GCMFX vs. NRK

Last updated Jul 11, 2026

GCMFX (PIMCO California Municipal Opportunistic Value Fund) and NRK (Nuveen New York AMT Free Quality Municipal Income) are both Municipal Bonds funds. Over the past 10 years, GCMFX returned 2.02%/yr vs 2.25%/yr for NRK. At a 0.39 correlation, their price movements are largely independent. GCMFX charges 0.63%/yr vs 2.16%/yr for NRK.

Performance

GCMFX vs. NRK - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO California Municipal Opportunistic Value Fund (GCMFX) and Nuveen New York AMT Free Quality Municipal Income (NRK). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GCMFX achieves a 2.25% return, which is significantly lower than NRK's 10.00% return. Over the past 10 years, GCMFX has underperformed NRK with an annualized return of 2.02%, while NRK has yielded a comparatively higher 2.25% annualized return.

GCMFX

• 1D: 0.00%
• 1M: 0.50%
• 6M: 1.94%
• YTD: 2.25%
• 1Y: 7.00%
• 3Y*: 3.51%
• 5Y*: 1.79%
• 10Y*: 2.02%

NRK

• 1D: 0.09%
• 1M: 1.09%
• 6M: 8.82%
• YTD: 10.00%
• 1Y: 19.06%
• 3Y*: 8.57%
• 5Y*: 0.09%
• 10Y*: 2.25%

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

GCMFX vs. NRK - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GCMFX PIMCO California Municipal Opportunistic Value Fund	2.25%	2.76%	2.24%	5.22%	-3.47%	1.76%	2.69%	5.06%	1.83%	2.96%
NRK Nuveen New York AMT Free Quality Municipal Income	10.00%	4.74%	5.93%	7.03%	-21.84%	6.24%	4.08%	21.43%	-5.98%	6.16%

Correlation

The correlation between GCMFX and NRK 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	0.53
Correlation (5Y) Calculated over the trailing 5-year period	0.48
Correlation (10Y) Calculated over the trailing 10-year period	0.40
Correlation (All Time) Calculated using the full available price history since Nov 3, 2014	0.39

The correlation between GCMFX and NRK shifts across timeframes, from 0.39 (all time) to 0.53 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

GCMFX vs. NRK — Risk / Return Rank

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

GCMFX

GCMFX Risk / Return Rank: 90
GCMFX Sharpe Ratio Rank: 95
GCMFX Sortino Ratio Rank: 96
GCMFX Omega Ratio Rank: 96
GCMFX Calmar Ratio Rank: 82
GCMFX Martin Ratio Rank: 81

NRK

NRK Risk / Return Rank: 86
NRK Sharpe Ratio Rank: 85
NRK Sortino Ratio Rank: 88
NRK Omega Ratio Rank: 84
NRK Calmar Ratio Rank: 89
NRK Martin Ratio Rank: 85

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.

GCMFX vs. NRK - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO California Municipal Opportunistic Value Fund (GCMFX) and Nuveen New York AMT Free Quality Municipal Income (NRK). 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.

	GCMFX	NRK	Difference
Sharpe ratio: Return per unit of total volatility	2.72	2.24	+0.48
Sortino ratio: Return per unit of downside risk	4.55	3.58	+0.97
Omega ratio: Gain probability vs. loss probability	1.70	1.44	+0.26
Calmar ratio: Return relative to maximum drawdown	3.06	3.55	-0.50
Martin ratio: Return relative to average drawdown	11.51	12.16	-0.66

GCMFX vs. NRK - Sharpe Ratio Comparison

The current GCMFX Sharpe Ratio is 2.72, which is comparable to the NRK Sharpe Ratio of 2.24. The chart below compares the historical Sharpe Ratios of GCMFX and NRK, 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

GCMFX vs. NRK - Drawdown Comparison

The maximum GCMFX drawdown since its inception was -7.08%, smaller than the maximum NRK drawdown of -40.18%. Use the drawdown chart below to compare losses from any high point for GCMFX and NRK.

Drawdown Indicators

	GCMFX	NRK	Difference
Max Drawdown Largest peak-to-trough decline	-7.08%	-40.18%	+33.10%
Max Drawdown (1Y) Largest decline over 1 year	-2.24%	-5.32%	+3.08%
Max Drawdown (3Y) Largest decline over 3 years	-4.96%	-12.67%	+7.71%
Max Drawdown (5Y) Largest decline over 5 years	-7.08%	-31.06%	+23.98%
Max Drawdown (10Y) Largest decline over 10 years	-7.08%	-31.06%	+23.98%
Current Drawdown Current decline from peak	-0.41%	-0.93%	+0.52%
Average Drawdown Average peak-to-trough decline	-1.02%	-8.16%	+7.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.59%	1.55%	-0.96%

Volatility

GCMFX vs. NRK - Volatility Comparison

The current volatility for PIMCO California Municipal Opportunistic Value Fund (GCMFX) is 0.58%, while Nuveen New York AMT Free Quality Municipal Income (NRK) has a volatility of 2.15%. This indicates that GCMFX experiences smaller price fluctuations and is considered to be less risky than NRK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GCMFX	NRK	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.58%	2.15%	-1.57%
Volatility (6M) Calculated over the trailing 6-month period	1.93%	6.71%	-4.78%
Volatility (1Y) Calculated over the trailing 1-year period	2.52%	8.45%	-5.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.21%	9.96%	-6.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.77%	10.35%	-7.58%

GCMFX vs. NRK - Expense Ratio Comparison

GCMFX has a 0.63% expense ratio, which is lower than NRK's 2.16% expense ratio.

Dividends

GCMFX vs. NRK - Dividend Comparison

GCMFX's dividend yield for the trailing twelve months is around 3.41%, less than NRK's 7.73% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GCMFX PIMCO California Municipal Opportunistic Value Fund	3.41%	3.39%	3.34%	2.59%	1.91%	2.34%	2.65%	2.56%	2.40%	1.51%	0.17%	0.00%
NRK Nuveen New York AMT Free Quality Municipal Income	7.73%	8.21%	6.74%	4.06%	5.41%	4.18%	4.15%	3.98%	4.68%	4.85%	5.37%	5.44%

Frequently Asked Questions

Can I hold both GCMFX and NRK in my portfolio?

GCMFX and NRK 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, GCMFX or NRK?

NRK has higher volatility (2.15%) compared to GCMFX (0.58%). In terms of maximum drawdown, GCMFX dropped -7.08% vs NRK's -40.18%.

Which has better risk-adjusted returns?

GCMFX currently has the higher Sharpe Ratio (2.72 vs 2.24), 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.