FLNCX vs. BND

Last updated Aug 1, 2026

FLNCX (Nuveen North Carolina Municipal Bond Fund) and BND (Vanguard Total Bond Market ETF) are both funds - FLNCX is a Municipal Bonds fund managed by Nuveen, while BND is a Total Bond Market fund tracking the Bloomberg U.S. Aggregate Float Adjusted Index. Over the past 10 years, FLNCX returned 1.15%/yr vs 1.36%/yr for BND. Their 0.45 correlation means their historical movements had little consistent relationship. FLNCX charges 0.76%/yr vs 0.03%/yr for BND.

Performance

FLNCX vs. BND - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nuveen North Carolina Municipal Bond Fund (FLNCX) and Vanguard Total Bond Market ETF (BND). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FLNCX achieves a -0.29% return, which is significantly higher than BND's -0.54% return. Over the past 10 years, FLNCX has underperformed BND with an annualized return of 1.15%, while BND has yielded a comparatively higher 1.36% annualized return.

FLNCX

• 1D: -0.30%
• 1M: -2.27%
• 6M: -0.95%
• YTD: -0.29%
• 1Y: 4.98%
• 3Y*: 2.38%
• 5Y*: -0.53%
• 10Y*: 1.15%
• ALL TIME*: 3.85%

BND

• 1D: -0.26%
• 1M: -1.20%
• 6M: -0.75%
• YTD: -0.54%
• 1Y: 1.75%
• 3Y*: 3.92%
• 5Y*: -0.42%
• 10Y*: 1.36%
• ALL TIME*: 2.99%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BND Vanguard Total Bond Market ETF	$451.00M	$507.49M	$592.68M
FLNCX Nuveen North Carolina Municipal Bond Fund	$0.00	$0.00	$0.00

FLNCX vs. BND - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FLNCX Nuveen North Carolina Municipal Bond Fund	-0.29%	3.49%	1.05%	5.32%	-10.49%	1.09%	4.82%	7.21%	-0.18%	4.93%
BND Vanguard Total Bond Market ETF	-0.54%	7.08%	1.38%	5.65%	-13.11%	-1.86%	7.71%	8.84%	-0.12%	3.57%

Correlation

The correlation between FLNCX and BND is 0.51, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.51
Correlation (3Y) Balances recent behavior with more history.	0.57
Correlation (5Y) Shows whether the relationship held over a longer period.	0.51
Correlation (10Y) Provides a long-term view across more market conditions.	0.49
Correlation (All Time) Calculated using the full available price history since Apr 10, 2007	0.45

The correlation between FLNCX and BND shifts across timeframes, from 0.45 (all time) to 0.57 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

FLNCX vs. BND — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FLNCX

FLNCX Risk / Return Rank: 65
FLNCX Sharpe Ratio Rank: 81
FLNCX Sortino Ratio Rank: 80
FLNCX Omega Ratio Rank: 87
FLNCX Calmar Ratio Rank: 43
FLNCX Martin Ratio Rank: 35

BND

BND Risk / Return Rank: 29
BND Sharpe Ratio Rank: 30
BND Sortino Ratio Rank: 28
BND Omega Ratio Rank: 26
BND Calmar Ratio Rank: 30
BND Martin Ratio Rank: 29

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

FLNCX vs. BND - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuveen North Carolina Municipal Bond Fund (FLNCX) and Vanguard Total Bond Market ETF (BND). 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.

	FLNCX	BND	Difference
Sharpe ratio: Return per unit of total volatility	1.93	0.72	+1.22
Sortino ratio: Return per unit of downside risk	2.79	1.06	+1.73
Omega ratio: Gain probability vs. loss probability	1.45	1.12	+0.33
Calmar ratio: Return relative to maximum drawdown	1.74	0.99	+0.75
Martin ratio: Return relative to average drawdown	5.20	2.48	+2.72

FLNCX vs. BND - Sharpe Ratio Comparison

The current FLNCX Sharpe Ratio is 1.93, which is higher than the BND Sharpe Ratio of 0.72. The chart below compares the historical Sharpe Ratios of FLNCX and BND, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

FLNCX vs. BND - Drawdown Comparison

The maximum FLNCX drawdown since its inception was -20.96%, which is greater than BND's maximum drawdown of -18.58%. Use the drawdown chart below to compare losses from any high point for FLNCX and BND.

Drawdown Indicators

	FLNCX	BND	Difference
Max Drawdown Largest peak-to-trough decline	-20.96%	-18.58%	-2.38%
Max Drawdown (1Y) Largest decline over 1 year	-3.43%	-2.68%	-0.75%
Max Drawdown (3Y) Largest decline over 3 years	-6.55%	-4.81%	-1.74%
Max Drawdown (5Y) Largest decline over 5 years	-16.13%	-17.91%	+1.78%
Max Drawdown (10Y) Largest decline over 10 years	-16.20%	-18.58%	+2.38%
Current Drawdown Current decline from peak	-2.69%	-3.15%	+0.46%
Average Drawdown Average peak-to-trough decline	-2.60%	-3.06%	+0.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.14%	1.07%	+0.07%

Volatility

FLNCX vs. BND - Volatility Comparison

Nuveen North Carolina Municipal Bond Fund (FLNCX) has a higher volatility of 1.09% compared to Vanguard Total Bond Market ETF (BND) at 0.98%. This indicates that FLNCX's price experiences larger fluctuations and is considered to be riskier than BND based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FLNCX	BND	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.09%	0.98%	+0.11%
Volatility (6M) Calculated over the trailing 6-month period	2.49%	2.90%	-0.41%
Volatility (1Y) Calculated over the trailing 1-year period	3.09%	3.70%	-0.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.33%	6.03%	-1.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.35%	5.53%	-1.18%

FLNCX vs. BND - Expense Ratio Comparison

FLNCX has a 0.76% expense ratio, which is higher than BND's 0.03% expense ratio.

Dividends

FLNCX vs. BND - Dividend Comparison

FLNCX's dividend yield for the trailing twelve months is around 2.64%, less than BND's 4.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BND Vanguard Total Bond Market ETF	3.69%	3.86%	3.67%	3.09%	2.60%	2.12%	2.38%	2.72%	2.81%	2.54%	2.51%	2.57%
FLNCX Nuveen North Carolina Municipal Bond Fund	2.64%	2.98%	2.74%	2.42%	2.46%	1.71%	2.10%	2.42%	2.79%	2.85%	3.04%	3.11%

Frequently Asked Questions

Can I hold both FLNCX and BND in my portfolio?

FLNCX and BND have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FLNCX or BND?

FLNCX has higher volatility (1.09%) compared to BND (0.98%). In terms of maximum drawdown, FLNCX dropped -20.96% vs BND's -18.58%.

Which has better risk-adjusted returns?

FLNCX currently has the higher Sharpe Ratio (1.93 vs 0.72), 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.