HMOP vs. MMIT

Last updated Jun 23, 2026

HMOP (Hartford Municipal Opportunities ETF) and MMIT (IQ MacKay Municipal Intermediate ETF) are both Municipal Bonds funds. Both are actively managed. Over the past 5 years, HMOP returned 1.40%/yr vs 1.19%/yr for MMIT. A 0.62 correlation means they provide meaningful diversification when combined. HMOP charges 0.29%/yr vs 0.31%/yr for MMIT.

Performance

HMOP vs. MMIT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Hartford Municipal Opportunities ETF (HMOP) and IQ MacKay Municipal Intermediate ETF (MMIT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with HMOP having a 1.68% return and MMIT slightly lower at 1.61%.

HMOP

• 1D: 0.36%
• 1M: 1.15%
• YTD: 1.68%
• 6M: 1.82%
• 1Y: 6.16%
• 3Y*: 4.32%
• 5Y*: 1.40%
• 10Y*: —

MMIT

• 1D: -0.04%
• 1M: 1.21%
• YTD: 1.61%
• 6M: 1.67%
• 1Y: 6.18%
• 3Y*: 3.68%
• 5Y*: 1.19%
• 10Y*: —

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

HMOP vs. MMIT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HMOP Hartford Municipal Opportunities ETF	1.68%	4.70%	2.52%	6.83%	-8.37%	1.80%	5.52%	7.77%	1.59%	0.05%
MMIT IQ MacKay Municipal Intermediate ETF	1.61%	5.03%	1.46%	5.42%	-7.40%	1.55%	6.17%	7.49%	2.41%	0.47%

Correlation

The correlation between HMOP and MMIT is 0.53, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.53
Correlation (3Y) Calculated over the trailing 3-year period	0.65
Correlation (5Y) Calculated over the trailing 5-year period	0.70
Correlation (All Time) Calculated using the full available price history since Dec 14, 2017	0.62

The correlation between HMOP and MMIT shifts across timeframes, from 0.53 (1 year) to 0.70 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

HMOP vs. MMIT — Risk / Return Rank

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

HMOP

HMOP Risk / Return Rank: 67
HMOP Sharpe Ratio Rank: 77
HMOP Sortino Ratio Rank: 82
HMOP Omega Ratio Rank: 84
HMOP Calmar Ratio Rank: 48
HMOP Martin Ratio Rank: 45

MMIT

MMIT Risk / Return Rank: 70
MMIT Sharpe Ratio Rank: 80
MMIT Sortino Ratio Rank: 85
MMIT Omega Ratio Rank: 86
MMIT Calmar Ratio Rank: 50
MMIT Martin Ratio Rank: 49

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.

HMOP vs. MMIT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hartford Municipal Opportunities ETF (HMOP) and IQ MacKay Municipal Intermediate ETF (MMIT). 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.

	HMOP	MMIT	Difference
Sharpe ratio: Return per unit of total volatility	2.36	2.46	-0.10
Sortino ratio: Return per unit of downside risk	3.48	3.64	-0.17
Omega ratio: Gain probability vs. loss probability	1.49	1.51	-0.02
Calmar ratio: Return relative to maximum drawdown	2.29	2.40	-0.10
Martin ratio: Return relative to average drawdown	7.28	8.00	-0.73

HMOP vs. MMIT - Sharpe Ratio Comparison

The current HMOP Sharpe Ratio is 2.36, which is comparable to the MMIT Sharpe Ratio of 2.46. The chart below compares the historical Sharpe Ratios of HMOP and MMIT, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

HMOP vs. MMIT - Drawdown Comparison

The maximum HMOP drawdown since its inception was -13.12%, which is greater than MMIT's maximum drawdown of -12.28%. Use the drawdown chart below to compare losses from any high point for HMOP and MMIT.

Drawdown Indicators

	HMOP	MMIT	Difference
Max Drawdown Largest peak-to-trough decline	-13.12%	-12.28%	-0.84%
Max Drawdown (1Y) Largest decline over 1 year	-2.70%	-2.59%	-0.11%
Max Drawdown (3Y) Largest decline over 3 years	-4.81%	-3.96%	-0.85%
Max Drawdown (5Y) Largest decline over 5 years	-13.12%	-12.28%	-0.84%
Current Drawdown Current decline from peak	-0.64%	-0.56%	-0.08%
Average Drawdown Average peak-to-trough decline	-2.46%	-2.26%	-0.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.85%	0.77%	+0.08%

Volatility

HMOP vs. MMIT - Volatility Comparison

Hartford Municipal Opportunities ETF (HMOP) has a higher volatility of 0.74% compared to IQ MacKay Municipal Intermediate ETF (MMIT) at 0.68%. This indicates that HMOP's price experiences larger fluctuations and is considered to be riskier than MMIT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HMOP	MMIT	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.74%	0.68%	+0.06%
Volatility (6M) Calculated over the trailing 6-month period	1.83%	1.69%	+0.14%
Volatility (1Y) Calculated over the trailing 1-year period	2.63%	2.53%	+0.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.87%	3.55%	+0.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.25%	4.29%	-0.04%

HMOP vs. MMIT - Expense Ratio Comparison

HMOP has a 0.29% expense ratio, which is lower than MMIT's 0.31% expense ratio.

Dividends

HMOP vs. MMIT - Dividend Comparison

HMOP's dividend yield for the trailing twelve months is around 3.45%, less than MMIT's 3.56% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
HMOP Hartford Municipal Opportunities ETF	3.45%	3.40%	3.22%	2.92%	2.12%	1.67%	5.26%	2.87%	2.27%	0.00%
MMIT IQ MacKay Municipal Intermediate ETF	3.56%	3.54%	3.76%	3.46%	2.30%	1.81%	2.59%	4.14%	2.46%	0.35%

Frequently Asked Questions

Can I hold both HMOP and MMIT in my portfolio?

HMOP and MMIT have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HMOP or MMIT?

HMOP has higher volatility (0.74%) compared to MMIT (0.68%). In terms of maximum drawdown, HMOP dropped -13.12% vs MMIT's -12.28%.

Which ETF is better, HMOP or MMIT?

On 5-year performance, HMOP leads with 1.40% vs 1.19% for MMIT. On fees, HMOP is cheaper at 0.29% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HMOP or MMIT?

Over the 5-year period, HMOP has performed better with a 1.40% return vs 1.19%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HMOP or MMIT?

HMOP is cheaper with a 0.29% expense ratio, compared with 0.31% for MMIT.

Which ETF pays a higher dividend yield, HMOP or MMIT?

MMIT has the higher dividend yield at 3.56%, compared with 3.45% for HMOP.

What is the main difference between HMOP and MMIT?

They also come from different issuers: Hartford and New York Life. Their fees differ too: 0.29% for HMOP and 0.31% for MMIT.

Which has better risk-adjusted returns?

MMIT currently has the higher Sharpe Ratio (2.46 vs 2.36), 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.