NZF vs. APUSX
Compare and contrast key facts about Nuveen Municipal Credit Income Fund (NZF) and Cavanal Hill Ultra Short Tax-Free Income Fund (APUSX).
NZF is a passively managed fund by Nuveen that tracks the performance of the S&P National Municipal Bond Index. It was launched on Mar 21, 2001. APUSX is managed by Cavanal Hill funds. It was launched on Dec 25, 2017.
Performance
NZF vs. APUSX - Performance Comparison
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NZF vs. APUSX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
NZF Nuveen Municipal Credit Income Fund | -1.35% | 11.78% | 10.09% | 2.49% | -25.53% | 11.19% | 4.15% |
APUSX Cavanal Hill Ultra Short Tax-Free Income Fund | 0.21% | 3.88% | 3.65% | 2.63% | -0.18% | -0.40% | 0.15% |
Returns By Period
In the year-to-date period, NZF achieves a -1.35% return, which is significantly lower than APUSX's 0.21% return.
NZF
- 1D
- 2.61%
- 1M
- -5.35%
- YTD
- -1.35%
- 6M
- 0.69%
- 1Y
- 7.63%
- 3Y*
- 7.56%
- 5Y*
- 0.18%
- 10Y*
- 3.66%
APUSX
- 1D
- 0.00%
- 1M
- -0.10%
- YTD
- 0.21%
- 6M
- 0.87%
- 1Y
- 2.54%
- 3Y*
- 3.21%
- 5Y*
- 1.96%
- 10Y*
- —
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NZF vs. APUSX - Expense Ratio Comparison
NZF has a 1.89% expense ratio, which is higher than APUSX's 0.60% expense ratio.
Return for Risk
NZF vs. APUSX — Risk / Return Rank
NZF
APUSX
NZF vs. APUSX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Nuveen Municipal Credit Income Fund (NZF) and Cavanal Hill Ultra Short Tax-Free Income Fund (APUSX). 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.
| NZF | APUSX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.66 | 2.94 | -2.28 |
Sortino ratioReturn per unit of downside risk | 1.01 | 12.78 | -11.77 |
Omega ratioGain probability vs. loss probability | 1.13 | 6.20 | -5.06 |
Calmar ratioReturn relative to maximum drawdown | 1.09 | 15.80 | -14.72 |
Martin ratioReturn relative to average drawdown | 3.61 | 57.56 | -53.95 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| NZF | APUSX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.66 | 2.94 | -2.28 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.01 | 1.60 | -1.58 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.28 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.36 | 1.40 | -1.04 |
Correlation
The correlation between NZF and APUSX is 0.11, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Dividends
NZF vs. APUSX - Dividend Comparison
NZF's dividend yield for the trailing twelve months is around 7.83%, more than APUSX's 2.61% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
NZF Nuveen Municipal Credit Income Fund | 7.83% | 7.58% | 6.84% | 4.51% | 5.80% | 4.63% | 4.74% | 4.82% | 6.05% | 5.86% | 6.26% | 5.50% |
APUSX Cavanal Hill Ultra Short Tax-Free Income Fund | 2.61% | 3.69% | 3.68% | 1.69% | 0.33% | 0.00% | 0.25% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Drawdowns
NZF vs. APUSX - Drawdown Comparison
The maximum NZF drawdown since its inception was -48.55%, which is greater than APUSX's maximum drawdown of -1.64%. Use the drawdown chart below to compare losses from any high point for NZF and APUSX.
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Drawdown Indicators
| NZF | APUSX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -48.55% | -1.64% | -46.91% |
Max Drawdown (1Y)Largest decline over 1 year | -8.18% | -0.20% | -7.98% |
Max Drawdown (5Y)Largest decline over 5 years | -37.42% | -1.45% | -35.97% |
Max Drawdown (10Y)Largest decline over 10 years | -37.42% | — | — |
Current DrawdownCurrent decline from peak | -8.18% | -0.10% | -8.08% |
Average DrawdownAverage peak-to-trough decline | -7.79% | -0.30% | -7.49% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.46% | 0.05% | +2.41% |
Volatility
NZF vs. APUSX - Volatility Comparison
Nuveen Municipal Credit Income Fund (NZF) has a higher volatility of 4.70% compared to Cavanal Hill Ultra Short Tax-Free Income Fund (APUSX) at 0.10%. This indicates that NZF's price experiences larger fluctuations and is considered to be riskier than APUSX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NZF | APUSX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.70% | 0.10% | +4.60% |
Volatility (6M)Calculated over the trailing 6-month period | 7.66% | 0.53% | +7.13% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.63% | 1.09% | +10.54% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.22% | 1.24% | +10.98% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.02% | 1.14% | +11.88% |