NMAVX vs. NCVLX

Last updated Jun 5, 2026

NMAVX (Nuance Mid Cap Value Fund) and NCVLX (Nuance Concentrated Value Fund) are both mutual funds - NMAVX is a Mid Cap Value Equities fund managed by Nuance Investments, while NCVLX is a Large Cap Value Equities fund managed by Nuance Investments. Over the past 10 years, NMAVX returned 7.40%/yr vs 6.85%/yr for NCVLX. With a 0.98 correlation, they move nearly in lockstep. NMAVX charges 1.22%/yr vs 1.04%/yr for NCVLX.

Performance

NMAVX vs. NCVLX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nuance Mid Cap Value Fund (NMAVX) and Nuance Concentrated Value Fund (NCVLX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NMAVX achieves a 4.82% return, which is significantly higher than NCVLX's 3.29% return. Over the past 10 years, NMAVX has outperformed NCVLX with an annualized return of 7.40%, while NCVLX has yielded a comparatively lower 6.85% annualized return.

NMAVX

• 1D: -0.31%
• 1M: 2.76%
• YTD: 4.82%
• 6M: 5.15%
• 1Y: 11.72%
• 3Y*: 4.82%
• 5Y*: 2.73%
• 10Y*: 7.40%

NCVLX

• 1D: -0.46%
• 1M: 3.04%
• YTD: 3.29%
• 6M: 3.84%
• 1Y: 10.61%
• 3Y*: 5.10%
• 5Y*: 3.38%
• 10Y*: 6.85%

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

NMAVX vs. NCVLX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NMAVX Nuance Mid Cap Value Fund	4.82%	1.91%	5.20%	6.44%	-5.26%	11.10%	4.41%	30.71%	-5.44%	14.81%
NCVLX Nuance Concentrated Value Fund	3.29%	3.28%	6.02%	10.00%	-5.02%	9.86%	3.08%	27.77%	-4.76%	11.07%

Correlation

The correlation between NMAVX and NCVLX is 0.99 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.99
Correlation (3Y) Calculated over the trailing 3-year period	0.98
Correlation (5Y) Calculated over the trailing 5-year period	0.98
Correlation (10Y) Calculated over the trailing 10-year period	0.98
Correlation (All Time) Calculated using the full available price history since Jan 6, 2014	0.98

The correlation between NMAVX and NCVLX has been stable across timeframes, ranging from 0.98 to 0.99 - a consistent structural relationship.

Return for Risk

NMAVX vs. NCVLX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

NMAVX

NMAVX Risk / Return Rank: 13
NMAVX Sharpe Ratio Rank: 13
NMAVX Sortino Ratio Rank: 15
NMAVX Omega Ratio Rank: 12
NMAVX Calmar Ratio Rank: 13
NMAVX Martin Ratio Rank: 11

NCVLX

NCVLX Risk / Return Rank: 10
NCVLX Sharpe Ratio Rank: 11
NCVLX Sortino Ratio Rank: 12
NCVLX Omega Ratio Rank: 11
NCVLX Calmar Ratio Rank: 10
NCVLX Martin Ratio Rank: 8

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

NMAVX vs. NCVLX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuance Mid Cap Value Fund (NMAVX) and Nuance Concentrated Value Fund (NCVLX). 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.

	NMAVX	NCVLX	Difference
Sharpe ratio: Return per unit of total volatility	0.99	0.84	+0.15
Sortino ratio: Return per unit of downside risk	1.54	1.31	+0.23
Omega ratio: Gain probability vs. loss probability	1.17	1.15	+0.02
Calmar ratio: Return relative to maximum drawdown	1.16	0.91	+0.25
Martin ratio: Return relative to average drawdown	2.97	2.22	+0.75
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NMAVX vs. NCVLX - Sharpe Ratio Comparison

The current NMAVX Sharpe Ratio is 0.99, which is comparable to the NCVLX Sharpe Ratio of 0.84. The chart below compares the historical Sharpe Ratios of NMAVX and NCVLX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	NMAVX	NCVLX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.99	0.84	+0.15
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.21	0.24	-0.04
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.49	0.45	+0.04
Sharpe Ratio (All Time) Calculated using the full available price history	0.51	0.56	-0.04

Drawdowns

NMAVX vs. NCVLX - Drawdown Comparison

The maximum NMAVX drawdown since its inception was -30.93%, roughly equal to the maximum NCVLX drawdown of -31.48%. Use the drawdown chart below to compare losses from any high point for NMAVX and NCVLX.

Drawdown Indicators

	NMAVX	NCVLX	Difference
Max Drawdown Largest peak-to-trough decline	-30.93%	-31.48%	+0.55%
Max Drawdown (1Y) Largest decline over 1 year	-9.80%	-11.54%	+1.74%
Max Drawdown (3Y) Largest decline over 3 years	-18.40%	-19.58%	+1.18%
Max Drawdown (5Y) Largest decline over 5 years	-18.40%	-19.58%	+1.18%
Max Drawdown (10Y) Largest decline over 10 years	-30.93%	-31.48%	+0.55%
Current Drawdown Current decline from peak	-5.30%	-7.67%	+2.37%
Average Drawdown Average peak-to-trough decline	-3.80%	-4.08%	+0.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.83%	4.70%	-0.87%

Volatility

NMAVX vs. NCVLX - Volatility Comparison

The current volatility for Nuance Mid Cap Value Fund (NMAVX) is 3.50%, while Nuance Concentrated Value Fund (NCVLX) has a volatility of 4.11%. This indicates that NMAVX experiences smaller price fluctuations and is considered to be less risky than NCVLX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NMAVX	NCVLX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.50%	4.11%	-0.61%
Volatility (6M) Calculated over the trailing 6-month period	8.07%	9.15%	-1.08%
Volatility (1Y) Calculated over the trailing 1-year period	11.51%	12.45%	-0.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.33%	13.87%	-0.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.04%	15.10%	-0.06%

NMAVX vs. NCVLX - Expense Ratio Comparison

NMAVX has a 1.22% expense ratio, which is higher than NCVLX's 1.04% expense ratio.

Dividends

NMAVX vs. NCVLX - Dividend Comparison

NMAVX's dividend yield for the trailing twelve months is around 0.95%, less than NCVLX's 1.69% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NCVLX Nuance Concentrated Value Fund	1.69%	2.38%	7.34%	1.81%	13.64%	17.21%	0.64%	7.97%	13.45%	7.02%	0.96%	5.66%
NMAVX Nuance Mid Cap Value Fund	0.95%	1.00%	7.55%	1.78%	9.05%	11.98%	0.61%	5.91%	7.16%	7.05%	1.83%	4.24%

Frequently Asked Questions

Can I hold both NMAVX and NCVLX in my portfolio?

With a correlation of 0.99, NMAVX and NCVLX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, NMAVX or NCVLX?

NCVLX has higher volatility (4.11%) compared to NMAVX (3.50%). In terms of maximum drawdown, NMAVX dropped -30.93% vs NCVLX's -31.48%.

Which has better risk-adjusted returns?

NMAVX currently has the higher Sharpe Ratio (0.99 vs 0.84), 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.