NZF vs. JQC
NZF (Nuveen Municipal Credit Income Fund) and JQC (Nuveen Credit Strategies Income Fund) are both mutual funds - NZF is a Municipal Bonds fund tracking the S&P National Municipal Bond Index, while JQC is a Bank Loan fund managed by Nuveen. Over the past 10 years, NZF returned 3.58%/yr vs 5.73%/yr for JQC. At a 0.24 correlation, their price movements are largely independent. NZF charges 1.89%/yr vs 4.34%/yr for JQC.
Performance
NZF vs. JQC - Performance Comparison
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Returns By Period
In the year-to-date period, NZF achieves a 3.60% return, which is significantly higher than JQC's 1.77% return. Over the past 10 years, NZF has underperformed JQC with an annualized return of 3.58%, while JQC has yielded a comparatively higher 5.73% annualized return.
NZF
- 1D
- -0.40%
- 1M
- -0.08%
- 6M
- 2.46%
- YTD
- 3.60%
- 1Y
- 13.54%
- 3Y*
- 9.65%
- 5Y*
- -0.63%
- 10Y*
- 3.58%
JQC
- 1D
- -0.21%
- 1M
- 0.41%
- 6M
- -0.60%
- YTD
- 1.77%
- 1Y
- -0.85%
- 3Y*
- 10.59%
- 5Y*
- 4.53%
- 10Y*
- 5.73%
NZF vs. JQC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
NZF Nuveen Municipal Credit Income Fund | 3.60% | 11.78% | 10.09% | 2.49% | -25.53% | 11.19% | 3.58% | 28.33% | -6.79% | 14.48% |
JQC Nuveen Credit Strategies Income Fund | 1.77% | -0.36% | 22.29% | 15.26% | -14.22% | 13.29% | -2.96% | 21.78% | -4.33% | -0.27% |
Correlation
The correlation between NZF and JQC is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.23 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.25 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.28 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.25 |
Correlation (All Time) Calculated using the full available price history since Jun 26, 2003 | 0.24 |
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Return for Risk
NZF vs. JQC — Risk / Return Rank
NZF
JQC
NZF vs. JQC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Nuveen Municipal Credit Income Fund (NZF) and Nuveen Credit Strategies Income Fund (JQC). 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 | JQC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.36 | ||
| Sortino ratioReturn per unit of downside risk | +2.09 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.00 | +0.24 |
| Calmar ratioReturn relative to maximum drawdown | 1.68 | -0.08 | +1.76 |
| Martin ratioReturn relative to average drawdown | 6.97 | -0.16 | +7.13 |
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Drawdowns
NZF vs. JQC - Drawdown Comparison
The maximum NZF drawdown since its inception was -48.55%, smaller than the maximum JQC drawdown of -75.18%. Use the drawdown chart below to compare losses from any high point for NZF and JQC.
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Drawdown Indicators
| NZF | JQC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -48.55% | -75.18% | +26.63% |
Max Drawdown (1Y)Largest decline over 1 year | -8.11% | -10.15% | +2.04% |
Max Drawdown (3Y)Largest decline over 3 years | -15.59% | -15.37% | -0.22% |
Max Drawdown (5Y)Largest decline over 5 years | -37.42% | -19.83% | -17.59% |
Max Drawdown (10Y)Largest decline over 10 years | -37.42% | -47.99% | +10.57% |
Current DrawdownCurrent decline from peak | -3.58% | -4.36% | +0.78% |
Average DrawdownAverage peak-to-trough decline | -7.76% | -8.80% | +1.04% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.95% | 5.23% | -3.28% |
Volatility
NZF vs. JQC - Volatility Comparison
Nuveen Municipal Credit Income Fund (NZF) has a higher volatility of 2.20% compared to Nuveen Credit Strategies Income Fund (JQC) at 1.77%. This indicates that NZF's price experiences larger fluctuations and is considered to be riskier than JQC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NZF | JQC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.20% | 1.77% | +0.43% |
Volatility (6M)Calculated over the trailing 6-month period | 8.23% | 8.72% | -0.49% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.61% | 11.19% | -0.58% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.41% | 13.13% | -0.72% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.10% | 17.52% | -4.42% |
NZF vs. JQC - Expense Ratio Comparison
NZF has a 1.89% expense ratio, which is lower than JQC's 4.34% expense ratio.
Dividends
NZF vs. JQC - Dividend Comparison
NZF's dividend yield for the trailing twelve months is around 7.60%, less than JQC's 13.13% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
JQC Nuveen Credit Strategies Income Fund | 13.13% | 12.91% | 11.39% | 11.42% | 9.71% | 10.03% | 16.11% | 16.14% | 6.53% | 7.42% | 6.99% | 7.51% |
NZF Nuveen Municipal Credit Income Fund | 7.60% | 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 JQC have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NZF has higher volatility (2.20%) compared to JQC (1.77%). In terms of maximum drawdown, NZF dropped -48.55% vs JQC's -75.18%.
NZF currently has the higher Sharpe Ratio (1.28 vs -0.08), 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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