- ISIN
- US45409F7776
- Issuer
- IndexIQ
- Inception Date
- Dec 21, 2021
- Region
- North America (U.S.)
- Category
- Municipal Bonds
- Leveraged
- 1x (No leverage)
- Index Tracked
- No Index (Active)
- Distribution Policy
- Distributing
- Asset Class
- Bond
- Assets Under Management
- $89M
Highlights
- Avg. Volume (1M)
- 20K
- Avg. Volume Value (1M)
- $438.66K
Share Price Chart
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Performance
MMCA Performance Chart
IQ MacKay California Municipal Intermediate ETF (MMCA) is down 0.4% since the beginning of the year. MMCA is currently trading at $21 per share.
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Returns By Period
IQ MacKay California Municipal Intermediate ETF (MMCA) has returned -0.40% so far this year and 3.45% over the past 12 months.
IQ MacKay California Municipal Intermediate ETF
- 1D
- -0.14%
- 1M
- -1.77%
- 6M
- -1.28%
- YTD
- -0.40%
- 1Y
- 3.45%
- 3Y*
- 3.51%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -0.13%
Benchmark (S&P 500 Index)
- 1D
- 0.70%
- 1M
- 0.09%
- 6M
- 7.94%
- YTD
- 9.41%
- 1Y
- 20.07%
- 3Y*
- 17.84%
- 5Y*
- 11.25%
- 10Y*
- 13.26%
- ALL TIME*
- 8.09%
MMCA Monthly Returns History
Based on dividend-adjusted daily data since Dec 21, 2021, MMCA's average daily return is 0.00%, while the average monthly return is +0.01%. At this rate, an investment would double in approximately 577.7 years.
Historically, 55% of months were positive and 45% were negative. The best month was Nov 2023 with a return of +4.6%, while the worst month was Apr 2022 at -4.8%. The longest winning streak lasted 9 consecutive months, and the longest losing streak was 5 months.
On a daily basis, MMCA closed higher 51% of trading days. The best single day was May 25, 2022 with a return of +1.0%, while the worst single day was Jun 13, 2022 at -2.3%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 0.88% | 1.33% | -2.60% | 0.90% | 0.34% | 0.62% | -1.81% | -0.40% | |||||
| 2025 | 0.42% | 1.30% | -1.16% | -0.45% | -0.02% | 1.16% | 0.09% | 1.03% | 1.81% | 0.82% | 0.43% | 0.20% | 5.74% |
| 2024 | 0.12% | 0.24% | -0.08% | -0.95% | -0.19% | 0.91% | 0.96% | 0.79% | 0.92% | -1.23% | 1.34% | -1.09% | 1.70% |
| 2023 | 2.46% | -1.84% | 1.72% | -0.03% | -0.92% | 0.67% | 0.24% | -0.74% | -1.81% | -0.80% | 4.57% | 2.31% | 5.77% |
| 2022 | -3.12% | -0.87% | -4.03% | -4.75% | 1.80% | -2.55% | 3.56% | -2.05% | -4.17% | -0.50% | 3.77% | 0.51% | -12.15% |
| 2021 | -0.13% | -0.13% |
Benchmark Metrics
IQ MacKay California Municipal Intermediate ETF has an annualized alpha of -0.62%, beta of 0.05, and R2 of 0.05 versus S&P 500 Index. Calculated based on daily prices since December 21, 2021.
- This ETF participated in 39.99% of S&P 500 Index downside but only 17.55% of its upside - more exposed to losses than it benefited from rallies.
- Beta of 0.05 may look defensive, but with R2 of 0.05 this ETF is largely uncorrelated with S&P 500 Index - low beta reflects independence, not downside protection. See the Volatility section for a true picture of this ETF's risk.
- R2 of 0.05 means this ETF moves largely independently of S&P 500 Index - capture ratios reflect limited market correlation rather than active downside protection. Consider using a more representative benchmark.
- Alpha
- -0.62%
- Beta
- 0.05
- R²
- 0.05
- Upside Capture
- 17.55%
- Downside Capture
- 39.99%
Expense Ratio
MMCA has an expense ratio of 0.36%, placing it in the medium range.
Return for Risk
Risk / Return Rank
MMCA ranks 53 for risk / return — above 53% of ETFs peers on PortfoliosLab. Its historical combined result is near the middle of the peer group.
Risk / Return Metrics
The table below present risk-adjusted performance metrics for IQ MacKay California Municipal Intermediate ETF (MMCA) and compare them to S&P 500 Index.
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.
| MMCA | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.08 | ||
| Sortino ratioReturn per unit of downside risk | +0.12 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 1.25 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 1.31 | 2.00 | -0.69 |
| Martin ratioReturn relative to average drawdown | 3.51 | 8.49 | -4.99 |
Dividends
Dividend History
IQ MacKay California Municipal Intermediate ETF provided a 3.29% dividend yield over the last twelve months, with an annual payout of $0.70 per share.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Dividend | $0.70 | $0.74 | $0.78 | $0.78 | $0.62 | $0.01 |
Dividend yield | 3.29% | 3.39% | 3.66% | 3.57% | 2.90% | 0.05% |
Monthly Dividends
The table displays the monthly dividend distributions for IQ MacKay California Municipal Intermediate ETF. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.06 | $0.05 | $0.06 | $0.06 | $0.06 | $0.06 | $0.06 | $0.41 | |||||
| 2025 | $0.00 | $0.06 | $0.06 | $0.13 | $0.00 | $0.06 | $0.06 | $0.06 | $0.06 | $0.06 | $0.06 | $0.12 | $0.74 |
| 2024 | $0.00 | $0.07 | $0.06 | $0.07 | $0.07 | $0.07 | $0.07 | $0.07 | $0.07 | $0.06 | $0.07 | $0.11 | $0.78 |
| 2023 | $0.00 | $0.06 | $0.06 | $0.06 | $0.06 | $0.06 | $0.07 | $0.07 | $0.06 | $0.06 | $0.06 | $0.14 | $0.78 |
| 2022 | $0.00 | $0.05 | $0.05 | $0.06 | $0.05 | $0.05 | $0.02 | $0.05 | $0.06 | $0.05 | $0.06 | $0.12 | $0.62 |
| 2021 | $0.01 | $0.01 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the IQ MacKay California Municipal Intermediate ETF. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the IQ MacKay California Municipal Intermediate ETF was 16.04%, occurring on Oct 27, 2022. Recovery took 799 trading sessions.
The current IQ MacKay California Municipal Intermediate ETF drawdown is 2.57%.
Drawdown | Fall | Recovery | Underwater | Related event |
|---|---|---|---|---|
-16.04%Oct 2022 | 10mo 10d | 3y 2mo | 4y 17dDec 2021 - Jan 2026 | Bear market2022 |
-3.01%Mar 2026 | 24d | — | 5mo 4dMar 2026 - now | — |
-0.32%Jan 2026 | 1d | 9d | 10dJan 2026 - Jan 2026 | — |
-0.06%Feb 2026 | 1d | 1d | 1dFeb 2026 - Feb 2026 | — |
-0.05%Feb 2026 | 1d | 1d | 1dFeb 2026 - Feb 2026 | — |
Drawdown Indicators
| MMCA | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.04% | -56.78% | +40.74% |
Max Drawdown (1Y)Largest decline over 1 year | -3.01% | -9.10% | +6.09% |
Max Drawdown (3Y)Largest decline over 3 years | -3.44% | -18.90% | +15.46% |
Max Drawdown (5Y)Largest decline over 5 years | — | -25.43% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.92% | — |
Current DrawdownCurrent decline from peak | -2.57% | -1.58% | -0.99% |
Average DrawdownAverage peak-to-trough decline | -6.91% | -10.70% | +3.79% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.12% | 2.14% | -1.02% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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