NCHRX vs. PRMDX
NCHRX (Nuveen California High Yield Municipal Bond Fund) and PRMDX (T. Rowe Price Maryland Short-Term Tax-Free Bond Fund) are both Municipal Bonds funds. Over the past 10 years, NCHRX returned 1.78%/yr vs 1.60%/yr for PRMDX. At a 0.38 correlation, their price movements are largely independent. NCHRX charges 0.61%/yr vs 0.53%/yr for PRMDX.
Performance
NCHRX vs. PRMDX - Performance Comparison
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Returns By Period
In the year-to-date period, NCHRX achieves a 2.32% return, which is significantly higher than PRMDX's 0.85% return. Over the past 10 years, NCHRX has outperformed PRMDX with an annualized return of 1.78%, while PRMDX has yielded a comparatively lower 1.60% annualized return.
NCHRX
- 1D
- -0.13%
- 1M
- 2.47%
- YTD
- 2.32%
- 6M
- 2.98%
- 1Y
- 9.50%
- 3Y*
- 4.30%
- 5Y*
- -1.35%
- 10Y*
- 1.78%
PRMDX
- 1D
- 0.00%
- 1M
- 0.60%
- YTD
- 0.85%
- 6M
- 1.28%
- 1Y
- 2.98%
- 3Y*
- 4.11%
- 5Y*
- 2.24%
- 10Y*
- 1.60%
NCHRX vs. PRMDX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
NCHRX Nuveen California High Yield Municipal Bond Fund | 2.32% | 3.34% | 5.17% | 4.46% | -20.76% | 5.41% | 6.02% | 12.21% | -0.33% | 11.27% |
PRMDX T. Rowe Price Maryland Short-Term Tax-Free Bond Fund | 0.85% | 4.24% | 3.84% | 4.83% | -2.29% | 0.30% | 1.15% | 2.52% | 0.98% | 1.09% |
Correlation
The correlation between NCHRX and PRMDX is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.33 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.47 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.51 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.46 |
Correlation (All Time) Calculated using the full available price history since Apr 17, 2006 | 0.38 |
The correlation between NCHRX and PRMDX shifts across timeframes, from 0.33 (1 year) to 0.51 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
NCHRX vs. PRMDX — Risk / Return Rank
NCHRX
PRMDX
NCHRX vs. PRMDX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Nuveen California High Yield Municipal Bond Fund (NCHRX) and T. Rowe Price Maryland Short-Term Tax-Free Bond Fund (PRMDX). 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.
| NCHRX | PRMDX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.10 | ||
| Sortino ratioReturn per unit of downside risk | -0.44 | ||
| Omega ratioGain probability vs. loss probability | 1.53 | 2.09 | -0.56 |
| Calmar ratioReturn relative to maximum drawdown | 2.67 | 3.11 | -0.44 |
| Martin ratioReturn relative to average drawdown | 8.71 | 9.56 | -0.85 |
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Drawdowns
NCHRX vs. PRMDX - Drawdown Comparison
The maximum NCHRX drawdown since its inception was -39.64%, which is greater than PRMDX's maximum drawdown of -4.31%. Use the drawdown chart below to compare losses from any high point for NCHRX and PRMDX.
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Drawdown Indicators
| NCHRX | PRMDX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -39.64% | -4.31% | -35.33% |
Max Drawdown (1Y)Largest decline over 1 year | -3.64% | -0.96% | -2.68% |
Max Drawdown (3Y)Largest decline over 3 years | -11.63% | -1.56% | -10.07% |
Max Drawdown (5Y)Largest decline over 5 years | -28.27% | -4.31% | -23.96% |
Max Drawdown (10Y)Largest decline over 10 years | -28.27% | -4.31% | -23.96% |
Current DrawdownCurrent decline from peak | -8.02% | -0.14% | -7.88% |
Average DrawdownAverage peak-to-trough decline | -7.09% | -0.36% | -6.73% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.11% | 0.31% | +0.80% |
Volatility
NCHRX vs. PRMDX - Volatility Comparison
Nuveen California High Yield Municipal Bond Fund (NCHRX) has a higher volatility of 1.11% compared to T. Rowe Price Maryland Short-Term Tax-Free Bond Fund (PRMDX) at 0.33%. This indicates that NCHRX's price experiences larger fluctuations and is considered to be riskier than PRMDX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NCHRX | PRMDX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.11% | 0.33% | +0.78% |
Volatility (6M)Calculated over the trailing 6-month period | 3.01% | 1.09% | +1.92% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.17% | 1.34% | +2.83% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.01% | 1.75% | +5.26% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.48% | 1.64% | +5.84% |
NCHRX vs. PRMDX - Expense Ratio Comparison
NCHRX has a 0.61% expense ratio, which is higher than PRMDX's 0.53% expense ratio.
Dividends
NCHRX vs. PRMDX - Dividend Comparison
NCHRX's dividend yield for the trailing twelve months is around 4.18%, more than PRMDX's 2.55% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
NCHRX Nuveen California High Yield Municipal Bond Fund | 4.18% | 4.59% | 4.28% | 4.40% | 5.14% | 3.90% | 3.85% | 4.17% | 4.08% | 3.94% | 4.42% | 4.45% |
PRMDX T. Rowe Price Maryland Short-Term Tax-Free Bond Fund | 2.55% | 3.16% | 4.15% | 3.10% | 0.61% | 0.69% | 1.14% | 1.33% | 1.16% | 0.89% | 0.74% | 0.67% |
Frequently Asked Questions
NCHRX and PRMDX have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NCHRX has higher volatility (1.11%) compared to PRMDX (0.33%). In terms of maximum drawdown, NCHRX dropped -39.64% vs PRMDX's -4.31%.
NCHRX currently has the higher Sharpe Ratio (2.34 vs 2.24), 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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