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IGE vs. MMIN
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IGE vs. MMIN

Last updated Jun 4, 2026

IGE (iShares North American Natural Resources ETF) and MMIN (IQ MacKay Municipal Insured ETF) are both exchange-traded funds - IGE is a Energy Equities fund tracking the S&P North American Natural Resources Sector 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, IGE returned 17.22%/yr vs 0.74%/yr for MMIN. At a correlation of -0.05, they often move in opposite directions. IGE charges 0.39%/yr vs 0.31%/yr for MMIN.

Performance

IGE vs. MMIN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares North American Natural Resources ETF (IGE) 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, IGE achieves a 22.98% return, which is significantly higher than MMIN's 2.32% return.

IGE

1D
-0.15%
1M
-0.36%
YTD
22.98%
6M
23.36%
1Y
43.74%
3Y*
20.25%
5Y*
17.22%
10Y*
9.79%

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)

IGE vs. MMIN - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
IGE
iShares North American Natural Resources ETF		22.98%20.41%7.55%3.12%33.24%39.42%-19.58%17.16%-21.59%7.00%
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 IGE and MMIN is -0.12, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

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

-0.12

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

-0.01

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

-0.02

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

-0.05

The correlation between IGE and MMIN shifts across timeframes, from -0.12 (1 year) to -0.01 (3 years), reflecting how their relationship changes across market environments.

IGE vs. MMIN - Sectors Allocation Comparison

Sectors
IGE
MMIN

Energy

71.9%

-

Basic Materials

24.5%

-

Consumer Cyclical

3.3%

-

Healthcare

0.2%

-

Industrials

0.1%

-

Communication Services

-

-

Consumer Defensive

-

-

Financial Services

-

-0.9%

Real Estate

-

-

Technology

-

-

Utilities

-

-

Energy

IGE
71.9%
MMIN

-

Basic Materials

IGE
24.5%
MMIN

-

Consumer Cyclical

IGE
3.3%
MMIN

-

Healthcare

IGE
0.2%
MMIN

-

Industrials

IGE
0.1%
MMIN

-

Communication Services

IGE

-

MMIN

-

Consumer Defensive

IGE

-

MMIN

-

Financial Services

IGE

-

MMIN
-0.9%

Real Estate

IGE

-

MMIN

-

Technology

IGE

-

MMIN

-

Utilities

IGE

-

MMIN

-

Compare stocks, funds, or ETFs

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

iShares North American Natural Resources ETF

IQ MacKay Municipal Insured ETF

Often compared with IGE:
IGE vs. NANRIGE vs. GUNRIGE vs. XLEIGE vs. IGEBIGE vs. PXEIGE vs. VTIIGE vs. FXAIX
Often compared with MMIN:
MMIN vs. ACTHXMMIN vs. OVMMMIN vs. MMITMMIN vs. JMUBMMIN vs. ZTAXMMIN vs. IWFGMMIN vs. LQD

Return for Risk

IGE vs. MMIN — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
IGE
IGE Risk / Return Rank: 8484
Overall Rank
IGE Sharpe Ratio Rank: 8383
Sharpe Ratio Rank
IGE Sortino Ratio Rank: 8080
Sortino Ratio Rank
IGE Omega Ratio Rank: 7575
Omega Ratio Rank
IGE Calmar Ratio Rank: 9595
Calmar Ratio Rank
IGE Martin Ratio Rank: 8888
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.

IGE vs. MMIN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares North American Natural Resources ETF (IGE) 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.

IGEMMINDifference
Sharpe ratioReturn per unit of total volatility
2.75
2.46

+0.29

Sortino ratioReturn per unit of downside risk
3.64
3.66

-0.01

Omega ratioGain probability vs. loss probability

1.45

1.49

-0.04

Calmar ratioReturn relative to maximum drawdown

7.93

3.25

+4.68

Martin ratioReturn relative to average drawdown

19.51

11.93

+7.58

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

IGE vs. MMIN - Sharpe Ratio Comparison

The current IGE Sharpe Ratio is 2.75, which is comparable to the MMIN Sharpe Ratio of 2.46. The chart below compares the historical Sharpe Ratios of IGE 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.

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Sharpe Ratios by Period

IGEMMINDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.75

2.46

+0.29

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.77

0.15

+0.62

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.39

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.30

0.38

-0.08

Drawdowns

IGE vs. MMIN - Drawdown Comparison

The maximum IGE drawdown since its inception was -67.55%, which is greater than MMIN's maximum drawdown of -16.87%. Use the drawdown chart below to compare losses from any high point for IGE and MMIN.

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Drawdown Indicators

IGEMMINDifference

Max Drawdown

Largest peak-to-trough decline

-67.55%

-16.87%

-50.68%

Max Drawdown (1Y)

Largest decline over 1 year

-5.54%

-2.87%

-2.67%

Max Drawdown (3Y)

Largest decline over 3 years

-19.49%

-7.22%

-12.27%

Max Drawdown (5Y)

Largest decline over 5 years

-25.72%

-16.87%

-8.85%

Max Drawdown (10Y)

Largest decline over 10 years

-60.57%

—

—

Current Drawdown

Current decline from peak

-2.86%

-0.08%

-2.78%

Average Drawdown

Average peak-to-trough decline

-18.90%

-4.32%

-14.58%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.25%

0.78%

+1.47%

Volatility

IGE vs. MMIN - Volatility Comparison

iShares North American Natural Resources ETF (IGE) has a higher volatility of 4.40% compared to IQ MacKay Municipal Insured ETF (MMIN) at 1.16%. This indicates that IGE'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.

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Volatility by Period

IGEMMINDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.40%

1.16%

+3.24%

Volatility (6M)

Calculated over the trailing 6-month period

12.67%

2.49%

+10.18%

Volatility (1Y)

Calculated over the trailing 1-year period

15.98%

3.81%

+12.17%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

22.45%

5.02%

+17.43%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

24.94%

6.97%

+17.97%

IGE vs. MMIN - Expense Ratio Comparison

IGE has a 0.39% expense ratio, which is higher than MMIN's 0.31% expense ratio.

Dividends

IGE vs. MMIN - Dividend Comparison

IGE's dividend yield for the trailing twelve months is around 1.89%, less than MMIN's 4.12% yield.

PositionTTM20252024202320222021202020192018201720162015
IGE
iShares North American Natural Resources ETF		1.89%2.32%2.54%2.85%2.96%2.92%3.34%5.55%2.68%2.11%1.66%3.08%
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

IGE and MMIN have a correlation of -0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

IGE has higher volatility (4.40%) compared to MMIN (1.16%). In terms of maximum drawdown, IGE dropped -67.55% vs MMIN's -16.87%.

On 5-year performance, IGE leads with 17.22% vs 0.74% for MMIN. On fees, MMIN is cheaper at 0.31% 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, IGE has performed better with a 17.22% return vs 0.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

MMIN is cheaper with a 0.31% expense ratio, compared with 0.39% for IGE.

MMIN has the higher dividend yield at 4.12%, compared with 1.89% for IGE.

IGE is categorized as Energy Equities, while MMIN is Municipal Bonds. IGE tracks S&P North American Natural Resources Sector Index, while MMIN tracks Bloomberg Barclays Municipal All Insured Bond Index. They also come from different issuers: iShares and New York Life. Their fees differ too: 0.39% for IGE and 0.31% for MMIN.

IGE currently has the higher Sharpe Ratio (2.75 vs 2.46), 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.

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