NBMAX vs. NPV
NBMAX (Nuveen Massachusetts Municipal Bond Fund) and NPV (Nuveen Virginia Quality Municipal Income Fund) are both Municipal Bonds funds from Nuveen. Over the past 10 years, NBMAX returned 1.51%/yr vs 1.50%/yr for NPV. Their 0.19 correlation means their historical movements had little consistent relationship. NBMAX charges 0.57%/yr vs 1.51%/yr for NPV.
Performance
NBMAX vs. NPV - Performance Comparison
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Returns By Period
In the year-to-date period, NBMAX achieves a 0.73% return, which is significantly lower than NPV's 1.46% return. Both investments have delivered pretty close results over the past 10 years, with NBMAX having a 1.51% annualized return and NPV not far behind at 1.50%.
NBMAX
- 1D
- -0.22%
- 1M
- -1.73%
- 6M
- 0.32%
- YTD
- 0.73%
- 1Y
- 5.49%
- 3Y*
- 2.63%
- 5Y*
- -0.36%
- 10Y*
- 1.51%
- ALL TIME*
- 4.02%
NPV
- 1D
- -0.55%
- 1M
- -5.83%
- 6M
- -1.18%
- YTD
- 1.46%
- 1Y
- 5.23%
- 3Y*
- 6.28%
- 5Y*
- -3.35%
- 10Y*
- 1.50%
- ALL TIME*
- 4.15%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $741.86K | $696.68K | $526.14K |
NBMAX vs. NPV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
NBMAX Nuveen Massachusetts Municipal Bond Fund | 0.73% | 2.55% | 1.95% | 5.62% | -11.47% | 2.18% | 4.95% | 7.88% | 0.06% | 5.51% |
NPV Nuveen Virginia Quality Municipal Income Fund | 1.46% | -5.91% | 24.61% | 0.42% | -31.53% | 10.93% | 13.15% | 29.60% | -4.42% | 3.20% |
Correlation
The correlation between NBMAX and NPV is 0.41, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.41 |
Correlation (3Y) Balances recent behavior with more history. | 0.43 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.43 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.35 |
Correlation (All Time) Calculated using the full available price history since Oct 27, 1994 | 0.19 |
Over the past year, NBMAX and NPV have become more correlated (0.41) than their long-term average of 0.19, meaning their price movements have been converging.
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Return for Risk
NBMAX vs. NPV — Risk / Return Rank
NBMAX
NPV
NBMAX vs. NPV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Nuveen Massachusetts Municipal Bond Fund (NBMAX) and Nuveen Virginia Quality Municipal Income Fund (NPV). 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 | NPV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.67 | ||
| Sortino ratioReturn per unit of downside risk | +2.74 | ||
| Omega ratioGain probability vs. loss probability | 1.62 | 1.15 | +0.47 |
| Calmar ratioReturn relative to maximum drawdown | 2.94 | 0.95 | +1.99 |
| Martin ratioReturn relative to average drawdown | 9.68 | 3.15 | +6.53 |
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Drawdowns
NBMAX vs. NPV - Drawdown Comparison
The maximum NBMAX drawdown since its inception was -21.96%, smaller than the maximum NPV drawdown of -44.25%. Use the drawdown chart below to compare losses from any high point for NBMAX and NPV.
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Drawdown Indicators
| NBMAX | NPV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.96% | -44.25% | +22.29% |
Max Drawdown (1Y)Largest decline over 1 year | -2.16% | -6.15% | +3.99% |
Max Drawdown (3Y)Largest decline over 3 years | -5.71% | -18.29% | +12.58% |
Max Drawdown (5Y)Largest decline over 5 years | -15.52% | -44.25% | +28.73% |
Max Drawdown (10Y)Largest decline over 10 years | -15.62% | -44.25% | +28.63% |
Current DrawdownCurrent decline from peak | -1.88% | -19.99% | +18.11% |
Average DrawdownAverage peak-to-trough decline | -2.81% | -10.21% | +7.40% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.65% | 1.85% | -1.20% |
Volatility
NBMAX vs. NPV - Volatility Comparison
The current volatility for Nuveen Massachusetts Municipal Bond Fund (NBMAX) is 0.79%, while Nuveen Virginia Quality Municipal Income Fund (NPV) has a volatility of 2.19%. This indicates that NBMAX experiences smaller price fluctuations and is considered to be less risky than NPV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NBMAX | NPV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.79% | 2.19% | -1.40% |
Volatility (6M)Calculated over the trailing 6-month period | 1.93% | 5.24% | -3.31% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.56% | 7.19% | -4.63% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.95% | 13.46% | -9.51% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.20% | 13.15% | -8.95% |
NBMAX vs. NPV - Expense Ratio Comparison
NBMAX has a 0.57% expense ratio, which is lower than NPV's 1.51% expense ratio.
Dividends
NBMAX vs. NPV - Dividend Comparison
NBMAX's dividend yield for the trailing twelve months is around 3.03%, less than NPV's 7.22% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
NBMAX Nuveen Massachusetts Municipal Bond Fund | 3.03% | 3.56% | 3.34% | 2.92% | 2.39% | 1.96% | 2.49% | 3.09% | 3.15% | 3.04% | 3.37% | 3.64% |
NPV Nuveen Virginia Quality Municipal Income Fund | 7.22% | 7.55% | 5.63% | 3.89% | 5.08% | 3.42% | 3.49% | 3.58% | 4.62% | 4.40% | 4.87% | 5.25% |
Frequently Asked Questions
NBMAX and NPV have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NPV has higher volatility (2.19%) compared to NBMAX (0.79%). In terms of maximum drawdown, NBMAX dropped -21.96% vs NPV's -44.25%.
NBMAX currently has the higher Sharpe Ratio (2.48 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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