- CUSIP
- 56064K100
- Issuer
- New York Life
- Inception Date
- Jun 26, 2012
- Category
- Municipal Bonds
- Distribution Policy
- Distributing
- Asset Class
- Bond
- Asset Class Size
- Multi-Cap
- Asset Class Style
- Blend
Share Price Chart
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Performance
MMD Performance Chart
NYLI MacKay DefinedTerm Muni Opportunities Fund (MMD) is up 3.4% since the beginning of the year. MMD is currently trading at $15 per share. Investors who bought $1,000 worth of MMD shares 5 years ago would now be looking at an investment worth $843.
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Returns By Period
NYLI MacKay DefinedTerm Muni Opportunities Fund (MMD) has returned 3.43% so far this year and 7.02% over the past 12 months. Over the last ten years, MMD has returned 1.97% per year, falling short of the S&P 500 Index benchmark, which averaged 13.26% annually.
NYLI MacKay DefinedTerm Muni Opportunities Fund
- 1D
- -0.40%
- 1M
- -3.13%
- 6M
- -1.83%
- YTD
- 3.43%
- 1Y
- 7.02%
- 3Y*
- 0.57%
- 5Y*
- -3.35%
- 10Y*
- 1.97%
- ALL TIME*
- 3.60%
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%
MMD Monthly Returns History
Based on dividend-adjusted daily data since Aug 3, 2012, MMD's average daily return is +0.02%, while the average monthly return is +0.35%. At this rate, an investment would double in approximately 16.5 years.
Historically, 61% of months were positive and 39% were negative. The best month was Jan 2023 with a return of +11.2%, while the worst month was Sep 2022 at -11.9%. The longest winning streak lasted 10 consecutive months, and the longest losing streak was 4 months.
On a daily basis, MMD closed higher 49% of trading days. The best single day was Mar 25, 2020 with a return of +9.2%, while the worst single day was Mar 23, 2020 at -11.4%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 5.36% | 0.42% | -4.40% | 1.26% | 2.52% | 1.89% | -3.32% | 3.43% | |||||
| 2025 | 4.04% | 1.30% | -3.01% | -2.44% | -0.48% | 2.28% | -1.02% | 0.96% | 3.61% | 0.53% | -0.99% | -0.07% | 4.54% |
| 2024 | 2.34% | -0.42% | -0.18% | -1.84% | 1.69% | 2.72% | 1.33% | 0.36% | 1.08% | -1.16% | -2.67% | -6.91% | -3.99% |
| 2023 | 11.23% | -1.87% | 0.51% | -0.08% | -1.24% | 0.85% | -0.47% | 0.24% | -5.28% | -9.50% | 10.25% | 3.43% | 6.48% |
| 2022 | -6.28% | -3.33% | -3.77% | -2.47% | 3.80% | -3.05% | 3.62% | -4.64% | -11.85% | 1.19% | 8.30% | -4.43% | -21.94% |
| 2021 | 0.85% | 0.38% | 1.77% | 0.47% | 3.50% | -1.99% | 2.04% | 0.07% | -2.94% | -2.58% | 0.35% | 2.96% | 4.74% |
Benchmark Metrics
NYLI MacKay DefinedTerm Muni Opportunities Fund has an annualized alpha of 1.71%, beta of 0.20, and R2 of 0.06 versus S&P 500 Index. Calculated based on daily prices since August 03, 2012.
- This fund participated in 47.17% of S&P 500 Index downside but only 31.63% of its upside - more exposed to losses than it benefited from rallies.
- Beta of 0.20 may look defensive, but with R2 of 0.06 this fund 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 fund's risk.
- R2 of 0.06 means this fund 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
- 1.71%
- Beta
- 0.20
- R²
- 0.06
- Upside Capture
- 31.63%
- Downside Capture
- 47.17%
Expense Ratio
MMD has an expense ratio of 0.03%, which is considered low.
Return for Risk
Risk / Return Rank
MMD ranks 23 for risk / return — above 23% of mutual funds peers on PortfoliosLab. Its historical combined result is below the peer median.
Risk / Return Metrics
The table below present risk-adjusted performance metrics for NYLI MacKay DefinedTerm Muni Opportunities Fund (MMD) 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.
| MMD | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.53 | ||
| Sortino ratioReturn per unit of downside risk | -0.56 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.25 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | 1.03 | 2.00 | -0.97 |
| Martin ratioReturn relative to average drawdown | 3.19 | 8.49 | -5.30 |
Dividends
Dividend History
NYLI MacKay DefinedTerm Muni Opportunities Fund provided a 5.13% dividend yield over the last twelve months, with an annual payout of $0.77 per share.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | $0.77 | $0.72 | $0.72 | $0.86 | $1.02 | $1.02 | $1.02 | $1.02 | $1.05 | $1.08 | $1.13 | $1.18 |
Dividend yield | 5.13% | 4.84% | 4.82% | 5.26% | 6.35% | 4.68% | 4.68% | 4.85% | 5.38% | 5.45% | 6.16% | 6.25% |
Monthly Dividends
The table displays the monthly dividend distributions for NYLI MacKay DefinedTerm Muni Opportunities Fund. 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 | $0.07 | $0.07 | $0.07 | $0.07 | $0.07 | $0.07 | $0.07 | $0.47 | |||||
| 2025 | $0.06 | $0.06 | $0.06 | $0.06 | $0.06 | $0.06 | $0.06 | $0.06 | $0.06 | $0.06 | $0.06 | $0.06 | $0.72 |
| 2024 | $0.06 | $0.06 | $0.06 | $0.06 | $0.06 | $0.06 | $0.06 | $0.06 | $0.06 | $0.06 | $0.06 | $0.06 | $0.72 |
| 2023 | $0.08 | $0.08 | $0.08 | $0.08 | $0.08 | $0.08 | $0.07 | $0.07 | $0.07 | $0.06 | $0.06 | $0.06 | $0.86 |
| 2022 | $0.09 | $0.09 | $0.09 | $0.09 | $0.09 | $0.09 | $0.09 | $0.09 | $0.09 | $0.09 | $0.09 | $0.09 | $1.02 |
| 2021 | $0.09 | $0.09 | $0.09 | $0.09 | $0.09 | $0.09 | $0.09 | $0.09 | $0.09 | $0.09 | $0.09 | $0.09 | $1.02 |
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 NYLI MacKay DefinedTerm Muni Opportunities Fund. 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 NYLI MacKay DefinedTerm Muni Opportunities Fund was 30.12%, occurring on Oct 27, 2023. The portfolio has not yet recovered.
The current NYLI MacKay DefinedTerm Muni Opportunities Fund drawdown is 17.22%.
Drawdown | Fall | Recovery | Underwater | Related event |
|---|---|---|---|---|
-30.12%Oct 2023 | 2y 2mo | — | 4y 11moAug 2021 - now | — |
-25.18%Aug 2013 | 7mo 3d | 1y 2mo | 1y 9moJan 2013 - Oct 2014 | — |
-24.55%Mar 2020 | 1mo 4d | 8mo 14d | 9mo 18dFeb 2020 - Dec 2020 | COVID crash2020 |
-11.69%Nov 2016 | 4mo 9d | 6mo 18d | 10mo 27dJul 2016 - May 2017 | — |
-8.45%Jun 2015 | 2mo 6d | 4mo 27d | 7mo 3dApr 2015 - Nov 2015 | — |
Drawdown Indicators
| MMD | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -30.12% | -56.78% | +26.66% |
Max Drawdown (1Y)Largest decline over 1 year | -7.41% | -9.10% | +1.69% |
Max Drawdown (3Y)Largest decline over 3 years | -14.99% | -18.90% | +3.91% |
Max Drawdown (5Y)Largest decline over 5 years | -30.12% | -25.43% | -4.69% |
Max Drawdown (10Y)Largest decline over 10 years | -30.12% | -33.92% | +3.80% |
Current DrawdownCurrent decline from peak | -17.22% | -1.58% | -15.64% |
Average DrawdownAverage peak-to-trough decline | -9.22% | -10.70% | +1.48% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.39% | 2.14% | +0.25% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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