NZF vs. NVG
NZF (Nuveen Municipal Credit Income Fund) is Municipal Bonds fund tracking the S&P National Municipal Bond Index, while NVG (Nuveen AMT-Free Municipal Credit Income Fund) is a stock. Over the past 10 years, NZF returned 3.16%/yr vs 3.16%/yr for NVG. Their 0.58 correlation means they have sometimes moved together and sometimes differently. NZF charges 1.89%/yr vs 1.50%/yr for NVG.
Performance
NZF vs. NVG - 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 NVG's 2.27% return. Over a longer period, both investments have demonstrated similar performance, with their 10-year annualized returns being quite close: NZF at 3.16% and NVG at 3.16%.
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%
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%
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 |
NZF vs. NVG - 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% |
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% |
Correlation
The correlation between NZF and NVG 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 NZF and NVG 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
NZF vs. NVG — Risk / Return Rank
NZF
NVG
NZF vs. NVG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Nuveen Municipal Credit Income Fund (NZF) and Nuveen AMT-Free Municipal Credit Income Fund (NVG). 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 | NVG | 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 | 1.22 | 1.27 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | 1.55 | 1.42 | +0.13 |
| Martin ratioReturn relative to average drawdown | 6.35 | 4.34 | +2.01 |
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Drawdowns
NZF vs. NVG - Drawdown Comparison
The maximum NZF drawdown since its inception was -48.55%, which is greater than NVG's maximum drawdown of -41.72%. Use the drawdown chart below to compare losses from any high point for NZF and NVG.
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Drawdown Indicators
| NZF | NVG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -48.55% | -41.72% | -6.83% |
Max Drawdown (1Y)Largest decline over 1 year | -8.11% | -10.44% | +2.33% |
Max Drawdown (3Y)Largest decline over 3 years | -13.54% | -14.34% | +0.80% |
Max Drawdown (5Y)Largest decline over 5 years | -37.42% | -40.58% | +3.16% |
Max Drawdown (10Y)Largest decline over 10 years | -37.42% | -40.58% | +3.16% |
Current DrawdownCurrent decline from peak | -5.67% | -7.79% | +2.12% |
Average DrawdownAverage peak-to-trough decline | -7.75% | -7.91% | +0.16% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.97% | 3.40% | -1.43% |
Volatility
NZF vs. NVG - Volatility Comparison
The current volatility for Nuveen Municipal Credit Income Fund (NZF) is 2.12%, while Nuveen AMT-Free Municipal Credit Income Fund (NVG) has a volatility of 2.30%. This indicates that NZF experiences smaller price fluctuations and is considered to be less risky than NVG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NZF | NVG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.12% | 2.30% | -0.18% |
Volatility (6M)Calculated over the trailing 6-month period | 8.08% | 8.87% | -0.79% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.58% | 10.60% | -0.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.39% | 13.08% | -0.69% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.09% | 12.87% | +0.22% |
NZF vs. NVG - Expense Ratio Comparison
NZF has a 1.89% expense ratio, which is higher than NVG's 1.50% expense ratio.
Dividends
NZF vs. NVG - Dividend Comparison
NZF's dividend yield for the trailing twelve months is around 7.82%, more than NVG's 7.65% 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
NZF and NVG 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, NZF dropped -48.55% vs NVG's -41.72%.
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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