NPV vs. VNJTX

Last updated Jun 4, 2026

NPV (Nuveen Virginia Quality Municipal Income Fund) and VNJTX (Vanguard New Jersey Long-Term Tax-Exempt Fund Investor Shares) are both Municipal Bonds funds. Over the past 10 years, NPV returned 2.37%/yr vs 3.07%/yr for VNJTX. At a 0.20 correlation, their price movements are largely independent. NPV charges 1.51%/yr vs 0.17%/yr for VNJTX.

Performance

NPV vs. VNJTX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nuveen Virginia Quality Municipal Income Fund (NPV) and Vanguard New Jersey Long-Term Tax-Exempt Fund Investor Shares (VNJTX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NPV achieves a 6.88% return, which is significantly higher than VNJTX's 1.94% return. Over the past 10 years, NPV has underperformed VNJTX with an annualized return of 2.37%, while VNJTX has yielded a comparatively higher 3.07% annualized return.

NPV

• 1D: -0.17%
• 1M: 0.83%
• YTD: 6.88%
• 6M: 5.78%
• 1Y: 10.67%
• 3Y*: 8.26%
• 5Y*: -1.49%
• 10Y*: 2.37%

VNJTX

• 1D: 0.18%
• 1M: 0.74%
• YTD: 1.94%
• 6M: 2.34%
• 1Y: 8.74%
• 3Y*: 4.75%
• 5Y*: 1.44%
• 10Y*: 3.07%

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

NPV vs. VNJTX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NPV Nuveen Virginia Quality Municipal Income Fund	6.88%	-5.91%	24.61%	0.42%	-31.53%	10.93%	13.15%	29.60%	-4.42%	3.20%
VNJTX Vanguard New Jersey Long-Term Tax-Exempt Fund Investor Shares	1.94%	4.89%	2.69%	8.04%	-10.31%	2.62%	6.02%	9.27%	1.53%	8.37%

Correlation

The correlation between NPV and VNJTX is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.37
Correlation (3Y) Calculated over the trailing 3-year period	0.43
Correlation (5Y) Calculated over the trailing 5-year period	0.42
Correlation (10Y) Calculated over the trailing 10-year period	0.36
Correlation (All Time) Calculated using the full available price history since Oct 28, 1994	0.20

The correlation between NPV and VNJTX shifts across timeframes, from 0.20 (all time) to 0.43 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

NPV vs. VNJTX — Risk / Return Rank

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

NPV

NPV Risk / Return Rank: 32
NPV Sharpe Ratio Rank: 29
NPV Sortino Ratio Rank: 31
NPV Omega Ratio Rank: 30
NPV Calmar Ratio Rank: 43
NPV Martin Ratio Rank: 26

VNJTX

VNJTX Risk / Return Rank: 76
VNJTX Sharpe Ratio Rank: 87
VNJTX Sortino Ratio Rank: 91
VNJTX Omega Ratio Rank: 92
VNJTX Calmar Ratio Rank: 58
VNJTX Martin Ratio Rank: 51

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. VNJTX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuveen Virginia Quality Municipal Income Fund (NPV) and Vanguard New Jersey Long-Term Tax-Exempt Fund Investor Shares (VNJTX). 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.

	NPV	VNJTX	Difference
Sharpe ratio: Return per unit of total volatility	1.55	2.82	-1.28
Sortino ratio: Return per unit of downside risk	2.30	4.47	-2.18
Omega ratio: Gain probability vs. loss probability	1.28	1.69	-0.40
Calmar ratio: Return relative to maximum drawdown	2.49	2.92	-0.43
Martin ratio: Return relative to average drawdown	6.26	10.50	-4.23
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NPV vs. VNJTX - Sharpe Ratio Comparison

The current NPV Sharpe Ratio is 1.55, which is lower than the VNJTX Sharpe Ratio of 2.82. The chart below compares the historical Sharpe Ratios of NPV and VNJTX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	NPV	VNJTX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.55	2.82	-1.28
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.11	0.32	-0.43
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.18	0.67	-0.49
Sharpe Ratio (All Time) Calculated using the full available price history	0.29	1.25	-0.96

Drawdowns

NPV vs. VNJTX - Drawdown Comparison

The maximum NPV drawdown since its inception was -44.25%, which is greater than VNJTX's maximum drawdown of -15.71%. Use the drawdown chart below to compare losses from any high point for NPV and VNJTX.

Drawdown Indicators

	NPV	VNJTX	Difference
Max Drawdown Largest peak-to-trough decline	-44.25%	-15.71%	-28.54%
Max Drawdown (1Y) Largest decline over 1 year	-4.31%	-2.94%	-1.37%
Max Drawdown (3Y) Largest decline over 3 years	-18.29%	-6.88%	-11.41%
Max Drawdown (5Y) Largest decline over 5 years	-44.25%	-15.71%	-28.54%
Max Drawdown (10Y) Largest decline over 10 years	-44.25%	-15.71%	-28.54%
Current Drawdown Current decline from peak	-15.72%	-0.23%	-15.49%
Average Drawdown Average peak-to-trough decline	-10.18%	-1.86%	-8.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.71%	0.82%	+0.89%

Volatility

NPV vs. VNJTX - Volatility Comparison

Nuveen Virginia Quality Municipal Income Fund (NPV) has a higher volatility of 1.83% compared to Vanguard New Jersey Long-Term Tax-Exempt Fund Investor Shares (VNJTX) at 1.15%. This indicates that NPV's price experiences larger fluctuations and is considered to be riskier than VNJTX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NPV	VNJTX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.83%	1.15%	+0.68%
Volatility (6M) Calculated over the trailing 6-month period	5.05%	2.25%	+2.80%
Volatility (1Y) Calculated over the trailing 1-year period	6.93%	3.05%	+3.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.48%	4.55%	+8.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.19%	4.56%	+8.63%

NPV vs. VNJTX - Expense Ratio Comparison

NPV has a 1.51% expense ratio, which is higher than VNJTX's 0.17% expense ratio.

Dividends

NPV vs. VNJTX - Dividend Comparison

NPV's dividend yield for the trailing twelve months is around 6.97%, more than VNJTX's 3.58% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NPV Nuveen Virginia Quality Municipal Income Fund	6.97%	7.55%	5.63%	3.89%	5.08%	3.42%	3.49%	3.58%	4.62%	4.40%	4.87%	5.25%
VNJTX Vanguard New Jersey Long-Term Tax-Exempt Fund Investor Shares	3.58%	4.42%	3.97%	3.26%	3.14%	2.84%	3.71%	4.06%	3.93%	4.03%	4.51%	3.70%

Frequently Asked Questions

Can I hold both NPV and VNJTX in my portfolio?

NPV and VNJTX have a correlation of 0.37, 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 VNJTX?

NPV has higher volatility (1.83%) compared to VNJTX (1.15%). In terms of maximum drawdown, NPV dropped -44.25% vs VNJTX's -15.71%.

Which has better risk-adjusted returns?

VNJTX currently has the higher Sharpe Ratio (2.82 vs 1.55), 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.