NZF vs. AM
NZF (Nuveen Municipal Credit Income Fund) is Municipal Bonds fund tracking the S&P National Municipal Bond Index, while AM (Antero Midstream Corporation) is a stock. Over the past 10 years, NZF returned 3.16%/yr vs 7.67%/yr for AM. Their 0.09 correlation means their historical movements had little consistent relationship.
Performance
NZF vs. AM - Performance Comparison
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Returns By Period
In the year-to-date period, NZF achieves a 1.35% return, which is significantly lower than AM's 27.62% return. Over the past 10 years, NZF has underperformed AM with an annualized return of 3.16%, while AM has yielded a comparatively higher 7.67% annualized return.
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%
AM
- 1D
- 1.95%
- 1M
- -1.16%
- 6M
- 19.18%
- YTD
- 27.62%
- 1Y
- 24.05%
- 3Y*
- 29.97%
- 5Y*
- 26.57%
- 10Y*
- 7.67%
- ALL TIME*
- 5.23%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $48.96M | $46.06M | $51.05M | |
| $6.09M | $6.45M | $6.65M |
NZF vs. AM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
AM Antero Midstream Corporation | 27.62% | 24.37% | 28.46% | 25.73% | 21.98% | 39.55% | 27.59% | -60.29% | -22.28% | -2.32% |
Correlation
The correlation between NZF and AM is -0.09, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.09 |
Correlation (3Y) Balances recent behavior with more history. | 0.07 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.12 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.09 |
Correlation (All Time) Calculated using the full available price history since Nov 5, 2014 | 0.09 |
The correlation between NZF and AM shifts across timeframes, from -0.09 (1 year) to 0.12 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
NZF vs. AM — Risk / Return Rank
NZF
AM
NZF vs. AM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Nuveen Municipal Credit Income Fund (NZF) and Antero Midstream Corporation (AM). 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.
| NZF | AM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.11 | ||
| Sortino ratioReturn per unit of downside risk | +0.05 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.22 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 1.55 | 2.00 | -0.45 |
| Martin ratioReturn relative to average drawdown | 6.35 | 4.20 | +2.15 |
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Drawdowns
NZF vs. AM - Drawdown Comparison
The maximum NZF drawdown since its inception was -48.55%, smaller than the maximum AM drawdown of -93.01%. Use the drawdown chart below to compare losses from any high point for NZF and AM.
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Drawdown Indicators
| NZF | AM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -48.55% | -93.01% | +44.46% |
Max Drawdown (1Y)Largest decline over 1 year | -8.11% | -12.67% | +4.56% |
Max Drawdown (3Y)Largest decline over 3 years | -13.54% | -13.98% | +0.44% |
Max Drawdown (5Y)Largest decline over 5 years | -37.42% | -21.91% | -15.51% |
Max Drawdown (10Y)Largest decline over 10 years | -37.42% | -93.01% | +55.59% |
Current DrawdownCurrent decline from peak | -5.67% | -4.96% | -0.71% |
Average DrawdownAverage peak-to-trough decline | -7.75% | -31.57% | +23.82% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.97% | 6.02% | -4.05% |
Volatility
NZF vs. AM - Volatility Comparison
The current volatility for Nuveen Municipal Credit Income Fund (NZF) is 2.12%, while Antero Midstream Corporation (AM) has a volatility of 6.77%. This indicates that NZF experiences smaller price fluctuations and is considered to be less risky than AM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NZF | AM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.12% | 6.77% | -4.65% |
Volatility (6M)Calculated over the trailing 6-month period | 8.08% | 15.18% | -7.10% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.58% | 20.71% | -10.13% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.39% | 26.15% | -13.76% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.09% | 41.89% | -28.80% |
Dividends
NZF vs. AM - Dividend Comparison
NZF's dividend yield for the trailing twelve months is around 7.82%, more than AM's 4.10% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
AM Antero Midstream Corporation | 4.10% | 5.06% | 5.96% | 7.18% | 8.34% | 10.15% | 15.95% | 18.28% | 7.53% | 4.27% | 3.14% | 2.93% |
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
NZF and AM have a correlation of -0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
AM has higher volatility (6.77%) compared to NZF (2.12%). In terms of maximum drawdown, NZF dropped -48.55% vs AM's -93.01%.
AM currently has the higher Sharpe Ratio (1.30 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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