KCTAX vs. NMI
KCTAX (DWS California Tax) and NMI (Nuveen Municipal Income Fund, Inc.) are both Municipal Bonds funds. Over the past 10 years, KCTAX returned 1.51%/yr vs 2.05%/yr for NMI. At a 0.14 correlation, their price movements are largely independent. KCTAX charges 0.76%/yr vs 0.72%/yr for NMI.
Performance
KCTAX vs. NMI - Performance Comparison
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Returns By Period
In the year-to-date period, KCTAX achieves a 1.92% return, which is significantly lower than NMI's 8.28% return. Over the past 10 years, KCTAX has underperformed NMI with an annualized return of 1.51%, while NMI has yielded a comparatively higher 2.05% annualized return.
KCTAX
- 1D
- 0.15%
- 1M
- 1.99%
- YTD
- 1.92%
- 6M
- 2.38%
- 1Y
- 7.34%
- 3Y*
- 3.50%
- 5Y*
- -0.01%
- 10Y*
- 1.51%
NMI
- 1D
- -4.54%
- 1M
- -1.62%
- YTD
- 8.28%
- 6M
- 8.01%
- 1Y
- 11.45%
- 3Y*
- 8.44%
- 5Y*
- 1.88%
- 10Y*
- 2.05%
KCTAX vs. NMI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
KCTAX DWS California Tax | 1.92% | 3.45% | 1.92% | 5.44% | -12.10% | 1.93% | 3.78% | 8.99% | 0.22% | 5.16% |
NMI Nuveen Municipal Income Fund, Inc. | 8.28% | 10.52% | 7.03% | 1.90% | -15.09% | 3.86% | 4.70% | 16.02% | -8.07% | 7.49% |
Correlation
The correlation between KCTAX and NMI is 0.06, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.06 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.27 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.26 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.21 |
Correlation (All Time) Calculated using the full available price history since Dec 16, 1988 | 0.14 |
The correlation between KCTAX and NMI shifts across timeframes, from 0.06 (1 year) to 0.27 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
KCTAX vs. NMI — Risk / Return Rank
KCTAX
NMI
KCTAX vs. NMI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for DWS California Tax (KCTAX) and Nuveen Municipal Income Fund, Inc. (NMI). 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.
| KCTAX | NMI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.62 | ||
| Sortino ratioReturn per unit of downside risk | +2.27 | ||
| Omega ratioGain probability vs. loss probability | 1.56 | 1.18 | +0.38 |
| Calmar ratioReturn relative to maximum drawdown | 2.36 | 1.05 | +1.31 |
| Martin ratioReturn relative to average drawdown | 7.85 | 2.46 | +5.39 |
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Drawdowns
KCTAX vs. NMI - Drawdown Comparison
The maximum KCTAX drawdown since its inception was -17.87%, smaller than the maximum NMI drawdown of -28.92%. Use the drawdown chart below to compare losses from any high point for KCTAX and NMI.
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Drawdown Indicators
| KCTAX | NMI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.87% | -28.92% | +11.05% |
Max Drawdown (1Y)Largest decline over 1 year | -3.13% | -10.96% | +7.83% |
Max Drawdown (3Y)Largest decline over 3 years | -7.50% | -14.54% | +7.04% |
Max Drawdown (5Y)Largest decline over 5 years | -17.87% | -28.92% | +11.05% |
Max Drawdown (10Y)Largest decline over 10 years | -17.87% | -28.92% | +11.05% |
Current DrawdownCurrent decline from peak | -1.04% | -5.75% | +4.71% |
Average DrawdownAverage peak-to-trough decline | -2.78% | -5.92% | +3.14% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.94% | 4.67% | -3.73% |
Volatility
KCTAX vs. NMI - Volatility Comparison
The current volatility for DWS California Tax (KCTAX) is 0.81%, while Nuveen Municipal Income Fund, Inc. (NMI) has a volatility of 6.54%. This indicates that KCTAX experiences smaller price fluctuations and is considered to be less risky than NMI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| KCTAX | NMI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.81% | 6.54% | -5.73% |
Volatility (6M)Calculated over the trailing 6-month period | 2.46% | 14.35% | -11.89% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.20% | 16.70% | -13.50% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.38% | 14.66% | -10.28% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.27% | 15.01% | -10.74% |
KCTAX vs. NMI - Expense Ratio Comparison
KCTAX has a 0.76% expense ratio, which is higher than NMI's 0.72% expense ratio.
Dividends
KCTAX vs. NMI - Dividend Comparison
KCTAX's dividend yield for the trailing twelve months is around 3.04%, less than NMI's 4.33% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
KCTAX DWS California Tax | 3.04% | 3.48% | 2.82% | 2.22% | 1.91% | 3.13% | 3.95% | 5.11% | 3.04% | 3.01% | 3.46% | 3.69% |
NMI Nuveen Municipal Income Fund, Inc. | 4.33% | 4.59% | 4.63% | 4.04% | 3.51% | 3.22% | 3.53% | 4.15% | 5.12% | 4.21% | 4.45% | 4.28% |
Frequently Asked Questions
KCTAX and NMI have a correlation of 0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NMI has higher volatility (6.54%) compared to KCTAX (0.81%). In terms of maximum drawdown, KCTAX dropped -17.87% vs NMI's -28.92%.
KCTAX currently has the higher Sharpe Ratio (2.31 vs 0.69), 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.
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