CPLB vs. MMSD

Last updated Jun 3, 2026

CPLB (NYLI MacKay Core Plus Bond ETF) and MMSD (NYLI MacKay Muni Short Duration ETF) are both exchange-traded funds - CPLB is a Intermediate Core-Plus Bond fund actively managed by NYLI, while MMSD is a Municipal Bonds fund actively managed by NYLI. Both are actively managed. Over the past year, CPLB returned 5.72% vs 4.85% for MMSD. A 0.61 correlation means they provide meaningful diversification when combined. CPLB charges 0.30%/yr vs 0.25%/yr for MMSD.

Performance

CPLB vs. MMSD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in NYLI MacKay Core Plus Bond ETF (CPLB) and NYLI MacKay Muni Short Duration ETF (MMSD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CPLB achieves a 0.81% return, which is significantly lower than MMSD's 1.35% return.

CPLB

• 1D: 0.02%
• 1M: 0.19%
• YTD: 0.81%
• 6M: 0.97%
• 1Y: 5.72%
• 3Y*: 5.53%
• 5Y*: —
• 10Y*: —

MMSD

• 1D: 0.09%
• 1M: 0.31%
• YTD: 1.35%
• 6M: 1.82%
• 1Y: 4.85%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CPLB vs. MMSD - Yearly Performance Comparison

	2026 (YTD)	2025
CPLB NYLI MacKay Core Plus Bond ETF	0.81%	5.29%
MMSD NYLI MacKay Muni Short Duration ETF	1.35%	3.66%

Correlation

The correlation between CPLB and MMSD is 0.59, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.59
Correlation (All Time) Calculated using the full available price history since May 7, 2025	0.61

The correlation between CPLB and MMSD has been stable across timeframes, ranging from 0.59 to 0.61 - a consistent structural relationship.

Return for Risk

CPLB vs. MMSD — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

CPLB

CPLB Risk / Return Rank: 43
CPLB Sharpe Ratio Rank: 43
CPLB Sortino Ratio Rank: 44
CPLB Omega Ratio Rank: 42
CPLB Calmar Ratio Rank: 42
CPLB Martin Ratio Rank: 41

MMSD

MMSD Risk / Return Rank: 82
MMSD Sharpe Ratio Rank: 84
MMSD Sortino Ratio Rank: 92
MMSD Omega Ratio Rank: 92
MMSD Calmar Ratio Rank: 70
MMSD Martin Ratio Rank: 71

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

CPLB vs. MMSD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NYLI MacKay Core Plus Bond ETF (CPLB) and NYLI MacKay Muni Short Duration ETF (MMSD). 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.

	CPLB	MMSD	Difference
Sharpe ratio Return per unit of total volatility	1.54	2.82	-1.28
Sortino ratio Return per unit of downside risk	2.26	4.49	-2.23
Omega ratio Gain probability vs. loss probability	1.28	1.64	-0.36
Calmar ratio Return relative to maximum drawdown	2.16	3.58	-1.41
Martin ratio Return relative to average drawdown	6.64	13.72	-7.07
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CPLB vs. MMSD - Sharpe Ratio Comparison

The current CPLB Sharpe Ratio is 1.54, which is lower than the MMSD Sharpe Ratio of 2.82. The chart below compares the historical Sharpe Ratios of CPLB and MMSD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	CPLB	MMSD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.54	2.82	-1.28
Sharpe Ratio (All Time) Calculated using the full available price history	0.17	2.69	-2.52

Drawdowns

CPLB vs. MMSD - Drawdown Comparison

The maximum CPLB drawdown since its inception was -18.96%, which is greater than MMSD's maximum drawdown of -1.35%. Use the drawdown chart below to compare losses from any high point for CPLB and MMSD.

Drawdown Indicators

	CPLB	MMSD	Difference
Max Drawdown Largest peak-to-trough decline	-18.96%	-1.35%	-17.61%
Max Drawdown (1Y) Largest decline over 1 year	-2.60%	-1.35%	-1.25%
Max Drawdown (3Y) Largest decline over 3 years	-5.90%	—	—
Current Drawdown Current decline from peak	-1.13%	-0.10%	-1.03%
Average Drawdown Average peak-to-trough decline	-7.08%	-0.22%	-6.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.85%	0.35%	+0.50%

Volatility

CPLB vs. MMSD - Volatility Comparison

NYLI MacKay Core Plus Bond ETF (CPLB) has a higher volatility of 1.32% compared to NYLI MacKay Muni Short Duration ETF (MMSD) at 0.69%. This indicates that CPLB's price experiences larger fluctuations and is considered to be riskier than MMSD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CPLB	MMSD	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.32%	0.69%	+0.63%
Volatility (6M) Calculated over the trailing 6-month period	2.75%	1.44%	+1.31%
Volatility (1Y) Calculated over the trailing 1-year period	3.73%	1.72%	+2.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.04%	1.76%	+3.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.04%	1.76%	+3.28%

CPLB vs. MMSD - Expense Ratio Comparison

CPLB has a 0.30% expense ratio, which is higher than MMSD's 0.25% expense ratio.

Dividends

CPLB vs. MMSD - Dividend Comparison

CPLB's dividend yield for the trailing twelve months is around 5.49%, more than MMSD's 3.56% yield.

Position	TTM	2025	2024	2023	2022	2021
CPLB NYLI MacKay Core Plus Bond ETF	5.49%	5.46%	5.40%	4.82%	3.17%	0.95%
MMSD NYLI MacKay Muni Short Duration ETF	3.56%	2.30%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CPLB and MMSD in my portfolio?

CPLB and MMSD have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CPLB or MMSD?

CPLB has higher volatility (1.32%) compared to MMSD (0.69%). In terms of maximum drawdown, CPLB dropped -18.96% vs MMSD's -1.35%.

Which ETF is better, CPLB or MMSD?

On 1-year performance, CPLB leads with 5.72% vs 4.85% for MMSD. On fees, MMSD is cheaper at 0.25% per year. On volatility, MMSD has been the lower-risk option at 0.69%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CPLB or MMSD?

Over the 1-year period, CPLB has performed better with a 5.72% return vs 4.85%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CPLB or MMSD?

MMSD is cheaper with a 0.25% expense ratio, compared with 0.30% for CPLB.

Which ETF pays a higher dividend yield, CPLB or MMSD?

CPLB has the higher dividend yield at 5.49%, compared with 3.56% for MMSD.

What is the main difference between CPLB and MMSD?

CPLB is categorized as Intermediate Core-Plus Bond, while MMSD is Municipal Bonds. Their fees differ too: 0.30% for CPLB and 0.25% for MMSD.

Which has better risk-adjusted returns?

MMSD currently has the higher Sharpe Ratio (2.82 vs 1.54), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.