NBMAX vs. MUC
NBMAX (Nuveen Massachusetts Municipal Bond Fund) and MUC (BlackRock MuniHoldings California Quality Fund) are both Municipal Bonds funds. Over the past 10 years, NBMAX returned 1.68%/yr vs 0.76%/yr for MUC. At a 0.27 correlation, their price movements are largely independent. NBMAX charges 0.57%/yr vs 2.14%/yr for MUC.
Performance
NBMAX vs. MUC - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, NBMAX achieves a 1.87% return, which is significantly lower than MUC's 5.45% return. Over the past 10 years, NBMAX has outperformed MUC with an annualized return of 1.68%, while MUC has yielded a comparatively lower 0.76% annualized return.
NBMAX
- 1D
- 0.11%
- 1M
- 1.51%
- YTD
- 1.87%
- 6M
- 2.29%
- 1Y
- 6.87%
- 3Y*
- 3.14%
- 5Y*
- 0.03%
- 10Y*
- 1.68%
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%
NBMAX vs. MUC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
NBMAX Nuveen Massachusetts Municipal Bond Fund | 1.87% | 2.55% | 1.95% | 5.62% | -11.47% | 2.18% | 4.95% | 7.88% | 0.06% | 5.51% |
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% |
Correlation
The correlation between NBMAX and MUC is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.44 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.48 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.47 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.39 |
Correlation (All Time) Calculated using the full available price history since Mar 2, 1998 | 0.27 |
The correlation between NBMAX and MUC shifts across timeframes, from 0.27 (all time) to 0.48 (3 years), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
NBMAX vs. MUC — Risk / Return Rank
NBMAX
MUC
NBMAX vs. MUC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Nuveen Massachusetts Municipal Bond Fund (NBMAX) and BlackRock MuniHoldings California Quality Fund (MUC). 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.
| NBMAX | MUC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.20 | ||
| Sortino ratioReturn per unit of downside risk | +2.17 | ||
| Omega ratioGain probability vs. loss probability | 1.71 | 1.29 | +0.41 |
| Calmar ratioReturn relative to maximum drawdown | 3.21 | 1.91 | +1.30 |
| Martin ratioReturn relative to average drawdown | 10.41 | 7.74 | +2.67 |
Loading charts...
Drawdowns
NBMAX vs. MUC - Drawdown Comparison
The maximum NBMAX drawdown since its inception was -21.96%, smaller than the maximum MUC drawdown of -48.97%. Use the drawdown chart below to compare losses from any high point for NBMAX and MUC.
Loading charts...
Drawdown Indicators
| NBMAX | MUC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.96% | -48.97% | +27.01% |
Max Drawdown (1Y)Largest decline over 1 year | -2.16% | -6.53% | +4.37% |
Max Drawdown (3Y)Largest decline over 3 years | -5.83% | -14.51% | +8.68% |
Max Drawdown (5Y)Largest decline over 5 years | -15.62% | -38.29% | +22.67% |
Max Drawdown (10Y)Largest decline over 10 years | -15.62% | -38.29% | +22.67% |
Current DrawdownCurrent decline from peak | -0.78% | -15.38% | +14.60% |
Average DrawdownAverage peak-to-trough decline | -2.81% | -9.91% | +7.10% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.66% | 1.61% | -0.95% |
Volatility
NBMAX vs. MUC - Volatility Comparison
The current volatility for Nuveen Massachusetts Municipal Bond Fund (NBMAX) is 0.61%, while BlackRock MuniHoldings California Quality Fund (MUC) has a volatility of 2.18%. This indicates that NBMAX experiences smaller price fluctuations and is considered to be less risky than MUC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| NBMAX | MUC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.61% | 2.18% | -1.57% |
Volatility (6M)Calculated over the trailing 6-month period | 1.76% | 6.35% | -4.59% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.54% | 8.19% | -5.65% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.93% | 11.51% | -7.58% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.20% | 11.89% | -7.69% |
NBMAX vs. MUC - Expense Ratio Comparison
NBMAX has a 0.57% expense ratio, which is lower than MUC's 2.14% expense ratio.
Dividends
NBMAX vs. MUC - Dividend Comparison
NBMAX's dividend yield for the trailing twelve months is around 3.28%, less than MUC's 5.92% 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% |
NBMAX Nuveen Massachusetts Municipal Bond Fund | 3.28% | 3.56% | 3.34% | 2.92% | 2.39% | 1.96% | 2.49% | 3.09% | 3.15% | 3.04% | 3.37% | 3.64% |
Frequently Asked Questions
NBMAX and MUC have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MUC has higher volatility (2.18%) compared to NBMAX (0.61%). In terms of maximum drawdown, NBMAX dropped -21.96% vs MUC's -48.97%.
NBMAX currently has the higher Sharpe Ratio (2.73 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.
Find the right allocation for NBMAX and MUC
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer