NRK vs. ATOIX

Last updated Jun 23, 2026

NRK (Nuveen New York AMT Free Quality Municipal Income) and ATOIX (abrdn Ultra Short Municipal Income Fund) are both Municipal Bonds funds. Over the past 10 years, NRK returned 2.33%/yr vs 1.79%/yr for ATOIX. At a 0.07 correlation, their price movements are largely independent. NRK charges 2.16%/yr vs 0.44%/yr for ATOIX.

Performance

NRK vs. ATOIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nuveen New York AMT Free Quality Municipal Income (NRK) and abrdn Ultra Short Municipal Income Fund (ATOIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NRK achieves a 9.28% return, which is significantly higher than ATOIX's 1.01% return. Over the past 10 years, NRK has outperformed ATOIX with an annualized return of 2.33%, while ATOIX has yielded a comparatively lower 1.79% annualized return.

NRK

• 1D: -0.66%
• 1M: 3.55%
• YTD: 9.28%
• 6M: 10.16%
• 1Y: 17.79%
• 3Y*: 7.88%
• 5Y*: 0.25%
• 10Y*: 2.33%

ATOIX

• 1D: 0.00%
• 1M: 0.20%
• YTD: 1.01%
• 6M: 1.54%
• 1Y: 3.02%
• 3Y*: 3.08%
• 5Y*: 2.30%
• 10Y*: 1.79%

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

NRK vs. ATOIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NRK Nuveen New York AMT Free Quality Municipal Income	9.28%	4.74%	5.93%	7.03%	-21.84%	6.24%	4.08%	21.43%	-5.98%	6.16%
ATOIX abrdn Ultra Short Municipal Income Fund	1.01%	3.33%	3.14%	3.27%	0.87%	-0.04%	0.88%	1.40%	1.54%	2.24%

Correlation

The correlation between NRK and ATOIX is 0.08, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.08
Correlation (3Y) Calculated over the trailing 3-year period	0.13
Correlation (5Y) Calculated over the trailing 5-year period	0.13
Correlation (10Y) Calculated over the trailing 10-year period	0.12
Correlation (All Time) Calculated using the full available price history since Jan 16, 2003	0.07

Return for Risk

NRK vs. ATOIX — Risk / Return Rank

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

NRK

NRK Risk / Return Rank: 66
NRK Sharpe Ratio Rank: 60
NRK Sortino Ratio Rank: 79
NRK Omega Ratio Rank: 66
NRK Calmar Ratio Rank: 78
NRK Martin Ratio Rank: 45

ATOIX

ATOIX Risk / Return Rank: 99
ATOIX Sharpe Ratio Rank: 98
ATOIX Sortino Ratio Rank: 100
ATOIX Omega Ratio Rank: 100
ATOIX Calmar Ratio Rank: 100
ATOIX 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.

NRK vs. ATOIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuveen New York AMT Free Quality Municipal Income (NRK) and abrdn Ultra Short Municipal Income Fund (ATOIX). 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.

	NRK	ATOIX	Difference
Sharpe ratio: Return per unit of total volatility	2.10	3.50	-1.39
Sortino ratio: Return per unit of downside risk	3.44	17.32	-13.89
Omega ratio: Gain probability vs. loss probability	1.41	10.98	-9.57
Calmar ratio: Return relative to maximum drawdown	3.36	30.48	-27.12
Martin ratio: Return relative to average drawdown	8.96	89.66	-80.70

NRK vs. ATOIX - Sharpe Ratio Comparison

The current NRK Sharpe Ratio is 2.10, which is lower than the ATOIX Sharpe Ratio of 3.50. The chart below compares the historical Sharpe Ratios of NRK and ATOIX, 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

NRK vs. ATOIX - Drawdown Comparison

The maximum NRK drawdown since its inception was -40.18%, which is greater than ATOIX's maximum drawdown of -1.46%. Use the drawdown chart below to compare losses from any high point for NRK and ATOIX.

Drawdown Indicators

	NRK	ATOIX	Difference
Max Drawdown Largest peak-to-trough decline	-40.18%	-1.46%	-38.72%
Max Drawdown (1Y) Largest decline over 1 year	-5.32%	-0.10%	-5.22%
Max Drawdown (3Y) Largest decline over 3 years	-12.67%	-0.10%	-12.57%
Max Drawdown (5Y) Largest decline over 5 years	-31.06%	-0.37%	-30.69%
Max Drawdown (10Y) Largest decline over 10 years	-31.06%	-0.43%	-30.63%
Current Drawdown Current decline from peak	-1.38%	0.00%	-1.38%
Average Drawdown Average peak-to-trough decline	-8.17%	-0.06%	-8.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.99%	0.03%	+1.96%

Volatility

NRK vs. ATOIX - Volatility Comparison

Nuveen New York AMT Free Quality Municipal Income (NRK) has a higher volatility of 3.35% compared to abrdn Ultra Short Municipal Income Fund (ATOIX) at 0.20%. This indicates that NRK's price experiences larger fluctuations and is considered to be riskier than ATOIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NRK	ATOIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.35%	0.20%	+3.15%
Volatility (6M) Calculated over the trailing 6-month period	6.67%	0.61%	+6.06%
Volatility (1Y) Calculated over the trailing 1-year period	8.52%	0.87%	+7.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.95%	0.83%	+9.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.35%	0.79%	+9.56%

NRK vs. ATOIX - Expense Ratio Comparison

NRK has a 2.16% expense ratio, which is higher than ATOIX's 0.44% expense ratio.

Dividends

NRK vs. ATOIX - Dividend Comparison

NRK's dividend yield for the trailing twelve months is around 7.78%, more than ATOIX's 2.98% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ATOIX abrdn Ultra Short Municipal Income Fund	2.98%	3.27%	3.09%	3.02%	1.07%	0.06%	0.88%	1.39%	1.42%	2.20%	0.61%	0.52%
NRK Nuveen New York AMT Free Quality Municipal Income	7.78%	8.21%	6.74%	4.06%	5.41%	4.18%	4.15%	3.98%	4.68%	4.85%	5.37%	5.44%

Frequently Asked Questions

Can I hold both NRK and ATOIX in my portfolio?

NRK and ATOIX have a correlation of 0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NRK or ATOIX?

NRK has higher volatility (3.35%) compared to ATOIX (0.20%). In terms of maximum drawdown, NRK dropped -40.18% vs ATOIX's -1.46%.

Which has better risk-adjusted returns?

ATOIX currently has the higher Sharpe Ratio (3.50 vs 2.10), 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.