PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
HFXI vs. MMIN
Performance
Return for Risk
Drawdowns
Volatility
Dividends

HFXI vs. MMIN

Last updated Jun 4, 2026

HFXI (IQ 50 Percent Hedged FTSE International ETF) and MMIN (IQ MacKay Municipal Insured ETF) are both exchange-traded funds - HFXI is a Foreign Large Cap Equities fund tracking the FTSE Developed ex North America 50% Hedged to USD Index, while MMIN is a Municipal Bonds fund tracking the Bloomberg Barclays Municipal All Insured Bond Index. Both are passively managed. Over the past 5 years, HFXI returned 12.14%/yr vs 0.74%/yr for MMIN. At a 0.04 correlation, their price movements are largely independent. HFXI charges 0.20%/yr vs 0.31%/yr for MMIN.

Performance

HFXI vs. MMIN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in IQ 50 Percent Hedged FTSE International ETF (HFXI) and IQ MacKay Municipal Insured ETF (MMIN). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, HFXI achieves a 17.13% return, which is significantly higher than MMIN's 2.32% return.

HFXI

1D
-0.45%
1M
7.03%
YTD
17.13%
6M
20.26%
1Y
35.26%
3Y*
20.46%
5Y*
12.14%
10Y*
11.47%

MMIN

1D
0.00%
1M
0.85%
YTD
2.32%
6M
2.74%
1Y
9.31%
3Y*
4.21%
5Y*
0.74%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

HFXI vs. MMIN - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
HFXI
IQ 50 Percent Hedged FTSE International ETF		17.13%30.10%7.58%19.56%-10.71%13.96%6.88%23.67%-12.69%2.48%
MMIN
IQ MacKay Municipal Insured ETF		2.32%4.65%0.93%7.45%-11.20%1.35%7.47%8.08%1.97%1.20%

Correlation

The correlation between HFXI and MMIN is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.13

Correlation (3Y)
Calculated over the trailing 3-year period

0.15

Correlation (5Y)
Calculated over the trailing 5-year period

0.12

Correlation (All Time)
Calculated using the full available price history since Oct 19, 2017

0.04

The correlation between HFXI and MMIN shifts across timeframes, from 0.04 (all time) to 0.15 (3 years), reflecting how their relationship changes across market environments.

HFXI vs. MMIN - Sectors Allocation Comparison

Sectors
HFXI
MMIN

Financial Services

22.8%
-0.9%

Industrials

20.1%

-

Technology

14.5%

-

Healthcare

9.5%

-

Consumer Cyclical

7.7%

-

Consumer Defensive

6.3%

-

Basic Materials

5.9%

-

Energy

3.6%

-

Utilities

3.6%

-

Communication Services

3.5%

-

Real Estate

2.5%

-

Financial Services

HFXI
22.8%
MMIN
-0.9%

Industrials

HFXI
20.1%
MMIN

-

Technology

HFXI
14.5%
MMIN

-

Healthcare

HFXI
9.5%
MMIN

-

Consumer Cyclical

HFXI
7.7%
MMIN

-

Consumer Defensive

HFXI
6.3%
MMIN

-

Basic Materials

HFXI
5.9%
MMIN

-

Energy

HFXI
3.6%
MMIN

-

Utilities

HFXI
3.6%
MMIN

-

Communication Services

HFXI
3.5%
MMIN

-

Real Estate

HFXI
2.5%
MMIN

-

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

IQ 50 Percent Hedged FTSE International ETF

IQ MacKay Municipal Insured ETF

Often compared with HFXI:
HFXI vs. DBAWHFXI vs. FLKRHFXI vs. FFLCHFXI vs. DBEFHFXI vs. VIGIHFXI vs. IQSIHFXI vs. SGOVX
Often compared with MMIN:
MMIN vs. ACTHXMMIN vs. OVMMMIN vs. MMITMMIN vs. JMUBMMIN vs. ZTAXMMIN vs. IWFGMMIN vs. LQD

Return for Risk

HFXI vs. MMIN — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
HFXI
HFXI Risk / Return Rank: 7171
Overall Rank
HFXI Sharpe Ratio Rank: 7373
Sharpe Ratio Rank
HFXI Sortino Ratio Rank: 7373
Sortino Ratio Rank
HFXI Omega Ratio Rank: 7474
Omega Ratio Rank
HFXI Calmar Ratio Rank: 6565
Calmar Ratio Rank
HFXI Martin Ratio Rank: 7070
Martin Ratio Rank
MMIN
MMIN Risk / Return Rank: 7474
Overall Rank
MMIN Sharpe Ratio Rank: 7575
Sharpe Ratio Rank
MMIN Sortino Ratio Rank: 8181
Sortino Ratio Rank
MMIN Omega Ratio Rank: 8282
Omega Ratio Rank
MMIN Calmar Ratio Rank: 6666
Calmar Ratio Rank
MMIN Martin Ratio Rank: 6565
Martin Ratio Rank
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.

HFXI vs. MMIN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for IQ 50 Percent Hedged FTSE International ETF (HFXI) and IQ MacKay Municipal Insured ETF (MMIN). 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.

HFXIMMINDifference
Sharpe ratioReturn per unit of total volatility
2.41
2.46

-0.05

Sortino ratioReturn per unit of downside risk
3.33
3.66

-0.32

Omega ratioGain probability vs. loss probability

1.44

1.49

-0.05

Calmar ratioReturn relative to maximum drawdown

3.27

3.25

+0.02

Martin ratioReturn relative to average drawdown

12.97

11.93

+1.04

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HFXI vs. MMIN - Sharpe Ratio Comparison

The current HFXI Sharpe Ratio is 2.41, which is comparable to the MMIN Sharpe Ratio of 2.46. The chart below compares the historical Sharpe Ratios of HFXI and MMIN, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Loading charts...

Sharpe Ratios by Period

HFXIMMINDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.41

2.46

-0.05

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.82

0.15

+0.67

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.69

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.57

0.38

+0.19

Drawdowns

HFXI vs. MMIN - Drawdown Comparison

The maximum HFXI drawdown since its inception was -32.42%, which is greater than MMIN's maximum drawdown of -16.87%. Use the drawdown chart below to compare losses from any high point for HFXI and MMIN.

Loading charts...

Drawdown Indicators

HFXIMMINDifference

Max Drawdown

Largest peak-to-trough decline

-32.42%

-16.87%

-15.55%

Max Drawdown (1Y)

Largest decline over 1 year

-10.84%

-2.87%

-7.97%

Max Drawdown (3Y)

Largest decline over 3 years

-13.52%

-7.22%

-6.30%

Max Drawdown (5Y)

Largest decline over 5 years

-22.35%

-16.87%

-5.48%

Max Drawdown (10Y)

Largest decline over 10 years

-32.42%

—

—

Current Drawdown

Current decline from peak

-0.45%

-0.08%

-0.37%

Average Drawdown

Average peak-to-trough decline

-5.46%

-4.32%

-1.14%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.72%

0.78%

+1.94%

Volatility

HFXI vs. MMIN - Volatility Comparison

IQ 50 Percent Hedged FTSE International ETF (HFXI) has a higher volatility of 5.46% compared to IQ MacKay Municipal Insured ETF (MMIN) at 1.16%. This indicates that HFXI's price experiences larger fluctuations and is considered to be riskier than MMIN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

HFXIMMINDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.46%

1.16%

+4.30%

Volatility (6M)

Calculated over the trailing 6-month period

12.40%

2.49%

+9.91%

Volatility (1Y)

Calculated over the trailing 1-year period

14.69%

3.81%

+10.88%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

14.85%

5.02%

+9.83%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.63%

6.97%

+9.66%

HFXI vs. MMIN - Expense Ratio Comparison

HFXI has a 0.20% expense ratio, which is lower than MMIN's 0.31% expense ratio.

Dividends

HFXI vs. MMIN - Dividend Comparison

HFXI's dividend yield for the trailing twelve months is around 3.84%, less than MMIN's 4.12% yield.

PositionTTM20252024202320222021202020192018201720162015
HFXI
IQ 50 Percent Hedged FTSE International ETF		3.84%4.19%2.68%2.49%4.65%3.10%2.00%3.19%4.33%2.56%2.71%0.78%
MMIN
IQ MacKay Municipal Insured ETF		4.12%4.07%3.96%3.73%2.93%1.72%2.21%2.75%2.78%0.47%0.00%0.00%

Frequently Asked Questions

HFXI and MMIN have a correlation of 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

HFXI has higher volatility (5.46%) compared to MMIN (1.16%). In terms of maximum drawdown, HFXI dropped -32.42% vs MMIN's -16.87%.

On 5-year performance, HFXI leads with 12.14% vs 0.74% for MMIN. On fees, HFXI is cheaper at 0.20% per year. On volatility, MMIN has been the lower-risk option at 1.16%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, HFXI has performed better with a 12.14% return vs 0.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

HFXI is cheaper with a 0.20% expense ratio, compared with 0.31% for MMIN.

MMIN has the higher dividend yield at 4.12%, compared with 3.84% for HFXI.

HFXI is categorized as Foreign Large Cap Equities, while MMIN is Municipal Bonds. HFXI tracks FTSE Developed ex North America 50% Hedged to USD Index, while MMIN tracks Bloomberg Barclays Municipal All Insured Bond Index. Their fees differ too: 0.20% for HFXI and 0.31% for MMIN.

MMIN currently has the higher Sharpe Ratio (2.46 vs 2.41), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.

Portfolio Optimizer

Find the right allocation for HFXI and MMIN

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer