NMTRX vs. FFANX

Last updated Jun 24, 2026

NMTRX (Nuveen Municipal Total Return Managed Accounts) and FFANX (Fidelity Asset Manager 40% Fund) are both mutual funds - NMTRX is a Municipal Bonds fund managed by BlackRock, while FFANX is a Diversified Portfolio fund managed by BlackRock. Over the past 10 years, NMTRX returned 2.22%/yr vs 6.99%/yr for FFANX. At a 0.02 correlation, their price movements are largely independent. NMTRX charges 0.05%/yr vs 0.52%/yr for FFANX.

Performance

NMTRX vs. FFANX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nuveen Municipal Total Return Managed Accounts (NMTRX) and Fidelity Asset Manager 40% Fund (FFANX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NMTRX achieves a 2.58% return, which is significantly lower than FFANX's 7.45% return. Over the past 10 years, NMTRX has underperformed FFANX with an annualized return of 2.22%, while FFANX has yielded a comparatively higher 6.99% annualized return.

NMTRX

• 1D: -0.10%
• 1M: 1.91%
• YTD: 2.58%
• 6M: 3.08%
• 1Y: 8.06%
• 3Y*: 4.13%
• 5Y*: 0.53%
• 10Y*: 2.22%

FFANX

• 1D: -0.13%
• 1M: 1.41%
• YTD: 7.45%
• 6M: 7.31%
• 1Y: 16.42%
• 3Y*: 11.28%
• 5Y*: 5.36%
• 10Y*: 6.99%

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

NMTRX vs. FFANX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NMTRX Nuveen Municipal Total Return Managed Accounts	2.58%	3.90%	1.99%	6.21%	-11.98%	2.69%	5.25%	9.26%	1.06%	7.41%
FFANX Fidelity Asset Manager 40% Fund	7.45%	13.16%	7.40%	11.52%	-13.62%	8.03%	13.10%	15.81%	-4.06%	11.25%

Correlation

The correlation between NMTRX and FFANX is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.33
Correlation (3Y) Calculated over the trailing 3-year period	0.33
Correlation (5Y) Calculated over the trailing 5-year period	0.29
Correlation (10Y) Calculated over the trailing 10-year period	0.17
Correlation (All Time) Calculated using the full available price history since Oct 11, 2007	0.02

Over the past year, NMTRX and FFANX have become more correlated (0.33) than their long-term average of 0.02, meaning their price movements have been converging.

Return for Risk

NMTRX vs. FFANX — Risk / Return Rank

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

NMTRX

NMTRX Risk / Return Rank: 82
NMTRX Sharpe Ratio Rank: 90
NMTRX Sortino Ratio Rank: 94
NMTRX Omega Ratio Rank: 94
NMTRX Calmar Ratio Rank: 71
NMTRX Martin Ratio Rank: 61

FFANX

FFANX Risk / Return Rank: 79
FFANX Sharpe Ratio Rank: 79
FFANX Sortino Ratio Rank: 79
FFANX Omega Ratio Rank: 79
FFANX Calmar Ratio Rank: 76
FFANX Martin Ratio Rank: 81

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.

NMTRX vs. FFANX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuveen Municipal Total Return Managed Accounts (NMTRX) and Fidelity Asset Manager 40% Fund (FFANX). 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.

	NMTRX	FFANX	Difference
Sharpe ratio: Return per unit of total volatility	2.76	2.41	+0.36
Sortino ratio: Return per unit of downside risk	4.56	3.45	+1.11
Omega ratio: Gain probability vs. loss probability	1.69	1.47	+0.22
Calmar ratio: Return relative to maximum drawdown	3.10	3.27	-0.17
Martin ratio: Return relative to average drawdown	11.40	13.95	-2.55

NMTRX vs. FFANX - Sharpe Ratio Comparison

The current NMTRX Sharpe Ratio is 2.76, which is comparable to the FFANX Sharpe Ratio of 2.41. The chart below compares the historical Sharpe Ratios of NMTRX and FFANX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

NMTRX vs. FFANX - Drawdown Comparison

The maximum NMTRX drawdown since its inception was -16.36%, smaller than the maximum FFANX drawdown of -31.69%. Use the drawdown chart below to compare losses from any high point for NMTRX and FFANX.

Drawdown Indicators

	NMTRX	FFANX	Difference
Max Drawdown Largest peak-to-trough decline	-16.36%	-31.69%	+15.33%
Max Drawdown (1Y) Largest decline over 1 year	-2.65%	-5.20%	+2.55%
Max Drawdown (3Y) Largest decline over 3 years	-5.77%	-7.55%	+1.78%
Max Drawdown (5Y) Largest decline over 5 years	-16.36%	-18.52%	+2.16%
Max Drawdown (10Y) Largest decline over 10 years	-16.36%	-18.52%	+2.16%
Current Drawdown Current decline from peak	-0.10%	-0.13%	+0.03%
Average Drawdown Average peak-to-trough decline	-2.90%	-3.79%	+0.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.72%	1.22%	-0.50%

Volatility

NMTRX vs. FFANX - Volatility Comparison

The current volatility for Nuveen Municipal Total Return Managed Accounts (NMTRX) is 0.90%, while Fidelity Asset Manager 40% Fund (FFANX) has a volatility of 2.94%. This indicates that NMTRX experiences smaller price fluctuations and is considered to be less risky than FFANX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NMTRX	FFANX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.90%	2.94%	-2.04%
Volatility (6M) Calculated over the trailing 6-month period	2.24%	6.01%	-3.77%
Volatility (1Y) Calculated over the trailing 1-year period	2.98%	7.09%	-4.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.03%	7.94%	-3.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.40%	7.74%	-3.34%

NMTRX vs. FFANX - Expense Ratio Comparison

NMTRX has a 0.05% expense ratio, which is lower than FFANX's 0.52% expense ratio.

Dividends

NMTRX vs. FFANX - Dividend Comparison

NMTRX's dividend yield for the trailing twelve months is around 4.58%, more than FFANX's 3.65% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FFANX Fidelity Asset Manager 40% Fund	3.65%	3.97%	2.81%	2.49%	5.75%	2.35%	2.36%	3.67%	4.56%	2.56%	1.43%	3.18%
NMTRX Nuveen Municipal Total Return Managed Accounts	4.58%	4.46%	3.55%	3.67%	3.28%	2.73%	2.92%	3.20%	3.47%	3.28%	3.71%	3.91%

Frequently Asked Questions

Can I hold both NMTRX and FFANX in my portfolio?

NMTRX and FFANX have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NMTRX or FFANX?

FFANX has higher volatility (2.94%) compared to NMTRX (0.90%). In terms of maximum drawdown, NMTRX dropped -16.36% vs FFANX's -31.69%.

Which has better risk-adjusted returns?

NMTRX currently has the higher Sharpe Ratio (2.76 vs 2.40), 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.