FTMS vs. MMMA

Last updated Jun 24, 2026

FTMS (Franklin Short-Term Municipal Income ETF) and MMMA (NYLI MacKay Muni Allocation ETF) are both Municipal Bonds funds. Both are actively managed. At a 0.36 correlation, their price movements are largely independent. FTMS charges 0.21%/yr vs 0.35%/yr for MMMA.

Performance

FTMS vs. MMMA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin Short-Term Municipal Income ETF (FTMS) 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, FTMS achieves a 1.41% return, which is significantly lower than MMMA's 3.45% return.

FTMS

• 1D: -0.02%
• 1M: 0.80%
• YTD: 1.41%
• 6M: 1.46%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

MMMA

• 1D: -0.09%
• 1M: 1.64%
• YTD: 3.45%
• 6M: 3.56%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FTMS vs. MMMA - Yearly Performance Comparison

	2026 (YTD)	2025
FTMS Franklin Short-Term Municipal Income ETF	1.41%	0.24%
MMMA NYLI MacKay Muni Allocation ETF	3.45%	0.35%

Correlation

The correlation between FTMS and MMMA is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Dec 16, 2025	0.36

Return for Risk

FTMS vs. MMMA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin Short-Term Municipal Income ETF (FTMS) 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

FTMS vs. MMMA - Drawdown Comparison

The maximum FTMS drawdown since its inception was -1.24%, smaller than the maximum MMMA drawdown of -2.79%. Use the drawdown chart below to compare losses from any high point for FTMS and MMMA.

Drawdown Indicators

	FTMS	MMMA	Difference
Max Drawdown Largest peak-to-trough decline	-1.24%	-2.79%	+1.55%
Current Drawdown Current decline from peak	-0.02%	-0.09%	+0.07%
Average Drawdown Average peak-to-trough decline	-0.28%	-0.55%	+0.27%

Volatility

Volatility by Period

	FTMS	MMMA	Difference
Volatility (1Y) Calculated over the trailing 1-year period	1.71%	4.04%	-2.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.71%	4.04%	-2.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.71%	4.04%	-2.33%

FTMS vs. MMMA - Expense Ratio Comparison

FTMS has a 0.21% expense ratio, which is lower than MMMA's 0.35% expense ratio.

Dividends

FTMS vs. MMMA - Dividend Comparison

FTMS's dividend yield for the trailing twelve months is around 1.97%, more than MMMA's 1.95% yield.

Position	TTM	2025
FTMS Franklin Short-Term Municipal Income ETF	1.97%	0.57%
MMMA NYLI MacKay Muni Allocation ETF	1.95%	0.17%

Frequently Asked Questions

Can I hold both FTMS and MMMA in my portfolio?

FTMS and MMMA have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, FTMS or MMMA?

On fees, FTMS is cheaper at 0.21% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FTMS or MMMA?

FTMS is cheaper with a 0.21% expense ratio, compared with 0.35% for MMMA.

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

FTMS has the higher dividend yield at 1.97%, compared with 1.95% for MMMA.

What is the main difference between FTMS and MMMA?

They also come from different issuers: Franklin Templeton and NYLI. Their fees differ too: 0.21% for FTMS and 0.35% for MMMA.