NZF vs. PDO
NZF (Nuveen Municipal Credit Income Fund) is Municipal Bonds fund tracking the S&P National Municipal Bond Index, while PDO (Pimco Dynamic Income Opportunities Fund) is a stock. Over the past 5 years, NZF returned 0.01%/yr vs 1.78%/yr for PDO. At a 0.34 correlation, their price movements are largely independent.
Performance
NZF vs. PDO - Performance Comparison
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Returns By Period
In the year-to-date period, NZF achieves a 3.68% return, which is significantly higher than PDO's -1.72% return.
NZF
- 1D
- -0.47%
- 1M
- 1.12%
- YTD
- 3.68%
- 6M
- 3.27%
- 1Y
- 14.21%
- 3Y*
- 10.46%
- 5Y*
- 0.01%
- 10Y*
- 3.63%
PDO
- 1D
- 0.78%
- 1M
- 1.23%
- YTD
- -1.72%
- 6M
- -1.43%
- 1Y
- 7.30%
- 3Y*
- 12.44%
- 5Y*
- 1.78%
- 10Y*
- —
NZF vs. PDO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
NZF Nuveen Municipal Credit Income Fund | 3.68% | 11.78% | 10.09% | 2.49% | -25.53% | 9.98% |
PDO Pimco Dynamic Income Opportunities Fund | -1.72% | 13.96% | 24.55% | 8.06% | -23.40% | 5.98% |
Correlation
The correlation between NZF and PDO is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.30 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.36 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.36 |
Correlation (All Time) Calculated using the full available price history since Jan 27, 2021 | 0.34 |
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Return for Risk
NZF vs. PDO — Risk / Return Rank
NZF
PDO
NZF vs. PDO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Nuveen Municipal Credit Income Fund (NZF) and Pimco Dynamic Income Opportunities Fund (PDO). 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 | PDO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.64 | ||
| Sortino ratioReturn per unit of downside risk | +1.11 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 1.16 | +0.09 |
| Calmar ratioReturn relative to maximum drawdown | 1.76 | 0.66 | +1.10 |
| Martin ratioReturn relative to average drawdown | 7.22 | 2.29 | +4.93 |
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Drawdowns
NZF vs. PDO - Drawdown Comparison
The maximum NZF drawdown since its inception was -48.55%, which is greater than PDO's maximum drawdown of -36.83%. Use the drawdown chart below to compare losses from any high point for NZF and PDO.
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Drawdown Indicators
| NZF | PDO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -48.55% | -36.83% | -11.72% |
Max Drawdown (1Y)Largest decline over 1 year | -8.11% | -11.18% | +3.07% |
Max Drawdown (3Y)Largest decline over 3 years | -15.59% | -16.55% | +0.96% |
Max Drawdown (5Y)Largest decline over 5 years | -37.42% | -36.83% | -0.59% |
Max Drawdown (10Y)Largest decline over 10 years | -37.42% | — | — |
Current DrawdownCurrent decline from peak | -3.50% | -5.54% | +2.04% |
Average DrawdownAverage peak-to-trough decline | -7.77% | -14.37% | +6.60% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.97% | 3.20% | -1.23% |
Volatility
NZF vs. PDO - Volatility Comparison
Nuveen Municipal Credit Income Fund (NZF) and Pimco Dynamic Income Opportunities Fund (PDO) have volatilities of 3.61% and 3.68%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NZF | PDO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.61% | 3.68% | -0.07% |
Volatility (6M)Calculated over the trailing 6-month period | 8.30% | 9.06% | -0.76% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.47% | 10.08% | +0.39% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.39% | 15.80% | -3.41% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.11% | 15.54% | -2.43% |
Dividends
NZF vs. PDO - Dividend Comparison
NZF's dividend yield for the trailing twelve months is around 7.55%, less than PDO's 11.94% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
NZF Nuveen Municipal Credit Income Fund | 7.55% | 7.58% | 6.84% | 4.51% | 5.80% | 4.63% | 4.74% | 4.82% | 6.05% | 5.86% | 6.26% | 5.50% |
PDO Pimco Dynamic Income Opportunities Fund | 11.94% | 11.09% | 11.29% | 12.54% | 19.09% | 8.56% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
NZF and PDO have a correlation of 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PDO has higher volatility (3.68%) compared to NZF (3.61%). In terms of maximum drawdown, NZF dropped -48.55% vs PDO's -36.83%.
NZF currently has the higher Sharpe Ratio (1.36 vs 0.73), 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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