TILIX vs. NZF

Last updated Jul 17, 2026

TILIX (Nuveen Large Cap Growth Index Fund R6 Class) and NZF (Nuveen Municipal Credit Income Fund) are both mutual funds - TILIX is a Large Cap Growth Equities fund tracking the Russell 1000 Growth Index, while NZF is a Municipal Bonds fund tracking the S&P National Municipal Bond Index. Both are passively managed. Over the past 10 years, TILIX returned 17.93%/yr vs 3.46%/yr for NZF. At a 0.15 correlation, their price movements are largely independent. TILIX charges 0.05%/yr vs 1.89%/yr for NZF.

Performance

TILIX vs. NZF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nuveen Large Cap Growth Index Fund R6 Class (TILIX) and Nuveen Municipal Credit Income Fund (NZF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TILIX achieves a 4.92% return, which is significantly higher than NZF's 3.51% return. Over the past 10 years, TILIX has outperformed NZF with an annualized return of 17.93%, while NZF has yielded a comparatively lower 3.46% annualized return.

TILIX

• 1D: 0.28%
• 1M: 0.44%
• 6M: 5.48%
• YTD: 4.92%
• 1Y: 15.26%
• 3Y*: 21.53%
• 5Y*: 13.28%
• 10Y*: 17.93%

NZF

• 1D: -0.56%
• 1M: -0.56%
• 6M: 2.21%
• YTD: 3.51%
• 1Y: 14.42%
• 3Y*: 9.81%
• 5Y*: -0.33%
• 10Y*: 3.46%

*Multi-year figures are annualized to reflect compound growth (CAGR)

TILIX vs. NZF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TILIX Nuveen Large Cap Growth Index Fund R6 Class	4.92%	18.41%	33.31%	42.64%	-29.22%	27.63%	38.43%	36.30%	-1.66%	28.49%
NZF Nuveen Municipal Credit Income Fund	3.51%	11.78%	10.09%	2.49%	-25.53%	11.19%	3.58%	28.33%	-6.79%	14.48%

Correlation

The correlation between TILIX and NZF 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	0.27
Correlation (5Y) Calculated over the trailing 5-year period	0.26
Correlation (10Y) Calculated over the trailing 10-year period	0.22
Correlation (All Time) Calculated using the full available price history since Sep 30, 2002	0.15

The correlation between TILIX and NZF shifts across timeframes, from 0.15 (all time) to 0.30 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

TILIX vs. NZF — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

TILIX

TILIX Risk / Return Rank: 17
TILIX Sharpe Ratio Rank: 19
TILIX Sortino Ratio Rank: 19
TILIX Omega Ratio Rank: 18
TILIX Calmar Ratio Rank: 14
TILIX Martin Ratio Rank: 16

NZF

NZF Risk / Return Rank: 40
NZF Sharpe Ratio Rank: 37
NZF Sortino Ratio Rank: 46
NZF Omega Ratio Rank: 39
NZF Calmar Ratio Rank: 35
NZF Martin Ratio Rank: 44

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

TILIX vs. NZF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuveen Large Cap Growth Index Fund R6 Class (TILIX) and Nuveen Municipal Credit Income Fund (NZF). 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.

	TILIX	NZF	Difference
Sharpe ratio: Return per unit of total volatility	0.94	1.37	-0.43
Sortino ratio: Return per unit of downside risk	1.37	2.19	-0.82
Omega ratio: Gain probability vs. loss probability	1.17	1.26	-0.09
Calmar ratio: Return relative to maximum drawdown	0.97	1.78	-0.81
Martin ratio: Return relative to average drawdown	3.06	7.60	-4.54

TILIX vs. NZF - Sharpe Ratio Comparison

The current TILIX Sharpe Ratio is 0.94, which is lower than the NZF Sharpe Ratio of 1.37. The chart below compares the historical Sharpe Ratios of TILIX and NZF, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

TILIX vs. NZF - Drawdown Comparison

The maximum TILIX drawdown since its inception was -50.54%, roughly equal to the maximum NZF drawdown of -48.55%. Use the drawdown chart below to compare losses from any high point for TILIX and NZF.

Drawdown Indicators

	TILIX	NZF	Difference
Max Drawdown Largest peak-to-trough decline	-50.54%	-48.55%	-1.99%
Max Drawdown (1Y) Largest decline over 1 year	-16.24%	-8.11%	-8.13%
Max Drawdown (3Y) Largest decline over 3 years	-23.33%	-15.59%	-7.74%
Max Drawdown (5Y) Largest decline over 5 years	-32.68%	-37.42%	+4.74%
Max Drawdown (10Y) Largest decline over 10 years	-32.68%	-37.42%	+4.74%
Current Drawdown Current decline from peak	-3.73%	-3.66%	-0.07%
Average Drawdown Average peak-to-trough decline	-7.72%	-7.75%	+0.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.14%	1.91%	+3.23%

Volatility

TILIX vs. NZF - Volatility Comparison

Nuveen Large Cap Growth Index Fund R6 Class (TILIX) has a higher volatility of 6.33% compared to Nuveen Municipal Credit Income Fund (NZF) at 2.25%. This indicates that TILIX's price experiences larger fluctuations and is considered to be riskier than NZF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TILIX	NZF	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.33%	2.25%	+4.08%
Volatility (6M) Calculated over the trailing 6-month period	13.42%	8.24%	+5.18%
Volatility (1Y) Calculated over the trailing 1-year period	16.77%	10.62%	+6.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.70%	12.41%	+9.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.16%	13.08%	+8.08%

TILIX vs. NZF - Expense Ratio Comparison

TILIX has a 0.05% expense ratio, which is lower than NZF's 1.89% expense ratio.

Dividends

TILIX vs. NZF - Dividend Comparison

TILIX's dividend yield for the trailing twelve months is around 4.20%, less than NZF's 7.66% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NZF Nuveen Municipal Credit Income Fund	7.66%	7.58%	6.84%	4.51%	5.80%	4.63%	4.74%	4.82%	6.05%	5.86%	6.26%	5.50%
TILIX Nuveen Large Cap Growth Index Fund R6 Class	4.20%	4.41%	3.25%	1.90%	11.00%	8.76%	1.91%	2.38%	4.01%	0.68%	1.33%	1.32%

Frequently Asked Questions

Can I hold both TILIX and NZF in my portfolio?

TILIX and NZF 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.

Which is riskier, TILIX or NZF?

TILIX has higher volatility (6.33%) compared to NZF (2.25%). In terms of maximum drawdown, TILIX dropped -50.54% vs NZF's -48.55%.

Which has better risk-adjusted returns?

NZF currently has the higher Sharpe Ratio (1.37 vs 0.94), 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.