NCA vs. NMT
NCA (Nuveen California Municipal Value Fund) and NMT (Nuveen Massachusetts Quality Municipal Income Fund) are both Municipal Bonds funds from Nuveen. Over the past 10 years, NCA returned 1.92%/yr vs 2.58%/yr for NMT. At a 0.15 correlation, their price movements are largely independent. NCA charges 0.03%/yr vs 0.04%/yr for NMT.
Performance
NCA vs. NMT - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, NCA achieves a 5.79% return, which is significantly lower than NMT's 15.87% return. Over the past 10 years, NCA has underperformed NMT with an annualized return of 1.92%, while NMT has yielded a comparatively higher 2.58% 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%
NMT
- 1D
- -0.31%
- 1M
- 1.10%
- YTD
- 15.87%
- 6M
- 15.57%
- 1Y
- 16.25%
- 3Y*
- 13.56%
- 5Y*
- 1.78%
- 10Y*
- 2.58%
NCA vs. NMT - 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% |
NMT Nuveen Massachusetts Quality Municipal Income Fund | 15.87% | 5.77% | 16.29% | 2.58% | -30.45% | 12.42% | 6.47% | 25.65% | -14.05% | 13.80% |
Correlation
The correlation between NCA and NMT is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.21 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.37 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.30 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.23 |
Correlation (All Time) Calculated using the full available price history since Oct 27, 1994 | 0.15 |
The correlation between NCA and NMT shifts across timeframes, from 0.15 (all time) to 0.37 (3 years), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
NCA vs. NMT — Risk / Return Rank
NCA
NMT
NCA vs. NMT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Nuveen California Municipal Value Fund (NCA) and Nuveen Massachusetts Quality Municipal Income Fund (NMT). 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 | NMT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.51 | ||
| Sortino ratioReturn per unit of downside risk | -0.57 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.32 | -0.10 |
| Calmar ratioReturn relative to maximum drawdown | 1.94 | 2.79 | -0.86 |
| Martin ratioReturn relative to average drawdown | 5.58 | 8.93 | -3.35 |
Loading charts...
Drawdowns
NCA vs. NMT - Drawdown Comparison
The maximum NCA drawdown since its inception was -37.14%, smaller than the maximum NMT drawdown of -40.12%. Use the drawdown chart below to compare losses from any high point for NCA and NMT.
Loading charts...
Drawdown Indicators
| NCA | NMT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -37.14% | -40.12% | +2.98% |
Max Drawdown (1Y)Largest decline over 1 year | -7.55% | -5.84% | -1.71% |
Max Drawdown (3Y)Largest decline over 3 years | -10.63% | -13.28% | +2.65% |
Max Drawdown (5Y)Largest decline over 5 years | -22.97% | -38.88% | +15.91% |
Max Drawdown (10Y)Largest decline over 10 years | -22.97% | -38.88% | +15.91% |
Current DrawdownCurrent decline from peak | -3.81% | -3.74% | -0.07% |
Average DrawdownAverage peak-to-trough decline | -8.09% | -8.44% | +0.35% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.62% | 1.82% | +0.80% |
Volatility
NCA vs. NMT - Volatility Comparison
The current volatility for Nuveen California Municipal Value Fund (NCA) is 2.04%, while Nuveen Massachusetts Quality Municipal Income Fund (NMT) has a volatility of 2.92%. This indicates that NCA experiences smaller price fluctuations and is considered to be less risky than NMT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| NCA | NMT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.04% | 2.92% | -0.88% |
Volatility (6M)Calculated over the trailing 6-month period | 11.02% | 8.41% | +2.61% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.84% | 9.92% | +2.92% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.30% | 12.32% | -0.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.49% | 14.07% | -1.58% |
NCA vs. NMT - Expense Ratio Comparison
NCA has a 0.03% expense ratio, which is lower than NMT's 0.04% 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. NMT - Dividend Comparison
NCA's dividend yield for the trailing twelve months is around 3.79%, less than NMT's 6.12% 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% |
NMT Nuveen Massachusetts Quality Municipal Income Fund | 6.12% | 7.27% | 5.94% | 3.06% | 4.50% | 3.43% | 3.60% | 3.46% | 4.66% | 4.57% | 5.30% | 5.15% |
Frequently Asked Questions
NCA and NMT have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NMT has higher volatility (2.92%) compared to NCA (2.04%). In terms of maximum drawdown, NCA dropped -37.14% vs NMT's -40.12%.
NMT currently has the higher Sharpe Ratio (1.65 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.
Find the right allocation for NCA and NMT
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer