IQHI vs. MMCA

Last updated Jun 6, 2026

IQHI (IQ MacKay ESG High Income ETF) and MMCA (IQ MacKay California Municipal Intermediate ETF) are both exchange-traded funds - IQHI is a High Yield Bonds fund actively managed by IndexIQ, while MMCA is a Municipal Bonds fund actively managed by IndexIQ. Both are actively managed. Over the past 3 years, IQHI returned 8.35%/yr vs 4.09%/yr for MMCA. At a 0.30 correlation, their price movements are largely independent. IQHI charges 0.40%/yr vs 0.36%/yr for MMCA.

Performance

IQHI vs. MMCA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in IQ MacKay ESG High Income ETF (IQHI) and IQ MacKay California Municipal Intermediate ETF (MMCA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IQHI achieves a 1.59% return, which is significantly higher than MMCA's 0.83% return.

IQHI

• 1D: 0.25%
• 1M: -0.01%
• YTD: 1.59%
• 6M: 2.22%
• 1Y: 7.00%
• 3Y*: 8.35%
• 5Y*: —
• 10Y*: —

MMCA

• 1D: 0.03%
• 1M: 0.29%
• YTD: 0.83%
• 6M: 1.20%
• 1Y: 6.34%
• 3Y*: 4.09%
• 5Y*: —
• 10Y*: —

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

IQHI vs. MMCA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
IQHI IQ MacKay ESG High Income ETF	1.59%	8.59%	6.98%	12.40%	2.78%
MMCA IQ MacKay California Municipal Intermediate ETF	0.83%	5.74%	1.70%	5.77%	4.44%

Correlation

The correlation between IQHI and MMCA is 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.29
Correlation (3Y) Calculated over the trailing 3-year period	0.30
Correlation (All Time) Calculated using the full available price history since Oct 26, 2022	0.30

IQHI vs. MMCA - Sectors Allocation Comparison

Sectors	IQHI	MMCA
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-
Financial Services	-0.0%	0.8%

Return for Risk

IQHI vs. MMCA — Risk / Return Rank

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

IQHI

IQHI Risk / Return Rank: 64
IQHI Sharpe Ratio Rank: 60
IQHI Sortino Ratio Rank: 64
IQHI Omega Ratio Rank: 65
IQHI Calmar Ratio Rank: 61
IQHI Martin Ratio Rank: 70

MMCA

MMCA Risk / Return Rank: 69
MMCA Sharpe Ratio Rank: 80
MMCA Sortino Ratio Rank: 86
MMCA Omega Ratio Rank: 88
MMCA Calmar Ratio Rank: 46
MMCA Martin Ratio Rank: 44

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.

IQHI vs. MMCA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for IQ MacKay ESG High Income ETF (IQHI) and IQ MacKay California Municipal Intermediate ETF (MMCA). 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.

	IQHI	MMCA	Difference
Sharpe ratio: Return per unit of total volatility	1.88	2.46	-0.58
Sortino ratio: Return per unit of downside risk	2.80	3.66	-0.86
Omega ratio: Gain probability vs. loss probability	1.37	1.52	-0.16
Calmar ratio: Return relative to maximum drawdown	2.86	2.12	+0.74
Martin ratio: Return relative to average drawdown	12.24	6.67	+5.57
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IQHI vs. MMCA - Sharpe Ratio Comparison

The current IQHI Sharpe Ratio is 1.88, which is comparable to the MMCA Sharpe Ratio of 2.46. The chart below compares the historical Sharpe Ratios of IQHI and MMCA, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	IQHI	MMCA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.88	2.46	-0.58
Sharpe Ratio (All Time) Calculated using the full available price history	1.84	0.05	+1.80

Drawdowns

IQHI vs. MMCA - Drawdown Comparison

The maximum IQHI drawdown since its inception was -4.19%, smaller than the maximum MMCA drawdown of -15.97%. Use the drawdown chart below to compare losses from any high point for IQHI and MMCA.

Drawdown Indicators

	IQHI	MMCA	Difference
Max Drawdown Largest peak-to-trough decline	-4.19%	-15.97%	+11.78%
Max Drawdown (1Y) Largest decline over 1 year	-2.46%	-3.01%	+0.55%
Max Drawdown (3Y) Largest decline over 3 years	-3.97%	-3.68%	-0.29%
Current Drawdown Current decline from peak	-0.37%	-1.36%	+0.99%
Average Drawdown Average peak-to-trough decline	-0.62%	-7.04%	+6.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.57%	0.95%	-0.38%

Volatility

IQHI vs. MMCA - Volatility Comparison

IQ MacKay ESG High Income ETF (IQHI) has a higher volatility of 1.78% compared to IQ MacKay California Municipal Intermediate ETF (MMCA) at 0.88%. This indicates that IQHI's price experiences larger fluctuations and is considered to be riskier than MMCA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IQHI	MMCA	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.78%	0.88%	+0.90%
Volatility (6M) Calculated over the trailing 6-month period	3.08%	1.88%	+1.20%
Volatility (1Y) Calculated over the trailing 1-year period	3.73%	2.59%	+1.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.89%	3.60%	+1.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.89%	3.60%	+1.29%

IQHI vs. MMCA - Expense Ratio Comparison

IQHI has a 0.40% expense ratio, which is higher than MMCA's 0.36% expense ratio.

Dividends

IQHI vs. MMCA - Dividend Comparison

IQHI's dividend yield for the trailing twelve months is around 7.59%, more than MMCA's 3.28% yield.

Position	TTM	2025	2024	2023	2022	2021
IQHI IQ MacKay ESG High Income ETF	7.59%	7.88%	8.83%	6.92%	1.29%	0.00%
MMCA IQ MacKay California Municipal Intermediate ETF	3.28%	3.39%	3.66%	3.57%	2.90%	0.05%

Frequently Asked Questions

Can I hold both IQHI and MMCA in my portfolio?

IQHI and MMCA have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IQHI or MMCA?

IQHI has higher volatility (1.78%) compared to MMCA (0.88%). In terms of maximum drawdown, IQHI dropped -4.19% vs MMCA's -15.97%.

Which ETF is better, IQHI or MMCA?

On 3-year performance, IQHI leads with 8.35% vs 4.09% for MMCA. On fees, MMCA is cheaper at 0.36% per year. On volatility, MMCA has been the lower-risk option at 0.88%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IQHI or MMCA?

Over the 3-year period, IQHI has performed better with a 8.35% return vs 4.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IQHI or MMCA?

MMCA is cheaper with a 0.36% expense ratio, compared with 0.40% for IQHI.

Which ETF pays a higher dividend yield, IQHI or MMCA?

IQHI has the higher dividend yield at 7.59%, compared with 3.28% for MMCA.

What is the main difference between IQHI and MMCA?

IQHI is categorized as High Yield Bonds, while MMCA is Municipal Bonds. Their fees differ too: 0.40% for IQHI and 0.36% for MMCA.

Which has better risk-adjusted returns?

MMCA currently has the higher Sharpe Ratio (2.46 vs 1.88), 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.