NVG vs. PZA

Last updated Jun 4, 2026

NVG (Nuveen AMT-Free Municipal Credit Income Fund) is a stock, while PZA (Invesco National AMT-Free Municipal Bond ETF) is Municipal Bonds fund tracking the BofA ML National Long-Term Core Plus Municipal Securities Index. Over the past 10 years, NVG returned 3.56%/yr vs 1.86%/yr for PZA. At a 0.33 correlation, their price movements are largely independent. NVG charges 1.50%/yr vs 0.28%/yr for PZA.

Performance

NVG vs. PZA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nuveen AMT-Free Municipal Credit Income Fund (NVG) and Invesco National AMT-Free Municipal Bond ETF (PZA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with NVG having a 2.31% return and PZA slightly higher at 2.34%. Over the past 10 years, NVG has outperformed PZA with an annualized return of 3.56%, while PZA has yielded a comparatively lower 1.86% annualized return.

NVG

• 1D: -0.63%
• 1M: 2.09%
• YTD: 2.31%
• 6M: 2.78%
• 1Y: 14.65%
• 3Y*: 10.49%
• 5Y*: -0.65%
• 10Y*: 3.56%

PZA

• 1D: -0.13%
• 1M: 0.79%
• YTD: 2.34%
• 6M: 2.56%
• 1Y: 9.00%
• 3Y*: 3.28%
• 5Y*: -0.02%
• 10Y*: 1.86%

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

NVG vs. PZA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NVG Nuveen AMT-Free Municipal Credit Income Fund	2.31%	11.61%	10.79%	1.94%	-28.47%	12.14%	6.40%	25.63%	-4.03%	13.19%
PZA Invesco National AMT-Free Municipal Bond ETF	2.34%	1.81%	0.81%	8.64%	-13.17%	2.37%	5.07%	9.00%	-0.09%	6.95%

Correlation

The correlation between NVG and PZA is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.48
Correlation (3Y) Calculated over the trailing 3-year period	0.51
Correlation (5Y) Calculated over the trailing 5-year period	0.47
Correlation (10Y) Calculated over the trailing 10-year period	0.40
Correlation (All Time) Calculated using the full available price history since Oct 19, 2007	0.33

The correlation between NVG and PZA shifts across timeframes, from 0.33 (all time) to 0.51 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

NVG vs. PZA — Risk / Return Rank

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

NVG

NVG Risk / Return Rank: 74
NVG Sharpe Ratio Rank: 80
NVG Sortino Ratio Rank: 76
NVG Omega Ratio Rank: 76
NVG Calmar Ratio Rank: 67
NVG Martin Ratio Rank: 73

PZA

PZA Risk / Return Rank: 64
PZA Sharpe Ratio Rank: 64
PZA Sortino Ratio Rank: 67
PZA Omega Ratio Rank: 77
PZA Calmar Ratio Rank: 57
PZA Martin Ratio Rank: 57

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.

NVG vs. PZA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuveen AMT-Free Municipal Credit Income Fund (NVG) and Invesco National AMT-Free Municipal Bond ETF (PZA). 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.

	NVG	PZA	Difference
Sharpe ratio: Return per unit of total volatility	1.42	2.14	-0.73
Sortino ratio: Return per unit of downside risk	2.10	3.11	-1.01
Omega ratio: Gain probability vs. loss probability	1.28	1.46	-0.19
Calmar ratio: Return relative to maximum drawdown	1.41	2.84	-1.44
Martin ratio: Return relative to average drawdown	4.64	10.04	-5.40
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NVG vs. PZA - Sharpe Ratio Comparison

The current NVG Sharpe Ratio is 1.42, which is lower than the PZA Sharpe Ratio of 2.14. The chart below compares the historical Sharpe Ratios of NVG and PZA, 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

	NVG	PZA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.42	2.14	-0.73
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.05	-0.00	-0.05
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.28	0.26	+0.01
Sharpe Ratio (All Time) Calculated using the full available price history	0.39	0.43	-0.04

Drawdowns

NVG vs. PZA - Drawdown Comparison

The maximum NVG drawdown since its inception was -41.72%, which is greater than PZA's maximum drawdown of -24.49%. Use the drawdown chart below to compare losses from any high point for NVG and PZA.

Drawdown Indicators

	NVG	PZA	Difference
Max Drawdown Largest peak-to-trough decline	-41.72%	-24.49%	-17.23%
Max Drawdown (1Y) Largest decline over 1 year	-10.44%	-3.18%	-7.26%
Max Drawdown (3Y) Largest decline over 3 years	-17.22%	-7.89%	-9.33%
Max Drawdown (5Y) Largest decline over 5 years	-40.58%	-18.55%	-22.03%
Max Drawdown (10Y) Largest decline over 10 years	-40.58%	-21.69%	-18.89%
Current Drawdown Current decline from peak	-7.76%	-1.23%	-6.53%
Average Drawdown Average peak-to-trough decline	-7.92%	-3.95%	-3.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.17%	0.90%	+2.27%

Volatility

NVG vs. PZA - Volatility Comparison

Nuveen AMT-Free Municipal Credit Income Fund (NVG) has a higher volatility of 3.61% compared to Invesco National AMT-Free Municipal Bond ETF (PZA) at 1.48%. This indicates that NVG's price experiences larger fluctuations and is considered to be riskier than PZA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NVG	PZA	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.61%	1.48%	+2.13%
Volatility (6M) Calculated over the trailing 6-month period	8.73%	2.89%	+5.84%
Volatility (1Y) Calculated over the trailing 1-year period	10.40%	4.22%	+6.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.06%	6.00%	+7.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.89%	7.08%	+5.81%

NVG vs. PZA - Expense Ratio Comparison

NVG has a 1.50% expense ratio, which is higher than PZA's 0.28% expense ratio.

Dividends

NVG vs. PZA - Dividend Comparison

NVG's dividend yield for the trailing twelve months is around 7.55%, more than PZA's 3.64% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NVG Nuveen AMT-Free Municipal Credit Income Fund	7.55%	7.49%	6.74%	4.45%	6.18%	4.69%	5.24%	4.94%	6.07%	5.67%	6.17%	5.46%
PZA Invesco National AMT-Free Municipal Bond ETF	3.64%	3.55%	3.22%	2.91%	2.68%	2.34%	2.44%	2.81%	3.19%	3.04%	3.23%	3.59%

Frequently Asked Questions

Can I hold both NVG and PZA in my portfolio?

NVG and PZA have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NVG or PZA?

NVG has higher volatility (3.61%) compared to PZA (1.48%). In terms of maximum drawdown, NVG dropped -41.72% vs PZA's -24.49%.

Which has better risk-adjusted returns?

PZA currently has the higher Sharpe Ratio (2.14 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.