NCA vs. DFCA

Last updated Jun 23, 2026

NCA (Nuveen California Municipal Value Fund) and DFCA (Dimensional California Municipal Bond ETF) are both Municipal Bonds funds. Over the past year, NCA returned 12.81% vs 4.26% for DFCA. At a 0.31 correlation, their price movements are largely independent. NCA charges 0.03%/yr vs 0.19%/yr for DFCA.

Performance

NCA vs. DFCA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nuveen California Municipal Value Fund (NCA) and Dimensional California Municipal Bond ETF (DFCA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NCA achieves a 4.54% return, which is significantly higher than DFCA's 0.82% return.

NCA

• 1D: 0.00%
• 1M: -0.75%
• YTD: 4.54%
• 6M: 6.32%
• 1Y: 12.81%
• 3Y*: 6.33%
• 5Y*: 0.76%
• 10Y*: 1.80%

DFCA

• 1D: -0.28%
• 1M: 0.56%
• YTD: 0.82%
• 6M: 0.98%
• 1Y: 4.26%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

NCA vs. DFCA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
NCA Nuveen California Municipal Value Fund	4.54%	10.27%	-1.92%	6.09%
DFCA Dimensional California Municipal Bond ETF	0.82%	2.99%	1.49%	2.68%

Correlation

The correlation between NCA and DFCA is 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.16
Correlation (All Time) Calculated using the full available price history since Jun 27, 2023	0.31

The correlation between NCA and DFCA shifts across timeframes, from 0.16 (1 year) to 0.31 (all time), reflecting how their relationship changes across market environments.

Return for Risk

NCA vs. DFCA — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

NCA

NCA Risk / Return Rank: 18
NCA Sharpe Ratio Rank: 15
NCA Sortino Ratio Rank: 16
NCA Omega Ratio Rank: 16
NCA Calmar Ratio Rank: 24
NCA Martin Ratio Rank: 21

DFCA

DFCA Risk / Return Rank: 72
DFCA Sharpe Ratio Rank: 83
DFCA Sortino Ratio Rank: 86
DFCA Omega Ratio Rank: 88
DFCA Calmar Ratio Rank: 53
DFCA Martin Ratio Rank: 48

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. DFCA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuveen California Municipal Value Fund (NCA) and Dimensional California Municipal Bond ETF (DFCA). 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.

	NCA	DFCA	Difference
Sharpe ratio: Return per unit of total volatility	1.01	2.46	-1.45
Sortino ratio: Return per unit of downside risk	1.55	3.59	-2.04
Omega ratio: Gain probability vs. loss probability	1.20	1.51	-0.32
Calmar ratio: Return relative to maximum drawdown	1.70	2.42	-0.72
Martin ratio: Return relative to average drawdown	4.92	7.64	-2.72

NCA vs. DFCA - Sharpe Ratio Comparison

The current NCA Sharpe Ratio is 1.01, which is lower than the DFCA Sharpe Ratio of 2.46. The chart below compares the historical Sharpe Ratios of NCA and DFCA, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

NCA vs. DFCA - Drawdown Comparison

The maximum NCA drawdown since its inception was -37.14%, which is greater than DFCA's maximum drawdown of -3.28%. Use the drawdown chart below to compare losses from any high point for NCA and DFCA.

Drawdown Indicators

	NCA	DFCA	Difference
Max Drawdown Largest peak-to-trough decline	-37.14%	-3.28%	-33.86%
Max Drawdown (1Y) Largest decline over 1 year	-7.55%	-1.77%	-5.78%
Max Drawdown (3Y) Largest decline over 3 years	-10.63%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-22.97%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-22.97%	—	—
Current Drawdown Current decline from peak	-4.95%	-0.76%	-4.19%
Average Drawdown Average peak-to-trough decline	-8.09%	-0.70%	-7.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.61%	0.56%	+2.05%

Volatility

NCA vs. DFCA - Volatility Comparison

Nuveen California Municipal Value Fund (NCA) has a higher volatility of 1.71% compared to Dimensional California Municipal Bond ETF (DFCA) at 0.56%. This indicates that NCA's price experiences larger fluctuations and is considered to be riskier than DFCA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NCA	DFCA	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.71%	0.56%	+1.15%
Volatility (6M) Calculated over the trailing 6-month period	10.96%	1.32%	+9.64%
Volatility (1Y) Calculated over the trailing 1-year period	12.81%	1.75%	+11.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.29%	2.47%	+9.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.49%	2.47%	+10.02%

NCA vs. DFCA - Expense Ratio Comparison

NCA has a 0.03% expense ratio, which is lower than DFCA's 0.19% expense ratio. Despite the difference, 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. DFCA - Dividend Comparison

NCA's dividend yield for the trailing twelve months is around 3.83%, more than DFCA's 2.70% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DFCA Dimensional California Municipal Bond ETF	2.70%	2.86%	2.86%	1.24%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
NCA Nuveen California Municipal Value Fund	3.83%	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

Can I hold both NCA and DFCA in my portfolio?

NCA and DFCA have a correlation of 0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NCA or DFCA?

NCA has higher volatility (1.71%) compared to DFCA (0.56%). In terms of maximum drawdown, NCA dropped -37.14% vs DFCA's -3.28%.

Which has better risk-adjusted returns?

DFCA currently has the higher Sharpe Ratio (2.46 vs 1.01), 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.