NRIIX vs. PDPAX

Last updated Apr 1, 2026

Compare and contrast key facts about Nuveen Real Asset Income Fund (NRIIX) and Virtus Duff & Phelps Real Asset Fund (PDPAX).

NRIIX is managed by Nuveen. It was launched on Sep 12, 2011. PDPAX is managed by Virtus. It was launched on Nov 29, 2005.

Performance

NRIIX vs. PDPAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nuveen Real Asset Income Fund (NRIIX) and Virtus Duff & Phelps Real Asset Fund (PDPAX). The values are adjusted to include any dividend payments, if applicable.

NRIIX vs. PDPAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NRIIX Nuveen Real Asset Income Fund	1.42%	12.55%	7.56%	10.38%	-11.50%	10.58%	-3.45%	22.74%	-6.10%	12.39%
PDPAX Virtus Duff & Phelps Real Asset Fund	7.17%	15.90%	9.45%	4.73%	-2.66%	21.15%	-3.18%	16.84%	-9.35%	8.15%

Returns By Period

In the year-to-date period, NRIIX achieves a 1.42% return, which is significantly lower than PDPAX's 7.17% return. Over the past 10 years, NRIIX has underperformed PDPAX with an annualized return of 5.74%, while PDPAX has yielded a comparatively higher 7.22% annualized return.

NRIIX

• 1D: 0.18%
• 1M: -4.73%
• YTD: 1.42%
• 6M: 2.69%
• 1Y: 10.31%
• 3Y*: 9.83%
• 5Y*: 5.29%
• 10Y*: 5.74%

PDPAX

• 1D: 0.18%
• 1M: -5.75%
• YTD: 7.17%
• 6M: 8.32%
• 1Y: 18.47%
• 3Y*: 12.38%
• 5Y*: 9.88%
• 10Y*: 7.22%

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

NRIIX vs. PDPAX - Expense Ratio Comparison

NRIIX has a 0.91% expense ratio, which is higher than PDPAX's 0.81% expense ratio.

NRIIX

Nuveen Real Asset Income Fund

PDPAX

Virtus Duff & Phelps Real Asset Fund

Return for Risk

NRIIX vs. PDPAX — Risk / Return Rank

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

NRIIX

NRIIX Risk / Return Rank: 81
NRIIX Sharpe Ratio Rank: 83
NRIIX Sortino Ratio Rank: 81
NRIIX Omega Ratio Rank: 80
NRIIX Calmar Ratio Rank: 79
NRIIX Martin Ratio Rank: 83

PDPAX

PDPAX Risk / Return Rank: 81
PDPAX Sharpe Ratio Rank: 81
PDPAX Sortino Ratio Rank: 80
PDPAX Omega Ratio Rank: 80
PDPAX Calmar Ratio Rank: 77
PDPAX Martin Ratio Rank: 88

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. PDPAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuveen Real Asset Income Fund (NRIIX) and Virtus Duff & Phelps Real Asset Fund (PDPAX). 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	PDPAX	Difference
Sharpe ratio Return per unit of total volatility	1.57	1.54	+0.03
Sortino ratio Return per unit of downside risk	2.06	2.05	+0.01
Omega ratio Gain probability vs. loss probability	1.31	1.32	-0.01
Calmar ratio Return relative to maximum drawdown	1.88	1.86	+0.02
Martin ratio Return relative to average drawdown	8.33	9.54	-1.22
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. PDPAX - Sharpe Ratio Comparison

The current NRIIX Sharpe Ratio is 1.57, which is comparable to the PDPAX Sharpe Ratio of 1.54. The chart below compares the historical Sharpe Ratios of NRIIX and PDPAX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	NRIIX	PDPAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.57	1.54	+0.03
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.64	0.76	-0.12
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.56	0.56	0.00
Sharpe Ratio (All Time) Calculated using the full available price history	0.74	0.32	+0.42

Correlation

The correlation between NRIIX and PDPAX is 0.82, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

NRIIX vs. PDPAX - Dividend Comparison

NRIIX's dividend yield for the trailing twelve months is around 5.92%, more than PDPAX's 1.66% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NRIIX Nuveen Real Asset Income Fund	5.92%	6.71%	5.39%	6.70%	5.81%	4.34%	4.63%	5.99%	5.82%	5.73%	5.47%	5.70%
PDPAX Virtus Duff & Phelps Real Asset Fund	1.66%	1.77%	3.65%	2.08%	1.06%	0.76%	0.68%	3.09%	2.38%	1.92%	0.80%	1.13%

Drawdowns

NRIIX vs. PDPAX - Drawdown Comparison

The maximum NRIIX drawdown since its inception was -37.35%, smaller than the maximum PDPAX drawdown of -43.40%. Use the drawdown chart below to compare losses from any high point for NRIIX and PDPAX.

Drawdown Indicators

	NRIIX	PDPAX	Difference
Max Drawdown Largest peak-to-trough decline	-37.35%	-43.40%	+6.05%
Max Drawdown (1Y) Largest decline over 1 year	-5.74%	-10.17%	+4.43%
Max Drawdown (5Y) Largest decline over 5 years	-18.44%	-18.87%	+0.43%
Max Drawdown (10Y) Largest decline over 10 years	-37.35%	-32.24%	-5.11%
Current Drawdown Current decline from peak	-4.73%	-5.80%	+1.07%
Average Drawdown Average peak-to-trough decline	-3.68%	-7.67%	+3.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.29%	1.98%	-0.69%

Volatility

NRIIX vs. PDPAX - Volatility Comparison

The current volatility for Nuveen Real Asset Income Fund (NRIIX) is 2.30%, while Virtus Duff & Phelps Real Asset Fund (PDPAX) has a volatility of 3.74%. This indicates that NRIIX experiences smaller price fluctuations and is considered to be less risky than PDPAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NRIIX	PDPAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.30%	3.74%	-1.44%
Volatility (6M) Calculated over the trailing 6-month period	4.03%	7.24%	-3.21%
Volatility (1Y) Calculated over the trailing 1-year period	6.94%	12.34%	-5.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.37%	13.12%	-4.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.21%	12.85%	-2.64%