TRSPX vs. NZF

Last updated Jun 4, 2026

TRSPX (Nuveen S&P 500 Index Fund Retirement Class) and NZF (Nuveen Municipal Credit Income Fund) are both mutual funds - TRSPX is a S&P 500 fund tracking the S&P 500, while NZF is a Municipal Bonds fund tracking the S&P National Municipal Bond Index. Both are passively managed. Over the past 10 years, TRSPX returned 15.14%/yr vs 3.56%/yr for NZF. At a 0.15 correlation, their price movements are largely independent. TRSPX charges 0.30%/yr vs 1.89%/yr for NZF.

Performance

TRSPX vs. NZF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nuveen S&P 500 Index Fund Retirement Class (TRSPX) 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, TRSPX achieves a 11.56% return, which is significantly higher than NZF's 2.37% return. Over the past 10 years, TRSPX has outperformed NZF with an annualized return of 15.14%, while NZF has yielded a comparatively lower 3.56% annualized return.

TRSPX

• 1D: 0.12%
• 1M: 5.77%
• YTD: 11.56%
• 6M: 11.55%
• 1Y: 28.56%
• 3Y*: 22.38%
• 5Y*: 13.95%
• 10Y*: 15.14%

NZF

• 1D: -0.87%
• 1M: 1.29%
• YTD: 2.37%
• 6M: 1.64%
• 1Y: 14.20%
• 3Y*: 10.44%
• 5Y*: -0.15%
• 10Y*: 3.56%

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

TRSPX vs. NZF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TRSPX Nuveen S&P 500 Index Fund Retirement Class	11.56%	17.50%	24.64%	25.90%	-18.34%	28.32%	18.08%	31.06%	-4.72%	19.52%
NZF Nuveen Municipal Credit Income Fund	2.37%	11.78%	10.09%	2.49%	-25.53%	11.19%	3.58%	28.33%	-6.79%	14.48%

Correlation

The correlation between TRSPX 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	0.31
Correlation (5Y) Calculated over the trailing 5-year period	0.28
Correlation (10Y) Calculated over the trailing 10-year period	0.21
Correlation (All Time) Calculated using the full available price history since Sep 9, 2002	0.15

The correlation between TRSPX and NZF shifts across timeframes, from 0.15 (all time) to 0.31 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

TRSPX vs. NZF — Risk / Return Rank

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

TRSPX

TRSPX Risk / Return Rank: 72
TRSPX Sharpe Ratio Rank: 73
TRSPX Sortino Ratio Rank: 65
TRSPX Omega Ratio Rank: 65
TRSPX Calmar Ratio Rank: 72
TRSPX Martin Ratio Rank: 82

NZF

NZF Risk / Return Rank: 26
NZF Sharpe Ratio Rank: 23
NZF Sortino Ratio Rank: 28
NZF Omega Ratio Rank: 25
NZF Calmar Ratio Rank: 23
NZF Martin Ratio Rank: 32

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.

TRSPX vs. NZF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuveen S&P 500 Index Fund Retirement Class (TRSPX) 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.

	TRSPX	NZF	Difference
Sharpe ratio: Return per unit of total volatility	2.49	1.38	+1.11
Sortino ratio: Return per unit of downside risk	3.39	2.18	+1.21
Omega ratio: Gain probability vs. loss probability	1.45	1.26	+0.19
Calmar ratio: Return relative to maximum drawdown	3.31	1.76	+1.55
Martin ratio: Return relative to average drawdown	15.39	7.24	+8.16
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TRSPX vs. NZF - Sharpe Ratio Comparison

The current TRSPX Sharpe Ratio is 2.49, which is higher than the NZF Sharpe Ratio of 1.38. The chart below compares the historical Sharpe Ratios of TRSPX 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.

Sharpe Ratios by Period

	TRSPX	NZF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.49	1.38	+1.11
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.83	-0.01	+0.84
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.84	0.27	+0.57
Sharpe Ratio (All Time) Calculated using the full available price history	0.58	0.37	+0.21

Drawdowns

TRSPX vs. NZF - Drawdown Comparison

The maximum TRSPX drawdown since its inception was -55.34%, which is greater than NZF's maximum drawdown of -48.55%. Use the drawdown chart below to compare losses from any high point for TRSPX and NZF.

Drawdown Indicators

	TRSPX	NZF	Difference
Max Drawdown Largest peak-to-trough decline	-55.34%	-48.55%	-6.79%
Max Drawdown (1Y) Largest decline over 1 year	-8.94%	-8.11%	-0.83%
Max Drawdown (3Y) Largest decline over 3 years	-18.76%	-15.59%	-3.17%
Max Drawdown (5Y) Largest decline over 5 years	-24.63%	-37.42%	+12.79%
Max Drawdown (10Y) Largest decline over 10 years	-33.77%	-37.42%	+3.65%
Current Drawdown Current decline from peak	0.00%	-4.72%	+4.72%
Average Drawdown Average peak-to-trough decline	-6.90%	-7.77%	+0.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.91%	1.97%	-0.06%

Volatility

TRSPX vs. NZF - Volatility Comparison

The current volatility for Nuveen S&P 500 Index Fund Retirement Class (TRSPX) is 2.82%, while Nuveen Municipal Credit Income Fund (NZF) has a volatility of 3.51%. This indicates that TRSPX experiences smaller price fluctuations and is considered to be less risky than NZF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TRSPX	NZF	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.82%	3.51%	-0.69%
Volatility (6M) Calculated over the trailing 6-month period	8.98%	8.14%	+0.84%
Volatility (1Y) Calculated over the trailing 1-year period	11.87%	10.34%	+1.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.88%	12.37%	+4.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.06%	13.10%	+4.96%

TRSPX vs. NZF - Expense Ratio Comparison

TRSPX has a 0.30% expense ratio, which is lower than NZF's 1.89% expense ratio.

Dividends

TRSPX vs. NZF - Dividend Comparison

TRSPX's dividend yield for the trailing twelve months is around 1.93%, less than NZF's 7.64% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NZF Nuveen Municipal Credit Income Fund	7.64%	7.58%	6.84%	4.51%	5.80%	4.63%	4.74%	4.82%	6.05%	5.86%	6.26%	5.50%
TRSPX Nuveen S&P 500 Index Fund Retirement Class	1.93%	2.15%	1.30%	1.26%	1.66%	1.55%	1.33%	1.95%	2.67%	0.36%	2.18%	0.65%

Frequently Asked Questions

Can I hold both TRSPX and NZF in my portfolio?

TRSPX 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, TRSPX or NZF?

NZF has higher volatility (3.51%) compared to TRSPX (2.82%). In terms of maximum drawdown, TRSPX dropped -55.34% vs NZF's -48.55%.

Which has better risk-adjusted returns?

TRSPX currently has the higher Sharpe Ratio (2.49 vs 1.38), 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.