NCA vs. MMD
Compare and contrast key facts about Nuveen California Municipal Value Fund (NCA) and NYLI MacKay DefinedTerm Muni Opportunities Fund (MMD).
NCA is managed by Nuveen. It was launched on Oct 7, 1987. MMD is managed by New York Life Investment Management. It was launched on Jun 26, 2012.
Performance
NCA vs. MMD - Performance Comparison
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NCA vs. MMD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
NCA Nuveen California Municipal Value Fund | 5.80% | 10.27% | -1.92% | 10.39% | -13.57% | -3.51% | 4.62% | 21.08% | -7.38% | 2.94% |
MMD NYLI MacKay DefinedTerm Muni Opportunities Fund | 1.14% | 4.54% | -3.99% | 6.48% | -21.94% | 4.74% | 8.78% | 13.25% | 3.91% | 14.50% |
Returns By Period
In the year-to-date period, NCA achieves a 5.80% return, which is significantly higher than MMD's 1.14% return. Over the past 10 years, NCA has underperformed MMD with an annualized return of 2.21%, while MMD has yielded a comparatively higher 2.38% annualized return.
NCA
- 1D
- 1.41%
- 1M
- -2.18%
- YTD
- 5.80%
- 6M
- 7.44%
- 1Y
- 12.81%
- 3Y*
- 6.25%
- 5Y*
- 2.03%
- 10Y*
- 2.21%
MMD
- 1D
- 2.27%
- 1M
- -4.40%
- YTD
- 1.14%
- 6M
- 0.60%
- 1Y
- 3.43%
- 3Y*
- -0.49%
- 5Y*
- -3.02%
- 10Y*
- 2.38%
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NCA vs. MMD - Expense Ratio Comparison
NCA has a 0.03% expense ratio, which is higher than MMD's 0.03% 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%.
Return for Risk
NCA vs. MMD — Risk / Return Rank
NCA
MMD
NCA vs. MMD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Nuveen California Municipal Value Fund (NCA) and NYLI MacKay DefinedTerm Muni Opportunities Fund (MMD). 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.
| NCA | MMD | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.02 | 0.37 | +0.65 |
Sortino ratioReturn per unit of downside risk | 1.59 | 0.58 | +1.01 |
Omega ratioGain probability vs. loss probability | 1.20 | 1.07 | +0.12 |
Calmar ratioReturn relative to maximum drawdown | 1.73 | 0.48 | +1.25 |
Martin ratioReturn relative to average drawdown | 5.39 | 1.36 | +4.03 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| NCA | MMD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.02 | 0.37 | +0.65 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.17 | -0.23 | +0.40 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.18 | 0.17 | +0.01 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.25 | 0.26 | -0.01 |
Correlation
The correlation between NCA and MMD is 0.25, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Dividends
NCA vs. MMD - Dividend Comparison
NCA's dividend yield for the trailing twelve months is around 3.72%, less than MMD's 4.95% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
NCA Nuveen California Municipal Value Fund | 3.72% | 3.89% | 4.12% | 3.88% | 3.66% | 3.02% | 2.98% | 3.21% | 3.79% | 5.33% | 4.36% | 4.34% |
MMD NYLI MacKay DefinedTerm Muni Opportunities Fund | 4.95% | 4.84% | 4.82% | 5.26% | 6.35% | 4.68% | 4.68% | 4.85% | 5.38% | 5.45% | 6.16% | 6.25% |
Drawdowns
NCA vs. MMD - Drawdown Comparison
The maximum NCA drawdown since its inception was -37.14%, which is greater than MMD's maximum drawdown of -30.12%. Use the drawdown chart below to compare losses from any high point for NCA and MMD.
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Drawdown Indicators
| NCA | MMD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -37.14% | -30.12% | -7.02% |
Max Drawdown (1Y)Largest decline over 1 year | -7.55% | -7.41% | -0.14% |
Max Drawdown (5Y)Largest decline over 5 years | -22.97% | -30.12% | +7.15% |
Max Drawdown (10Y)Largest decline over 10 years | -22.97% | -30.12% | +7.15% |
Current DrawdownCurrent decline from peak | -2.79% | -19.05% | +16.26% |
Average DrawdownAverage peak-to-trough decline | -8.12% | -9.05% | +0.93% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.42% | 2.63% | -0.21% |
Volatility
NCA vs. MMD - Volatility Comparison
Nuveen California Municipal Value Fund (NCA) has a higher volatility of 6.30% compared to NYLI MacKay DefinedTerm Muni Opportunities Fund (MMD) at 3.80%. This indicates that NCA's price experiences larger fluctuations and is considered to be riskier than MMD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NCA | MMD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.30% | 3.80% | +2.50% |
Volatility (6M)Calculated over the trailing 6-month period | 10.42% | 5.68% | +4.74% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.65% | 9.38% | +3.27% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.09% | 13.43% | -1.34% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.38% | 13.90% | -1.52% |