DFNM vs. MMMA
DFNM (Dimensional National Municipal Bond ETF) and MMMA (NYLI MacKay Muni Allocation ETF) are both Municipal Bonds funds. Both are actively managed. Their 0.78 correlation means they have sometimes moved together and sometimes differently. DFNM charges 0.17%/yr vs 0.35%/yr for MMMA.
Performance
DFNM vs. MMMA - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, DFNM achieves a 0.45% return, which is significantly lower than MMMA's 2.42% return.
DFNM
- 1D
- -0.04%
- 1M
- -1.20%
- 6M
- -0.36%
- YTD
- 0.45%
- 1Y
- 3.46%
- 3Y*
- 2.90%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 1.20%
MMMA
- 1D
- -0.10%
- 1M
- -1.54%
- 6M
- 1.05%
- YTD
- 2.42%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- —
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $10.08M | $8.87M | $8.49M | |
| $111.36K | $97.19K | $48.83K |
DFNM vs. MMMA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
DFNM Dimensional National Municipal Bond ETF | 0.45% | 0.25% |
MMMA NYLI MacKay Muni Allocation ETF | 2.42% | 0.35% |
Correlation
The correlation between DFNM and MMMA is 0.78, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Dec 16, 2025 | 0.78 |
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
DFNM vs. MMMA — Risk / Return Rank
DFNM
MMMA
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
DFNM vs. MMMA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Dimensional National Municipal Bond ETF (DFNM) 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.
| DFNM | MMMA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.46 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 2.07 | — | — |
| Martin ratioReturn relative to average drawdown | 6.89 | — | — |
Loading charts...
Drawdowns
DFNM vs. MMMA - Drawdown Comparison
The maximum DFNM drawdown since its inception was -6.99%, which is greater than MMMA's maximum drawdown of -2.79%. Use the drawdown chart below to compare losses from any high point for DFNM and MMMA.
Loading charts...
Drawdown Indicators
| DFNM | MMMA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -6.99% | -2.79% | -4.20% |
Max Drawdown (1Y)Largest decline over 1 year | -1.84% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -2.79% | — | — |
Current DrawdownCurrent decline from peak | -1.20% | -1.65% | +0.45% |
Average DrawdownAverage peak-to-trough decline | -1.91% | -0.60% | -1.31% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.55% | — | — |
Volatility
DFNM vs. MMMA - Volatility Comparison
Loading charts...
Volatility by Period
| DFNM | MMMA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.67% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 1.43% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 1.80% | 4.04% | -2.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.52% | 4.04% | -1.52% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.52% | 4.04% | -1.52% |
DFNM vs. MMMA - Expense Ratio Comparison
DFNM has a 0.17% expense ratio, which is lower than MMMA's 0.35% expense ratio.
Dividends
DFNM vs. MMMA - Dividend Comparison
DFNM's dividend yield for the trailing twelve months is around 2.97%, more than MMMA's 2.69% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
DFNM Dimensional National Municipal Bond ETF | 2.97% | 2.94% | 2.74% | 2.39% | 1.16% | 0.05% |
MMMA NYLI MacKay Muni Allocation ETF | 2.69% | 0.17% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
DFNM and MMMA have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, DFNM is cheaper at 0.17% per year. The better choice depends on whether you care most about return, fees, risk, or income.
DFNM is cheaper with a 0.17% expense ratio, compared with 0.35% for MMMA.
DFNM has the higher dividend yield at 2.97%, compared with 2.69% for MMMA.
They also come from different issuers: Dimensional and NYLI. Their fees differ too: 0.17% for DFNM and 0.35% for MMMA.
Find the right allocation for DFNM and MMMA
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer