FLNCX vs. BND

Last updated Jun 3, 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 1.42%/yr vs 1.60%/yr for BND. At a 0.45 correlation, their price movements are largely independent. 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 1.06% return, which is significantly higher than BND's 0.46% return. Over the past 10 years, FLNCX has underperformed BND with an annualized return of 1.42%, while BND has yielded a comparatively higher 1.60% annualized return.

FLNCX

• 1D: 0.00%
• 1M: 0.47%
• YTD: 1.06%
• 6M: 1.63%
• 1Y: 6.95%
• 3Y*: 3.02%
• 5Y*: -0.03%
• 10Y*: 1.42%

BND

• 1D: 0.03%
• 1M: 0.12%
• YTD: 0.46%
• 6M: 0.46%
• 1Y: 5.19%
• 3Y*: 4.03%
• 5Y*: 0.20%
• 10Y*: 1.60%

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

FLNCX vs. BND - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FLNCX Nuveen North Carolina Municipal Bond Fund	1.06%	3.49%	1.05%	5.32%	-10.49%	1.09%	4.82%	7.21%	-0.18%	4.93%
BND Vanguard Total Bond Market ETF	0.46%	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 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	0.51
Correlation (3Y) Calculated over the trailing 3-year period	0.57
Correlation (5Y) Calculated over the trailing 5-year period	0.51
Correlation (10Y) Calculated over the trailing 10-year period	0.49
Correlation (All Time) Calculated using the full available price history since Apr 11, 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 risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

FLNCX

FLNCX Risk / Return Rank: 51
FLNCX Sharpe Ratio Rank: 58
FLNCX Sortino Ratio Rank: 65
FLNCX Omega Ratio Rank: 80
FLNCX Calmar Ratio Rank: 27
FLNCX Martin Ratio Rank: 25

BND

BND Risk / Return Rank: 38
BND Sharpe Ratio Rank: 38
BND Sortino Ratio Rank: 40
BND Omega Ratio Rank: 36
BND Calmar Ratio Rank: 37
BND Martin Ratio Rank: 36

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.

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.

	FLNCX	BND	Difference
Sharpe ratio Return per unit of total volatility	2.24	1.38	+0.86
Sortino ratio Return per unit of downside risk	3.37	2.07	+1.30
Omega ratio Gain probability vs. loss probability	1.53	1.24	+0.29
Calmar ratio Return relative to maximum drawdown	1.98	1.85	+0.13
Martin ratio Return relative to average drawdown	6.41	5.66	+0.75
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FLNCX vs. BND - Sharpe Ratio Comparison

The current FLNCX Sharpe Ratio is 2.24, which is higher than the BND Sharpe Ratio of 1.38. 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.

Sharpe Ratios by Period

	FLNCX	BND	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.24	1.38	+0.86
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.01	0.03	-0.04
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.33	0.29	+0.04
Sharpe Ratio (All Time) Calculated using the full available price history	0.96	0.59	+0.38

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%	-5.92%	-0.63%
Max Drawdown (5Y) Largest decline over 5 years	-16.20%	-17.91%	+1.71%
Max Drawdown (10Y) Largest decline over 10 years	-16.20%	-18.58%	+2.38%
Current Drawdown Current decline from peak	-1.38%	-2.18%	+0.80%
Average Drawdown Average peak-to-trough decline	-2.61%	-3.06%	+0.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.06%	0.88%	+0.18%

Volatility

FLNCX vs. BND - Volatility Comparison

The current volatility for Nuveen North Carolina Municipal Bond Fund (FLNCX) is 1.16%, while Vanguard Total Bond Market ETF (BND) has a volatility of 1.26%. This indicates that FLNCX experiences smaller price fluctuations and is considered to be less risky 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	1.16%	1.26%	-0.10%
Volatility (6M) Calculated over the trailing 6-month period	2.27%	2.68%	-0.41%
Volatility (1Y) Calculated over the trailing 1-year period	2.98%	3.78%	-0.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.30%	6.02%	-1.72%
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 2.83%, less than BND's 3.96% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BND Vanguard Total Bond Market ETF	3.96%	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	2.83%	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?

BND has higher volatility (1.26%) compared to FLNCX (1.16%). 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 (2.24 vs 1.38), 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.