NPV vs. MYI

Last updated Jun 23, 2026

NPV (Nuveen Virginia Quality Municipal Income Fund) and MYI (BlackRock MuniYield Quality Fund III) are both Municipal Bonds funds. Both are actively managed. Over the past 10 years, NPV returned 2.10%/yr vs 1.53%/yr for MYI. At a 0.24 correlation, their price movements are largely independent. NPV charges 1.51%/yr vs 2.16%/yr for MYI.

Performance

NPV vs. MYI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nuveen Virginia Quality Municipal Income Fund (NPV) and BlackRock MuniYield Quality Fund III (MYI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NPV achieves a 6.33% return, which is significantly higher than MYI's 3.64% return. Over the past 10 years, NPV has outperformed MYI with an annualized return of 2.10%, while MYI has yielded a comparatively lower 1.53% annualized return.

NPV

• 1D: -0.26%
• 1M: 1.79%
• YTD: 6.33%
• 6M: 5.29%
• 1Y: 9.01%
• 3Y*: 8.40%
• 5Y*: -1.79%
• 10Y*: 2.10%

MYI

• 1D: -0.46%
• 1M: 2.86%
• YTD: 3.64%
• 6M: 4.31%
• 1Y: 11.92%
• 3Y*: 6.47%
• 5Y*: -0.70%
• 10Y*: 1.53%

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

NPV vs. MYI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NPV Nuveen Virginia Quality Municipal Income Fund	6.33%	-5.91%	24.61%	0.42%	-31.53%	10.93%	13.15%	29.60%	-4.42%	3.20%
MYI BlackRock MuniYield Quality Fund III	3.64%	4.74%	0.55%	8.79%	-20.52%	6.99%	11.60%	16.64%	-8.42%	7.13%

Correlation

The correlation between NPV and MYI is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.36
Correlation (3Y) Calculated over the trailing 3-year period	0.47
Correlation (5Y) Calculated over the trailing 5-year period	0.46
Correlation (10Y) Calculated over the trailing 10-year period	0.39
Correlation (All Time) Calculated using the full available price history since Oct 27, 1994	0.24

The correlation between NPV and MYI shifts across timeframes, from 0.24 (all time) to 0.47 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

NPV vs. MYI — Risk / Return Rank

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

NPV

NPV Risk / Return Rank: 27
NPV Sharpe Ratio Rank: 24
NPV Sortino Ratio Rank: 26
NPV Omega Ratio Rank: 25
NPV Calmar Ratio Rank: 34
NPV Martin Ratio Rank: 23

MYI

MYI Risk / Return Rank: 26
MYI Sharpe Ratio Rank: 26
MYI Sortino Ratio Rank: 29
MYI Omega Ratio Rank: 28
MYI Calmar Ratio Rank: 21
MYI Martin Ratio Rank: 26

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.

NPV vs. MYI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuveen Virginia Quality Municipal Income Fund (NPV) and BlackRock MuniYield Quality Fund III (MYI). 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.

	NPV	MYI	Difference
Sharpe ratio: Return per unit of total volatility	1.31	1.36	-0.05
Sortino ratio: Return per unit of downside risk	1.96	2.09	-0.13
Omega ratio: Gain probability vs. loss probability	1.24	1.26	-0.02
Calmar ratio: Return relative to maximum drawdown	2.10	1.58	+0.52
Martin ratio: Return relative to average drawdown	5.28	5.76	-0.49

NPV vs. MYI - Sharpe Ratio Comparison

The current NPV Sharpe Ratio is 1.31, which is comparable to the MYI Sharpe Ratio of 1.36. The chart below compares the historical Sharpe Ratios of NPV and MYI, 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

NPV vs. MYI - Drawdown Comparison

The maximum NPV drawdown since its inception was -44.25%, roughly equal to the maximum MYI drawdown of -43.90%. Use the drawdown chart below to compare losses from any high point for NPV and MYI.

Drawdown Indicators

	NPV	MYI	Difference
Max Drawdown Largest peak-to-trough decline	-44.25%	-43.90%	-0.35%
Max Drawdown (1Y) Largest decline over 1 year	-4.31%	-7.58%	+3.27%
Max Drawdown (3Y) Largest decline over 3 years	-18.29%	-15.07%	-3.22%
Max Drawdown (5Y) Largest decline over 5 years	-44.25%	-31.84%	-12.41%
Max Drawdown (10Y) Largest decline over 10 years	-44.25%	-31.84%	-12.41%
Current Drawdown Current decline from peak	-16.15%	-6.45%	-9.70%
Average Drawdown Average peak-to-trough decline	-10.19%	-9.39%	-0.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.71%	2.07%	-0.36%

Volatility

NPV vs. MYI - Volatility Comparison

The current volatility for Nuveen Virginia Quality Municipal Income Fund (NPV) is 1.54%, while BlackRock MuniYield Quality Fund III (MYI) has a volatility of 2.90%. This indicates that NPV experiences smaller price fluctuations and is considered to be less risky than MYI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NPV	MYI	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.54%	2.90%	-1.36%
Volatility (6M) Calculated over the trailing 6-month period	4.97%	6.94%	-1.97%
Volatility (1Y) Calculated over the trailing 1-year period	6.90%	8.81%	-1.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.46%	10.99%	+2.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.19%	11.39%	+1.80%

NPV vs. MYI - Expense Ratio Comparison

NPV has a 1.51% expense ratio, which is lower than MYI's 2.16% expense ratio.

Dividends

NPV vs. MYI - Dividend Comparison

NPV's dividend yield for the trailing twelve months is around 6.95%, more than MYI's 6.09% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MYI BlackRock MuniYield Quality Fund III	6.09%	6.13%	6.03%	4.30%	5.22%	4.17%	3.84%	3.89%	5.01%	5.88%	6.20%	6.03%
NPV Nuveen Virginia Quality Municipal Income Fund	6.95%	7.55%	5.63%	3.89%	5.08%	3.42%	3.49%	3.58%	4.62%	4.40%	4.87%	5.25%

Frequently Asked Questions

Can I hold both NPV and MYI in my portfolio?

NPV and MYI have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NPV or MYI?

MYI has higher volatility (2.90%) compared to NPV (1.54%). In terms of maximum drawdown, NPV dropped -44.25% vs MYI's -43.90%.

Which has better risk-adjusted returns?

MYI currently has the higher Sharpe Ratio (1.36 vs 1.31), 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.