NVG vs. NZF
NVG (Nuveen AMT-Free Municipal Credit Income Fund) is a stock, while NZF (Nuveen Municipal Credit Income Fund) is Municipal Bonds fund tracking the S&P National Municipal Bond Index. Over the past 10 years, NVG returned 3.16%/yr vs 3.16%/yr for NZF. Their 0.58 correlation means they have sometimes moved together and sometimes differently. NVG charges 1.50%/yr vs 1.89%/yr for NZF.
Performance
NVG vs. NZF - Performance Comparison
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Returns By Period
In the year-to-date period, NVG achieves a 2.27% return, which is significantly higher than NZF's 1.35% return. Over a longer period, both investments have demonstrated similar performance, with their 10-year annualized returns being quite close: NVG at 3.16% and NZF at 3.16%.
NVG
- 1D
- -0.40%
- 1M
- -2.83%
- 6M
- 0.14%
- YTD
- 2.27%
- 1Y
- 13.77%
- 3Y*
- 8.98%
- 5Y*
- -1.03%
- 10Y*
- 3.16%
- ALL TIME*
- 5.24%
NZF
- 1D
- -0.73%
- 1M
- -2.79%
- 6M
- 1.93%
- YTD
- 1.35%
- 1Y
- 10.90%
- 3Y*
- 8.45%
- 5Y*
- -1.05%
- 10Y*
- 3.16%
- ALL TIME*
- 5.28%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $6.06M | $5.74M | $6.29M | |
| $6.09M | $6.45M | $6.65M |
NVG vs. NZF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
NVG Nuveen AMT-Free Municipal Credit Income Fund | 2.27% | 11.61% | 10.79% | 1.94% | -28.47% | 12.14% | 6.40% | 25.63% | -4.03% | 13.19% |
NZF Nuveen Municipal Credit Income Fund | 1.35% | 11.78% | 10.09% | 2.49% | -25.53% | 11.19% | 3.58% | 28.33% | -6.79% | 14.48% |
Correlation
The correlation between NVG and NZF is 0.74, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.74 |
Correlation (3Y) Balances recent behavior with more history. | 0.82 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.80 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.76 |
Correlation (All Time) Calculated using the full available price history since Sep 12, 2002 | 0.58 |
The correlation between NVG and NZF shifts across timeframes, from 0.58 (all time) to 0.82 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
NVG vs. NZF — Risk / Return Rank
NVG
NZF
NVG vs. NZF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Nuveen AMT-Free Municipal Credit Income Fund (NVG) and Nuveen Municipal Credit Income Fund (NZF). 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.
| NVG | NZF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.22 | ||
| Sortino ratioReturn per unit of downside risk | +0.17 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.22 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 1.42 | 1.55 | -0.13 |
| Martin ratioReturn relative to average drawdown | 4.34 | 6.35 | -2.01 |
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Drawdowns
NVG vs. NZF - Drawdown Comparison
The maximum NVG drawdown since its inception was -41.72%, smaller than the maximum NZF drawdown of -48.55%. Use the drawdown chart below to compare losses from any high point for NVG and NZF.
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Drawdown Indicators
| NVG | NZF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -41.72% | -48.55% | +6.83% |
Max Drawdown (1Y)Largest decline over 1 year | -10.44% | -8.11% | -2.33% |
Max Drawdown (3Y)Largest decline over 3 years | -14.34% | -13.54% | -0.80% |
Max Drawdown (5Y)Largest decline over 5 years | -40.58% | -37.42% | -3.16% |
Max Drawdown (10Y)Largest decline over 10 years | -40.58% | -37.42% | -3.16% |
Current DrawdownCurrent decline from peak | -7.79% | -5.67% | -2.12% |
Average DrawdownAverage peak-to-trough decline | -7.91% | -7.75% | -0.16% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.40% | 1.97% | +1.43% |
Volatility
NVG vs. NZF - Volatility Comparison
Nuveen AMT-Free Municipal Credit Income Fund (NVG) has a higher volatility of 2.30% compared to Nuveen Municipal Credit Income Fund (NZF) at 2.12%. This indicates that NVG's price experiences larger fluctuations and is considered to be riskier than NZF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NVG | NZF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.30% | 2.12% | +0.18% |
Volatility (6M)Calculated over the trailing 6-month period | 8.87% | 8.08% | +0.79% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.60% | 10.58% | +0.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.08% | 12.39% | +0.69% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.87% | 13.09% | -0.22% |
NVG vs. NZF - Expense Ratio Comparison
NVG has a 1.50% expense ratio, which is lower than NZF's 1.89% expense ratio.
Dividends
NVG vs. NZF - Dividend Comparison
NVG's dividend yield for the trailing twelve months is around 7.65%, less than NZF's 7.82% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
NVG Nuveen AMT-Free Municipal Credit Income Fund | 7.65% | 7.49% | 6.74% | 4.45% | 6.18% | 4.69% | 5.24% | 4.94% | 6.07% | 5.67% | 6.17% | 5.46% |
NZF Nuveen Municipal Credit Income Fund | 7.82% | 7.58% | 6.84% | 4.51% | 5.80% | 4.63% | 4.74% | 4.82% | 6.05% | 5.86% | 6.26% | 5.50% |
Frequently Asked Questions
NVG and NZF have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NVG has higher volatility (2.30%) compared to NZF (2.12%). In terms of maximum drawdown, NVG dropped -41.72% vs NZF's -48.55%.
NVG currently has the higher Sharpe Ratio (1.41 vs 1.19), 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.
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