FTCA vs. MMMA

Last updated Jun 26, 2026

FTCA (Franklin California Municipal Income ETF) and MMMA (NYLI MacKay Muni Allocation ETF) are both Municipal Bonds funds. Both are actively managed. A 0.59 correlation means they provide meaningful diversification when combined. Both charge a 0.35% expense ratio.

Performance

FTCA vs. MMMA - Performance Comparison

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

Returns By Period

In the year-to-date period, FTCA achieves a 3.15% return, which is significantly lower than MMMA's 3.81% return.

FTCA

• 1D: 0.27%
• 1M: 1.75%
• YTD: 3.15%
• 6M: 3.29%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

MMMA

• 1D: 0.14%
• 1M: 1.40%
• YTD: 3.81%
• 6M: 3.83%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FTCA vs. MMMA - Yearly Performance Comparison

	2026 (YTD)	2025
FTCA Franklin California Municipal Income ETF	3.15%	0.44%
MMMA NYLI MacKay Muni Allocation ETF	3.81%	0.35%

Correlation

The correlation between FTCA and MMMA 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 (All Time) Calculated using the full available price history since Dec 16, 2025	0.59

Return for Risk

FTCA vs. MMMA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin California Municipal Income ETF (FTCA) 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

FTCA vs. MMMA - Drawdown Comparison

The maximum FTCA drawdown since its inception was -2.92%, roughly equal to the maximum MMMA drawdown of -2.79%. Use the drawdown chart below to compare losses from any high point for FTCA and MMMA.

Drawdown Indicators

	FTCA	MMMA	Difference
Max Drawdown Largest peak-to-trough decline	-2.92%	-2.79%	-0.13%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.61%	-0.55%	-0.06%

Volatility

Volatility by Period

	FTCA	MMMA	Difference
Volatility (1Y) Calculated over the trailing 1-year period	3.40%	4.01%	-0.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.40%	4.01%	-0.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.40%	4.01%	-0.61%

FTCA vs. MMMA - Expense Ratio Comparison

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

Dividends

FTCA vs. MMMA - Dividend Comparison

FTCA's dividend yield for the trailing twelve months is around 2.32%, more than MMMA's 1.94% yield.

Position	TTM	2025
FTCA Franklin California Municipal Income ETF	2.32%	0.74%
MMMA NYLI MacKay Muni Allocation ETF	1.94%	0.17%

Frequently Asked Questions

Can I hold both FTCA and MMMA in my portfolio?

FTCA and MMMA 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 ETF is better, FTCA 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, FTCA or MMMA?

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

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

FTCA has the higher dividend yield at 2.32%, compared with 1.94% for MMMA.

What is the main difference between FTCA and MMMA?

They also come from different issuers: Franklin Templeton and NYLI.