VCIT vs. NEA

Last updated Jun 20, 2026

VCIT (Vanguard Intermediate-Term Corporate Bond ETF) is Corporate Bonds fund tracking the Bloomberg U.S. 5-10 Year Corporate Bond Index, while NEA (Nuveen AMT-Free Quality Municipal Income Fund) is a stock. Over the past 10 years, VCIT returned 2.94%/yr vs 3.01%/yr for NEA. At a 0.34 correlation, their price movements are largely independent. VCIT charges 0.03%/yr vs 1.41%/yr for NEA.

Performance

VCIT vs. NEA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Intermediate-Term Corporate Bond ETF (VCIT) and Nuveen AMT-Free Quality Municipal Income Fund (NEA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VCIT achieves a 0.45% return, which is significantly lower than NEA's 3.22% return. Both investments have delivered pretty close results over the past 10 years, with VCIT having a 2.94% annualized return and NEA not far ahead at 3.01%.

VCIT

• 1D: 0.32%
• 1M: 0.89%
• YTD: 0.45%
• 6M: 0.58%
• 1Y: 5.76%
• 3Y*: 6.15%
• 5Y*: 1.15%
• 10Y*: 2.94%

NEA

• 1D: 0.61%
• 1M: 3.54%
• YTD: 3.22%
• 6M: 3.85%
• 1Y: 15.57%
• 3Y*: 9.20%
• 5Y*: -0.07%
• 10Y*: 3.01%

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

VCIT vs. NEA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VCIT Vanguard Intermediate-Term Corporate Bond ETF	0.45%	9.34%	3.20%	8.98%	-13.98%	-1.77%	9.46%	14.10%	-1.74%	5.31%
NEA Nuveen AMT-Free Quality Municipal Income Fund	3.22%	11.31%	9.50%	0.75%	-23.32%	8.16%	10.07%	22.42%	-5.72%	8.77%

Correlation

The correlation between VCIT and NEA is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.41
Correlation (3Y) Calculated over the trailing 3-year period	0.54
Correlation (5Y) Calculated over the trailing 5-year period	0.52
Correlation (10Y) Calculated over the trailing 10-year period	0.46
Correlation (All Time) Calculated using the full available price history since Nov 23, 2009	0.34

The correlation between VCIT and NEA shifts across timeframes, from 0.34 (all time) to 0.54 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

VCIT vs. NEA — Risk / Return Rank

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

VCIT

VCIT Risk / Return Rank: 41
VCIT Sharpe Ratio Rank: 42
VCIT Sortino Ratio Rank: 43
VCIT Omega Ratio Rank: 40
VCIT Calmar Ratio Rank: 41
VCIT Martin Ratio Rank: 41

NEA

NEA Risk / Return Rank: 81
NEA Sharpe Ratio Rank: 82
NEA Sortino Ratio Rank: 79
NEA Omega Ratio Rank: 79
NEA Calmar Ratio Rank: 77
NEA Martin Ratio Rank: 85

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.

VCIT vs. NEA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Intermediate-Term Corporate Bond ETF (VCIT) and Nuveen AMT-Free Quality Municipal Income Fund (NEA). 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.

	VCIT	NEA	Difference
Sharpe ratio: Return per unit of total volatility	1.41	1.46	-0.05
Sortino ratio: Return per unit of downside risk	2.09	2.18	-0.09
Omega ratio: Gain probability vs. loss probability	1.25	1.29	-0.04
Calmar ratio: Return relative to maximum drawdown	1.96	2.15	-0.19
Martin ratio: Return relative to average drawdown	6.24	8.57	-2.34

VCIT vs. NEA - Sharpe Ratio Comparison

The current VCIT Sharpe Ratio is 1.41, which is comparable to the NEA Sharpe Ratio of 1.46. The chart below compares the historical Sharpe Ratios of VCIT and NEA, 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

VCIT vs. NEA - Drawdown Comparison

The maximum VCIT drawdown since its inception was -20.56%, smaller than the maximum NEA drawdown of -43.83%. Use the drawdown chart below to compare losses from any high point for VCIT and NEA.

Drawdown Indicators

	VCIT	NEA	Difference
Max Drawdown Largest peak-to-trough decline	-20.56%	-43.83%	+23.27%
Max Drawdown (1Y) Largest decline over 1 year	-2.96%	-7.27%	+4.31%
Max Drawdown (3Y) Largest decline over 3 years	-6.11%	-15.16%	+9.05%
Max Drawdown (5Y) Largest decline over 5 years	-20.56%	-36.57%	+16.01%
Max Drawdown (10Y) Largest decline over 10 years	-20.56%	-36.57%	+16.01%
Current Drawdown Current decline from peak	-1.09%	-4.02%	+2.93%
Average Drawdown Average peak-to-trough decline	-3.15%	-8.00%	+4.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.93%	1.82%	-0.89%

Volatility

VCIT vs. NEA - Volatility Comparison

The current volatility for Vanguard Intermediate-Term Corporate Bond ETF (VCIT) is 1.36%, while Nuveen AMT-Free Quality Municipal Income Fund (NEA) has a volatility of 2.67%. This indicates that VCIT experiences smaller price fluctuations and is considered to be less risky than NEA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VCIT	NEA	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.36%	2.67%	-1.31%
Volatility (6M) Calculated over the trailing 6-month period	3.17%	8.67%	-5.50%
Volatility (1Y) Calculated over the trailing 1-year period	4.09%	10.72%	-6.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.62%	11.52%	-4.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.28%	11.82%	-5.54%

VCIT vs. NEA - Expense Ratio Comparison

VCIT has a 0.03% expense ratio, which is lower than NEA's 1.41% expense ratio.

Dividends

VCIT vs. NEA - Dividend Comparison

VCIT's dividend yield for the trailing twelve months is around 4.79%, less than NEA's 7.13% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NEA Nuveen AMT-Free Quality Municipal Income Fund	7.13%	7.36%	6.63%	3.95%	5.49%	4.50%	4.45%	4.46%	5.40%	5.33%	5.70%	5.71%
VCIT Vanguard Intermediate-Term Corporate Bond ETF	4.79%	4.62%	4.43%	3.72%	3.03%	2.87%	2.78%	3.37%	3.61%	3.21%	3.29%	3.34%

Frequently Asked Questions

Can I hold both VCIT and NEA in my portfolio?

VCIT and NEA have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VCIT or NEA?

NEA has higher volatility (2.67%) compared to VCIT (1.36%). In terms of maximum drawdown, VCIT dropped -20.56% vs NEA's -43.83%.

Which has better risk-adjusted returns?

NEA currently has the higher Sharpe Ratio (1.46 vs 1.41), 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.