NMT vs. NCA
Compare and contrast key facts about Nuveen Massachusetts Quality Municipal Income Fund (NMT) and Nuveen California Municipal Value Fund (NCA).
NMT is managed by Nuveen. It was launched on Jan 12, 1993. NCA is managed by Nuveen. It was launched on Oct 7, 1987.
Performance
NMT vs. NCA - Performance Comparison
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NMT vs. NCA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
NMT Nuveen Massachusetts Quality Municipal Income Fund | 10.44% | 5.77% | 16.29% | 2.58% | -30.45% | 12.42% | 6.47% | 25.65% | -14.05% | 13.80% |
NCA Nuveen California Municipal Value Fund | 6.59% | 10.27% | -1.92% | 10.39% | -13.57% | -3.51% | 4.62% | 21.08% | -7.38% | 2.94% |
Returns By Period
In the year-to-date period, NMT achieves a 10.44% return, which is significantly higher than NCA's 6.59% return. Over the past 10 years, NMT has outperformed NCA with an annualized return of 2.89%, while NCA has yielded a comparatively lower 2.28% annualized return.
NMT
- 1D
- 0.00%
- 1M
- 4.35%
- YTD
- 10.44%
- 6M
- 9.58%
- 1Y
- 10.65%
- 3Y*
- 11.18%
- 5Y*
- 1.85%
- 10Y*
- 2.89%
NCA
- 1D
- 0.75%
- 1M
- -0.73%
- YTD
- 6.59%
- 6M
- 7.27%
- 1Y
- 13.65%
- 3Y*
- 6.52%
- 5Y*
- 2.18%
- 10Y*
- 2.28%
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NMT vs. NCA - Expense Ratio Comparison
NMT has a 0.04% expense ratio, which is higher than NCA's 0.03% 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%.
Return for Risk
NMT vs. NCA — Risk / Return Rank
NMT
NCA
NMT vs. NCA - 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 Municipal Value Fund (NCA). 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.
| NMT | NCA | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.97 | 1.08 | -0.11 |
Sortino ratioReturn per unit of downside risk | 1.44 | 1.68 | -0.24 |
Omega ratioGain probability vs. loss probability | 1.21 | 1.21 | 0.00 |
Calmar ratioReturn relative to maximum drawdown | 1.62 | 1.81 | -0.19 |
Martin ratioReturn relative to average drawdown | 3.96 | 5.62 | -1.66 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| NMT | NCA | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.97 | 1.08 | -0.11 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.15 | 0.18 | -0.03 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.21 | 0.19 | +0.02 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.40 | 0.25 | +0.15 |
Correlation
The correlation between NMT and NCA is 0.15, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Dividends
NMT vs. NCA - Dividend Comparison
NMT's dividend yield for the trailing twelve months is around 6.52%, more than NCA's 3.69% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
NMT Nuveen Massachusetts Quality Municipal Income Fund | 6.52% | 7.27% | 5.94% | 3.06% | 4.50% | 3.43% | 3.60% | 3.46% | 4.66% | 4.57% | 5.30% | 5.15% |
NCA Nuveen California Municipal Value Fund | 3.69% | 3.89% | 4.12% | 3.88% | 3.66% | 3.02% | 2.98% | 3.21% | 3.79% | 5.33% | 4.36% | 4.34% |
Drawdowns
NMT vs. NCA - Drawdown Comparison
The maximum NMT drawdown since its inception was -40.12%, which is greater than NCA's maximum drawdown of -37.14%. Use the drawdown chart below to compare losses from any high point for NMT and NCA.
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Drawdown Indicators
| NMT | NCA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -40.12% | -37.14% | -2.98% |
Max Drawdown (1Y)Largest decline over 1 year | -6.85% | -7.55% | +0.70% |
Max Drawdown (5Y)Largest decline over 5 years | -38.88% | -22.97% | -15.91% |
Max Drawdown (10Y)Largest decline over 10 years | -38.88% | -22.97% | -15.91% |
Current DrawdownCurrent decline from peak | -3.73% | -2.06% | -1.67% |
Average DrawdownAverage peak-to-trough decline | -8.48% | -8.12% | -0.36% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.88% | 2.43% | +0.45% |
Volatility
NMT vs. NCA - Volatility Comparison
The current volatility for Nuveen Massachusetts Quality Municipal Income Fund (NMT) is 3.55%, while Nuveen California Municipal Value Fund (NCA) has a volatility of 6.34%. This indicates that NMT experiences smaller price fluctuations and is considered to be less risky than NCA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NMT | NCA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.55% | 6.34% | -2.79% |
Volatility (6M)Calculated over the trailing 6-month period | 5.65% | 10.27% | -4.62% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.02% | 12.67% | -1.65% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.15% | 12.09% | +0.06% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.02% | 12.38% | +1.64% |