NZF vs SPY
Comparison between Nuveen Municipal Credit Income Fund (NZF, ETF) and SPDR S&P 500 ETF Trust (SPY, ETF).
5-Year PerformanceSPY has outperformed NZF, delivering a return of +13.3% compared to +0.3%
NZF vs SPY - Performance Comparison
Key Characteristics
Financial metrics and valuation ratios
Net Assets
NZF
$2.40B
Winner
SPY
$652B
Expense Ratio
NZF
N/A
SPY
0.09%
Max Drawdown
Winner
NZF
53.68%
SPY
56.47%
Sharpe Ratio
NZF
0.99
Winner
SPY
2.07
5Y Beta
Winner
NZF
0.25
SPY
1.00
P/E Ratio
NZF
N/A
SPY
28.24
Forward P/E
NZF
N/A
SPY
21.85
5Y Dividends CAGR
Winner
NZF
5.94%
SPY
5.43%
5Y EPS CAGR
NZF
N/A
SPY
25.79%
Debt to Equity
NZF
N/A
SPY
22.35%
P/S Ratio
NZF
N/A
SPY
3.55
P/B Ratio
NZF
N/A
SPY
5.29
NZF vs SPY - Historical Returns
Returns include dividend reinvestment.
1M
NZF
+2.00%
Winner
SPY
+9.11%
3M
NZF
-0.15%
Winner
SPY
+6.59%
6M
NZF
+4.82%
Winner
SPY
+10.56%
1Y
NZF
+14.04%
Winner
SPY
+32.04%
5Y(CAGR)
NZF
+0.27%
Winner
SPY
+13.35%
10Y(CAGR)
NZF
+3.83%
Winner
SPY
+15.49%
Max(CAGR)
NZF
+5.44%
Winner
SPY
+8.50%
NZF vs SPY - Annual Returns (1999 - 2026)
Returns include dividend reinvestment.
| Year | NZF | SPY |
|---|---|---|
| 2026 | +2.78% | +8.27% |
| 2025 | +10.22% | +18.00% |
| 2024 | +9.27% | +25.59% |
| 2023 | +0.81% | +26.72% |
| 2022 | -25.42% | -18.64% |
| 2021 | +12.24% | +30.52% |
| 2020 | +4.20% | +17.28% |
| 2019 | +25.44% | +31.09% |
| 2018 | -6.42% | -5.24% |
| 2017 | +13.98% | +20.78% |
| 2016 | +4.29% | +13.59% |
| 2015 | +9.73% | +1.31% |
| 2014 | +17.83% | +14.56% |
| 2013 | -14.78% | +29.00% |
| 2012 | +9.39% | +14.17% |
| 2011 | +18.65% | +0.85% |
| 2010 | +5.85% | +13.14% |
| 2009 | +35.91% | +22.67% |
| 2008 | -22.21% | -36.25% |
| 2007 | -10.97% | +5.32% |
| 2006 | +14.46% | +13.85% |
| 2005 | +11.74% | +5.32% |
| 2004 | +6.26% | +10.75% |
| 2003 | +12.36% | +24.18% |
| 2002 | +5.43% | -22.42% |
| 2001 | -9.18% | -10.13% |
| 2000 | N/A | -8.84% |
| 1999 | N/A | +8.61% |
NZF vs SPY Drawdown Comparison
The maximum drawdown for NZF was -48.48%, occurring on Oct 10, 2008. Recovery took 678 trading sessions.
The maximum drawdown for SPY was -55.20%, occurring on Mar 9, 2009. Recovery took 1224 trading sessions.
The current NZF drawdown is -3.89%.
| Rank | NZF | SPY |
|---|---|---|
| #1 | -48.48% Dec 27, 2006 - Sep 8, 2009 | -55.20% Oct 9, 2007 - Aug 16, 2012 |
| #2 | -37.40% Nov 9, 2021 - Oct 25, 2023 | -47.50% Mar 24, 2000 - Oct 26, 2006 |
| #3 | -29.81% Feb 21, 2020 - Dec 31, 2020 | -33.70% Feb 19, 2020 - Aug 10, 2020 |
| #4 | -24.09% Nov 23, 2012 - Jan 30, 2015 | -24.50% Jan 3, 2022 - Dec 13, 2023 |
| #5 | -15.42% Sep 1, 2010 - Sep 12, 2011 | -19.34% Sep 20, 2018 - Apr 12, 2019 |
| #6 | -15.12% Mar 9, 2004 - Nov 3, 2004 | -18.76% Feb 19, 2025 - Jun 26, 2025 |
| #7 | -13.69% Jul 8, 2016 - Jul 28, 2017 | -13.02% Jul 20, 2015 - Apr 18, 2016 |
| #8 | -10.58% Sep 10, 2018 - Feb 27, 2019 | -10.10% Jan 26, 2018 - Aug 6, 2018 |
| #9 | -10.37% Oct 3, 2001 - Aug 29, 2002 | -9.44% Sep 2, 2020 - Nov 11, 2020 |
| #10 | -8.44% Oct 7, 2002 - Apr 21, 2003 | -9.30% Jan 19, 2000 - Mar 17, 2000 |
| #11 | -8.36% Jun 12, 2003 - Jan 7, 2004 | -9.05% Jul 19, 2007 - Oct 5, 2007 |
| #12 | -8.23% Sep 6, 2005 - Jan 5, 2006 | -8.88% Jan 27, 2026 - Apr 14, 2026 |
| #13 | -8.01% Dec 7, 2017 - Sep 5, 2018 | -8.41% Jul 16, 2024 - Sep 19, 2024 |
| #14 | -7.98% Oct 7, 2009 - Jan 29, 2010 | -7.35% Sep 14, 2012 - Jan 2, 2013 |
| #15 | -7.16% Feb 2, 2015 - Dec 8, 2015 | -7.27% Sep 18, 2014 - Oct 31, 2014 |
Correlation
Correlation between NZF and SPY is 0.87 which considered as a strong positive correlation - the stocks tend to move together.
0.87
-101
Dividend Comparison (1999 - 2026)
NZF vs SPY dividend yield comparison.
| Year | NZF | SPY |
|---|---|---|
| 2026 | 2.51% | 0.24% |
| 2025 | 7.58% | 1.07% |
| 2024 | 6.84% | 1.21% |
| 2023 | 4.51% | 1.40% |
| 2022 | 5.80% | 1.65% |
| 2021 | 4.63% | 1.20% |
| 2020 | 4.74% | 1.52% |
| 2019 | 4.82% | 1.75% |
| 2018 | 6.05% | 2.04% |
| 2017 | 5.86% | 1.80% |
| 2016 | 6.26% | 2.03% |
| 2015 | 5.50% | 2.06% |
| 2014 | 5.32% | 1.87% |
| 2013 | 5.88% | 1.81% |
| 2012 | 5.73% | 2.18% |
| 2011 | 6.39% | 2.05% |
| 2010 | 7.37% | 1.80% |
| 2009 | 6.33% | 1.95% |
| 2008 | 7.81% | 3.02% |
| 2007 | 6.05% | 1.85% |
| 2006 | 5.66% | 1.73% |
| 2005 | 6.38% | 1.73% |
| 2004 | 6.81% | 1.82% |
| 2003 | 6.58% | 1.47% |
| 2002 | 6.65% | 1.70% |
| 2001 | 1.11% | 1.25% |
| 2000 | 0.00% | 1.15% |
| 1999 | 0.00% | 0.24% |
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