NYLI MacKay DefinedTerm Muni Opportunities Fund (MMD)

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NYLI MacKay DefinedTerm Muni Opportunities Fund (MMD) is up 5.7% 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 $887.

NYLI MacKay DefinedTerm Muni Opportunities Fund (MMD) has returned 5.67% so far this year and 10.24% over the past 12 months. Over the last ten years, MMD has returned 2.22% per year, falling short of the S&P 500 Index benchmark, which averaged 13.88% annually.

Based on dividend-adjusted daily data since Aug 3, 2012, MMD's average daily return is +0.02%, while the average monthly return is +0.36%. At this rate, an investment would double in approximately 16.1 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 50% 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%.

NYLI MacKay DefinedTerm Muni Opportunities Fund has an annualized alpha of 1.87%, 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 46.06% 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.

MMD has an expense ratio of 0.03%, which is considered low.

MMD ranks 20 for risk / return — in the bottom 20% of mutual funds on our site. This means you're taking on significantly more risk than the returns justify. Consider whether the potential upside is worth the volatility, or explore alternatives with better risk / return profiles.

NYLI MacKay DefinedTerm Muni Opportunities Fund provided a 4.95% dividend yield over the last twelve months, with an annual payout of $0.76 per share.

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.

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.

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 15.43%.

The chart below shows the rolling one-month volatility.