NAZ vs. NCA
NAZ (Nuveen Arizona Quality Municipal Income Fund) and NCA (Nuveen California Municipal Value Fund) are both Municipal Bonds funds from Nuveen. Over the past 10 years, NAZ returned 1.35%/yr vs 1.46%/yr for NCA. Their 0.15 correlation means their historical movements had little consistent relationship. Both charge a 0.03% expense ratio.
Performance
NAZ vs. NCA - Performance Comparison
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Returns By Period
In the year-to-date period, NAZ achieves a 5.59% return, which is significantly higher than NCA's 2.47% return. Over the past 10 years, NAZ has underperformed NCA with an annualized return of 1.35%, while NCA has yielded a comparatively higher 1.46% annualized return.
NAZ
- 1D
- -0.08%
- 1M
- -3.34%
- 6M
- 3.62%
- YTD
- 5.59%
- 1Y
- 9.82%
- 3Y*
- 10.61%
- 5Y*
- -0.25%
- 10Y*
- 1.35%
- ALL TIME*
- 4.56%
NCA
- 1D
- -0.66%
- 1M
- -4.17%
- 6M
- -5.55%
- YTD
- 2.47%
- 1Y
- 9.56%
- 3Y*
- 5.31%
- 5Y*
- -0.08%
- 10Y*
- 1.46%
- ALL TIME*
- 3.62%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $426.19K | $342.59K | $280.69K | |
| $835.34K | $580.16K | $556.67K |
NAZ vs. NCA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
NAZ Nuveen Arizona Quality Municipal Income Fund | 5.59% | 12.08% | 12.93% | -0.48% | -27.24% | 4.75% | 22.64% | 18.15% | -12.52% | 5.81% |
NCA Nuveen California Municipal Value Fund | 2.47% | 10.27% | -1.92% | 10.39% | -13.57% | -3.51% | 4.62% | 21.08% | -7.38% | 2.94% |
Correlation
The correlation between NAZ and NCA is 0.07, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.07 |
Correlation (3Y) Balances recent behavior with more history. | 0.29 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.28 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.25 |
Correlation (All Time) Calculated using the full available price history since Oct 27, 1994 | 0.15 |
The correlation between NAZ and NCA shifts across timeframes, from 0.07 (1 year) to 0.29 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
NAZ vs. NCA — Risk / Return Rank
NAZ
NCA
NAZ vs. NCA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Nuveen Arizona Quality Municipal Income Fund (NAZ) and Nuveen California Municipal Value Fund (NCA). 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.
| NAZ | NCA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.18 | ||
| Sortino ratioReturn per unit of downside risk | +0.29 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.16 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 1.42 | 1.37 | +0.05 |
| Martin ratioReturn relative to average drawdown | 4.72 | 3.53 | +1.19 |
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Drawdowns
NAZ vs. NCA - Drawdown Comparison
The maximum NAZ drawdown since its inception was -38.28%, roughly equal to the maximum NCA drawdown of -37.14%. Use the drawdown chart below to compare losses from any high point for NAZ and NCA.
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Drawdown Indicators
| NAZ | NCA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.28% | -37.14% | -1.14% |
Max Drawdown (1Y)Largest decline over 1 year | -8.34% | -7.55% | -0.79% |
Max Drawdown (3Y)Largest decline over 3 years | -13.76% | -10.63% | -3.13% |
Max Drawdown (5Y)Largest decline over 5 years | -38.28% | -22.97% | -15.31% |
Max Drawdown (10Y)Largest decline over 10 years | -38.28% | -22.97% | -15.31% |
Current DrawdownCurrent decline from peak | -8.34% | -6.83% | -1.51% |
Average DrawdownAverage peak-to-trough decline | -9.32% | -8.08% | -1.24% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.51% | 2.93% | -0.42% |
Volatility
NAZ vs. NCA - Volatility Comparison
Nuveen Arizona Quality Municipal Income Fund (NAZ) and Nuveen California Municipal Value Fund (NCA) have volatilities of 2.58% and 2.57%, 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
| NAZ | NCA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.58% | 2.57% | +0.01% |
Volatility (6M)Calculated over the trailing 6-month period | 10.17% | 10.01% | +0.16% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.99% | 12.76% | -0.77% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.72% | 12.29% | +1.43% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.94% | 12.50% | +2.44% |
NAZ vs. NCA - Expense Ratio Comparison
Both NAZ and NCA have an expense ratio of 0.03%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
NAZ vs. NCA - Dividend Comparison
NAZ's dividend yield for the trailing twelve months is around 6.50%, more than NCA's 3.94% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
NAZ Nuveen Arizona Quality Municipal Income Fund | 6.50% | 7.09% | 6.20% | 3.63% | 5.01% | 3.75% | 3.52% | 3.82% | 4.52% | 4.65% | 5.53% | 5.25% |
NCA Nuveen California Municipal Value Fund | 3.94% | 3.89% | 4.12% | 3.88% | 3.66% | 3.02% | 2.98% | 3.21% | 3.79% | 5.33% | 4.36% | 4.34% |
Frequently Asked Questions
NAZ and NCA have a correlation of 0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NAZ has higher volatility (2.58%) compared to NCA (2.57%). In terms of maximum drawdown, NAZ dropped -38.28% vs NCA's -37.14%.
NAZ currently has the higher Sharpe Ratio (0.99 vs 0.81), 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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