USCBX vs. NPV
USCBX (USAA California Bond Fund) and NPV (Nuveen Virginia Quality Municipal Income Fund) are both Municipal Bonds funds. Over the past 10 years, USCBX returned 2.12%/yr vs 2.17%/yr for NPV. At a 0.19 correlation, their price movements are largely independent. USCBX charges 0.55%/yr vs 1.51%/yr for NPV.
Performance
USCBX vs. NPV - Performance Comparison
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Returns By Period
In the year-to-date period, USCBX achieves a 2.27% return, which is significantly lower than NPV's 6.99% return. Both investments have delivered pretty close results over the past 10 years, with USCBX having a 2.12% annualized return and NPV not far ahead at 2.17%.
USCBX
- 1D
- 0.00%
- 1M
- 2.09%
- YTD
- 2.27%
- 6M
- 2.59%
- 1Y
- 7.78%
- 3Y*
- 3.81%
- 5Y*
- 0.92%
- 10Y*
- 2.12%
NPV
- 1D
- 0.62%
- 1M
- 2.41%
- YTD
- 6.99%
- 6M
- 6.70%
- 1Y
- 9.29%
- 3Y*
- 8.62%
- 5Y*
- -1.88%
- 10Y*
- 2.17%
USCBX vs. NPV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
USCBX USAA California Bond Fund | 2.27% | 3.20% | 1.91% | 6.68% | -9.75% | 2.24% | 5.02% | 7.26% | 1.21% | 5.62% |
NPV Nuveen Virginia Quality Municipal Income Fund | 6.99% | -5.91% | 24.61% | 0.42% | -31.53% | 10.93% | 13.15% | 29.60% | -4.42% | 3.20% |
Correlation
The correlation between USCBX and NPV 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 | 0.38 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.36 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.31 |
Correlation (All Time) Calculated using the full available price history since Oct 27, 1994 | 0.19 |
The correlation between USCBX and NPV 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
USCBX vs. NPV — Risk / Return Rank
USCBX
NPV
USCBX vs. NPV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for USAA California Bond Fund (USCBX) and Nuveen Virginia Quality Municipal Income Fund (NPV). 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.
| USCBX | NPV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.94 | ||
| Sortino ratioReturn per unit of downside risk | +1.54 | ||
| Omega ratioGain probability vs. loss probability | 1.54 | 1.25 | +0.29 |
| Calmar ratioReturn relative to maximum drawdown | 2.39 | 2.16 | +0.23 |
| Martin ratioReturn relative to average drawdown | 7.90 | 5.44 | +2.46 |
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Drawdowns
USCBX vs. NPV - Drawdown Comparison
The maximum USCBX drawdown since its inception was -17.54%, smaller than the maximum NPV drawdown of -44.25%. Use the drawdown chart below to compare losses from any high point for USCBX and NPV.
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Drawdown Indicators
| USCBX | NPV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.54% | -44.25% | +26.71% |
Max Drawdown (1Y)Largest decline over 1 year | -3.27% | -4.31% | +1.04% |
Max Drawdown (3Y)Largest decline over 3 years | -6.96% | -18.29% | +11.33% |
Max Drawdown (5Y)Largest decline over 5 years | -15.73% | -44.25% | +28.52% |
Max Drawdown (10Y)Largest decline over 10 years | -15.73% | -44.25% | +28.52% |
Current DrawdownCurrent decline from peak | -0.10% | -15.63% | +15.53% |
Average DrawdownAverage peak-to-trough decline | -2.18% | -10.19% | +8.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.99% | 1.71% | -0.72% |
Volatility
USCBX vs. NPV - Volatility Comparison
The current volatility for USAA California Bond Fund (USCBX) is 0.98%, while Nuveen Virginia Quality Municipal Income Fund (NPV) has a volatility of 1.60%. This indicates that USCBX experiences smaller price fluctuations and is considered to be less risky than NPV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| USCBX | NPV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.98% | 1.60% | -0.62% |
Volatility (6M)Calculated over the trailing 6-month period | 2.35% | 4.96% | -2.61% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.42% | 6.91% | -3.49% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.14% | 13.46% | -8.32% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.60% | 13.19% | -8.59% |
USCBX vs. NPV - Expense Ratio Comparison
USCBX has a 0.55% expense ratio, which is lower than NPV's 1.51% expense ratio.
Dividends
USCBX vs. NPV - Dividend Comparison
USCBX's dividend yield for the trailing twelve months is around 3.47%, less than NPV's 6.90% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
NPV Nuveen Virginia Quality Municipal Income Fund | 6.90% | 7.55% | 5.63% | 3.89% | 5.08% | 3.42% | 3.49% | 3.58% | 4.62% | 4.40% | 4.87% | 5.25% |
USCBX USAA California Bond Fund | 3.47% | 3.96% | 3.73% | 3.17% | 2.85% | 2.29% | 2.59% | 2.74% | 3.20% | 3.34% | 3.49% | 3.79% |
Frequently Asked Questions
USCBX and NPV 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.
NPV has higher volatility (1.60%) compared to USCBX (0.98%). In terms of maximum drawdown, USCBX dropped -17.54% vs NPV's -44.25%.
USCBX currently has the higher Sharpe Ratio (2.29 vs 1.35), 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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