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NCA vs. BATVX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

NCA vs. BATVX

Last updated Jun 26, 2026

NCA (Nuveen California Municipal Value Fund) and BATVX (BlackRock Allocation Target Shares) are both Municipal Bonds funds. Over the past 5 years, NCA returned 1.00%/yr vs 1.51%/yr for BATVX. At a 0.07 correlation, their price movements are largely independent. NCA charges 0.03%/yr vs 0.00%/yr for BATVX.

Performance

NCA vs. BATVX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nuveen California Municipal Value Fund (NCA) and BlackRock Allocation Target Shares (BATVX). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, NCA achieves a 5.79% return, which is significantly higher than BATVX's 0.97% return.

NCA

1D
-0.11%
1M
0.33%
YTD
5.79%
6M
7.23%
1Y
13.75%
3Y*
6.67%
5Y*
1.00%
10Y*
1.92%

BATVX

1D
0.00%
1M
0.20%
YTD
0.97%
6M
1.22%
1Y
2.58%
3Y*
2.47%
5Y*
1.51%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

NCA vs. BATVX - Yearly Performance Comparison

2026 (YTD)20252024202320222021
NCA
Nuveen California Municipal Value Fund		5.79%10.27%-1.92%10.39%-13.57%-1.35%
BATVX
BlackRock Allocation Target Shares		0.97%2.80%2.48%1.41%-0.10%0.00%

Correlation

The correlation between NCA and BATVX is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.22

Correlation (3Y)
Calculated over the trailing 3-year period

0.14

Correlation (5Y)
Calculated over the trailing 5-year period

0.08

Correlation (All Time)
Calculated using the full available price history since May 25, 2021

0.07

The correlation between NCA and BATVX shifts across timeframes, from 0.07 (all time) to 0.22 (1 year), reflecting how their relationship changes across market environments.

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Nuveen California Municipal Value Fund

BlackRock Allocation Target Shares

Often compared with NCA:
NCA vs. NMTNCA vs. NAZNCA vs. NIMNCA vs. DFCANCA vs. RMINCA vs. NMSNCA vs. MMD
Often compared with BATVX:
BATVX vs. CBTAXBATVX vs. FOHFXBATVX vs. COLTXBATVX vs. SEPAXBATVX vs. VPALXBATVX vs. PTEAXBATVX vs. NMTRX

Return for Risk

NCA vs. BATVX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
NCA
NCA Risk / Return Rank: 2626
Overall Rank
NCA Sharpe Ratio Rank: 2121
Sharpe Ratio Rank
NCA Sortino Ratio Rank: 2323
Sortino Ratio Rank
NCA Omega Ratio Rank: 2424
Omega Ratio Rank
NCA Calmar Ratio Rank: 3333
Calmar Ratio Rank
NCA Martin Ratio Rank: 2727
Martin Ratio Rank
BATVX

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

NCA vs. BATVX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuveen California Municipal Value Fund (NCA) and BlackRock Allocation Target Shares (BATVX). 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.

NCABATVXDifference
Sharpe ratioReturn per unit of total volatility
1.08
3.57

-2.49

Sortino ratioReturn per unit of downside risk
1.65

—

—

Omega ratioGain probability vs. loss probability

1.21

—

—

Calmar ratioReturn relative to maximum drawdown

1.83

—

—

Martin ratioReturn relative to average drawdown

5.22

—

—

NCA vs. BATVX - Sharpe Ratio Comparison

The current NCA Sharpe Ratio is 1.08, which is lower than the BATVX Sharpe Ratio of 3.57. The chart below compares the historical Sharpe Ratios of NCA and BATVX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

NCA vs. BATVX - Drawdown Comparison

The maximum NCA drawdown since its inception was -37.14%, which is greater than BATVX's maximum drawdown of -0.20%. Use the drawdown chart below to compare losses from any high point for NCA and BATVX.

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Drawdown Indicators

NCABATVXDifference

Max Drawdown

Largest peak-to-trough decline

-37.14%

-0.20%

-36.94%

Max Drawdown (1Y)

Largest decline over 1 year

-7.55%

0.00%

-7.55%

Max Drawdown (3Y)

Largest decline over 3 years

-10.63%

-0.10%

-10.53%

Max Drawdown (5Y)

Largest decline over 5 years

-22.97%

-0.20%

-22.77%

Max Drawdown (10Y)

Largest decline over 10 years

-22.97%

—

—

Current Drawdown

Current decline from peak

-3.81%

0.00%

-3.81%

Average Drawdown

Average peak-to-trough decline

-8.09%

-0.02%

-8.07%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.64%

0.00%

+2.64%

Volatility

NCA vs. BATVX - Volatility Comparison

Nuveen California Municipal Value Fund (NCA) has a higher volatility of 1.99% compared to BlackRock Allocation Target Shares (BATVX) at 0.20%. This indicates that NCA's price experiences larger fluctuations and is considered to be riskier than BATVX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

NCABATVXDifference

Volatility (1M)

Calculated over the trailing 1-month period

1.99%

0.20%

+1.79%

Volatility (6M)

Calculated over the trailing 6-month period

11.02%

0.49%

+10.53%

Volatility (1Y)

Calculated over the trailing 1-year period

12.83%

0.73%

+12.10%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

12.30%

0.64%

+11.66%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

12.49%

0.63%

+11.86%

NCA vs. BATVX - Expense Ratio Comparison

NCA has a 0.03% expense ratio, which is higher than BATVX's 0.00% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

NCA vs. BATVX - Dividend Comparison

NCA's dividend yield for the trailing twelve months is around 3.79%, more than BATVX's 2.55% yield.

PositionTTM20252024202320222021202020192018201720162015
BATVX
BlackRock Allocation Target Shares		2.55%2.76%2.44%1.40%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
NCA
Nuveen California Municipal Value Fund		3.79%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

NCA and BATVX have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

NCA has higher volatility (1.99%) compared to BATVX (0.20%). In terms of maximum drawdown, NCA dropped -37.14% vs BATVX's -0.20%.

BATVX currently has the higher Sharpe Ratio (3.57 vs 1.08), 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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