GMUN vs. MMMA
GMUN (Goldman Sachs Community Municipal Bond ETF) and MMMA (NYLI MacKay Muni Allocation ETF) are both Municipal Bonds funds. GMUN is passively managed, while MMMA is actively managed. A 0.66 correlation means they provide meaningful diversification when combined. GMUN charges 0.15%/yr vs 0.35%/yr for MMMA.
Performance
GMUN vs. MMMA - Performance Comparison
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Returns By Period
In the year-to-date period, GMUN achieves a -0.34% return, which is significantly lower than MMMA's 3.81% return.
GMUN
- 1D
- 0.00%
- 1M
- -0.58%
- YTD
- -0.34%
- 6M
- -0.20%
- 1Y
- 4.19%
- 3Y*
- 3.06%
- 5Y*
- —
- 10Y*
- —
MMMA
- 1D
- 0.14%
- 1M
- 1.40%
- YTD
- 3.81%
- 6M
- 3.83%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
GMUN vs. MMMA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
GMUN Goldman Sachs Community Municipal Bond ETF | -0.34% | 0.36% |
MMMA NYLI MacKay Muni Allocation ETF | 3.81% | 0.35% |
Correlation
The correlation between GMUN and MMMA is 0.66, 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 | 0.66 |
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Return for Risk
GMUN vs. MMMA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs Community Municipal Bond ETF (GMUN) 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.
| GMUN | MMMA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.49 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 1.75 | — | — |
| Martin ratioReturn relative to average drawdown | 5.36 | — | — |
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Drawdowns
GMUN vs. MMMA - Drawdown Comparison
The maximum GMUN drawdown since its inception was -4.35%, which is greater than MMMA's maximum drawdown of -2.79%. Use the drawdown chart below to compare losses from any high point for GMUN and MMMA.
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Drawdown Indicators
| GMUN | MMMA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -4.35% | -2.79% | -1.56% |
Max Drawdown (1Y)Largest decline over 1 year | -2.83% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -3.37% | — | — |
Current DrawdownCurrent decline from peak | -2.29% | 0.00% | -2.29% |
Average DrawdownAverage peak-to-trough decline | -1.02% | -0.55% | -0.47% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.92% | — | — |
Volatility
GMUN vs. MMMA - Volatility Comparison
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Volatility by Period
| GMUN | MMMA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.09% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 2.00% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 2.42% | 4.01% | -1.59% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.95% | 4.01% | -1.06% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.95% | 4.01% | -1.06% |
GMUN vs. MMMA - Expense Ratio Comparison
GMUN has a 0.15% expense ratio, which is lower than MMMA's 0.35% expense ratio.
Dividends
GMUN vs. MMMA - Dividend Comparison
GMUN has not paid dividends to shareholders, while MMMA's dividend yield for the trailing twelve months is around 1.94%.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
GMUN Goldman Sachs Community Municipal Bond ETF | 3.12% | 2.94% | 3.22% | 2.20% |
MMMA NYLI MacKay Muni Allocation ETF | 1.94% | 0.17% | 0.00% | 0.00% |
Frequently Asked Questions
GMUN and MMMA have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, GMUN is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.
GMUN is cheaper with a 0.15% expense ratio, compared with 0.35% for MMMA.
GMUN has the higher dividend yield at 3.12%, compared with 1.94% for MMMA.
They also come from different issuers: Goldman Sachs and NYLI. Their fees differ too: 0.15% for GMUN and 0.35% for MMMA.
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