PBCAX vs. MUC
PBCAX (PGIM California Muni Income Fund) and MUC (BlackRock MuniHoldings California Quality Fund) are both Municipal Bonds funds. Over the past 10 years, PBCAX returned 1.54%/yr vs 0.92%/yr for MUC. At a 0.25 correlation, their price movements are largely independent. PBCAX charges 0.69%/yr vs 2.14%/yr for MUC.
Performance
PBCAX vs. MUC - Performance Comparison
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Returns By Period
In the year-to-date period, PBCAX achieves a 0.95% return, which is significantly lower than MUC's 6.82% return. Over the past 10 years, PBCAX has outperformed MUC with an annualized return of 1.54%, while MUC has yielded a comparatively lower 0.92% annualized return.
PBCAX
- 1D
- -0.10%
- 1M
- 0.13%
- 6M
- 0.25%
- YTD
- 0.95%
- 1Y
- 4.96%
- 3Y*
- 3.73%
- 5Y*
- 0.79%
- 10Y*
- 1.54%
MUC
- 1D
- 0.18%
- 1M
- 2.84%
- 6M
- 4.35%
- YTD
- 6.82%
- 1Y
- 13.08%
- 3Y*
- 6.40%
- 5Y*
- -2.41%
- 10Y*
- 0.92%
PBCAX vs. MUC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PBCAX PGIM California Muni Income Fund | 0.95% | 5.68% | 1.76% | 4.42% | -7.96% | 0.64% | 3.34% | 6.93% | 0.38% | 5.27% |
MUC BlackRock MuniHoldings California Quality Fund | 6.82% | 5.96% | 0.76% | 7.86% | -26.81% | 7.38% | 11.85% | 18.12% | -9.00% | 6.07% |
Correlation
The correlation between PBCAX and MUC is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.32 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.39 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.37 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.34 |
Correlation (All Time) Calculated using the full available price history since Mar 2, 1998 | 0.25 |
The correlation between PBCAX and MUC shifts across timeframes, from 0.25 (all time) to 0.39 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
PBCAX vs. MUC — Risk / Return Rank
PBCAX
MUC
PBCAX vs. MUC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PGIM California Muni Income Fund (PBCAX) and BlackRock MuniHoldings California Quality Fund (MUC). 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.
| PBCAX | MUC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.93 | ||
| Sortino ratioReturn per unit of downside risk | +1.40 | ||
| Omega ratioGain probability vs. loss probability | 1.63 | 1.30 | +0.33 |
| Calmar ratioReturn relative to maximum drawdown | 1.80 | 1.96 | -0.16 |
| Martin ratioReturn relative to average drawdown | 5.66 | 8.20 | -2.54 |
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Drawdowns
PBCAX vs. MUC - Drawdown Comparison
The maximum PBCAX drawdown since its inception was -13.25%, smaller than the maximum MUC drawdown of -48.97%. Use the drawdown chart below to compare losses from any high point for PBCAX and MUC.
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Drawdown Indicators
| PBCAX | MUC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.25% | -48.97% | +35.72% |
Max Drawdown (1Y)Largest decline over 1 year | -2.76% | -6.53% | +3.77% |
Max Drawdown (3Y)Largest decline over 3 years | -3.54% | -14.51% | +10.97% |
Max Drawdown (5Y)Largest decline over 5 years | -11.41% | -38.29% | +26.88% |
Max Drawdown (10Y)Largest decline over 10 years | -11.72% | -38.29% | +26.57% |
Current DrawdownCurrent decline from peak | -0.92% | -14.29% | +13.37% |
Average DrawdownAverage peak-to-trough decline | -1.93% | -9.92% | +7.99% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.88% | 1.57% | -0.69% |
Volatility
PBCAX vs. MUC - Volatility Comparison
The current volatility for PGIM California Muni Income Fund (PBCAX) is 0.52%, while BlackRock MuniHoldings California Quality Fund (MUC) has a volatility of 1.66%. This indicates that PBCAX experiences smaller price fluctuations and is considered to be less risky than MUC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PBCAX | MUC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.52% | 1.66% | -1.14% |
Volatility (6M)Calculated over the trailing 6-month period | 1.59% | 6.22% | -4.63% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.00% | 8.19% | -6.19% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.87% | 11.51% | -8.64% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.45% | 11.89% | -8.44% |
PBCAX vs. MUC - Expense Ratio Comparison
PBCAX has a 0.69% expense ratio, which is lower than MUC's 2.14% expense ratio.
Dividends
PBCAX vs. MUC - Dividend Comparison
PBCAX's dividend yield for the trailing twelve months is around 2.91%, less than MUC's 5.84% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MUC BlackRock MuniHoldings California Quality Fund | 5.84% | 6.06% | 5.62% | 3.84% | 5.79% | 4.27% | 3.96% | 3.90% | 4.99% | 5.14% | 5.45% | 5.46% |
PBCAX PGIM California Muni Income Fund | 2.91% | 3.74% | 2.66% | 1.94% | 1.73% | 1.76% | 2.51% | 2.78% | 3.35% | 3.32% | 3.57% | 3.70% |
Frequently Asked Questions
PBCAX and MUC have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MUC has higher volatility (1.66%) compared to PBCAX (0.52%). In terms of maximum drawdown, PBCAX dropped -13.25% vs MUC's -48.97%.
PBCAX currently has the higher Sharpe Ratio (2.49 vs 1.56), 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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