NRIIX vs. FASEX

Last updated Jun 4, 2026

NRIIX (Nuveen Real Asset Income Fund) and FASEX (Nuveen Mid Cap Value Fund) are both mutual funds - NRIIX is a Global Allocation fund managed by Nuveen, while FASEX is a Mid Cap Value Equities fund managed by Nuveen. Over the past 10 years, NRIIX returned 5.77%/yr vs 10.97%/yr for FASEX. A 0.70 correlation means they provide meaningful diversification when combined. NRIIX charges 0.91%/yr vs 1.16%/yr for FASEX.

Performance

NRIIX vs. FASEX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nuveen Real Asset Income Fund (NRIIX) and Nuveen Mid Cap Value Fund (FASEX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NRIIX achieves a 5.54% return, which is significantly lower than FASEX's 17.58% return. Over the past 10 years, NRIIX has underperformed FASEX with an annualized return of 5.77%, while FASEX has yielded a comparatively higher 10.97% annualized return.

NRIIX

• 1D: 0.31%
• 1M: -0.21%
• YTD: 5.54%
• 6M: 6.64%
• 1Y: 12.00%
• 3Y*: 11.05%
• 5Y*: 4.98%
• 10Y*: 5.77%

FASEX

• 1D: 1.68%
• 1M: 3.56%
• YTD: 17.58%
• 6M: 17.64%
• 1Y: 30.46%
• 3Y*: 16.66%
• 5Y*: 9.31%
• 10Y*: 10.97%

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

NRIIX vs. FASEX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NRIIX Nuveen Real Asset Income Fund	5.54%	12.55%	7.56%	10.38%	-11.50%	10.58%	-3.45%	22.74%	-6.10%	12.39%
FASEX Nuveen Mid Cap Value Fund	17.58%	9.68%	10.40%	14.20%	-10.63%	34.84%	1.19%	26.68%	-13.00%	19.23%

Correlation

The correlation between NRIIX and FASEX is 0.56, 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	0.56
Correlation (3Y) Calculated over the trailing 3-year period	0.66
Correlation (5Y) Calculated over the trailing 5-year period	0.73
Correlation (10Y) Calculated over the trailing 10-year period	0.69
Correlation (All Time) Calculated using the full available price history since Sep 14, 2011	0.70

The correlation between NRIIX and FASEX shifts across timeframes, from 0.56 (1 year) to 0.73 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

NRIIX vs. FASEX — Risk / Return Rank

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

NRIIX

NRIIX Risk / Return Rank: 48
NRIIX Sharpe Ratio Rank: 50
NRIIX Sortino Ratio Rank: 51
NRIIX Omega Ratio Rank: 51
NRIIX Calmar Ratio Rank: 42
NRIIX Martin Ratio Rank: 48

FASEX

FASEX Risk / Return Rank: 70
FASEX Sharpe Ratio Rank: 63
FASEX Sortino Ratio Rank: 62
FASEX Omega Ratio Rank: 53
FASEX Calmar Ratio Rank: 88
FASEX Martin Ratio Rank: 84

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.

NRIIX vs. FASEX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuveen Real Asset Income Fund (NRIIX) and Nuveen Mid Cap Value Fund (FASEX). 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.

	NRIIX	FASEX	Difference
Sharpe ratio: Return per unit of total volatility	2.09	2.33	-0.24
Sortino ratio: Return per unit of downside risk	2.99	3.30	-0.31
Omega ratio: Gain probability vs. loss probability	1.39	1.40	-0.01
Calmar ratio: Return relative to maximum drawdown	2.46	4.35	-1.89
Martin ratio: Return relative to average drawdown	9.98	15.87	-5.88
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NRIIX vs. FASEX - Sharpe Ratio Comparison

The current NRIIX Sharpe Ratio is 2.09, which is comparable to the FASEX Sharpe Ratio of 2.33. The chart below compares the historical Sharpe Ratios of NRIIX and FASEX, 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

	NRIIX	FASEX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.09	2.33	-0.24
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.60	0.52	+0.08
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.57	0.54	+0.02
Sharpe Ratio (All Time) Calculated using the full available price history	0.76	0.52	+0.24

Drawdowns

NRIIX vs. FASEX - Drawdown Comparison

The maximum NRIIX drawdown since its inception was -37.35%, smaller than the maximum FASEX drawdown of -55.57%. Use the drawdown chart below to compare losses from any high point for NRIIX and FASEX.

Drawdown Indicators

	NRIIX	FASEX	Difference
Max Drawdown Largest peak-to-trough decline	-37.35%	-55.57%	+18.22%
Max Drawdown (1Y) Largest decline over 1 year	-4.90%	-7.37%	+2.47%
Max Drawdown (3Y) Largest decline over 3 years	-8.02%	-22.26%	+14.24%
Max Drawdown (5Y) Largest decline over 5 years	-18.44%	-22.26%	+3.82%
Max Drawdown (10Y) Largest decline over 10 years	-37.35%	-44.56%	+7.21%
Current Drawdown Current decline from peak	-0.86%	0.00%	-0.86%
Average Drawdown Average peak-to-trough decline	-3.65%	-8.93%	+5.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.20%	2.01%	-0.81%

Volatility

NRIIX vs. FASEX - Volatility Comparison

The current volatility for Nuveen Real Asset Income Fund (NRIIX) is 1.64%, while Nuveen Mid Cap Value Fund (FASEX) has a volatility of 4.26%. This indicates that NRIIX experiences smaller price fluctuations and is considered to be less risky than FASEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NRIIX	FASEX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.64%	4.26%	-2.62%
Volatility (6M) Calculated over the trailing 6-month period	4.53%	10.24%	-5.71%
Volatility (1Y) Calculated over the trailing 1-year period	5.77%	13.76%	-7.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.40%	18.07%	-9.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.23%	20.21%	-9.98%

NRIIX vs. FASEX - Expense Ratio Comparison

NRIIX has a 0.91% expense ratio, which is lower than FASEX's 1.16% expense ratio.

Dividends

NRIIX vs. FASEX - Dividend Comparison

NRIIX's dividend yield for the trailing twelve months is around 6.24%, less than FASEX's 12.48% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FASEX Nuveen Mid Cap Value Fund	12.48%	14.67%	5.29%	3.12%	6.32%	4.02%	1.06%	0.89%	4.48%	7.93%	3.67%	3.49%
NRIIX Nuveen Real Asset Income Fund	6.24%	6.71%	5.39%	6.70%	5.81%	4.34%	4.63%	5.99%	5.82%	5.73%	5.47%	5.70%

Frequently Asked Questions

Can I hold both NRIIX and FASEX in my portfolio?

NRIIX and FASEX have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NRIIX or FASEX?

FASEX has higher volatility (4.26%) compared to NRIIX (1.64%). In terms of maximum drawdown, NRIIX dropped -37.35% vs FASEX's -55.57%.

Which has better risk-adjusted returns?

FASEX currently has the higher Sharpe Ratio (2.33 vs 2.09), 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.