NZF vs. VTEB
Compare and contrast key facts about Nuveen Municipal Credit Income Fund (NZF) and Vanguard Tax-Exempt Bond ETF (VTEB).
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. VTEB is a passively managed fund by Vanguard that tracks the performance of the S&P National AMT-Free Municipal Bond Index. It was launched on Aug 21, 2015. Both NZF and VTEB are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
NZF vs. VTEB - Performance Comparison
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NZF vs. VTEB - 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% |
VTEB Vanguard Tax-Exempt Bond ETF | -0.23% | 3.72% | 1.31% | 6.15% | -7.99% | 1.14% | 5.19% | 7.35% | 1.04% | 4.87% |
Returns By Period
In the year-to-date period, NZF achieves a -1.35% return, which is significantly lower than VTEB's -0.23% return. Over the past 10 years, NZF has outperformed VTEB with an annualized return of 3.66%, while VTEB has yielded a comparatively lower 2.06% annualized 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%
VTEB
- 1D
- 0.24%
- 1M
- -2.18%
- YTD
- -0.23%
- 6M
- 1.34%
- 1Y
- 3.99%
- 3Y*
- 2.67%
- 5Y*
- 0.82%
- 10Y*
- 2.06%
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NZF vs. VTEB - Expense Ratio Comparison
NZF has a 1.89% expense ratio, which is higher than VTEB's 0.05% expense ratio.
Return for Risk
NZF vs. VTEB — Risk / Return Rank
NZF
VTEB
NZF vs. VTEB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Nuveen Municipal Credit Income Fund (NZF) and Vanguard Tax-Exempt Bond ETF (VTEB). 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 | VTEB | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.66 | 1.00 | -0.34 |
Sortino ratioReturn per unit of downside risk | 1.01 | 1.27 | -0.26 |
Omega ratioGain probability vs. loss probability | 1.13 | 1.23 | -0.10 |
Calmar ratioReturn relative to maximum drawdown | 1.09 | 1.20 | -0.12 |
Martin ratioReturn relative to average drawdown | 3.61 | 3.56 | +0.05 |
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 | VTEB | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.66 | 1.00 | -0.34 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.01 | 0.21 | -0.20 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.28 | 0.39 | -0.11 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.36 | 0.45 | -0.08 |
Correlation
The correlation between NZF and VTEB is 0.47, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.
Dividends
NZF vs. VTEB - Dividend Comparison
NZF's dividend yield for the trailing twelve months is around 7.83%, more than VTEB's 3.36% 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% |
VTEB Vanguard Tax-Exempt Bond ETF | 3.36% | 3.29% | 3.14% | 2.79% | 2.09% | 1.64% | 1.99% | 2.30% | 2.25% | 1.96% | 1.66% | 0.58% |
Drawdowns
NZF vs. VTEB - Drawdown Comparison
The maximum NZF drawdown since its inception was -48.55%, which is greater than VTEB's maximum drawdown of -17.00%. Use the drawdown chart below to compare losses from any high point for NZF and VTEB.
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Drawdown Indicators
| NZF | VTEB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -48.55% | -17.00% | -31.55% |
Max Drawdown (1Y)Largest decline over 1 year | -8.18% | -3.45% | -4.73% |
Max Drawdown (5Y)Largest decline over 5 years | -37.42% | -12.64% | -24.78% |
Max Drawdown (10Y)Largest decline over 10 years | -37.42% | -17.00% | -20.42% |
Current DrawdownCurrent decline from peak | -8.18% | -2.18% | -6.00% |
Average DrawdownAverage peak-to-trough decline | -7.79% | -2.35% | -5.44% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.46% | 1.17% | +1.29% |
Volatility
NZF vs. VTEB - Volatility Comparison
Nuveen Municipal Credit Income Fund (NZF) has a higher volatility of 4.70% compared to Vanguard Tax-Exempt Bond ETF (VTEB) at 1.39%. This indicates that NZF's price experiences larger fluctuations and is considered to be riskier than VTEB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NZF | VTEB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.70% | 1.39% | +3.31% |
Volatility (6M)Calculated over the trailing 6-month period | 7.66% | 1.85% | +5.81% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.63% | 4.00% | +7.63% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.22% | 3.87% | +8.35% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.02% | 5.25% | +7.77% |