%	+3.74%
Current Drawdown Current decline from peak	-20.29%	-3.76%	-16.53%
Average Drawdown Average peak-to-trough decline	-10.21%	-8.78%	-1.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.89%	5.32%	-3.43%

Volatility

NPV vs. JQC - Volatility Comparison

Nuveen Virginia Quality Municipal Income Fund (NPV) has a higher volatility of 2.16% compared to Nuveen Credit Strategies Income Fund (JQC) at 1.49%. This indicates that NPV's price experiences larger fluctuations and is considered to be riskier than JQC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NPV	JQC	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.16%	1.49%	+0.67%
Volatility (6M) Calculated over the trailing 6-month period	5.14%	8.51%	-3.37%
Volatility (1Y) Calculated over the trailing 1-year period	7.20%	11.15%	-3.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.41%	13.07%	+0.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.16%	17.49%	-4.33%

NPV vs. JQC - Expense Ratio Comparison

NPV has a 1.51% expense ratio, which is lower than JQC's 4.34% expense ratio.

Dividends

NPV vs. JQC - Dividend Comparison

NPV's dividend yield for the trailing twelve months is around 7.25%, less than JQC's 13.09% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
JQC Nuveen Credit Strategies Income Fund	13.09%	12.91%	11.39%	11.42%	9.71%	10.03%	16.11%	16.14%	6.53%	7.42%	6.99%	7.51%
NPV Nuveen Virginia Quality Municipal Income Fund	7.25%	7.55%	5.63%	3.89%	5.08%	3.42%	3.49%	3.58%	4.62%	4.40%	4.87%	5.25%

Frequently Asked Questions

Can I hold both NPV and JQC in my portfolio?

NPV and JQC have a correlation of 0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NPV or JQC?

NPV has higher volatility (2.16%) compared to JQC (1.49%). In terms of maximum drawdown, NPV dropped -44.25% vs JQC's -75.18%.

Which has better risk-adjusted returns?

NPV currently has the higher Sharpe Ratio (0.68 vs -0.16), 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.