MUC vs. NAC
MUC (BlackRock MuniHoldings California Quality Fund) and NAC (Nuveen California Quality Municipal Income Fund) are both Municipal Bonds funds. Over the past 10 years, MUC returned 0.76%/yr vs 1.99%/yr for NAC. At a 0.43 correlation, their price movements are largely independent. MUC charges 2.14%/yr vs 0.04%/yr for NAC.
Performance
MUC vs. NAC - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with MUC having a 5.45% return and NAC slightly lower at 5.24%. Over the past 10 years, MUC has underperformed NAC with an annualized return of 0.76%, while NAC has yielded a comparatively higher 1.99% annualized return.
MUC
- 1D
- 0.09%
- 1M
- 2.68%
- YTD
- 5.45%
- 6M
- 5.65%
- 1Y
- 12.41%
- 3Y*
- 5.81%
- 5Y*
- -2.31%
- 10Y*
- 0.76%
NAC
- 1D
- 0.25%
- 1M
- 2.55%
- YTD
- 5.24%
- 6M
- 5.69%
- 1Y
- 16.95%
- 3Y*
- 10.70%
- 5Y*
- 0.45%
- 10Y*
- 1.99%
MUC vs. NAC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MUC BlackRock MuniHoldings California Quality Fund | 5.45% | 5.96% | 0.76% | 7.86% | -26.81% | 7.38% | 11.85% | 18.12% | -9.00% | 6.07% |
NAC Nuveen California Quality Municipal Income Fund | 5.24% | 13.09% | 8.67% | 4.47% | -25.66% | 7.62% | 6.29% | 22.27% | -6.23% | 6.79% |
Correlation
The correlation between MUC and NAC is 0.53, 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 | 0.53 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.65 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.63 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.57 |
Correlation (All Time) Calculated using the full available price history since May 26, 1999 | 0.43 |
The correlation between MUC and NAC shifts across timeframes, from 0.43 (all time) to 0.65 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
MUC vs. NAC — Risk / Return Rank
MUC
NAC
MUC vs. NAC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BlackRock MuniHoldings California Quality Fund (MUC) and Nuveen California Quality Municipal Income Fund (NAC). 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.
| MUC | NAC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.69 | ||
| Sortino ratioReturn per unit of downside risk | -1.00 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 1.42 | -0.12 |
| Calmar ratioReturn relative to maximum drawdown | 1.91 | 3.43 | -1.52 |
| Martin ratioReturn relative to average drawdown | 7.74 | 12.61 | -4.87 |
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Drawdowns
MUC vs. NAC - Drawdown Comparison
The maximum MUC drawdown since its inception was -48.97%, which is greater than NAC's maximum drawdown of -46.41%. Use the drawdown chart below to compare losses from any high point for MUC and NAC.
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Drawdown Indicators
| MUC | NAC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -48.97% | -46.41% | -2.56% |
Max Drawdown (1Y)Largest decline over 1 year | -6.53% | -4.96% | -1.57% |
Max Drawdown (3Y)Largest decline over 3 years | -14.51% | -13.60% | -0.91% |
Max Drawdown (5Y)Largest decline over 5 years | -38.29% | -36.31% | -1.98% |
Max Drawdown (10Y)Largest decline over 10 years | -38.29% | -36.31% | -1.98% |
Current DrawdownCurrent decline from peak | -15.38% | -1.27% | -14.11% |
Average DrawdownAverage peak-to-trough decline | -9.91% | -8.39% | -1.52% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.61% | 1.35% | +0.26% |
Volatility
MUC vs. NAC - Volatility Comparison
BlackRock MuniHoldings California Quality Fund (MUC) and Nuveen California Quality Municipal Income Fund (NAC) have volatilities of 2.18% and 2.19%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MUC | NAC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.18% | 2.19% | -0.01% |
Volatility (6M)Calculated over the trailing 6-month period | 6.35% | 5.58% | +0.77% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.19% | 7.71% | +0.48% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.51% | 10.76% | +0.75% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.89% | 12.23% | -0.34% |
MUC vs. NAC - Expense Ratio Comparison
MUC has a 2.14% expense ratio, which is higher than NAC's 0.04% expense ratio.
Dividends
MUC vs. NAC - Dividend Comparison
MUC's dividend yield for the trailing twelve months is around 5.92%, less than NAC's 7.33% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MUC BlackRock MuniHoldings California Quality Fund | 5.92% | 6.06% | 5.62% | 3.84% | 5.79% | 4.27% | 3.96% | 3.90% | 4.99% | 5.14% | 5.45% | 5.46% |
NAC Nuveen California Quality Municipal Income Fund | 7.33% | 7.47% | 6.63% | 4.03% | 5.47% | 4.18% | 4.17% | 4.38% | 5.34% | 5.54% | 6.25% | 6.05% |
Frequently Asked Questions
MUC and NAC have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NAC has higher volatility (2.19%) compared to MUC (2.18%). In terms of maximum drawdown, MUC dropped -48.97% vs NAC's -46.41%.
NAC currently has the higher Sharpe Ratio (2.21 vs 1.52), 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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