FTPA vs. MMMA

Last updated Jun 27, 2026

FTPA (Franklin Pennsylvania Municipal Income ETF) and MMMA (NYLI MacKay Muni Allocation ETF) are both Municipal Bonds funds. Both are actively managed. Their correlation of 0.82 suggests significant overlap in exposure. Both charge a 0.35% expense ratio.

Performance

FTPA vs. MMMA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin Pennsylvania Municipal Income ETF (FTPA) 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, FTPA achieves a 3.05% return, which is significantly lower than MMMA's 3.87% return.

FTPA

• 1D: 0.02%
• 1M: 1.30%
• YTD: 3.05%
• 6M: 3.23%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

MMMA

• 1D: 0.06%
• 1M: 1.21%
• YTD: 3.87%
• 6M: 4.11%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FTPA vs. MMMA - Yearly Performance Comparison

	2026 (YTD)	2025
FTPA Franklin Pennsylvania Municipal Income ETF	3.05%	0.32%
MMMA NYLI MacKay Muni Allocation ETF	3.87%	0.35%

Correlation

The correlation between FTPA and MMMA is 0.82, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Dec 16, 2025	0.82

Return for Risk

FTPA vs. MMMA - Risk-Adjusted Trends Comparison

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

FTPA vs. MMMA - Drawdown Comparison

The maximum FTPA drawdown since its inception was -2.96%, which is greater than MMMA's maximum drawdown of -2.79%. Use the drawdown chart below to compare losses from any high point for FTPA and MMMA.

Drawdown Indicators

	FTPA	MMMA	Difference
Max Drawdown Largest peak-to-trough decline	-2.96%	-2.79%	-0.17%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.60%	-0.54%	-0.06%

Volatility

Volatility by Period

	FTPA	MMMA	Difference
Volatility (1Y) Calculated over the trailing 1-year period	3.95%	4.00%	-0.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.95%	4.00%	-0.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.95%	4.00%	-0.05%

FTPA vs. MMMA - Expense Ratio Comparison

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

Dividends

FTPA vs. MMMA - Dividend Comparison

FTPA's dividend yield for the trailing twelve months is around 2.06%, more than MMMA's 1.94% yield.

Position	TTM	2025
FTPA Franklin Pennsylvania Municipal Income ETF	2.06%	0.47%
MMMA NYLI MacKay Muni Allocation ETF	1.94%	0.17%

Frequently Asked Questions

Can I hold both FTPA and MMMA in my portfolio?

FTPA and MMMA have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, FTPA 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, FTPA or MMMA?

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

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

FTPA has the higher dividend yield at 2.06%, compared with 1.94% for MMMA.

What is the main difference between FTPA and MMMA?

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