NMNJX vs. MPA

Last updated Jun 6, 2026

NMNJX (Nuveen New Jersey Municipal Bond Fund) and MPA (BlackRock MuniYield Pennsylvania Quality Fund) are both Municipal Bonds funds. Over the past 10 years, NMNJX returned 2.26%/yr vs 1.82%/yr for MPA. At a 0.26 correlation, their price movements are largely independent. NMNJX charges 0.59%/yr vs 2.28%/yr for MPA.

Performance

NMNJX vs. MPA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nuveen New Jersey Municipal Bond Fund (NMNJX) and BlackRock MuniYield Pennsylvania Quality Fund (MPA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NMNJX achieves a 1.40% return, which is significantly lower than MPA's 3.78% return. Over the past 10 years, NMNJX has outperformed MPA with an annualized return of 2.26%, while MPA has yielded a comparatively lower 1.82% annualized return.

NMNJX

• 1D: 0.00%
• 1M: 0.55%
• YTD: 1.40%
• 6M: 1.78%
• 1Y: 7.49%
• 3Y*: 3.74%
• 5Y*: 0.72%
• 10Y*: 2.26%

MPA

• 1D: -0.44%
• 1M: -0.38%
• YTD: 3.78%
• 6M: 2.10%
• 1Y: 10.51%
• 3Y*: 4.62%
• 5Y*: -1.36%
• 10Y*: 1.82%

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

NMNJX vs. MPA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NMNJX Nuveen New Jersey Municipal Bond Fund	1.40%	3.96%	1.43%	7.37%	-10.25%	2.23%	4.53%	8.33%	1.14%	6.86%
MPA BlackRock MuniYield Pennsylvania Quality Fund	3.78%	1.82%	6.23%	9.67%	-31.00%	17.06%	9.14%	18.87%	-8.00%	7.22%

Correlation

The correlation between NMNJX and MPA is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.46
Correlation (3Y) Calculated over the trailing 3-year period	0.45
Correlation (5Y) Calculated over the trailing 5-year period	0.39
Correlation (10Y) Calculated over the trailing 10-year period	0.37
Correlation (All Time) Calculated using the full available price history since Oct 28, 1994	0.26

Over the past year, NMNJX and MPA have become more correlated (0.46) than their long-term average of 0.26, meaning their price movements have been converging.

Return for Risk

NMNJX vs. MPA — Risk / Return Rank

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

NMNJX

NMNJX Risk / Return Rank: 73
NMNJX Sharpe Ratio Rank: 85
NMNJX Sortino Ratio Rank: 89
NMNJX Omega Ratio Rank: 91
NMNJX Calmar Ratio Rank: 55
NMNJX Martin Ratio Rank: 44

MPA

MPA Risk / Return Rank: 24
MPA Sharpe Ratio Rank: 22
MPA Sortino Ratio Rank: 24
MPA Omega Ratio Rank: 23
MPA Calmar Ratio Rank: 23
MPA Martin Ratio Rank: 29

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.

NMNJX vs. MPA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuveen New Jersey Municipal Bond Fund (NMNJX) and BlackRock MuniYield Pennsylvania Quality Fund (MPA). 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.

	NMNJX	MPA	Difference
Sharpe ratio: Return per unit of total volatility	2.70	1.30	+1.40
Sortino ratio: Return per unit of downside risk	4.21	1.97	+2.24
Omega ratio: Gain probability vs. loss probability	1.67	1.24	+0.44
Calmar ratio: Return relative to maximum drawdown	2.74	1.64	+1.09
Martin ratio: Return relative to average drawdown	8.99	6.54	+2.45
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NMNJX vs. MPA - Sharpe Ratio Comparison

The current NMNJX Sharpe Ratio is 2.70, which is higher than the MPA Sharpe Ratio of 1.30. The chart below compares the historical Sharpe Ratios of NMNJX and MPA, 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

	NMNJX	MPA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.70	1.30	+1.40
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.16	-0.11	+0.27
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.49	0.15	+0.34
Sharpe Ratio (All Time) Calculated using the full available price history	1.19	0.37	+0.82

Drawdowns

NMNJX vs. MPA - Drawdown Comparison

The maximum NMNJX drawdown since its inception was -16.18%, smaller than the maximum MPA drawdown of -44.78%. Use the drawdown chart below to compare losses from any high point for NMNJX and MPA.

Drawdown Indicators

	NMNJX	MPA	Difference
Max Drawdown Largest peak-to-trough decline	-16.18%	-44.78%	+28.60%
Max Drawdown (1Y) Largest decline over 1 year	-2.80%	-6.42%	+3.62%
Max Drawdown (3Y) Largest decline over 3 years	-7.02%	-15.25%	+8.23%
Max Drawdown (5Y) Largest decline over 5 years	-16.18%	-38.10%	+21.92%
Max Drawdown (10Y) Largest decline over 10 years	-16.18%	-38.10%	+21.92%
Current Drawdown Current decline from peak	-0.48%	-17.41%	+16.93%
Average Drawdown Average peak-to-trough decline	-1.97%	-9.77%	+7.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.85%	1.61%	-0.76%

Volatility

NMNJX vs. MPA - Volatility Comparison

The current volatility for Nuveen New Jersey Municipal Bond Fund (NMNJX) is 1.07%, while BlackRock MuniYield Pennsylvania Quality Fund (MPA) has a volatility of 2.46%. This indicates that NMNJX experiences smaller price fluctuations and is considered to be less risky than MPA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NMNJX	MPA	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.07%	2.46%	-1.39%
Volatility (6M) Calculated over the trailing 6-month period	2.11%	6.21%	-4.10%
Volatility (1Y) Calculated over the trailing 1-year period	2.84%	8.12%	-5.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.54%	12.11%	-7.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.65%	12.32%	-7.67%

NMNJX vs. MPA - Expense Ratio Comparison

NMNJX has a 0.59% expense ratio, which is lower than MPA's 2.28% expense ratio.

Dividends

NMNJX vs. MPA - Dividend Comparison

NMNJX's dividend yield for the trailing twelve months is around 3.05%, less than MPA's 6.06% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MPA BlackRock MuniYield Pennsylvania Quality Fund	6.06%	6.98%	6.02%	3.63%	5.60%	3.94%	4.12%	4.16%	5.40%	5.22%	5.56%	5.94%
NMNJX Nuveen New Jersey Municipal Bond Fund	3.05%	3.35%	3.40%	3.02%	2.81%	2.55%	2.84%	3.41%	4.05%	3.77%	3.91%	3.74%

Frequently Asked Questions

Can I hold both NMNJX and MPA in my portfolio?

NMNJX and MPA have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NMNJX or MPA?

MPA has higher volatility (2.46%) compared to NMNJX (1.07%). In terms of maximum drawdown, NMNJX dropped -16.18% vs MPA's -44.78%.

Which has better risk-adjusted returns?

NMNJX currently has the higher Sharpe Ratio (2.70 vs 1.30), 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.