NYLI MacKay DefinedTerm Muni Opportunities Fund (MMD) belongs to the Municipal Bonds category. Below you'll find alternative mutual funds from the same category, ranked by key criteria, plus funds that investors commonly compare with MMD. Use the tables to find lower-cost options, better risk-adjusted returns, or a closer substitute for your current allocation.
Cheapest Alternatives to MMD
MMD charges 0.03% annually. There are 3 mutual funds in the Municipal Bonds category with lower expense ratios, going as low as 0.01%.
| Symbol | Name | Expense Ratio | AUM | Inception | |
|---|---|---|---|---|---|
| Western Asset Managed Municipals Fund Inc | 0.01% | — | Jun 1992 | MMD vs MMU | |
| Western Asset SMASh Series TF Fund | 0.01% | — | Dec 2015 | MMD vs LSMSX | |
| Eaton Vance Municipal Bond Fund | 0.01% | — | Dec 1993 | MMD vs EIM | |
| Nuveen Select Maturities Municipal Fund | 0.03% | — | Sep 1992 | MMD vs NIM | |
| Nuveen Minnesota Quality Municipal Income Fund | 0.03% | — | Jun 1993 | MMD vs NMS |
Best Risk-Adjusted Alternatives to MMD
MMD has a PortfoliosLab risk / return rank of 18. There are 481 mutual funds in the Municipal Bonds category with higher risk-adjusted ranks, going as high as 100.
| Symbol | Name | Risk / Return Rank | AUM | Inception | |
|---|---|---|---|---|---|
| DFA Short-Term Selective State Municipal Bond Port... | 100 | — | Apr 2022 | MMD vs DFABX | |
| DFA NY Municipal Bond Portfolio | 99 | — | Jun 2015 | MMD vs DNYMX | |
| DFA California Short Term Municipal Bond Portfolio | 99 | — | Apr 2007 | MMD vs DFCMX | |
| abrdn Ultra Short Municipal Income Fund | 99 | — | Dec 2002 | MMD vs ATOIX | |
| DFA Short Term Municipal Bond Portfolio | 99 | — | Aug 2002 | MMD vs DFSMX |
Top Performing MMD Alternatives (YTD)
MMD is at 4.52% YTD. There are 16 mutual funds in the Municipal Bonds category with higher YTD returns, going as high as 17.05%.
| Symbol | Name | YTD Return | AUM | Inception | |
|---|---|---|---|---|---|
| Nuveen Massachusetts Quality Municipal Income Fund | 17.05% | — | Jan 1993 | MMD vs NMT | |
| Nuveen Arizona Quality Municipal Income Fund | 11.83% | — | Nov 1992 | MMD vs NAZ | |
| Nuveen Municipal Income Fund, Inc. | 10.27% | — | Apr 1998 | MMD vs NMI | |
| RiverNorth Opportunistic Municipal Income Fund | 10.14% | — | — | MMD vs RMI | |
| Nuveen New York AMT Free Quality Municipal Income | 8.40% | — | Nov 2002 | MMD vs NRK |
Lowest Volatility Alternatives to MMD
MMD has 8.40% 1-year volatility. There are 474 mutual funds in the Municipal Bonds category with lower 1-year volatility, going as low as 0.56%.
| Symbol | Name | Volatility 1Y | AUM | Inception | |
|---|---|---|---|---|---|
| DFA Short-Term Selective State Municipal Bond Port... | 0.56% | — | Apr 2022 | MMD vs DFABX | |
| JPMorgan Ultra-Short Municipal Fund | 0.59% | — | May 2016 | MMD vs USMSX | |
| JPMorgan Ultra-Short Municipal Fund | 0.59% | — | May 2016 | MMD vs USMTX | |
| DFA California Short Term Municipal Bond Portfolio | 0.59% | — | Apr 2007 | MMD vs DFCMX | |
| DFA Short Term Municipal Bond Portfolio | 0.61% | — | Aug 2002 | MMD vs DFSMX |
Lowest Drawdown Alternatives to MMD
MMD has a 1-year max drawdown of -7.41%. There are 484 mutual funds in the Municipal Bonds category with shallower 1-year drawdowns, going as shallow as 0.00%.
| Symbol | Name | Max Drawdown 1Y | AUM | Inception | |
|---|---|---|---|---|---|
| BlackRock Allocation Target Shares | 0.00% | — | May 2021 | MMD vs BATVX | |
| SEI Institutional Managed Trust Tax-Free Conservat... | -0.10% | — | Apr 2016 | MMD vs TFCYX | |
| abrdn Ultra Short Municipal Income Fund | -0.10% | — | Dec 2002 | MMD vs ATOIX | |
| Cavanal Hill Ultra Short Tax-Free Income Fund | -0.10% | — | Dec 2017 | MMD vs APUSX | |
| Federated Hermes Conservative Municipal Microshort... | -0.10% | — | Feb 2021 | MMD vs FHMIX |
Often Compared With MMD
Investors most often compare MMD with RMMZ, NAC, RFMZ. These 16 comparison targets span 1 categories, based on PortfoliosLab usage data.
Compare MMD with Any Fund or Stock
Compare MMD with any ETF, mutual fund, or stock using PortfoliosLab's comparison tool.
Pair MMD with funds that move differently
NYLI MacKay DefinedTerm Muni Opportunities Fund alternatives help with substitution. Diversifiers are the next step when you want funds with lower historical correlation to MMD.
Explore MMD Diversifiers