CBTAX vs. NPV

Last updated Apr 1, 2026

Compare and contrast key facts about Six Circles Tax Aware Bond Fund (CBTAX) and Nuveen Virginia Quality Municipal Income Fund (NPV).

CBTAX is managed by Six Circles. It was launched on May 18, 2020. NPV is an actively managed fund by Nuveen. It was launched on Mar 18, 1993.

Performance

CBTAX vs. NPV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Six Circles Tax Aware Bond Fund (CBTAX) and Nuveen Virginia Quality Municipal Income Fund (NPV). The values are adjusted to include any dividend payments, if applicable.

CBTAX vs. NPV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
CBTAX Six Circles Tax Aware Bond Fund	-0.57%	4.13%	2.38%	6.35%	-7.47%	0.89%	5.02%
NPV Nuveen Virginia Quality Municipal Income Fund	4.12%	-5.91%	24.61%	0.42%	-31.53%	10.93%	26.40%

Returns By Period

In the year-to-date period, CBTAX achieves a -0.57% return, which is significantly lower than NPV's 4.12% return.

CBTAX

• 1D: -0.21%
• 1M: -2.51%
• YTD: -0.57%
• 6M: 0.83%
• 1Y: 3.71%
• 3Y*: 3.21%
• 5Y*: 1.15%
• 10Y*: —

NPV

• 1D: 1.34%
• 1M: -2.61%
• YTD: 4.12%
• 6M: 1.08%
• 1Y: 2.00%
• 3Y*: 5.94%
• 5Y*: -1.81%
• 10Y*: 2.40%

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

CBTAX vs. NPV - Expense Ratio Comparison

CBTAX has a 0.14% expense ratio, which is lower than NPV's 1.51% expense ratio.

NPV

Nuveen Virginia Quality Municipal Income Fund

CBTAX

Six Circles Tax Aware Bond Fund

Return for Risk

CBTAX vs. NPV — Risk / Return Rank

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

CBTAX

CBTAX Risk / Return Rank: 44
CBTAX Sharpe Ratio Rank: 47
CBTAX Sortino Ratio Rank: 39
CBTAX Omega Ratio Rank: 72
CBTAX Calmar Ratio Rank: 33
CBTAX Martin Ratio Rank: 30

NPV

NPV Risk / Return Rank: 8
NPV Sharpe Ratio Rank: 9
NPV Sortino Ratio Rank: 8
NPV Omega Ratio Rank: 8
NPV Calmar Ratio Rank: 9
NPV Martin Ratio Rank: 8

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.

CBTAX vs. NPV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Six Circles Tax Aware Bond Fund (CBTAX) and Nuveen Virginia Quality Municipal Income Fund (NPV). 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.

	CBTAX	NPV	Difference
Sharpe ratio Return per unit of total volatility	0.94	0.22	+0.72
Sortino ratio Return per unit of downside risk	1.24	0.36	+0.89
Omega ratio Gain probability vs. loss probability	1.27	1.05	+0.22
Calmar ratio Return relative to maximum drawdown	0.91	0.16	+0.76
Martin ratio Return relative to average drawdown	3.31	0.37	+2.94
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CBTAX vs. NPV - Sharpe Ratio Comparison

The current CBTAX Sharpe Ratio is 0.94, which is higher than the NPV Sharpe Ratio of 0.22. The chart below compares the historical Sharpe Ratios of CBTAX and NPV, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	CBTAX	NPV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.94	0.22	+0.72
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.34	-0.13	+0.48
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.18	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.54	0.28	+0.26

Correlation

The correlation between CBTAX and NPV is 0.35, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

CBTAX vs. NPV - Dividend Comparison

CBTAX's dividend yield for the trailing twelve months is around 3.24%, less than NPV's 7.19% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CBTAX Six Circles Tax Aware Bond Fund	3.24%	3.49%	3.28%	2.68%	1.57%	0.88%	0.49%	0.00%	0.00%	0.00%	0.00%	0.00%
NPV Nuveen Virginia Quality Municipal Income Fund	7.19%	7.55%	5.63%	3.89%	5.08%	3.42%	3.49%	3.58%	4.62%	4.40%	4.87%	5.25%

Drawdowns

CBTAX vs. NPV - Drawdown Comparison

The maximum CBTAX drawdown since its inception was -12.12%, smaller than the maximum NPV drawdown of -44.25%. Use the drawdown chart below to compare losses from any high point for CBTAX and NPV.

Drawdown Indicators

	CBTAX	NPV	Difference
Max Drawdown Largest peak-to-trough decline	-12.12%	-44.25%	+32.13%
Max Drawdown (1Y) Largest decline over 1 year	-4.30%	-9.07%	+4.77%
Max Drawdown (5Y) Largest decline over 5 years	-12.12%	-44.25%	+32.13%
Max Drawdown (10Y) Largest decline over 10 years	—	-44.25%	—
Current Drawdown Current decline from peak	-2.51%	-17.90%	+15.39%
Average Drawdown Average peak-to-trough decline	-2.82%	-10.15%	+7.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.19%	3.77%	-2.58%

Volatility

CBTAX vs. NPV - Volatility Comparison

The current volatility for Six Circles Tax Aware Bond Fund (CBTAX) is 0.89%, while Nuveen Virginia Quality Municipal Income Fund (NPV) has a volatility of 2.43%. This indicates that CBTAX experiences smaller price fluctuations and is considered to be less risky than NPV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CBTAX	NPV	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.89%	2.43%	-1.54%
Volatility (6M) Calculated over the trailing 6-month period	1.37%	5.20%	-3.83%
Volatility (1Y) Calculated over the trailing 1-year period	4.23%	9.05%	-4.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.38%	13.52%	-10.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.18%	13.19%	-10.01%