NRK vs. NPV

Last updated Jun 5, 2026

NRK (Nuveen New York AMT Free Quality Municipal Income) and NPV (Nuveen Virginia Quality Municipal Income Fund) are both Municipal Bonds funds from Nuveen. Both are actively managed. Over the past 10 years, NRK returned 2.44%/yr vs 2.33%/yr for NPV. At a 0.27 correlation, their price movements are largely independent. NRK charges 2.16%/yr vs 1.51%/yr for NPV.

Performance

NRK vs. NPV - 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 Nuveen Virginia Quality Municipal Income Fund (NPV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NRK achieves a 7.89% return, which is significantly higher than NPV's 6.88% return. Both investments have delivered pretty close results over the past 10 years, with NRK having a 2.44% annualized return and NPV not far behind at 2.33%.

NRK

• 1D: 0.96%
• 1M: -0.01%
• YTD: 7.89%
• 6M: 8.21%
• 1Y: 16.28%
• 3Y*: 8.20%
• 5Y*: 0.21%
• 10Y*: 2.44%

NPV

• 1D: 0.00%
• 1M: 0.66%
• YTD: 6.88%
• 6M: 5.60%
• 1Y: 10.57%
• 3Y*: 8.20%
• 5Y*: -1.49%
• 10Y*: 2.33%

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

NRK vs. NPV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NRK Nuveen New York AMT Free Quality Municipal Income	7.89%	4.74%	5.93%	7.03%	-21.84%	6.24%	4.08%	21.43%	-5.98%	6.16%
NPV Nuveen Virginia Quality Municipal Income Fund	6.88%	-5.91%	24.61%	0.42%	-31.53%	10.93%	13.15%	29.60%	-4.42%	3.20%

Correlation

The correlation between NRK and NPV is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.36
Correlation (3Y) Calculated over the trailing 3-year period	0.46
Correlation (5Y) Calculated over the trailing 5-year period	0.45
Correlation (10Y) Calculated over the trailing 10-year period	0.42
Correlation (All Time) Calculated using the full available price history since Jan 17, 2003	0.27

The correlation between NRK and NPV shifts across timeframes, from 0.27 (all time) to 0.46 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

NRK vs. NPV — Risk / Return Rank

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

NRK

NRK Risk / Return Rank: 52
NRK Sharpe Ratio Rank: 46
NRK Sortino Ratio Rank: 59
NRK Omega Ratio Rank: 51
NRK Calmar Ratio Rank: 65
NRK Martin Ratio Rank: 38

NPV

NPV Risk / Return Rank: 32
NPV Sharpe Ratio Rank: 29
NPV Sortino Ratio Rank: 31
NPV Omega Ratio Rank: 30
NPV Calmar Ratio Rank: 43
NPV Martin Ratio Rank: 26

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. NPV - 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 Nuveen Virginia Quality Municipal Income Fund (NPV). 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.

	NRK	NPV	Difference
Sharpe ratio: Return per unit of total volatility	1.97	1.53	+0.43
Sortino ratio: Return per unit of downside risk	3.21	2.28	+0.93
Omega ratio: Gain probability vs. loss probability	1.39	1.28	+0.10
Calmar ratio: Return relative to maximum drawdown	3.08	2.46	+0.61
Martin ratio: Return relative to average drawdown	8.22	6.21	+2.02
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NRK vs. NPV - Sharpe Ratio Comparison

The current NRK Sharpe Ratio is 1.97, which is comparable to the NPV Sharpe Ratio of 1.53. The chart below compares the historical Sharpe Ratios of NRK and NPV, 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

	NRK	NPV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.97	1.53	+0.43
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.02	-0.11	+0.13
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.24	0.18	+0.06
Sharpe Ratio (All Time) Calculated using the full available price history	0.30	0.29	+0.01

Drawdowns

NRK vs. NPV - Drawdown Comparison

The maximum NRK drawdown since its inception was -40.18%, smaller than the maximum NPV drawdown of -44.25%. Use the drawdown chart below to compare losses from any high point for NRK and NPV.

Drawdown Indicators

	NRK	NPV	Difference
Max Drawdown Largest peak-to-trough decline	-40.18%	-44.25%	+4.07%
Max Drawdown (1Y) Largest decline over 1 year	-5.32%	-4.31%	-1.01%
Max Drawdown (3Y) Largest decline over 3 years	-12.67%	-18.29%	+5.62%
Max Drawdown (5Y) Largest decline over 5 years	-31.06%	-44.25%	+13.19%
Max Drawdown (10Y) Largest decline over 10 years	-31.06%	-44.25%	+13.19%
Current Drawdown Current decline from peak	-2.64%	-15.72%	+13.08%
Average Drawdown Average peak-to-trough decline	-8.19%	-10.18%	+1.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.99%	1.71%	+0.28%

Volatility

NRK vs. NPV - Volatility Comparison

Nuveen New York AMT Free Quality Municipal Income (NRK) has a higher volatility of 3.40% compared to Nuveen Virginia Quality Municipal Income Fund (NPV) at 1.82%. This indicates that NRK's price experiences larger fluctuations and is considered to be riskier than NPV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NRK	NPV	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.40%	1.82%	+1.58%
Volatility (6M) Calculated over the trailing 6-month period	6.48%	5.04%	+1.44%
Volatility (1Y) Calculated over the trailing 1-year period	8.32%	6.93%	+1.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.90%	13.48%	-3.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.33%	13.19%	-2.86%

NRK vs. NPV - Expense Ratio Comparison

NRK has a 2.16% expense ratio, which is higher than NPV's 1.51% expense ratio.

Dividends

NRK vs. NPV - Dividend Comparison

NRK's dividend yield for the trailing twelve months is around 7.86%, more than NPV's 6.97% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NPV Nuveen Virginia Quality Municipal Income Fund	6.97%	7.55%	5.63%	3.89%	5.08%	3.42%	3.49%	3.58%	4.62%	4.40%	4.87%	5.25%
NRK Nuveen New York AMT Free Quality Municipal Income	7.86%	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 NPV in my portfolio?

NRK and NPV have a correlation of 0.36, 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 NPV?

NRK has higher volatility (3.40%) compared to NPV (1.82%). In terms of maximum drawdown, NRK dropped -40.18% vs NPV's -44.25%.

Which has better risk-adjusted returns?

NRK currently has the higher Sharpe Ratio (1.97 vs 1.53), 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.