NCITX vs. MIY

Last updated Aug 1, 2026

NCITX (Northern California Intermediate Tax-Exempt Fund) and MIY (BlackRock MuniYield Michigan Quality Fund) are both Municipal Bonds funds. Over the past 10 years, NCITX returned 1.18%/yr vs 2.67%/yr for MIY. Their 0.28 correlation means their historical movements had little consistent relationship. NCITX charges 0.45%/yr vs 2.25%/yr for MIY.

Performance

NCITX vs. MIY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Northern California Intermediate Tax-Exempt Fund (NCITX) and BlackRock MuniYield Michigan Quality Fund (MIY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NCITX achieves a -1.07% return, which is significantly lower than MIY's 7.21% return. Over the past 10 years, NCITX has underperformed MIY with an annualized return of 1.18%, while MIY has yielded a comparatively higher 2.67% annualized return.

NCITX

• 1D: -0.20%
• 1M: -1.48%
• 6M: -1.95%
• YTD: -1.07%
• 1Y: 2.49%
• 3Y*: 2.59%
• 5Y*: -0.23%
• 10Y*: 1.18%
• ALL TIME*: 3.12%

MIY

• 1D: 0.16%
• 1M: -0.05%
• 6M: 3.39%
• YTD: 7.21%
• 1Y: 16.86%
• 3Y*: 8.73%
• 5Y*: -0.26%
• 10Y*: 2.67%
• ALL TIME*: 4.77%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
MIY BlackRock MuniYield Michigan Quality Fund	$895.54K	$693.30K	$727.08K
NCITX Northern California Intermediate Tax-Exempt Fund	$0.00	$0.00	$0.00

NCITX vs. MIY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NCITX Northern California Intermediate Tax-Exempt Fund	-1.07%	4.63%	2.05%	4.43%	-9.77%	0.25%	4.45%	6.51%	1.26%	4.43%
MIY BlackRock MuniYield Michigan Quality Fund	7.21%	11.24%	3.48%	6.60%	-24.10%	10.04%	7.27%	19.51%	-6.71%	8.86%

Correlation

The correlation between NCITX and MIY is 0.23, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.23
Correlation (3Y) Balances recent behavior with more history.	0.43
Correlation (5Y) Shows whether the relationship held over a longer period.	0.41
Correlation (10Y) Provides a long-term view across more market conditions.	0.36
Correlation (All Time) Calculated using the full available price history since Sep 30, 1999	0.28

The correlation between NCITX and MIY shifts across timeframes, from 0.23 (1 year) to 0.43 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

NCITX vs. MIY — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

NCITX

NCITX Risk / Return Rank: 12
NCITX Sharpe Ratio Rank: 7
NCITX Sortino Ratio Rank: 7
NCITX Omega Ratio Rank: 27
NCITX Calmar Ratio Rank: 8
NCITX Martin Ratio Rank: 12

MIY

MIY Risk / Return Rank: 58
MIY Sharpe Ratio Rank: 65
MIY Sortino Ratio Rank: 68
MIY Omega Ratio Rank: 71
MIY Calmar Ratio Rank: 47
MIY Martin Ratio Rank: 40

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

NCITX vs. MIY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Northern California Intermediate Tax-Exempt Fund (NCITX) and BlackRock MuniYield Michigan Quality Fund (MIY). 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.

	NCITX	MIY	Difference
Sharpe ratio: Return per unit of total volatility	0.26	1.55	-1.29
Sortino ratio: Return per unit of downside risk	0.45	2.33	-1.88
Omega ratio: Gain probability vs. loss probability	1.18	1.31	-0.13
Calmar ratio: Return relative to maximum drawdown	0.39	1.81	-1.42
Martin ratio: Return relative to average drawdown	1.76	5.87	-4.10

NCITX vs. MIY - Sharpe Ratio Comparison

The current NCITX Sharpe Ratio is 0.26, which is lower than the MIY Sharpe Ratio of 1.55. The chart below compares the historical Sharpe Ratios of NCITX and MIY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

NCITX vs. MIY - Drawdown Comparison

The maximum NCITX drawdown since its inception was -14.27%, smaller than the maximum MIY drawdown of -42.19%. Use the drawdown chart below to compare losses from any high point for NCITX and MIY.

Drawdown Indicators

	NCITX	MIY	Difference
Max Drawdown Largest peak-to-trough decline	-14.27%	-42.19%	+27.92%
Max Drawdown (1Y) Largest decline over 1 year	-6.69%	-10.08%	+3.39%
Max Drawdown (3Y) Largest decline over 3 years	-6.69%	-12.46%	+5.77%
Max Drawdown (5Y) Largest decline over 5 years	-14.19%	-34.43%	+20.24%
Max Drawdown (10Y) Largest decline over 10 years	-14.27%	-34.59%	+20.32%
Current Drawdown Current decline from peak	-3.12%	-2.46%	-0.66%
Average Drawdown Average peak-to-trough decline	-2.03%	-8.29%	+6.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.48%	3.10%	-1.62%

Volatility

NCITX vs. MIY - Volatility Comparison

The current volatility for Northern California Intermediate Tax-Exempt Fund (NCITX) is 0.68%, while BlackRock MuniYield Michigan Quality Fund (MIY) has a volatility of 2.26%. This indicates that NCITX experiences smaller price fluctuations and is considered to be less risky than MIY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NCITX	MIY	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.68%	2.26%	-1.58%
Volatility (6M) Calculated over the trailing 6-month period	2.08%	9.81%	-7.73%
Volatility (1Y) Calculated over the trailing 1-year period	10.08%	11.76%	-1.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.65%	11.68%	-6.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.87%	11.96%	-7.09%

NCITX vs. MIY - Expense Ratio Comparison

NCITX has a 0.45% expense ratio, which is lower than MIY's 2.25% expense ratio.

Dividends

NCITX vs. MIY - Dividend Comparison

NCITX's dividend yield for the trailing twelve months is around 2.40%, less than MIY's 5.36% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MIY BlackRock MuniYield Michigan Quality Fund	5.36%	5.57%	5.21%	3.86%	5.70%	4.38%	4.23%	4.27%	5.27%	5.46%	5.85%	5.66%
NCITX Northern California Intermediate Tax-Exempt Fund	2.40%	2.46%	2.84%	2.16%	1.38%	1.81%	2.30%	2.73%	2.66%	2.82%	3.46%	2.58%

Frequently Asked Questions

Can I hold both NCITX and MIY in my portfolio?

NCITX and MIY 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.

Which is riskier, NCITX or MIY?

MIY has higher volatility (2.26%) compared to NCITX (0.68%). In terms of maximum drawdown, NCITX dropped -14.27% vs MIY's -42.19%.

Which has better risk-adjusted returns?

MIY currently has the higher Sharpe Ratio (1.55 vs 0.26), 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.