NMT vs. NAC
NMT (Nuveen Massachusetts Quality Municipal Income Fund) and NAC (Nuveen California Quality Municipal Income Fund) are both Municipal Bonds funds from Nuveen. Over the past 10 years, NMT returned 2.58%/yr vs 1.71%/yr for NAC. Their 0.24 correlation means their historical movements had little consistent relationship. NMT charges 0.04%/yr vs 0.04%/yr for NAC.
Performance
NMT vs. NAC - Performance Comparison
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Returns By Period
In the year-to-date period, NMT achieves a 15.79% return, which is significantly higher than NAC's 3.55% return. Over the past 10 years, NMT has outperformed NAC with an annualized return of 2.58%, while NAC has yielded a comparatively lower 1.71% annualized return.
NMT
- 1D
- 0.64%
- 1M
- -1.70%
- 6M
- 11.79%
- YTD
- 15.79%
- 1Y
- 18.71%
- 3Y*
- 13.22%
- 5Y*
- 1.35%
- 10Y*
- 2.58%
- ALL TIME*
- 5.87%
NAC
- 1D
- -0.42%
- 1M
- -3.06%
- 6M
- 1.79%
- YTD
- 3.55%
- 1Y
- 12.28%
- 3Y*
- 9.82%
- 5Y*
- -0.32%
- 10Y*
- 1.71%
- ALL TIME*
- 5.30%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $4.57M | $4.34M | $5.82M | |
| $390.05K | $299.51K | $279.95K |
NMT vs. NAC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
NMT Nuveen Massachusetts Quality Municipal Income Fund | 15.79% | 5.77% | 16.29% | 2.58% | -30.45% | 12.42% | 6.47% | 25.65% | -14.05% | 13.80% |
NAC Nuveen California Quality Municipal Income Fund | 3.55% | 13.09% | 8.67% | 4.47% | -25.66% | 7.62% | 6.29% | 22.27% | -6.23% | 6.79% |
Correlation
The correlation between NMT and NAC is 0.20, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.20 |
Correlation (3Y) Balances recent behavior with more history. | 0.42 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.40 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.33 |
Correlation (All Time) Calculated using the full available price history since May 26, 1999 | 0.24 |
The correlation between NMT and NAC shifts across timeframes, from 0.20 (1 year) to 0.42 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
NMT vs. NAC — Risk / Return Rank
NMT
NAC
NMT vs. NAC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Nuveen Massachusetts Quality Municipal Income Fund (NMT) and Nuveen California Quality Municipal Income Fund (NAC). 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 | NAC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.15 | ||
| Sortino ratioReturn per unit of downside risk | -0.48 | ||
| Omega ratioGain probability vs. loss probability | 1.35 | 1.35 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 3.29 | 2.96 | +0.33 |
| Martin ratioReturn relative to average drawdown | 10.28 | 10.39 | -0.11 |
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Drawdowns
NMT vs. NAC - Drawdown Comparison
The maximum NMT drawdown since its inception was -40.12%, smaller than the maximum NAC drawdown of -46.41%. Use the drawdown chart below to compare losses from any high point for NMT and NAC.
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Drawdown Indicators
| NMT | NAC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -40.12% | -46.41% | +6.29% |
Max Drawdown (1Y)Largest decline over 1 year | -5.84% | -4.96% | -0.88% |
Max Drawdown (3Y)Largest decline over 3 years | -11.61% | -11.87% | +0.26% |
Max Drawdown (5Y)Largest decline over 5 years | -38.88% | -36.31% | -2.57% |
Max Drawdown (10Y)Largest decline over 10 years | -38.88% | -36.31% | -2.57% |
Current DrawdownCurrent decline from peak | -3.81% | -3.22% | -0.59% |
Average DrawdownAverage peak-to-trough decline | -8.42% | -8.36% | -0.06% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.86% | 1.41% | +0.45% |
Volatility
NMT vs. NAC - Volatility Comparison
Nuveen Massachusetts Quality Municipal Income Fund (NMT) has a higher volatility of 4.06% compared to Nuveen California Quality Municipal Income Fund (NAC) at 1.47%. This indicates that NMT's price experiences larger fluctuations and is considered to be riskier than NAC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NMT | NAC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.06% | 1.47% | +2.59% |
Volatility (6M)Calculated over the trailing 6-month period | 9.45% | 5.65% | +3.80% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.00% | 7.75% | +3.25% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.33% | 10.72% | +1.61% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.07% | 12.21% | +1.86% |
NMT vs. NAC - Expense Ratio Comparison
NMT has a 0.04% expense ratio, which is higher than NAC's 0.04% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
NMT vs. NAC - Dividend Comparison
NMT's dividend yield for the trailing twelve months is around 6.07%, less than NAC's 7.46% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
NAC Nuveen California Quality Municipal Income Fund | 7.46% | 7.47% | 6.63% | 4.03% | 5.47% | 4.18% | 4.17% | 4.38% | 5.34% | 5.54% | 6.25% | 6.05% |
NMT Nuveen Massachusetts Quality Municipal Income Fund | 6.07% | 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 NAC have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NMT has higher volatility (4.06%) compared to NAC (1.47%). In terms of maximum drawdown, NMT dropped -40.12% vs NAC's -46.41%.
NAC currently has the higher Sharpe Ratio (1.90 vs 1.75), 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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