FOVL vs. MMIN
FOVL (iShares Focused Value Factor ETF) and MMIN (IQ MacKay Municipal Insured ETF) are both exchange-traded funds - FOVL is a Mid Cap Value Equities fund tracking the MSCI USA IMI Focused Value Factor Index, while MMIN is a Municipal Bonds fund tracking the Bloomberg Barclays Municipal All Insured Bond Index. Both are passively managed. At a correlation of -0.03, they often move in opposite directions. FOVL charges 0.25%/yr vs 0.31%/yr for MMIN.
Performance
FOVL vs. MMIN - Performance Comparison
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Returns By Period
FOVL
- 1D
- —
- 1M
- —
- YTD
- —
- 6M
- —
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
MMIN
- 1D
- -0.17%
- 1M
- 1.69%
- YTD
- 2.53%
- 6M
- 2.52%
- 1Y
- 8.22%
- 3Y*
- 3.91%
- 5Y*
- 0.78%
- 10Y*
- —
FOVL vs. MMIN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
FOVL iShares Focused Value Factor ETF | 0.00% | 6.43% | 22.87% | 17.72% | -9.39% | 40.14% | -13.20% | 7.00% |
MMIN IQ MacKay Municipal Insured ETF | 2.53% | 4.65% | 0.93% | 7.45% | -11.20% | 1.35% | 7.47% | 6.02% |
Correlation
The correlation between FOVL and MMIN is -0.22, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.22 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.06 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.01 |
Correlation (All Time) Calculated using the full available price history since Mar 21, 2019 | -0.03 |
The correlation between FOVL and MMIN shifts across timeframes, from -0.22 (1 year) to 0.06 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
FOVL vs. MMIN — Risk / Return Rank
FOVL
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
MMIN
FOVL vs. MMIN - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Focused Value Factor ETF (FOVL) and IQ MacKay Municipal Insured ETF (MMIN). 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.
| FOVL | MMIN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.44 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 2.87 | — |
| Martin ratioReturn relative to average drawdown | — | 10.54 | — |
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Drawdowns
FOVL vs. MMIN - Drawdown Comparison
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Drawdown Indicators
| FOVL | MMIN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | — | -16.87% | — |
Max Drawdown (1Y)Largest decline over 1 year | — | -2.87% | — |
Max Drawdown (3Y)Largest decline over 3 years | — | -7.22% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -16.87% | — |
Current DrawdownCurrent decline from peak | — | -0.17% | — |
Average DrawdownAverage peak-to-trough decline | — | -4.30% | — |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 0.78% | — |
Volatility
FOVL vs. MMIN - Volatility Comparison
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Volatility by Period
| FOVL | MMIN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 0.85% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 2.49% | — |
Volatility (1Y)Calculated over the trailing 1-year period | — | 3.70% | — |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | — | 5.02% | — |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | — | 6.95% | — |
FOVL vs. MMIN - Expense Ratio Comparison
FOVL has a 0.25% expense ratio, which is lower than MMIN's 0.31% expense ratio.
Dividends
FOVL vs. MMIN - Dividend Comparison
FOVL has not paid dividends to shareholders, while MMIN's dividend yield for the trailing twelve months is around 4.11%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
FOVL iShares Focused Value Factor ETF | 0.00% | 1.36% | 2.08% | 2.59% | 3.38% | 2.80% | 2.88% | 2.09% | 0.00% | 0.00% |
MMIN IQ MacKay Municipal Insured ETF | 4.11% | 4.07% | 3.96% | 3.73% | 2.93% | 1.72% | 2.21% | 2.75% | 2.78% | 0.47% |
Frequently Asked Questions
FOVL and MMIN have a correlation of -0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, FOVL is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.
FOVL is cheaper with a 0.25% expense ratio, compared with 0.31% for MMIN.
MMIN has the higher dividend yield at 4.11%, compared with 0.00% for FOVL.
FOVL is categorized as Mid Cap Value Equities, while MMIN is Municipal Bonds. FOVL tracks MSCI USA IMI Focused Value Factor Index, while MMIN tracks Bloomberg Barclays Municipal All Insured Bond Index. They also come from different issuers: iShares and New York Life. Their fees differ too: 0.25% for FOVL and 0.31% for MMIN.
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