NCA vs. MMU
NCA (Nuveen California Municipal Value Fund) and MMU (Western Asset Managed Municipals Fund Inc) are both Municipal Bonds funds. Over the past 10 years, NCA returned 1.46%/yr vs 0.94%/yr for MMU. Their 0.18 correlation means their historical movements had little consistent relationship. NCA charges 0.03%/yr vs 0.01%/yr for MMU.
Performance
NCA vs. MMU - Performance Comparison
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Returns By Period
In the year-to-date period, NCA achieves a 2.47% return, which is significantly higher than MMU's -0.31% return. Over the past 10 years, NCA has outperformed MMU with an annualized return of 1.46%, while MMU has yielded a comparatively lower 0.94% annualized return.
NCA
- 1D
- -0.66%
- 1M
- -4.17%
- 6M
- -5.55%
- YTD
- 2.47%
- 1Y
- 9.56%
- 3Y*
- 5.31%
- 5Y*
- -0.08%
- 10Y*
- 1.46%
- ALL TIME*
- 3.62%
MMU
- 1D
- -0.40%
- 1M
- -3.77%
- 6M
- -2.51%
- YTD
- -0.31%
- 1Y
- 7.96%
- 3Y*
- 6.58%
- 5Y*
- -0.64%
- 10Y*
- 0.94%
- ALL TIME*
- 5.25%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.15M | $1.26M | $1.35M | |
| $835.34K | $580.16K | $556.67K |
NCA vs. MMU - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
NCA Nuveen California Municipal Value Fund | 2.47% | 10.27% | -1.92% | 10.39% | -13.57% | -3.51% | 4.62% | 21.08% | -7.38% | 2.94% |
MMU Western Asset Managed Municipals Fund Inc | -0.31% | 9.19% | 6.58% | 5.63% | -19.58% | 5.83% | 0.71% | 10.08% | -4.55% | 8.30% |
Correlation
The correlation between NCA and MMU is 0.20, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.20 |
Correlation (3Y) Balances recent behavior with more history. | 0.32 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.35 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.32 |
Correlation (All Time) Calculated using the full available price history since Jul 17, 1992 | 0.18 |
The correlation between NCA and MMU shifts across timeframes, from 0.18 (all time) to 0.35 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
NCA vs. MMU — Risk / Return Rank
NCA
MMU
NCA vs. MMU - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Nuveen California Municipal Value Fund (NCA) and Western Asset Managed Municipals Fund Inc (MMU). 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 | MMU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.07 | ||
| Sortino ratioReturn per unit of downside risk | -0.14 | ||
| Omega ratioGain probability vs. loss probability | 1.16 | 1.17 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 1.37 | 1.30 | +0.07 |
| Martin ratioReturn relative to average drawdown | 3.53 | 4.16 | -0.63 |
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Drawdowns
NCA vs. MMU - Drawdown Comparison
The maximum NCA drawdown since its inception was -37.14%, which is greater than MMU's maximum drawdown of -34.51%. Use the drawdown chart below to compare losses from any high point for NCA and MMU.
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Drawdown Indicators
| NCA | MMU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -37.14% | -34.51% | -2.63% |
Max Drawdown (1Y)Largest decline over 1 year | -7.55% | -5.88% | -1.67% |
Max Drawdown (3Y)Largest decline over 3 years | -10.63% | -10.51% | -0.12% |
Max Drawdown (5Y)Largest decline over 5 years | -22.97% | -31.89% | +8.92% |
Max Drawdown (10Y)Largest decline over 10 years | -22.97% | -34.51% | +11.54% |
Current DrawdownCurrent decline from peak | -6.83% | -7.29% | +0.46% |
Average DrawdownAverage peak-to-trough decline | -8.08% | -6.83% | -1.25% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.93% | 1.84% | +1.09% |
Volatility
NCA vs. MMU - Volatility Comparison
Nuveen California Municipal Value Fund (NCA) and Western Asset Managed Municipals Fund Inc (MMU) have volatilities of 2.57% and 2.57%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NCA | MMU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.57% | 2.57% | 0.00% |
Volatility (6M)Calculated over the trailing 6-month period | 10.01% | 7.29% | +2.72% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.76% | 8.66% | +4.10% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.29% | 10.74% | +1.55% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.50% | 12.95% | -0.45% |
NCA vs. MMU - Expense Ratio Comparison
NCA has a 0.03% expense ratio, which is higher than MMU's 0.01% 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. MMU - Dividend Comparison
NCA's dividend yield for the trailing twelve months is around 3.94%, less than MMU's 6.52% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MMU Western Asset Managed Municipals Fund Inc | 6.52% | 6.26% | 6.16% | 4.36% | 4.65% | 3.88% | 4.21% | 4.96% | 5.68% | 5.37% | 5.67% | 5.50% |
NCA Nuveen California Municipal Value Fund | 3.94% | 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 MMU have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MMU has higher volatility (2.57%) compared to NCA (2.57%). In terms of maximum drawdown, NCA dropped -37.14% vs MMU's -34.51%.
MMU currently has the higher Sharpe Ratio (0.89 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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