GMNY vs. MMMA

Last updated Jun 23, 2026

GMNY (Goldman Sachs Dynamic New York Municipal Income ETF) and MMMA (NYLI MacKay Muni Allocation ETF) are both Municipal Bonds funds. Both are actively managed. Their correlation of 0.80 suggests significant overlap in exposure. GMNY charges 0.30%/yr vs 0.35%/yr for MMMA.

Performance

GMNY vs. MMMA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Goldman Sachs Dynamic New York Municipal Income ETF (GMNY) 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, GMNY achieves a 2.06% return, which is significantly lower than MMMA's 3.54% return.

GMNY

• 1D: -0.03%
• 1M: 1.28%
• YTD: 2.06%
• 6M: 2.24%
• 1Y: 6.30%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MMMA

• 1D: 0.01%
• 1M: 1.73%
• YTD: 3.54%
• 6M: 3.76%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

GMNY vs. MMMA - Yearly Performance Comparison

	2026 (YTD)	2025
GMNY Goldman Sachs Dynamic New York Municipal Income ETF	2.06%	0.41%
MMMA NYLI MacKay Muni Allocation ETF	3.54%	0.35%

Correlation

The correlation between GMNY and MMMA is 0.80, 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	0.80

Return for Risk

GMNY vs. MMMA — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

GMNY

GMNY Risk / Return Rank: 72
GMNY Sharpe Ratio Rank: 76
GMNY Sortino Ratio Rank: 80
GMNY Omega Ratio Rank: 84
GMNY Calmar Ratio Rank: 59
GMNY Martin Ratio Rank: 62

MMMA

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

GMNY vs. MMMA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs Dynamic New York Municipal Income ETF (GMNY) 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.

	GMNY	MMMA	Difference
Sharpe ratio: Return per unit of total volatility	2.33	—	—
Sortino ratio: Return per unit of downside risk	3.39	—	—
Omega ratio: Gain probability vs. loss probability	1.49	—	—
Calmar ratio: Return relative to maximum drawdown	2.85	—	—
Martin ratio: Return relative to average drawdown	10.80	—	—

Drawdowns

GMNY vs. MMMA - Drawdown Comparison

The maximum GMNY drawdown since its inception was -4.00%, which is greater than MMMA's maximum drawdown of -2.79%. Use the drawdown chart below to compare losses from any high point for GMNY and MMMA.

Drawdown Indicators

	GMNY	MMMA	Difference
Max Drawdown Largest peak-to-trough decline	-4.00%	-2.79%	-1.21%
Max Drawdown (1Y) Largest decline over 1 year	-2.21%	—	—
Current Drawdown Current decline from peak	-0.03%	0.00%	-0.03%
Average Drawdown Average peak-to-trough decline	-0.90%	-0.56%	-0.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.58%	—	—

Volatility

Volatility by Period

	GMNY	MMMA	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.60%	—	—
Volatility (6M) Calculated over the trailing 6-month period	2.03%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	2.72%	4.05%	-1.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.58%	4.05%	-0.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.58%	4.05%	-0.47%

GMNY vs. MMMA - Expense Ratio Comparison

GMNY has a 0.30% expense ratio, which is lower than MMMA's 0.35% expense ratio.

Dividends

GMNY vs. MMMA - Dividend Comparison

GMNY's dividend yield for the trailing twelve months is around 3.28%, more than MMMA's 1.95% yield.

Position	TTM	2025	2024
GMNY Goldman Sachs Dynamic New York Municipal Income ETF	3.28%	3.33%	1.47%
MMMA NYLI MacKay Muni Allocation ETF	1.95%	0.17%	0.00%

Frequently Asked Questions

Can I hold both GMNY and MMMA in my portfolio?

GMNY and MMMA have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, GMNY or MMMA?

On fees, GMNY is cheaper at 0.30% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, GMNY or MMMA?

GMNY is cheaper with a 0.30% expense ratio, compared with 0.35% for MMMA.

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

GMNY has the higher dividend yield at 3.28%, compared with 1.95% for MMMA.

What is the main difference between GMNY and MMMA?

They also come from different issuers: Goldman Sachs and NYLI. Their fees differ too: 0.30% for GMNY and 0.35% for MMMA.