PCQ vs. NMS
PCQ (PIMCO California Municipal Income Fund) and NMS (Nuveen Minnesota Quality Municipal Income Fund) are both Municipal Bonds funds. Over the past 10 years, PCQ returned -2.10%/yr vs 0.90%/yr for NMS. Their 0.19 correlation means their historical movements had little consistent relationship.
Performance
PCQ vs. NMS - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with PCQ having a 1.23% return and NMS slightly lower at 1.20%. Over the past 10 years, PCQ has underperformed NMS with an annualized return of -2.10%, while NMS has yielded a comparatively higher 0.90% annualized return.
PCQ
- 1D
- 0.23%
- 1M
- -4.17%
- 6M
- -2.10%
- YTD
- 1.23%
- 1Y
- 8.32%
- 3Y*
- -1.24%
- 5Y*
- -10.61%
- 10Y*
- -2.10%
- ALL TIME*
- 3.67%
NMS
- 1D
- -3.22%
- 1M
- -6.21%
- 6M
- -2.04%
- YTD
- 1.20%
- 1Y
- 7.51%
- 3Y*
- 7.83%
- 5Y*
- -0.76%
- 10Y*
- 0.90%
- ALL TIME*
- 2.56%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $297.45K | $220.73K | $173.53K | |
| $1.32M | $1.24M | $1.19M |
PCQ vs. NMS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PCQ PIMCO California Municipal Income Fund | 1.23% | 1.50% | 1.48% | -35.36% | -14.66% | 7.73% | -5.23% | 29.18% | -0.96% | 16.34% |
NMS Nuveen Minnesota Quality Municipal Income Fund | 1.20% | 2.10% | 19.59% | 1.57% | -21.89% | 5.47% | 5.80% | 25.72% | -13.31% | -1.58% |
Correlation
The correlation between PCQ and NMS is 0.34, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.34 |
Correlation (3Y) Balances recent behavior with more history. | 0.38 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.27 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.21 |
Correlation (All Time) Calculated using the full available price history since Oct 8, 2014 | 0.19 |
The correlation between PCQ and NMS shifts across timeframes, from 0.19 (all time) to 0.38 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
PCQ vs. NMS — Risk / Return Rank
PCQ
NMS
PCQ vs. NMS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PIMCO California Municipal Income Fund (PCQ) and Nuveen Minnesota Quality Municipal Income Fund (NMS). 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.
| PCQ | NMS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.31 | ||
| Sortino ratioReturn per unit of downside risk | +0.46 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.17 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 1.24 | 1.16 | +0.08 |
| Martin ratioReturn relative to average drawdown | 3.83 | 6.71 | -2.88 |
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Drawdowns
PCQ vs. NMS - Drawdown Comparison
The maximum PCQ drawdown since its inception was -56.31%, which is greater than NMS's maximum drawdown of -38.76%. Use the drawdown chart below to compare losses from any high point for PCQ and NMS.
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Drawdown Indicators
| PCQ | NMS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -56.31% | -38.76% | -17.55% |
Max Drawdown (1Y)Largest decline over 1 year | -7.48% | -6.97% | -0.51% |
Max Drawdown (3Y)Largest decline over 3 years | -17.41% | -14.36% | -3.05% |
Max Drawdown (5Y)Largest decline over 5 years | -54.86% | -38.76% | -16.10% |
Max Drawdown (10Y)Largest decline over 10 years | -54.86% | -38.76% | -16.10% |
Current DrawdownCurrent decline from peak | -46.11% | -9.18% | -36.93% |
Average DrawdownAverage peak-to-trough decline | -12.85% | -10.62% | -2.23% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.41% | 1.20% | +1.21% |
Volatility
PCQ vs. NMS - Volatility Comparison
The current volatility for PIMCO California Municipal Income Fund (PCQ) is 2.36%, while Nuveen Minnesota Quality Municipal Income Fund (NMS) has a volatility of 3.98%. This indicates that PCQ experiences smaller price fluctuations and is considered to be less risky than NMS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PCQ | NMS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.36% | 3.98% | -1.62% |
Volatility (6M)Calculated over the trailing 6-month period | 6.32% | 7.10% | -0.78% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.85% | 9.27% | -1.42% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.52% | 13.41% | +3.11% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.83% | 14.52% | +2.31% |
Dividends
PCQ vs. NMS - Dividend Comparison
PCQ's dividend yield for the trailing twelve months is around 5.03%, less than NMS's 6.99% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
NMS Nuveen Minnesota Quality Municipal Income Fund | 6.99% | 7.29% | 6.05% | 4.03% | 5.24% | 4.19% | 3.93% | 4.05% | 5.52% | 5.20% | 4.68% | 5.60% |
PCQ PIMCO California Municipal Income Fund | 5.03% | 4.95% | 4.78% | 4.64% | 5.29% | 4.20% | 4.39% | 4.65% | 5.72% | 5.35% | 5.89% | 5.89% |
Frequently Asked Questions
PCQ and NMS 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.
NMS has higher volatility (3.98%) compared to PCQ (2.36%). In terms of maximum drawdown, PCQ dropped -56.31% vs NMS's -38.76%.
PCQ currently has the higher Sharpe Ratio (1.18 vs 0.87), 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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