EIM vs. MMD

Last updated Aug 1, 2026

EIM (Eaton Vance Municipal Bond Fund) and MMD (NYLI MacKay DefinedTerm Muni Opportunities Fund) are both Municipal Bonds funds. Over the past 10 years, EIM returned 1.15%/yr vs 1.97%/yr for MMD. Their 0.39 correlation means their historical movements had little consistent relationship. EIM charges 0.01%/yr vs 0.03%/yr for MMD.

Performance

EIM vs. MMD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Eaton Vance Municipal Bond Fund (EIM) and NYLI MacKay DefinedTerm Muni Opportunities Fund (MMD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EIM achieves a 1.85% return, which is significantly lower than MMD's 3.43% return. Over the past 10 years, EIM has underperformed MMD with an annualized return of 1.15%, while MMD has yielded a comparatively higher 1.97% annualized return.

EIM

• 1D: -0.52%
• 1M: -3.62%
• 6M: -0.71%
• YTD: 1.85%
• 1Y: 5.70%
• 3Y*: 4.56%
• 5Y*: -2.18%
• 10Y*: 1.15%
• ALL TIME*: 4.27%

MMD

• 1D: -0.40%
• 1M: -3.13%
• 6M: -1.83%
• YTD: 3.43%
• 1Y: 7.02%
• 3Y*: 0.57%
• 5Y*: -3.35%
• 10Y*: 1.97%
• ALL TIME*: 3.60%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
EIM Eaton Vance Municipal Bond Fund	$1.52M	$1.46M	$1.31M
MMD NYLI MacKay DefinedTerm Muni Opportunities Fund	$546.99K	$621.44K	$759.98K

EIM vs. MMD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EIM Eaton Vance Municipal Bond Fund	1.85%	-0.08%	8.21%	1.66%	-19.82%	4.35%	10.53%	18.91%	-5.30%	6.44%
MMD NYLI MacKay DefinedTerm Muni Opportunities Fund	3.43%	4.54%	-3.99%	6.48%	-21.94%	4.74%	8.78%	13.25%	3.91%	14.50%

Correlation

The correlation between EIM and MMD is 0.48, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.48
Correlation (3Y) Balances recent behavior with more history.	0.51
Correlation (5Y) Shows whether the relationship held over a longer period.	0.46
Correlation (10Y) Provides a long-term view across more market conditions.	0.41
Correlation (All Time) Calculated using the full available price history since Aug 3, 2012	0.39

The correlation between EIM and MMD shifts across timeframes, from 0.39 (all time) to 0.51 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

EIM vs. MMD — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

EIM

EIM Risk / Return Rank: 19
EIM Sharpe Ratio Rank: 16
EIM Sortino Ratio Rank: 19
EIM Omega Ratio Rank: 19
EIM Calmar Ratio Rank: 24
EIM Martin Ratio Rank: 16

MMD

MMD Risk / Return Rank: 24
MMD Sharpe Ratio Rank: 25
MMD Sortino Ratio Rank: 27
MMD Omega Ratio Rank: 25
MMD Calmar Ratio Rank: 21
MMD Martin Ratio Rank: 22

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

EIM vs. MMD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Eaton Vance Municipal Bond Fund (EIM) and NYLI MacKay DefinedTerm Muni Opportunities Fund (MMD). 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.

	EIM	MMD	Difference
Sharpe ratio: Return per unit of total volatility	0.65	0.89	-0.24
Sortino ratio: Return per unit of downside risk	1.11	1.42	-0.31
Omega ratio: Gain probability vs. loss probability	1.14	1.17	-0.03
Calmar ratio: Return relative to maximum drawdown	1.16	1.03	+0.13
Martin ratio: Return relative to average drawdown	2.35	3.19	-0.85

EIM vs. MMD - Sharpe Ratio Comparison

The current EIM Sharpe Ratio is 0.65, which is comparable to the MMD Sharpe Ratio of 0.89. The chart below compares the historical Sharpe Ratios of EIM and MMD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

EIM vs. MMD - Drawdown Comparison

The maximum EIM drawdown since its inception was -52.50%, which is greater than MMD's maximum drawdown of -30.12%. Use the drawdown chart below to compare losses from any high point for EIM and MMD.

Drawdown Indicators

	EIM	MMD	Difference
Max Drawdown Largest peak-to-trough decline	-52.50%	-30.12%	-22.38%
Max Drawdown (1Y) Largest decline over 1 year	-5.30%	-7.41%	+2.11%
Max Drawdown (3Y) Largest decline over 3 years	-11.57%	-14.99%	+3.42%
Max Drawdown (5Y) Largest decline over 5 years	-31.69%	-30.12%	-1.57%
Max Drawdown (10Y) Largest decline over 10 years	-31.69%	-30.12%	-1.57%
Current Drawdown Current decline from peak	-11.20%	-17.22%	+6.02%
Average Drawdown Average peak-to-trough decline	-8.38%	-9.22%	+0.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.62%	2.39%	+0.23%

Volatility

EIM vs. MMD - Volatility Comparison

Eaton Vance Municipal Bond Fund (EIM) has a higher volatility of 2.45% compared to NYLI MacKay DefinedTerm Muni Opportunities Fund (MMD) at 1.81%. This indicates that EIM's price experiences larger fluctuations and is considered to be riskier than MMD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EIM	MMD	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.45%	1.81%	+0.64%
Volatility (6M) Calculated over the trailing 6-month period	6.47%	6.85%	-0.38%
Volatility (1Y) Calculated over the trailing 1-year period	9.46%	8.61%	+0.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.77%	13.33%	-2.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.51%	13.91%	-2.40%

EIM vs. MMD - Expense Ratio Comparison

EIM has a 0.01% expense ratio, which is lower than MMD's 0.03% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

EIM vs. MMD - Dividend Comparison

EIM's dividend yield for the trailing twelve months is around 6.38%, more than MMD's 5.13% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EIM Eaton Vance Municipal Bond Fund	6.38%	6.27%	5.65%	4.07%	4.87%	4.38%	4.29%	4.00%	4.98%	5.48%	5.64%	5.90%
MMD NYLI MacKay DefinedTerm Muni Opportunities Fund	5.13%	4.84%	4.82%	5.26%	6.35%	4.68%	4.68%	4.85%	5.38%	5.45%	6.16%	6.25%

Frequently Asked Questions

Can I hold both EIM and MMD in my portfolio?

EIM and MMD have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EIM or MMD?

EIM has higher volatility (2.45%) compared to MMD (1.81%). In terms of maximum drawdown, EIM dropped -52.50% vs MMD's -30.12%.

Which has better risk-adjusted returns?

MMD currently has the higher Sharpe Ratio (0.89 vs 0.65), 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.