KCTAX vs. NMTRX

Last updated Jun 23, 2026

KCTAX (DWS California Tax) and NMTRX (Nuveen Municipal Total Return Managed Accounts) are both Municipal Bonds funds. Over the past 10 years, KCTAX returned 1.51%/yr vs 2.29%/yr for NMTRX. A 0.77 correlation means they provide meaningful diversification when combined. KCTAX charges 0.76%/yr vs 0.05%/yr for NMTRX.

Performance

KCTAX vs. NMTRX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in DWS California Tax (KCTAX) and Nuveen Municipal Total Return Managed Accounts (NMTRX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, KCTAX achieves a 1.92% return, which is significantly lower than NMTRX's 2.68% return. Over the past 10 years, KCTAX has underperformed NMTRX with an annualized return of 1.51%, while NMTRX has yielded a comparatively higher 2.29% 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%

NMTRX

• 1D: 0.10%
• 1M: 2.01%
• YTD: 2.68%
• 6M: 3.08%
• 1Y: 8.28%
• 3Y*: 4.20%
• 5Y*: 0.52%
• 10Y*: 2.29%

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

KCTAX vs. NMTRX - 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%
NMTRX Nuveen Municipal Total Return Managed Accounts	2.68%	3.90%	1.99%	6.21%	-11.98%	2.69%	5.25%	9.26%	1.06%	7.41%

Correlation

The correlation between KCTAX and NMTRX is 0.75, 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	0.75
Correlation (3Y) Calculated over the trailing 3-year period	0.84
Correlation (5Y) Calculated over the trailing 5-year period	0.86
Correlation (10Y) Calculated over the trailing 10-year period	0.82
Correlation (All Time) Calculated using the full available price history since May 31, 2007	0.77

The correlation between KCTAX and NMTRX shifts across timeframes, from 0.75 (1 year) to 0.86 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

KCTAX vs. NMTRX — Risk / Return Rank

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

KCTAX

KCTAX Risk / Return Rank: 64
KCTAX Sharpe Ratio Rank: 75
KCTAX Sortino Ratio Rank: 78
KCTAX Omega Ratio Rank: 87
KCTAX Calmar Ratio Rank: 42
KCTAX Martin Ratio Rank: 38

NMTRX

NMTRX Risk / Return Rank: 83
NMTRX Sharpe Ratio Rank: 91
NMTRX Sortino Ratio Rank: 94
NMTRX Omega Ratio Rank: 94
NMTRX Calmar Ratio Rank: 72
NMTRX Martin Ratio Rank: 62

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.

KCTAX vs. NMTRX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for DWS California Tax (KCTAX) and Nuveen Municipal Total Return Managed Accounts (NMTRX). 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	NMTRX	Difference
Sharpe ratio: Return per unit of total volatility	2.31	2.80	-0.49
Sortino ratio: Return per unit of downside risk	3.41	4.63	-1.22
Omega ratio: Gain probability vs. loss probability	1.56	1.71	-0.14
Calmar ratio: Return relative to maximum drawdown	2.36	3.14	-0.78
Martin ratio: Return relative to average drawdown	7.85	11.55	-3.70

KCTAX vs. NMTRX - Sharpe Ratio Comparison

The current KCTAX Sharpe Ratio is 2.31, which is comparable to the NMTRX Sharpe Ratio of 2.80. The chart below compares the historical Sharpe Ratios of KCTAX and NMTRX, 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

KCTAX vs. NMTRX - Drawdown Comparison

The maximum KCTAX drawdown since its inception was -17.87%, which is greater than NMTRX's maximum drawdown of -16.36%. Use the drawdown chart below to compare losses from any high point for KCTAX and NMTRX.

Drawdown Indicators

	KCTAX	NMTRX	Difference
Max Drawdown Largest peak-to-trough decline	-17.87%	-16.36%	-1.51%
Max Drawdown (1Y) Largest decline over 1 year	-3.13%	-2.65%	-0.48%
Max Drawdown (3Y) Largest decline over 3 years	-7.50%	-5.77%	-1.73%
Max Drawdown (5Y) Largest decline over 5 years	-17.87%	-16.36%	-1.51%
Max Drawdown (10Y) Largest decline over 10 years	-17.87%	-16.36%	-1.51%
Current Drawdown Current decline from peak	-1.04%	0.00%	-1.04%
Average Drawdown Average peak-to-trough decline	-2.78%	-2.90%	+0.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.94%	0.72%	+0.22%

Volatility

KCTAX vs. NMTRX - Volatility Comparison

The current volatility for DWS California Tax (KCTAX) is 0.81%, while Nuveen Municipal Total Return Managed Accounts (NMTRX) has a volatility of 0.88%. This indicates that KCTAX experiences smaller price fluctuations and is considered to be less risky than NMTRX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KCTAX	NMTRX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.81%	0.88%	-0.07%
Volatility (6M) Calculated over the trailing 6-month period	2.46%	2.24%	+0.22%
Volatility (1Y) Calculated over the trailing 1-year period	3.20%	2.97%	+0.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.38%	4.02%	+0.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.27%	4.40%	-0.13%

KCTAX vs. NMTRX - Expense Ratio Comparison

KCTAX has a 0.76% expense ratio, which is higher than NMTRX's 0.05% expense ratio.

Dividends

KCTAX vs. NMTRX - Dividend Comparison

KCTAX's dividend yield for the trailing twelve months is around 3.04%, less than NMTRX's 4.57% 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%
NMTRX Nuveen Municipal Total Return Managed Accounts	4.57%	4.46%	3.55%	3.67%	3.28%	2.73%	2.92%	3.20%	3.47%	3.28%	3.71%	3.91%

Frequently Asked Questions

Can I hold both KCTAX and NMTRX in my portfolio?

KCTAX and NMTRX have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, KCTAX or NMTRX?

NMTRX has higher volatility (0.88%) compared to KCTAX (0.81%). In terms of maximum drawdown, KCTAX dropped -17.87% vs NMTRX's -16.36%.

Which has better risk-adjusted returns?

NMTRX currently has the higher Sharpe Ratio (2.80 vs 2.31), 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.