NOTEX vs. NMTRX
NOTEX (Northern Tax Exempt Fund) and NMTRX (Nuveen Municipal Total Return Managed Accounts) are both Municipal Bonds funds. Over the past 10 years, NOTEX returned 1.32%/yr vs 2.08%/yr for NMTRX. Their 0.79 correlation means they have sometimes moved together and sometimes differently. NOTEX charges 0.45%/yr vs 0.05%/yr for NMTRX.
Performance
NOTEX vs. NMTRX - 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 NMTRX's 1.35% return. Over the past 10 years, NOTEX has underperformed NMTRX with an annualized return of 1.32%, while NMTRX has yielded a comparatively higher 2.08% 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%
NMTRX
- 1D
- -0.30%
- 1M
- -2.06%
- 6M
- 0.75%
- YTD
- 1.35%
- 1Y
- 6.62%
- 3Y*
- 3.50%
- 5Y*
- 0.05%
- 10Y*
- 2.08%
- ALL TIME*
- 3.96%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $0.00 | $0.00 | $0.00 |
NOTEX vs. NMTRX - 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% |
NMTRX Nuveen Municipal Total Return Managed Accounts | 1.35% | 3.90% | 1.99% | 6.21% | -11.98% | 2.69% | 5.25% | 9.26% | 1.06% | 7.41% |
Correlation
The correlation between NOTEX and NMTRX is 0.68, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.68 |
Correlation (3Y) Balances recent behavior with more history. | 0.77 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.82 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.80 |
Correlation (All Time) Calculated using the full available price history since May 31, 2007 | 0.79 |
The correlation between NOTEX and NMTRX shifts across timeframes, from 0.68 (1 year) to 0.82 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
NOTEX vs. NMTRX — Risk / Return Rank
NOTEX
NMTRX
NOTEX vs. NMTRX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Northern Tax Exempt Fund (NOTEX) and Nuveen Municipal Total Return Managed Accounts (NMTRX). 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 | NMTRX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.63 | ||
| Sortino ratioReturn per unit of downside risk | -1.08 | ||
| Omega ratioGain probability vs. loss probability | 1.44 | 1.62 | -0.18 |
| Calmar ratioReturn relative to maximum drawdown | 1.89 | 2.88 | -0.99 |
| Martin ratioReturn relative to average drawdown | 5.59 | 10.33 | -4.73 |
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Drawdowns
NOTEX vs. NMTRX - Drawdown Comparison
The maximum NOTEX drawdown since its inception was -17.48%, which is greater than NMTRX's maximum drawdown of -16.36%. Use the drawdown chart below to compare losses from any high point for NOTEX and NMTRX.
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Drawdown Indicators
| NOTEX | NMTRX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.48% | -16.36% | -1.12% |
Max Drawdown (1Y)Largest decline over 1 year | -2.68% | -2.65% | -0.03% |
Max Drawdown (3Y)Largest decline over 3 years | -5.85% | -5.77% | -0.08% |
Max Drawdown (5Y)Largest decline over 5 years | -17.40% | -16.36% | -1.04% |
Max Drawdown (10Y)Largest decline over 10 years | -17.48% | -16.36% | -1.12% |
Current DrawdownCurrent decline from peak | -2.76% | -2.06% | -0.70% |
Average DrawdownAverage peak-to-trough decline | -2.38% | -2.89% | +0.51% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.90% | 0.74% | +0.16% |
Volatility
NOTEX vs. NMTRX - Volatility Comparison
The current volatility for Northern Tax Exempt Fund (NOTEX) is 0.76%, while Nuveen Municipal Total Return Managed Accounts (NMTRX) has a volatility of 0.92%. This indicates that NOTEX experiences smaller price fluctuations and is considered to be less risky than NMTRX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NOTEX | NMTRX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.76% | 0.92% | -0.16% |
Volatility (6M)Calculated over the trailing 6-month period | 2.17% | 2.42% | -0.25% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.68% | 3.03% | -0.35% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.35% | 4.05% | +0.30% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.29% | 4.40% | -0.11% |
NOTEX vs. NMTRX - Expense Ratio Comparison
NOTEX has a 0.45% expense ratio, which is higher than NMTRX's 0.05% expense ratio.
Dividends
NOTEX vs. NMTRX - Dividend Comparison
NOTEX's dividend yield for the trailing twelve months is around 3.08%, less than NMTRX's 4.31% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
NMTRX Nuveen Municipal Total Return Managed Accounts | 4.31% | 4.46% | 3.55% | 3.67% | 3.28% | 2.73% | 2.92% | 3.20% | 3.47% | 3.28% | 3.71% | 3.91% |
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 NMTRX have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NMTRX has higher volatility (0.92%) compared to NOTEX (0.76%). In terms of maximum drawdown, NOTEX dropped -17.48% vs NMTRX's -16.36%.
NMTRX currently has the higher Sharpe Ratio (2.51 vs 1.88), 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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