NOTEX vs. MPA
NOTEX (Northern Tax Exempt Fund) and MPA (BlackRock MuniYield Pennsylvania Quality Fund) are both Municipal Bonds funds. Over the past 10 years, NOTEX returned 1.32%/yr vs 1.03%/yr for MPA. Their 0.24 correlation means their historical movements had little consistent relationship. NOTEX charges 0.45%/yr vs 2.28%/yr for MPA.
Performance
NOTEX vs. MPA - Performance Comparison
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Returns By Period
In the year-to-date period, NOTEX achieves a 0.10% return, which is significantly lower than MPA's 1.31% return. Over the past 10 years, NOTEX has outperformed MPA with an annualized return of 1.32%, while MPA has yielded a comparatively lower 1.03% annualized return.
NOTEX
- 1D
- -0.32%
- 1M
- -1.70%
- 6M
- -0.61%
- YTD
- 0.10%
- 1Y
- 4.88%
- 3Y*
- 2.73%
- 5Y*
- -0.54%
- 10Y*
- 1.32%
- ALL TIME*
- 3.84%
MPA
- 1D
- -0.64%
- 1M
- -3.90%
- 6M
- -2.20%
- YTD
- 1.31%
- 1Y
- 7.16%
- 3Y*
- 3.73%
- 5Y*
- -2.75%
- 10Y*
- 1.03%
- ALL TIME*
- 4.61%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $344.29K | $260.49K | $329.66K | |
| $0.00 | $0.00 | $0.00 |
NOTEX vs. MPA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
NOTEX Northern Tax Exempt Fund | 0.10% | 3.59% | 2.21% | 5.25% | -12.23% | 0.84% | 4.99% | 7.88% | 0.64% | 5.13% |
MPA BlackRock MuniYield Pennsylvania Quality Fund | 1.31% | 1.82% | 6.23% | 9.67% | -31.00% | 17.06% | 9.14% | 18.87% | -8.00% | 7.22% |
Correlation
The correlation between NOTEX and MPA is 0.33, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.33 |
Correlation (3Y) Balances recent behavior with more history. | 0.39 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.37 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.34 |
Correlation (All Time) Calculated using the full available price history since Oct 27, 1994 | 0.24 |
The correlation between NOTEX and MPA shifts across timeframes, from 0.24 (all time) to 0.39 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
NOTEX vs. MPA — Risk / Return Rank
NOTEX
MPA
NOTEX vs. MPA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Northern Tax Exempt Fund (NOTEX) and BlackRock MuniYield Pennsylvania Quality Fund (MPA). 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.
| NOTEX | MPA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.86 | ||
| Sortino ratioReturn per unit of downside risk | +1.35 | ||
| Omega ratioGain probability vs. loss probability | 1.44 | 1.18 | +0.26 |
| Calmar ratioReturn relative to maximum drawdown | 1.89 | 1.29 | +0.59 |
| Martin ratioReturn relative to average drawdown | 5.59 | 4.85 | +0.74 |
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Drawdowns
NOTEX vs. MPA - Drawdown Comparison
The maximum NOTEX drawdown since its inception was -17.48%, smaller than the maximum MPA drawdown of -44.78%. Use the drawdown chart below to compare losses from any high point for NOTEX and MPA.
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Drawdown Indicators
| NOTEX | MPA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.48% | -44.78% | +27.30% |
Max Drawdown (1Y)Largest decline over 1 year | -2.68% | -6.42% | +3.74% |
Max Drawdown (3Y)Largest decline over 3 years | -5.85% | -14.75% | +8.90% |
Max Drawdown (5Y)Largest decline over 5 years | -17.40% | -38.10% | +20.70% |
Max Drawdown (10Y)Largest decline over 10 years | -17.48% | -38.10% | +20.62% |
Current DrawdownCurrent decline from peak | -2.76% | -19.37% | +16.61% |
Average DrawdownAverage peak-to-trough decline | -2.38% | -9.80% | +7.42% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.90% | 1.71% | -0.81% |
Volatility
NOTEX vs. MPA - Volatility Comparison
The current volatility for Northern Tax Exempt Fund (NOTEX) is 0.76%, while BlackRock MuniYield Pennsylvania Quality Fund (MPA) has a volatility of 1.95%. This indicates that NOTEX experiences smaller price fluctuations and is considered to be less risky than MPA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NOTEX | MPA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.76% | 1.95% | -1.19% |
Volatility (6M)Calculated over the trailing 6-month period | 2.17% | 6.09% | -3.92% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.68% | 8.21% | -5.53% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.35% | 12.07% | -7.72% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.29% | 12.30% | -8.01% |
NOTEX vs. MPA - Expense Ratio Comparison
NOTEX has a 0.45% expense ratio, which is lower than MPA's 2.28% expense ratio.
Dividends
NOTEX vs. MPA - Dividend Comparison
NOTEX's dividend yield for the trailing twelve months is around 3.08%, less than MPA's 5.92% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MPA BlackRock MuniYield Pennsylvania Quality Fund | 5.92% | 6.98% | 6.02% | 3.63% | 5.60% | 3.94% | 4.12% | 4.16% | 5.40% | 5.22% | 5.56% | 5.94% |
NOTEX Northern Tax Exempt Fund | 3.08% | 3.25% | 3.76% | 2.88% | 1.76% | 1.93% | 2.54% | 3.40% | 3.28% | 3.37% | 2.78% | 3.24% |
Frequently Asked Questions
NOTEX and MPA 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.
MPA has higher volatility (1.95%) compared to NOTEX (0.76%). In terms of maximum drawdown, NOTEX dropped -17.48% vs MPA's -44.78%.
NOTEX currently has the higher Sharpe Ratio (1.88 vs 1.02), 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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