NMT vs. PML
NMT (Nuveen Massachusetts Quality Municipal Income Fund) and PML (PIMCO Municipal Income Fund II) are both Municipal Bonds funds. Over the past 10 years, NMT returned 2.58%/yr vs -0.48%/yr for PML. At a 0.26 correlation, their price movements are largely independent. NMT charges 0.04%/yr vs 1.08%/yr for PML.
Performance
NMT vs. PML - Performance Comparison
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Returns By Period
In the year-to-date period, NMT achieves a 15.87% return, which is significantly higher than PML's 2.74% return. Over the past 10 years, NMT has outperformed PML with an annualized return of 2.58%, while PML has yielded a comparatively lower -0.48% 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%
PML
- 1D
- 0.13%
- 1M
- 2.02%
- YTD
- 2.74%
- 6M
- 3.57%
- 1Y
- 8.16%
- 3Y*
- -0.32%
- 5Y*
- -7.62%
- 10Y*
- -0.48%
NMT vs. PML - 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% |
PML PIMCO Municipal Income Fund II | 2.74% | -0.89% | 2.93% | -3.06% | -34.06% | 7.16% | -5.17% | 25.60% | 7.25% | 14.48% |
Correlation
The correlation between NMT and PML is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.18 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.39 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.38 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.30 |
Correlation (All Time) Calculated using the full available price history since Jun 26, 2002 | 0.26 |
The correlation between NMT and PML shifts across timeframes, from 0.18 (1 year) to 0.39 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
NMT vs. PML — Risk / Return Rank
NMT
PML
NMT vs. PML - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Nuveen Massachusetts Quality Municipal Income Fund (NMT) and PIMCO Municipal Income Fund II (PML). 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 | PML | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.88 | ||
| Sortino ratioReturn per unit of downside risk | +1.17 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 1.15 | +0.18 |
| Calmar ratioReturn relative to maximum drawdown | 2.79 | 1.17 | +1.62 |
| Martin ratioReturn relative to average drawdown | 8.93 | 2.87 | +6.06 |
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Drawdowns
NMT vs. PML - Drawdown Comparison
The maximum NMT drawdown since its inception was -40.12%, smaller than the maximum PML drawdown of -64.34%. Use the drawdown chart below to compare losses from any high point for NMT and PML.
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Drawdown Indicators
| NMT | PML | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -40.12% | -64.34% | +24.22% |
Max Drawdown (1Y)Largest decline over 1 year | -5.84% | -7.00% | +1.16% |
Max Drawdown (3Y)Largest decline over 3 years | -13.28% | -23.76% | +10.48% |
Max Drawdown (5Y)Largest decline over 5 years | -38.88% | -47.94% | +9.06% |
Max Drawdown (10Y)Largest decline over 10 years | -38.88% | -47.94% | +9.06% |
Current DrawdownCurrent decline from peak | -3.74% | -34.56% | +30.82% |
Average DrawdownAverage peak-to-trough decline | -8.44% | -11.94% | +3.50% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.82% | 2.85% | -1.03% |
Volatility
NMT vs. PML - Volatility Comparison
Nuveen Massachusetts Quality Municipal Income Fund (NMT) and PIMCO Municipal Income Fund II (PML) have volatilities of 2.92% and 2.81%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NMT | PML | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.92% | 2.81% | +0.11% |
Volatility (6M)Calculated over the trailing 6-month period | 8.41% | 8.49% | -0.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.92% | 10.70% | -0.78% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.32% | 14.23% | -1.91% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.07% | 15.50% | -1.43% |
NMT vs. PML - Expense Ratio Comparison
NMT has a 0.04% expense ratio, which is lower than PML's 1.08% expense ratio.
Dividends
NMT vs. PML - Dividend Comparison
NMT's dividend yield for the trailing twelve months is around 6.12%, less than PML's 6.31% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
PML PIMCO Municipal Income Fund II | 6.31% | 6.29% | 5.86% | 5.71% | 7.83% | 4.85% | 4.95% | 4.91% | 5.86% | 5.92% | 6.38% | 6.24% |
Frequently Asked Questions
NMT and PML have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NMT has higher volatility (2.92%) compared to PML (2.81%). In terms of maximum drawdown, NMT dropped -40.12% vs PML's -64.34%.
NMT currently has the higher Sharpe Ratio (1.65 vs 0.77), 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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