IQRA vs. MMCA

Last updated Jun 24, 2026

IQRA (IQ CBRE Real Assets ETF) and MMCA (IQ MacKay California Municipal Intermediate ETF) are both exchange-traded funds - IQRA is a REIT 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, IQRA returned 11.46%/yr vs 4.09%/yr for MMCA. At a 0.35 correlation, their price movements are largely independent. IQRA charges 0.65%/yr vs 0.36%/yr for MMCA.

Performance

IQRA vs. MMCA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in IQ CBRE Real Assets ETF (IQRA) 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, IQRA achieves a 8.27% return, which is significantly higher than MMCA's 1.16% return.

IQRA

• 1D: 0.59%
• 1M: -0.63%
• YTD: 8.27%
• 6M: 8.38%
• 1Y: 12.86%
• 3Y*: 11.46%
• 5Y*: —
• 10Y*: —

MMCA

• 1D: -0.07%
• 1M: 1.24%
• YTD: 1.16%
• 6M: 1.33%
• 1Y: 6.00%
• 3Y*: 4.09%
• 5Y*: —
• 10Y*: —

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

IQRA vs. MMCA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
IQRA IQ CBRE Real Assets ETF	8.27%	12.42%	5.58%	2.80%
MMCA IQ MacKay California Municipal Intermediate ETF	1.16%	5.74%	1.70%	3.18%

Correlation

The correlation between IQRA and MMCA is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.34
Correlation (3Y) Calculated over the trailing 3-year period	0.36
Correlation (All Time) Calculated using the full available price history since May 10, 2023	0.35

Return for Risk

IQRA vs. MMCA — Risk / Return Rank

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

IQRA

IQRA Risk / Return Rank: 35
IQRA Sharpe Ratio Rank: 36
IQRA Sortino Ratio Rank: 33
IQRA Omega Ratio Rank: 34
IQRA Calmar Ratio Rank: 34
IQRA Martin Ratio Rank: 37

MMCA

MMCA Risk / Return Rank: 67
MMCA Sharpe Ratio Rank: 80
MMCA Sortino Ratio Rank: 85
MMCA Omega Ratio Rank: 87
MMCA Calmar Ratio Rank: 43
MMCA Martin Ratio Rank: 41

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.

IQRA vs. MMCA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for IQ CBRE Real Assets ETF (IQRA) 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.

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.

	IQRA	MMCA	Difference
Sharpe ratio: Return per unit of total volatility	1.20	2.37	-1.17
Sortino ratio: Return per unit of downside risk	1.64	3.49	-1.85
Omega ratio: Gain probability vs. loss probability	1.21	1.50	-0.29
Calmar ratio: Return relative to maximum drawdown	1.61	2.00	-0.39
Martin ratio: Return relative to average drawdown	5.28	6.10	-0.82

IQRA vs. MMCA - Sharpe Ratio Comparison

The current IQRA Sharpe Ratio is 1.20, which is lower than the MMCA Sharpe Ratio of 2.37. The chart below compares the historical Sharpe Ratios of IQRA 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.

Drawdowns

IQRA vs. MMCA - Drawdown Comparison

The maximum IQRA drawdown since its inception was -15.70%, roughly equal to the maximum MMCA drawdown of -16.04%. Use the drawdown chart below to compare losses from any high point for IQRA and MMCA.

Drawdown Indicators

	IQRA	MMCA	Difference
Max Drawdown Largest peak-to-trough decline	-15.70%	-16.04%	+0.34%
Max Drawdown (1Y) Largest decline over 1 year	-8.01%	-3.01%	-5.00%
Max Drawdown (3Y) Largest decline over 3 years	-15.70%	-3.68%	-12.02%
Current Drawdown Current decline from peak	-2.97%	-1.05%	-1.92%
Average Drawdown Average peak-to-trough decline	-3.15%	-7.04%	+3.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.44%	0.99%	+1.45%

Volatility

IQRA vs. MMCA - Volatility Comparison

IQ CBRE Real Assets ETF (IQRA) has a higher volatility of 3.73% compared to IQ MacKay California Municipal Intermediate ETF (MMCA) at 0.71%. This indicates that IQRA'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

	IQRA	MMCA	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.73%	0.71%	+3.02%
Volatility (6M) Calculated over the trailing 6-month period	8.60%	1.92%	+6.68%
Volatility (1Y) Calculated over the trailing 1-year period	10.83%	2.56%	+8.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.85%	3.59%	+9.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.85%	3.59%	+9.26%

IQRA vs. MMCA - Expense Ratio Comparison

IQRA has a 0.65% expense ratio, which is higher than MMCA's 0.36% expense ratio.

Dividends

IQRA vs. MMCA - Dividend Comparison

IQRA's dividend yield for the trailing twelve months is around 2.70%, less than MMCA's 3.27% yield.

Position	TTM	2025	2024	2023	2022	2021
IQRA IQ CBRE Real Assets ETF	2.70%	2.83%	3.53%	2.14%	0.00%	0.00%
MMCA IQ MacKay California Municipal Intermediate ETF	3.27%	3.39%	3.66%	3.57%	2.90%	0.05%

Frequently Asked Questions

Can I hold both IQRA and MMCA in my portfolio?

IQRA and MMCA have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IQRA or MMCA?

IQRA has higher volatility (3.73%) compared to MMCA (0.71%). In terms of maximum drawdown, IQRA dropped -15.70% vs MMCA's -16.04%.

Which ETF is better, IQRA or MMCA?

On 3-year performance, IQRA leads with 11.46% 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 0.71%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IQRA or MMCA?

Over the 3-year period, IQRA has performed better with a 11.46% return vs 4.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IQRA or MMCA?

MMCA is cheaper with a 0.36% expense ratio, compared with 0.65% for IQRA.

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

MMCA has the higher dividend yield at 3.27%, compared with 2.70% for IQRA.

What is the main difference between IQRA and MMCA?

IQRA is categorized as REIT, while MMCA is Municipal Bonds. Their fees differ too: 0.65% for IQRA and 0.36% for MMCA.

Which has better risk-adjusted returns?

MMCA currently has the higher Sharpe Ratio (2.37 vs 1.20), 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.