NZF vs SCHD
Nuveen Municipal Credit Income Fund vs Schwab US Dividend Equity ETF
Which is better, NZF or SCHD?
Municipal Bond against Large Cap Value.
SCHD has a lower expense ratio. SCHD led over 1Y, 3Y, 5Y and the full window.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | NZF | SCHD |
|---|---|---|
| Expense Ratio | 3.61% | 0.06%Best |
| AUM | - | $112.1B |
| Dividend Yield | 7.86% | 3.00% |
| Holdings | 671 | 103 |
| YTD Return | -4.31% | +24.59%Best |
| 1Y Return | -0.28% | +28.14%Best |
| 3Y Return (annualized) | +8.76% | +15.58%Best |
| 5Y Return (annualized) | -1.92% | +9.90%Best |
| Volatility (annualized) | 13.0%Best | 13.6% |
| Max Drawdown | -37.4% | -33.4%Best |
| $10,000 over 5 years | $9,076 | $16,032Best |
| Fund Family | Nuveen | Charles Schwab Asset Management |
| Category | Tax Preferred | Equity |
| Style | Municipal Bond | Large Cap Value |
| Inception | Sep 25, 2001 | Oct 20, 2011 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: Oct 20, 2011 to Sep 10, 2026 (14.9 years).
NZF vs SCHD growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view is available from the range buttons; it is not the opening view here because over the whole period one of these two funds moves so much further than the other that its line would sit flat on the axis.
NZF vs SCHD Performance
Nuveen Municipal Credit Income Fund (NZF) is an ETF from Nuveen and Schwab US Dividend Equity ETF (SCHD) is an ETF from Charles Schwab Asset Management. Over the past year NZF returned -0.28% while SCHD returned +28.14%. Year to date, NZF is down 4.31% versus a gain of 24.59% for SCHD.
Over three years, NZF compounded at +8.76% per year against +15.58% for SCHD; over five years the annualized figures are -1.92% and +9.90% respectively. Across the full 15-year window we track, SCHD has the edge at +11.34% annualized vs +0.95%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SCHD has been the more volatile fund, with annualized monthly volatility of 13.6% compared with 13.0% for NZF. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -37.4% for NZF and -33.4% for SCHD. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.40. They move together some of the time, and apart the rest.
Fees and Cost Over Time
NZF charges 3.61% per year while SCHD charges 0.06%. On a $10,000 position that is $361 vs $6 annually, a gap of $355 per year that compounds over a long holding period. On income, NZF currently yields 7.86% against 3.00% for SCHD.
Holdings Overlap
We hold position weights for 254 holdings in NZF and 100 in SCHD, totalling 81.5% and 100.0% of the two funds. The two books name no position in common, so there is no overlap percentage to show.
The two holdings books were reported 212 days apart, NZF as of Jan 31, 2026 and SCHD as of Aug 31, 2026, so some of the difference between them is the time between the two reports rather than the funds.
0 positions in common, counted across the 254 positions we hold weights for in NZF and 100 in SCHD, against full books of 671 and 103.
You are not choosing between two funds in isolation.
Whichever of NZF and SCHD you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, NZF or SCHD?
NZF has an expense ratio of 3.61% while SCHD charges 0.06%. SCHD is the cheaper option, by $355 a year on a $10,000 investment.
Which performed better, NZF or SCHD?
Over the past year NZF returned -0.28% vs +28.14% for SCHD, so SCHD leads on 1-year performance. Over the longest common window we track (15 years), NZF annualized +0.95% vs +11.34% for SCHD. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, NZF or SCHD?
SCHD has been the more volatile fund at 13.6% annualized versus 13.0% for NZF. Worst drawdown: NZF -37.4% vs SCHD -33.4%.
Should I hold both NZF and SCHD?
NZF and SCHD have a monthly-return correlation of 0.40, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
Which pays a higher dividend, NZF or SCHD?
NZF yields 7.86% while SCHD yields 3.00%, so NZF currently pays the higher dividend yield.
Is SCHD better than NZF?
SCHD has a lower expense ratio. SCHD led over 1Y, 3Y, 5Y and the full window. Which one suits a particular account depends on what it is for. This is information, not a recommendation.