BKMS vs. MMMA

Last updated Jun 25, 2026

BKMS (BNY Mellon Municipal Short Duration ETF) and MMMA (NYLI MacKay Muni Allocation ETF) are both Municipal Bonds funds. Both are actively managed. At a 0.49 correlation, their price movements are largely independent. Both charge a 0.35% expense ratio.

Performance

BKMS vs. MMMA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BNY Mellon Municipal Short Duration ETF (BKMS) and NYLI MacKay Muni Allocation ETF (MMMA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

BKMS

• 1D: 0.07%
• 1M: 0.64%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

MMMA

• 1D: 0.21%
• 1M: 1.85%
• YTD: 3.67%
• 6M: 3.68%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

BKMS vs. MMMA - Yearly Performance Comparison

	2026 (YTD)
BKMS BNY Mellon Municipal Short Duration ETF	0.79%
MMMA NYLI MacKay Muni Allocation ETF	2.85%

Correlation

The correlation between BKMS and MMMA is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jan 12, 2026	0.49

Return for Risk

BKMS vs. MMMA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BNY Mellon Municipal Short Duration ETF (BKMS) and NYLI MacKay Muni Allocation ETF (MMMA). 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Drawdowns

BKMS vs. MMMA - Drawdown Comparison

The maximum BKMS drawdown since its inception was -0.87%, smaller than the maximum MMMA drawdown of -2.79%. Use the drawdown chart below to compare losses from any high point for BKMS and MMMA.

Drawdown Indicators

	BKMS	MMMA	Difference
Max Drawdown Largest peak-to-trough decline	-0.87%	-2.79%	+1.92%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.26%	-0.55%	+0.29%

Volatility

Volatility by Period

	BKMS	MMMA	Difference
Volatility (1Y) Calculated over the trailing 1-year period	1.22%	4.03%	-2.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.22%	4.03%	-2.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.22%	4.03%	-2.81%

BKMS vs. MMMA - Expense Ratio Comparison

Both BKMS and MMMA have an expense ratio of 0.35%.

Dividends

BKMS vs. MMMA - Dividend Comparison

BKMS's dividend yield for the trailing twelve months is around 1.11%, less than MMMA's 1.95% yield.

Position	TTM	2025
BKMS BNY Mellon Municipal Short Duration ETF	1.11%	0.00%
MMMA NYLI MacKay Muni Allocation ETF	1.95%	0.17%

Frequently Asked Questions

Can I hold both BKMS and MMMA in my portfolio?

BKMS and MMMA have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, BKMS or MMMA?

Both ETFs have the same 0.35% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, BKMS or MMMA?

BKMS and MMMA have the same expense ratio: 0.35% per year.

Which ETF pays a higher dividend yield, BKMS or MMMA?

MMMA has the higher dividend yield at 1.95%, compared with 1.11% for BKMS.

What is the main difference between BKMS and MMMA?

They also come from different issuers: BNY Mellon and NYLI.