NCA vs. NUW
NCA (Nuveen California Municipal Value Fund) and NUW (Nuveen AMT-Free Municipal Value Fund) are both Municipal Bonds funds from Nuveen. Over the past 10 years, NCA returned 2.06%/yr vs 1.30%/yr for NUW. At a 0.27 correlation, their price movements are largely independent.
Performance
NCA vs. NUW - Performance Comparison
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Returns By Period
In the year-to-date period, NCA achieves a 4.99% return, which is significantly higher than NUW's -0.50% return. Over the past 10 years, NCA has outperformed NUW with an annualized return of 2.06%, while NUW has yielded a comparatively lower 1.30% annualized return.
NCA
- 1D
- 0.11%
- 1M
- 0.42%
- YTD
- 4.99%
- 6M
- 6.29%
- 1Y
- 13.95%
- 3Y*
- 6.16%
- 5Y*
- 1.26%
- 10Y*
- 2.06%
NUW
- 1D
- 0.29%
- 1M
- 0.56%
- YTD
- -0.50%
- 6M
- -0.09%
- 1Y
- 7.50%
- 3Y*
- 4.36%
- 5Y*
- -0.14%
- 10Y*
- 1.30%
NCA vs. NUW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
NCA Nuveen California Municipal Value Fund | 4.99% | 10.27% | -1.92% | 10.39% | -13.57% | -3.51% | 4.62% | 21.08% | -7.38% | 2.94% |
NUW Nuveen AMT-Free Municipal Value Fund | -0.50% | 9.90% | 3.51% | 3.79% | -15.19% | 4.93% | 4.39% | 13.99% | -9.94% | 11.94% |
Correlation
The correlation between NCA and NUW is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.23 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.39 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.33 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.30 |
Correlation (All Time) Calculated using the full available price history since Feb 26, 2009 | 0.27 |
The correlation between NCA and NUW shifts across timeframes, from 0.23 (1 year) to 0.39 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
NCA vs. NUW — Risk / Return Rank
NCA
NUW
NCA vs. NUW - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Nuveen California Municipal Value Fund (NCA) and Nuveen AMT-Free Municipal Value Fund (NUW). 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 | NUW | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.10 | ||
| Sortino ratioReturn per unit of downside risk | +0.10 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.19 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 1.85 | 1.54 | +0.31 |
| Martin ratioReturn relative to average drawdown | 5.83 | 5.09 | +0.74 |
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 | NUW | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.10 | 1.00 | +0.10 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.10 | -0.01 | +0.12 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.17 | 0.11 | +0.06 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.25 | 0.34 | -0.09 |
Drawdowns
NCA vs. NUW - Drawdown Comparison
The maximum NCA drawdown since its inception was -37.14%, which is greater than NUW's maximum drawdown of -26.43%. Use the drawdown chart below to compare losses from any high point for NCA and NUW.
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Drawdown Indicators
| NCA | NUW | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -37.14% | -26.43% | -10.71% |
Max Drawdown (1Y)Largest decline over 1 year | -7.55% | -4.89% | -2.66% |
Max Drawdown (3Y)Largest decline over 3 years | -10.63% | -10.19% | -0.44% |
Max Drawdown (5Y)Largest decline over 5 years | -22.97% | -22.58% | -0.39% |
Max Drawdown (10Y)Largest decline over 10 years | -22.97% | -26.43% | +3.46% |
Current DrawdownCurrent decline from peak | -4.54% | -3.91% | -0.63% |
Average DrawdownAverage peak-to-trough decline | -8.09% | -8.11% | +0.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.40% | 1.48% | +0.92% |
Volatility
NCA vs. NUW - Volatility Comparison
Nuveen California Municipal Value Fund (NCA) has a higher volatility of 3.54% compared to Nuveen AMT-Free Municipal Value Fund (NUW) at 2.27%. This indicates that NCA's price experiences larger fluctuations and is considered to be riskier than NUW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NCA | NUW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.54% | 2.27% | +1.27% |
Volatility (6M)Calculated over the trailing 6-month period | 11.08% | 6.11% | +4.97% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.79% | 7.55% | +5.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.30% | 10.63% | +1.67% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.48% | 12.16% | +0.32% |
Dividends
NCA vs. NUW - Dividend Comparison
NCA's dividend yield for the trailing twelve months is around 3.79%, less than NUW's 4.16% 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% |
NUW Nuveen AMT-Free Municipal Value Fund | 4.16% | 4.07% | 3.89% | 3.58% | 3.44% | 3.98% | 2.85% | 3.87% | 5.34% | 5.33% | 4.72% | 4.45% |
Frequently Asked Questions
NCA and NUW have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NCA has higher volatility (3.54%) compared to NUW (2.27%). In terms of maximum drawdown, NCA dropped -37.14% vs NUW's -26.43%.
NCA currently has the higher Sharpe Ratio (1.10 vs 1.00), 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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