FLAAX vs. NJTFX

Last updated Jun 3, 2026

FLAAX (Nuveen All-American Municipal Bond Fund) and NJTFX (T. Rowe Price New Jersey Tax Free Bond Fund) are both Municipal Bonds funds. Over the past 10 years, FLAAX returned 1.78%/yr vs 2.50%/yr for NJTFX. Their correlation of 0.82 suggests significant overlap in exposure. FLAAX charges 0.66%/yr vs 0.56%/yr for NJTFX.

Performance

FLAAX vs. NJTFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nuveen All-American Municipal Bond Fund (FLAAX) and T. Rowe Price New Jersey Tax Free Bond Fund (NJTFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FLAAX achieves a 1.11% return, which is significantly lower than NJTFX's 2.06% return. Over the past 10 years, FLAAX has underperformed NJTFX with an annualized return of 1.78%, while NJTFX has yielded a comparatively higher 2.50% annualized return.

FLAAX

• 1D: 0.00%
• 1M: 0.54%
• YTD: 1.11%
• 6M: 1.57%
• 1Y: 5.69%
• 3Y*: 3.47%
• 5Y*: -0.77%
• 10Y*: 1.78%

NJTFX

• 1D: 0.00%
• 1M: 0.76%
• YTD: 2.06%
• 6M: 2.93%
• 1Y: 9.54%
• 3Y*: 4.97%
• 5Y*: 1.59%
• 10Y*: 2.50%

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

FLAAX vs. NJTFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FLAAX Nuveen All-American Municipal Bond Fund	1.11%	2.78%	2.58%	6.52%	-16.29%	3.89%	5.64%	9.03%	0.50%	8.03%
NJTFX T. Rowe Price New Jersey Tax Free Bond Fund	2.06%	5.00%	4.01%	7.17%	-10.24%	2.67%	4.73%	6.65%	1.31%	5.30%

Correlation

The correlation between FLAAX 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	0.84
Correlation (5Y) Calculated over the trailing 5-year period	0.87
Correlation (10Y) Calculated over the trailing 10-year period	0.86
Correlation (All Time) Calculated using the full available price history since May 1, 1991	0.82

The correlation between FLAAX and NJTFX has been stable across timeframes, ranging from 0.79 to 0.87 - a consistent structural relationship.

Return for Risk

FLAAX vs. NJTFX — Risk / Return Rank

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

FLAAX

FLAAX Risk / Return Rank: 39
FLAAX Sharpe Ratio Rank: 41
FLAAX Sortino Ratio Rank: 46
FLAAX Omega Ratio Rank: 66
FLAAX Calmar Ratio Rank: 23
FLAAX Martin Ratio Rank: 20

NJTFX

NJTFX Risk / Return Rank: 87
NJTFX Sharpe Ratio Rank: 95
NJTFX Sortino Ratio Rank: 96
NJTFX Omega Ratio Rank: 96
NJTFX Calmar Ratio Rank: 77
NJTFX Martin Ratio Rank: 69

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.

FLAAX vs. NJTFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuveen All-American Municipal Bond Fund (FLAAX) 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.

	FLAAX	NJTFX	Difference
Sharpe ratio Return per unit of total volatility	1.88	3.38	-1.50
Sortino ratio Return per unit of downside risk	2.85	5.48	-2.63
Omega ratio Gain probability vs. loss probability	1.45	1.88	-0.43
Calmar ratio Return relative to maximum drawdown	1.83	3.52	-1.69
Martin ratio Return relative to average drawdown	5.40	13.35	-7.95
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FLAAX vs. NJTFX - Sharpe Ratio Comparison

The current FLAAX Sharpe Ratio is 1.88, which is lower than the NJTFX Sharpe Ratio of 3.38. The chart below compares the historical Sharpe Ratios of FLAAX and NJTFX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FLAAX	NJTFX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.88	3.38	-1.50
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.17	0.40	-0.57
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.38	0.65	-0.26
Sharpe Ratio (All Time) Calculated using the full available price history	0.92	1.27	-0.35

Drawdowns

FLAAX vs. NJTFX - Drawdown Comparison

The maximum FLAAX drawdown since its inception was -21.01%, which is greater than NJTFX's maximum drawdown of -15.19%. Use the drawdown chart below to compare losses from any high point for FLAAX and NJTFX.

Drawdown Indicators

	FLAAX	NJTFX	Difference
Max Drawdown Largest peak-to-trough decline	-21.01%	-15.19%	-5.82%
Max Drawdown (1Y) Largest decline over 1 year	-3.07%	-2.59%	-0.48%
Max Drawdown (3Y) Largest decline over 3 years	-6.04%	-5.69%	-0.35%
Max Drawdown (5Y) Largest decline over 5 years	-21.01%	-15.19%	-5.82%
Max Drawdown (10Y) Largest decline over 10 years	-21.01%	-15.19%	-5.82%
Current Drawdown Current decline from peak	-5.33%	0.00%	-5.33%
Average Drawdown Average peak-to-trough decline	-2.74%	-1.81%	-0.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.04%	0.68%	+0.36%

Volatility

FLAAX vs. NJTFX - Volatility Comparison

Nuveen All-American Municipal Bond Fund (FLAAX) and T. Rowe Price New Jersey Tax Free Bond Fund (NJTFX) have volatilities of 1.14% and 1.13%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FLAAX	NJTFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.14%	1.13%	+0.01%
Volatility (6M) Calculated over the trailing 6-month period	2.19%	2.02%	+0.17%
Volatility (1Y) Calculated over the trailing 1-year period	2.88%	2.75%	+0.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.54%	3.99%	+0.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.66%	3.87%	+0.79%

FLAAX vs. NJTFX - Expense Ratio Comparison

FLAAX has a 0.66% expense ratio, which is higher than NJTFX's 0.56% expense ratio.

Dividends

FLAAX vs. NJTFX - Dividend Comparison

FLAAX's dividend yield for the trailing twelve months is around 3.89%, less than NJTFX's 4.75% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FLAAX Nuveen All-American Municipal Bond Fund	3.89%	4.21%	3.85%	3.55%	3.39%	2.83%	3.07%	3.69%	3.72%	3.65%	3.79%	3.84%
NJTFX T. Rowe Price New Jersey Tax Free Bond Fund	4.75%	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

Can I hold both FLAAX and NJTFX in my portfolio?

FLAAX 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.

Which is riskier, FLAAX or NJTFX?

FLAAX has higher volatility (1.14%) compared to NJTFX (1.13%). In terms of maximum drawdown, FLAAX dropped -21.01% vs NJTFX's -15.19%.

Which has better risk-adjusted returns?

NJTFX currently has the higher Sharpe Ratio (3.38 vs 1.88), 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.