NCA vs. NMS
NCA (Nuveen California Municipal Value Fund) and NMS (Nuveen Minnesota Quality Municipal Income Fund) are both Municipal Bonds funds from Nuveen. Over the past 10 years, NCA returned 1.92%/yr vs 1.67%/yr for NMS. At a 0.17 correlation, their price movements are largely independent. Both charge a 0.03% expense ratio.
Performance
NCA vs. NMS - Performance Comparison
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Returns By Period
As of year-to-date, both investments have demonstrated similar returns, with NCA at 5.79% and NMS at 5.79%. Over the past 10 years, NCA has outperformed NMS with an annualized return of 1.92%, while NMS has yielded a comparatively lower 1.67% annualized return.
NCA
- 1D
- 1.20%
- 1M
- 0.44%
- YTD
- 5.79%
- 6M
- 7.72%
- 1Y
- 14.56%
- 3Y*
- 6.76%
- 5Y*
- 1.02%
- 10Y*
- 1.92%
NMS
- 1D
- -0.00%
- 1M
- -0.73%
- YTD
- 5.79%
- 6M
- 4.90%
- 1Y
- 13.52%
- 3Y*
- 9.13%
- 5Y*
- -0.77%
- 10Y*
- 1.67%
NCA vs. NMS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
NCA Nuveen California Municipal Value Fund | 5.79% | 10.27% | -1.92% | 10.39% | -13.57% | -3.51% | 4.62% | 21.08% | -7.38% | 2.94% |
NMS Nuveen Minnesota Quality Municipal Income Fund | 5.79% | 2.10% | 19.59% | 1.57% | -21.89% | 5.47% | 5.80% | 25.72% | -13.31% | -1.58% |
Correlation
The correlation between NCA and NMS 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 | 0.29 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.24 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.19 |
Correlation (All Time) Calculated using the full available price history since Oct 8, 2014 | 0.17 |
The correlation between NCA and NMS shifts across timeframes, from 0.17 (all time) to 0.29 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
NCA vs. NMS — Risk / Return Rank
NCA
NMS
NCA vs. NMS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Nuveen California Municipal Value Fund (NCA) and Nuveen Minnesota Quality Municipal Income Fund (NMS). 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 | NMS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.47 | ||
| Sortino ratioReturn per unit of downside risk | -0.60 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.31 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | 1.94 | 4.78 | -2.84 |
| Martin ratioReturn relative to average drawdown | 5.58 | 12.93 | -7.35 |
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Drawdowns
NCA vs. NMS - Drawdown Comparison
The maximum NCA drawdown since its inception was -37.14%, roughly equal to the maximum NMS drawdown of -38.76%. Use the drawdown chart below to compare losses from any high point for NCA and NMS.
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Drawdown Indicators
| NCA | NMS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -37.14% | -38.76% | +1.62% |
Max Drawdown (1Y)Largest decline over 1 year | -7.55% | -2.84% | -4.71% |
Max Drawdown (3Y)Largest decline over 3 years | -10.63% | -17.28% | +6.65% |
Max Drawdown (5Y)Largest decline over 5 years | -22.97% | -38.76% | +15.79% |
Max Drawdown (10Y)Largest decline over 10 years | -22.97% | -38.76% | +15.79% |
Current DrawdownCurrent decline from peak | -3.81% | -5.06% | +1.25% |
Average DrawdownAverage peak-to-trough decline | -8.09% | -10.68% | +2.59% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.62% | 1.05% | +1.57% |
Volatility
NCA vs. NMS - Volatility Comparison
The current volatility for Nuveen California Municipal Value Fund (NCA) is 2.04%, while Nuveen Minnesota Quality Municipal Income Fund (NMS) has a volatility of 3.02%. This indicates that NCA experiences smaller price fluctuations and is considered to be less risky than NMS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NCA | NMS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.04% | 3.02% | -0.98% |
Volatility (6M)Calculated over the trailing 6-month period | 11.02% | 5.88% | +5.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.84% | 8.46% | +4.38% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.30% | 13.46% | -1.16% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.49% | 14.53% | -2.04% |
NCA vs. NMS - Expense Ratio Comparison
Both NCA and NMS have an expense ratio of 0.03%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
NCA vs. NMS - Dividend Comparison
NCA's dividend yield for the trailing twelve months is around 3.79%, less than NMS's 6.74% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
NMS Nuveen Minnesota Quality Municipal Income Fund | 6.74% | 7.29% | 6.05% | 4.03% | 5.24% | 4.19% | 3.93% | 4.05% | 5.52% | 5.20% | 4.68% | 5.60% |
Frequently Asked Questions
NCA and NMS 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.
NMS has higher volatility (3.02%) compared to NCA (2.04%). In terms of maximum drawdown, NCA dropped -37.14% vs NMS's -38.76%.
NMS currently has the higher Sharpe Ratio (1.61 vs 1.14), 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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