NMT vs. FASEX
NMT (Nuveen Massachusetts Quality Municipal Income Fund) and FASEX (Nuveen Mid Cap Value Fund) are both mutual funds - NMT is a Municipal Bonds fund managed by Nuveen, while FASEX is a Mid Cap Value Equities fund managed by Nuveen. Over the past 10 years, NMT returned 2.58%/yr vs 11.71%/yr for FASEX. At a 0.05 correlation, their price movements are largely independent. NMT charges 0.04%/yr vs 1.16%/yr for FASEX.
Performance
NMT vs. FASEX - Performance Comparison
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Returns By Period
In the year-to-date period, NMT achieves a 15.87% return, which is significantly lower than FASEX's 20.50% return. Over the past 10 years, NMT has underperformed FASEX with an annualized return of 2.58%, while FASEX has yielded a comparatively higher 11.71% annualized return.
NMT
- 1D
- -0.31%
- 1M
- 1.10%
- YTD
- 15.87%
- 6M
- 15.57%
- 1Y
- 16.25%
- 3Y*
- 13.56%
- 5Y*
- 1.78%
- 10Y*
- 2.58%
FASEX
- 1D
- 0.64%
- 1M
- 4.16%
- YTD
- 20.50%
- 6M
- 18.82%
- 1Y
- 32.57%
- 3Y*
- 17.18%
- 5Y*
- 10.44%
- 10Y*
- 11.71%
NMT vs. FASEX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
NMT Nuveen Massachusetts Quality Municipal Income Fund | 15.87% | 5.77% | 16.29% | 2.58% | -30.45% | 12.42% | 6.47% | 25.65% | -14.05% | 13.80% |
FASEX Nuveen Mid Cap Value Fund | 20.50% | 9.68% | 10.40% | 14.20% | -10.63% | 34.84% | 1.19% | 26.68% | -13.00% | 19.23% |
Correlation
The correlation between NMT and FASEX is 0.09, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.09 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.22 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.17 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.12 |
Correlation (All Time) Calculated using the full available price history since Oct 27, 1994 | 0.05 |
The correlation between NMT and FASEX shifts across timeframes, from 0.05 (all time) to 0.22 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
NMT vs. FASEX — Risk / Return Rank
NMT
FASEX
NMT vs. FASEX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Nuveen Massachusetts Quality Municipal Income Fund (NMT) and Nuveen Mid Cap Value Fund (FASEX). 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.
| NMT | FASEX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.79 | ||
| Sortino ratioReturn per unit of downside risk | -1.12 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 1.42 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | 2.79 | 4.62 | -1.83 |
| Martin ratioReturn relative to average drawdown | 8.93 | 16.84 | -7.91 |
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Drawdowns
NMT vs. FASEX - Drawdown Comparison
The maximum NMT drawdown since its inception was -40.12%, smaller than the maximum FASEX drawdown of -55.57%. Use the drawdown chart below to compare losses from any high point for NMT and FASEX.
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Drawdown Indicators
| NMT | FASEX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -40.12% | -55.57% | +15.45% |
Max Drawdown (1Y)Largest decline over 1 year | -5.84% | -7.37% | +1.53% |
Max Drawdown (3Y)Largest decline over 3 years | -13.28% | -22.26% | +8.98% |
Max Drawdown (5Y)Largest decline over 5 years | -38.88% | -22.26% | -16.62% |
Max Drawdown (10Y)Largest decline over 10 years | -38.88% | -44.56% | +5.68% |
Current DrawdownCurrent decline from peak | -3.74% | 0.00% | -3.74% |
Average DrawdownAverage peak-to-trough decline | -8.44% | -8.92% | +0.48% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.82% | 2.01% | -0.19% |
Volatility
NMT vs. FASEX - Volatility Comparison
The current volatility for Nuveen Massachusetts Quality Municipal Income Fund (NMT) is 2.92%, while Nuveen Mid Cap Value Fund (FASEX) has a volatility of 4.13%. This indicates that NMT experiences smaller price fluctuations and is considered to be less risky than FASEX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NMT | FASEX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.92% | 4.13% | -1.21% |
Volatility (6M)Calculated over the trailing 6-month period | 8.41% | 10.43% | -2.02% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.92% | 13.99% | -4.07% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.32% | 18.05% | -5.73% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.07% | 20.23% | -6.16% |
NMT vs. FASEX - Expense Ratio Comparison
NMT has a 0.04% expense ratio, which is lower than FASEX's 1.16% expense ratio.
Dividends
NMT vs. FASEX - Dividend Comparison
NMT's dividend yield for the trailing twelve months is around 6.12%, less than FASEX's 12.17% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FASEX Nuveen Mid Cap Value Fund | 12.17% | 14.67% | 5.29% | 3.12% | 6.32% | 4.02% | 1.06% | 0.89% | 4.48% | 7.93% | 3.67% | 3.49% |
NMT Nuveen Massachusetts Quality Municipal Income Fund | 6.12% | 7.27% | 5.94% | 3.06% | 4.50% | 3.43% | 3.60% | 3.46% | 4.66% | 4.57% | 5.30% | 5.15% |
Frequently Asked Questions
NMT and FASEX have a correlation of 0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FASEX has higher volatility (4.13%) compared to NMT (2.92%). In terms of maximum drawdown, NMT dropped -40.12% vs FASEX's -55.57%.
FASEX currently has the higher Sharpe Ratio (2.44 vs 1.65), 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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