ITCAX vs. NPV

Last updated Jun 4, 2026

ITCAX (Western Asset Intermediate Maturity CA Municipals Fund) and NPV (Nuveen Virginia Quality Municipal Income Fund) are both Municipal Bonds funds. Over the past 10 years, ITCAX returned 1.36%/yr vs 2.37%/yr for NPV. At a 0.19 correlation, their price movements are largely independent. ITCAX charges 0.75%/yr vs 1.51%/yr for NPV.

Performance

ITCAX vs. NPV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Western Asset Intermediate Maturity CA Municipals Fund (ITCAX) and Nuveen Virginia Quality Municipal Income Fund (NPV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ITCAX achieves a 1.12% return, which is significantly lower than NPV's 6.88% return. Over the past 10 years, ITCAX has underperformed NPV with an annualized return of 1.36%, while NPV has yielded a comparatively higher 2.37% annualized return.

ITCAX

• 1D: 0.12%
• 1M: 0.62%
• YTD: 1.12%
• 6M: 1.38%
• 1Y: 6.23%
• 3Y*: 3.47%
• 5Y*: 0.54%
• 10Y*: 1.36%

NPV

• 1D: -0.17%
• 1M: 0.83%
• YTD: 6.88%
• 6M: 5.78%
• 1Y: 10.67%
• 3Y*: 8.26%
• 5Y*: -1.49%
• 10Y*: 2.37%

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

ITCAX vs. NPV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ITCAX Western Asset Intermediate Maturity CA Municipals Fund	1.12%	4.92%	2.17%	4.02%	-9.40%	1.50%	2.27%	6.03%	1.37%	3.99%
NPV Nuveen Virginia Quality Municipal Income Fund	6.88%	-5.91%	24.61%	0.42%	-31.53%	10.93%	13.15%	29.60%	-4.42%	3.20%

Correlation

The correlation between ITCAX and NPV is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.40
Correlation (3Y) Calculated over the trailing 3-year period	0.43
Correlation (5Y) Calculated over the trailing 5-year period	0.40
Correlation (10Y) Calculated over the trailing 10-year period	0.35
Correlation (All Time) Calculated using the full available price history since Oct 28, 1994	0.19

Over the past year, ITCAX and NPV have become more correlated (0.40) than their long-term average of 0.19, meaning their price movements have been converging.

Return for Risk

ITCAX vs. NPV — Risk / Return Rank

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

ITCAX

ITCAX Risk / Return Rank: 75
ITCAX Sharpe Ratio Rank: 88
ITCAX Sortino Ratio Rank: 93
ITCAX Omega Ratio Rank: 96
ITCAX Calmar Ratio Rank: 51
ITCAX Martin Ratio Rank: 47

NPV

NPV Risk / Return Rank: 32
NPV Sharpe Ratio Rank: 29
NPV Sortino Ratio Rank: 31
NPV Omega Ratio Rank: 30
NPV Calmar Ratio Rank: 43
NPV Martin Ratio Rank: 26

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.

ITCAX vs. NPV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Western Asset Intermediate Maturity CA Municipals Fund (ITCAX) and Nuveen Virginia Quality Municipal Income Fund (NPV). 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.

	ITCAX	NPV	Difference
Sharpe ratio: Return per unit of total volatility	2.89	1.55	+1.34
Sortino ratio: Return per unit of downside risk	4.82	2.30	+2.52
Omega ratio: Gain probability vs. loss probability	1.83	1.28	+0.55
Calmar ratio: Return relative to maximum drawdown	2.72	2.49	+0.23
Martin ratio: Return relative to average drawdown	9.78	6.26	+3.52
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ITCAX vs. NPV - Sharpe Ratio Comparison

The current ITCAX Sharpe Ratio is 2.89, which is higher than the NPV Sharpe Ratio of 1.55. The chart below compares the historical Sharpe Ratios of ITCAX and NPV, 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

	ITCAX	NPV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.89	1.55	+1.34
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.17	-0.11	+0.28
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.38	0.18	+0.20
Sharpe Ratio (All Time) Calculated using the full available price history	1.04	0.29	+0.75

Drawdowns

ITCAX vs. NPV - Drawdown Comparison

The maximum ITCAX drawdown since its inception was -13.38%, smaller than the maximum NPV drawdown of -44.25%. Use the drawdown chart below to compare losses from any high point for ITCAX and NPV.

Drawdown Indicators

	ITCAX	NPV	Difference
Max Drawdown Largest peak-to-trough decline	-13.38%	-44.25%	+30.87%
Max Drawdown (1Y) Largest decline over 1 year	-2.30%	-4.31%	+2.01%
Max Drawdown (3Y) Largest decline over 3 years	-4.11%	-18.29%	+14.18%
Max Drawdown (5Y) Largest decline over 5 years	-13.38%	-44.25%	+30.87%
Max Drawdown (10Y) Largest decline over 10 years	-13.38%	-44.25%	+30.87%
Current Drawdown Current decline from peak	-0.35%	-15.72%	+15.37%
Average Drawdown Average peak-to-trough decline	-1.96%	-10.18%	+8.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.64%	1.71%	-1.07%

Volatility

ITCAX vs. NPV - Volatility Comparison

The current volatility for Western Asset Intermediate Maturity CA Municipals Fund (ITCAX) is 0.77%, while Nuveen Virginia Quality Municipal Income Fund (NPV) has a volatility of 1.83%. This indicates that ITCAX experiences smaller price fluctuations and is considered to be less risky than NPV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ITCAX	NPV	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.77%	1.83%	-1.06%
Volatility (6M) Calculated over the trailing 6-month period	1.59%	5.05%	-3.46%
Volatility (1Y) Calculated over the trailing 1-year period	2.17%	6.93%	-4.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.25%	13.48%	-10.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.54%	13.19%	-9.65%

ITCAX vs. NPV - Expense Ratio Comparison

ITCAX has a 0.75% expense ratio, which is lower than NPV's 1.51% expense ratio.

Dividends

ITCAX vs. NPV - Dividend Comparison

ITCAX's dividend yield for the trailing twelve months is around 2.65%, less than NPV's 6.97% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ITCAX Western Asset Intermediate Maturity CA Municipals Fund	2.65%	3.50%	2.65%	2.17%	1.77%	1.49%	1.87%	2.63%	2.96%	2.89%	2.73%	2.94%
NPV Nuveen Virginia Quality Municipal Income Fund	6.97%	7.55%	5.63%	3.89%	5.08%	3.42%	3.49%	3.58%	4.62%	4.40%	4.87%	5.25%

Frequently Asked Questions

Can I hold both ITCAX and NPV in my portfolio?

ITCAX and NPV have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ITCAX or NPV?

NPV has higher volatility (1.83%) compared to ITCAX (0.77%). In terms of maximum drawdown, ITCAX dropped -13.38% vs NPV's -44.25%.

Which has better risk-adjusted returns?

ITCAX currently has the higher Sharpe Ratio (2.89 vs 1.55), 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.