NQP vs. VCAIX

Last updated Jun 5, 2026

NQP (Nuveen Pennsylvania Quality Municipal Income) and VCAIX (Vanguard California Intermediate-Term Tax-Exempt Fund Investor Shares) are both Municipal Bonds funds. At a 0.27 correlation, their price movements are largely independent. NQP charges 1.27%/yr vs 0.17%/yr for VCAIX.

Performance

NQP vs. VCAIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nuveen Pennsylvania Quality Municipal Income (NQP) and Vanguard California Intermediate-Term Tax-Exempt Fund Investor Shares (VCAIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

NQP

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

VCAIX

• 1D: 0.00%
• 1M: 0.52%
• YTD: 1.13%
• 6M: 1.48%
• 1Y: 6.58%
• 3Y*: 4.41%
• 5Y*: 1.61%
• 10Y*: 2.27%

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

NQP vs. VCAIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NQP Nuveen Pennsylvania Quality Municipal Income	3.84%	15.46%	2.70%	7.44%	-21.95%	7.75%	7.08%	21.21%	-2.28%	5.96%
VCAIX Vanguard California Intermediate-Term Tax-Exempt Fund Investor Shares	1.13%	5.83%	2.15%	5.82%	-6.69%	0.40%	4.53%	6.95%	1.19%	4.83%

Correlation

The correlation between NQP and VCAIX is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.34
Correlation (3Y) Calculated over the trailing 3-year period	0.55
Correlation (5Y) Calculated over the trailing 5-year period	0.53
Correlation (10Y) Calculated over the trailing 10-year period	0.44
Correlation (All Time) Calculated using the full available price history since Mar 7, 1994	0.27

The correlation between NQP and VCAIX shifts across timeframes, from 0.27 (all time) to 0.55 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

NQP vs. VCAIX — Risk / Return Rank

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

VCAIX

VCAIX Risk / Return Rank: 69
VCAIX Sharpe Ratio Rank: 90
VCAIX Sortino Ratio Rank: 92
VCAIX Omega Ratio Rank: 95
VCAIX Calmar Ratio Rank: 37
VCAIX Martin Ratio Rank: 33

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.

NQP vs. VCAIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuveen Pennsylvania Quality Municipal Income (NQP) and Vanguard California Intermediate-Term Tax-Exempt Fund Investor Shares (VCAIX). 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	NQP	VCAIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	3.01	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.50	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.67	—
Sharpe Ratio (All Time) Calculated using the full available price history	—	1.31	—

Drawdowns

Drawdown Indicators

	NQP	VCAIX	Difference
Max Drawdown Largest peak-to-trough decline	—	-11.22%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-2.98%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-4.25%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-11.22%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-11.22%	—
Current Drawdown Current decline from peak	—	-1.01%	—
Average Drawdown Average peak-to-trough decline	—	-1.36%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.91%	—

Volatility

Volatility by Period

	NQP	VCAIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.86%	—
Volatility (6M) Calculated over the trailing 6-month period	—	1.78%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	2.26%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	3.24%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	3.42%	—

NQP vs. VCAIX - Expense Ratio Comparison

NQP has a 1.27% expense ratio, which is higher than VCAIX's 0.17% expense ratio.

Dividends

NQP vs. VCAIX - Dividend Comparison

NQP's dividend yield for the trailing twelve months is around 7.13%, more than VCAIX's 3.09% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NQP Nuveen Pennsylvania Quality Municipal Income	7.13%	7.87%	6.69%	3.07%	4.89%	4.51%	4.38%	4.23%	5.34%	5.34%	5.67%	6.10%
VCAIX Vanguard California Intermediate-Term Tax-Exempt Fund Investor Shares	3.09%	3.75%	3.27%	2.49%	2.28%	1.71%	2.19%	2.64%	2.63%	2.56%	2.65%	2.78%

Frequently Asked Questions

Can I hold both NQP and VCAIX in my portfolio?

NQP and VCAIX have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.