FKYTX vs. NJTFX
FKYTX (Nuveen Kentucky Municipal Bond Fund) and NJTFX (T. Rowe Price New Jersey Tax Free Bond Fund) are both Municipal Bonds funds. Over the past 10 years, FKYTX returned 1.59%/yr vs 2.38%/yr for NJTFX. Their correlation of 0.82 suggests significant overlap in exposure. FKYTX charges 0.77%/yr vs 0.56%/yr for NJTFX.
Performance
FKYTX vs. NJTFX - Performance Comparison
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Returns By Period
In the year-to-date period, FKYTX achieves a 1.20% return, which is significantly lower than NJTFX's 2.03% return. Over the past 10 years, FKYTX has underperformed NJTFX with an annualized return of 1.59%, while NJTFX has yielded a comparatively higher 2.38% annualized return.
FKYTX
- 1D
- 0.00%
- 1M
- 1.92%
- YTD
- 1.20%
- 6M
- 1.58%
- 1Y
- 7.10%
- 3Y*
- 3.11%
- 5Y*
- 0.22%
- 10Y*
- 1.59%
NJTFX
- 1D
- -0.09%
- 1M
- 1.62%
- YTD
- 2.03%
- 6M
- 2.81%
- 1Y
- 8.91%
- 3Y*
- 4.77%
- 5Y*
- 1.55%
- 10Y*
- 2.38%
FKYTX vs. NJTFX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FKYTX Nuveen Kentucky Municipal Bond Fund | 1.20% | 3.34% | 1.09% | 6.57% | -10.85% | 2.24% | 4.24% | 7.35% | 0.75% | 4.26% |
NJTFX T. Rowe Price New Jersey Tax Free Bond Fund | 2.03% | 5.00% | 4.01% | 7.17% | -10.24% | 2.67% | 4.73% | 6.65% | 1.31% | 5.30% |
Correlation
The correlation between FKYTX and NJTFX is 0.79, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.79 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.86 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.89 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.85 |
Correlation (All Time) Calculated using the full available price history since Apr 30, 1991 | 0.82 |
The correlation between FKYTX and NJTFX has been stable across timeframes, ranging from 0.79 to 0.89 - a consistent structural relationship.
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Return for Risk
FKYTX vs. NJTFX — Risk / Return Rank
FKYTX
NJTFX
FKYTX vs. NJTFX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Nuveen Kentucky Municipal Bond Fund (FKYTX) and T. Rowe Price New Jersey Tax Free Bond Fund (NJTFX). 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.
| FKYTX | NJTFX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.07 | ||
| Sortino ratioReturn per unit of downside risk | -1.88 | ||
| Omega ratioGain probability vs. loss probability | 1.56 | 1.90 | -0.34 |
| Calmar ratioReturn relative to maximum drawdown | 2.32 | 3.49 | -1.17 |
| Martin ratioReturn relative to average drawdown | 7.25 | 13.19 | -5.95 |
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Drawdowns
FKYTX vs. NJTFX - Drawdown Comparison
The maximum FKYTX drawdown since its inception was -15.24%, roughly equal to the maximum NJTFX drawdown of -15.19%. Use the drawdown chart below to compare losses from any high point for FKYTX and NJTFX.
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Drawdown Indicators
| FKYTX | NJTFX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.24% | -15.19% | -0.05% |
Max Drawdown (1Y)Largest decline over 1 year | -3.19% | -2.59% | -0.60% |
Max Drawdown (3Y)Largest decline over 3 years | -7.34% | -5.69% | -1.65% |
Max Drawdown (5Y)Largest decline over 5 years | -15.24% | -15.19% | -0.05% |
Max Drawdown (10Y)Largest decline over 10 years | -15.24% | -15.19% | -0.05% |
Current DrawdownCurrent decline from peak | -0.55% | -0.09% | -0.46% |
Average DrawdownAverage peak-to-trough decline | -1.91% | -1.81% | -0.10% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.02% | 0.68% | +0.34% |
Volatility
FKYTX vs. NJTFX - Volatility Comparison
Nuveen Kentucky Municipal Bond Fund (FKYTX) has a higher volatility of 0.84% compared to T. Rowe Price New Jersey Tax Free Bond Fund (NJTFX) at 0.71%. This indicates that FKYTX's price experiences larger fluctuations and is considered to be riskier than NJTFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FKYTX | NJTFX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.84% | 0.71% | +0.13% |
Volatility (6M)Calculated over the trailing 6-month period | 2.27% | 1.96% | +0.31% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.18% | 2.67% | +0.51% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.55% | 3.99% | +0.56% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.23% | 3.87% | +0.36% |
FKYTX vs. NJTFX - Expense Ratio Comparison
FKYTX has a 0.77% expense ratio, which is higher than NJTFX's 0.56% expense ratio.
Dividends
FKYTX vs. NJTFX - Dividend Comparison
FKYTX's dividend yield for the trailing twelve months is around 2.91%, less than NJTFX's 4.44% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FKYTX Nuveen Kentucky Municipal Bond Fund | 2.91% | 3.02% | 2.70% | 2.63% | 2.72% | 2.58% | 2.58% | 2.98% | 3.17% | 3.52% | 3.73% | 3.61% |
NJTFX T. Rowe Price New Jersey Tax Free Bond Fund | 4.44% | 4.44% | 4.27% | 3.27% | 2.03% | 2.56% | 2.79% | 2.84% | 3.13% | 3.13% | 3.26% | 3.36% |
Frequently Asked Questions
FKYTX and NJTFX have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FKYTX has higher volatility (0.84%) compared to NJTFX (0.71%). In terms of maximum drawdown, FKYTX dropped -15.24% vs NJTFX's -15.19%.
NJTFX currently has the higher Sharpe Ratio (3.39 vs 2.33), 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.
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