HYD vs. MMMA
HYD (VanEck Vectors High-Yield Municipal Index ETF) and MMMA (NYLI MacKay Muni Allocation ETF) are both Municipal Bonds funds. HYD is passively managed, while MMMA is actively managed. A 0.73 correlation means they provide meaningful diversification when combined. Both charge a 0.35% expense ratio.
Performance
HYD vs. MMMA - Performance Comparison
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Returns By Period
In the year-to-date period, HYD achieves a 2.48% return, which is significantly lower than MMMA's 3.81% return.
HYD
- 1D
- -0.12%
- 1M
- 1.18%
- YTD
- 2.48%
- 6M
- 2.58%
- 1Y
- 7.59%
- 3Y*
- 4.29%
- 5Y*
- -0.12%
- 10Y*
- 1.89%
MMMA
- 1D
- 0.14%
- 1M
- 1.40%
- YTD
- 3.81%
- 6M
- 3.83%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
HYD vs. MMMA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
HYD VanEck Vectors High-Yield Municipal Index ETF | 2.48% | 0.65% |
MMMA NYLI MacKay Muni Allocation ETF | 3.81% | 0.35% |
Correlation
The correlation between HYD and MMMA is 0.73, 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 | 0.73 |
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Return for Risk
HYD vs. MMMA — Risk / Return Rank
HYD
MMMA
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
HYD vs. MMMA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Vectors High-Yield Municipal Index ETF (HYD) 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.
| HYD | MMMA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.40 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 2.38 | — | — |
| Martin ratioReturn relative to average drawdown | 8.17 | — | — |
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Drawdowns
HYD vs. MMMA - Drawdown Comparison
The maximum HYD drawdown since its inception was -35.61%, which is greater than MMMA's maximum drawdown of -2.79%. Use the drawdown chart below to compare losses from any high point for HYD and MMMA.
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Drawdown Indicators
| HYD | MMMA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.61% | -2.79% | -32.82% |
Max Drawdown (1Y)Largest decline over 1 year | -3.21% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -7.23% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -20.72% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -35.61% | — | — |
Current DrawdownCurrent decline from peak | -1.69% | 0.00% | -1.69% |
Average DrawdownAverage peak-to-trough decline | -4.31% | -0.55% | -3.76% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.93% | — | — |
Volatility
HYD vs. MMMA - Volatility Comparison
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Volatility by Period
| HYD | MMMA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.93% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 3.07% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 4.00% | 4.01% | -0.01% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.46% | 4.01% | +2.45% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.61% | 4.01% | +8.60% |
HYD vs. MMMA - Expense Ratio Comparison
Both HYD and MMMA have an expense ratio of 0.35%.
Dividends
HYD vs. MMMA - Dividend Comparison
HYD's dividend yield for the trailing twelve months is around 4.24%, more than MMMA's 1.94% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HYD VanEck Vectors High-Yield Municipal Index ETF | 4.24% | 4.29% | 4.29% | 4.13% | 3.96% | 3.50% | 4.01% | 4.08% | 4.43% | 4.29% | 4.58% | 4.82% |
MMMA NYLI MacKay Muni Allocation ETF | 1.94% | 0.17% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
HYD and MMMA have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
Both ETFs have the same 0.35% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
HYD and MMMA have the same expense ratio: 0.35% per year.
HYD has the higher dividend yield at 4.24%, compared with 1.94% for MMMA.
They also come from different issuers: VanEck and NYLI.
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