NRK vs. MYI

Last updated Jun 24, 2026

NRK (Nuveen New York AMT Free Quality Municipal Income) and MYI (BlackRock MuniYield Quality Fund III) are both Municipal Bonds funds. Both are actively managed. Over the past 10 years, NRK returned 2.37%/yr vs 1.62%/yr for MYI. At a 0.37 correlation, their price movements are largely independent. Both charge a 2.16% expense ratio.

Performance

NRK vs. MYI - 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 BlackRock MuniYield Quality Fund III (MYI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NRK achieves a 9.70% return, which is significantly higher than MYI's 4.59% return. Over the past 10 years, NRK has outperformed MYI with an annualized return of 2.37%, while MYI has yielded a comparatively lower 1.62% annualized return.

NRK

• 1D: 0.38%
• 1M: 3.94%
• YTD: 9.70%
• 6M: 10.68%
• 1Y: 18.60%
• 3Y*: 8.01%
• 5Y*: 0.31%
• 10Y*: 2.37%

MYI

• 1D: 0.91%
• 1M: 3.80%
• YTD: 4.59%
• 6M: 6.25%
• 1Y: 12.51%
• 3Y*: 6.79%
• 5Y*: -0.55%
• 10Y*: 1.62%

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

NRK vs. MYI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NRK Nuveen New York AMT Free Quality Municipal Income	9.70%	4.74%	5.93%	7.03%	-21.84%	6.24%	4.08%	21.43%	-5.98%	6.16%
MYI BlackRock MuniYield Quality Fund III	4.59%	4.74%	0.55%	8.79%	-20.52%	6.99%	11.60%	16.64%	-8.42%	7.13%

Correlation

The correlation between NRK and MYI is 0.54, 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	0.54
Correlation (3Y) Calculated over the trailing 3-year period	0.61
Correlation (5Y) Calculated over the trailing 5-year period	0.61
Correlation (10Y) Calculated over the trailing 10-year period	0.55
Correlation (All Time) Calculated using the full available price history since Jan 16, 2003	0.37

The correlation between NRK and MYI shifts across timeframes, from 0.37 (all time) to 0.61 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

NRK vs. MYI — Risk / Return Rank

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

NRK

NRK Risk / Return Rank: 70
NRK Sharpe Ratio Rank: 67
NRK Sortino Ratio Rank: 82
NRK Omega Ratio Rank: 72
NRK Calmar Ratio Rank: 81
NRK Martin Ratio Rank: 48

MYI

MYI Risk / Return Rank: 28
MYI Sharpe Ratio Rank: 29
MYI Sortino Ratio Rank: 32
MYI Omega Ratio Rank: 30
MYI Calmar Ratio Rank: 23
MYI Martin Ratio Rank: 28

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. MYI - 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 BlackRock MuniYield Quality Fund III (MYI). 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	MYI	Difference
Sharpe ratio: Return per unit of total volatility	2.20	1.42	+0.78
Sortino ratio: Return per unit of downside risk	3.59	2.19	+1.40
Omega ratio: Gain probability vs. loss probability	1.43	1.27	+0.16
Calmar ratio: Return relative to maximum drawdown	3.51	1.66	+1.86
Martin ratio: Return relative to average drawdown	9.37	6.05	+3.32

NRK vs. MYI - Sharpe Ratio Comparison

The current NRK Sharpe Ratio is 2.20, which is higher than the MYI Sharpe Ratio of 1.42. The chart below compares the historical Sharpe Ratios of NRK and MYI, 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. MYI - Drawdown Comparison

The maximum NRK drawdown since its inception was -40.18%, smaller than the maximum MYI drawdown of -43.90%. Use the drawdown chart below to compare losses from any high point for NRK and MYI.

Drawdown Indicators

	NRK	MYI	Difference
Max Drawdown Largest peak-to-trough decline	-40.18%	-43.90%	+3.72%
Max Drawdown (1Y) Largest decline over 1 year	-5.32%	-7.58%	+2.26%
Max Drawdown (3Y) Largest decline over 3 years	-12.67%	-15.07%	+2.40%
Max Drawdown (5Y) Largest decline over 5 years	-31.06%	-31.84%	+0.78%
Max Drawdown (10Y) Largest decline over 10 years	-31.06%	-31.84%	+0.78%
Current Drawdown Current decline from peak	-1.01%	-5.60%	+4.59%
Average Drawdown Average peak-to-trough decline	-8.17%	-9.38%	+1.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.99%	2.07%	-0.08%

Volatility

NRK vs. MYI - Volatility Comparison

Nuveen New York AMT Free Quality Municipal Income (NRK) has a higher volatility of 3.31% compared to BlackRock MuniYield Quality Fund III (MYI) at 2.96%. This indicates that NRK's price experiences larger fluctuations and is considered to be riskier than MYI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NRK	MYI	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.31%	2.96%	+0.35%
Volatility (6M) Calculated over the trailing 6-month period	6.66%	6.99%	-0.33%
Volatility (1Y) Calculated over the trailing 1-year period	8.51%	8.84%	-0.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.95%	11.00%	-1.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.35%	11.39%	-1.04%

NRK vs. MYI - Expense Ratio Comparison

Both NRK and MYI have an expense ratio of 2.16%.

Dividends

NRK vs. MYI - Dividend Comparison

NRK's dividend yield for the trailing twelve months is around 7.75%, more than MYI's 6.04% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MYI BlackRock MuniYield Quality Fund III	6.04%	6.13%	6.03%	4.30%	5.22%	4.17%	3.84%	3.89%	5.01%	5.88%	6.20%	6.03%
NRK Nuveen New York AMT Free Quality Municipal Income	7.75%	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 MYI in my portfolio?

NRK and MYI have a correlation of 0.54, 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 MYI?

NRK has higher volatility (3.31%) compared to MYI (2.96%). In terms of maximum drawdown, NRK dropped -40.18% vs MYI's -43.90%.

Which has better risk-adjusted returns?

NRK currently has the higher Sharpe Ratio (2.20 vs 1.42), 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.