IWLG vs. MMMA

Last updated Jun 25, 2026

IWLG (NYLI Winslow Large Cap Growth ETF) and MMMA (NYLI MacKay Muni Allocation ETF) are both exchange-traded funds - IWLG is a Large Cap Growth Equities fund actively managed by NYLI, while MMMA is a Municipal Bonds fund actively managed by NYLI. Both are actively managed. At a 0.36 correlation, their price movements are largely independent. IWLG charges 0.50%/yr vs 0.35%/yr for MMMA.

Performance

IWLG vs. MMMA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in NYLI Winslow Large Cap Growth ETF (IWLG) and NYLI MacKay Muni Allocation ETF (MMMA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IWLG achieves a 1.43% return, which is significantly lower than MMMA's 3.67% return.

IWLG

• 1D: -0.08%
• 1M: -1.59%
• YTD: 1.43%
• 6M: -0.03%
• 1Y: 8.98%
• 3Y*: 21.15%
• 5Y*: —
• 10Y*: —

MMMA

• 1D: 0.21%
• 1M: 1.85%
• YTD: 3.67%
• 6M: 3.68%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

IWLG vs. MMMA - Yearly Performance Comparison

	2026 (YTD)	2025
IWLG NYLI Winslow Large Cap Growth ETF	1.43%	1.29%
MMMA NYLI MacKay Muni Allocation ETF	3.67%	0.35%

Correlation

The correlation between IWLG and MMMA is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Dec 16, 2025	0.36

Return for Risk

IWLG vs. MMMA — Risk / Return Rank

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

IWLG

IWLG Risk / Return Rank: 16
IWLG Sharpe Ratio Rank: 17
IWLG Sortino Ratio Rank: 16
IWLG Omega Ratio Rank: 16
IWLG Calmar Ratio Rank: 14
IWLG Martin Ratio Rank: 16

MMMA

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

IWLG vs. MMMA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NYLI Winslow Large Cap Growth ETF (IWLG) 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.

	IWLG	MMMA	Difference
Sharpe ratio: Return per unit of total volatility	0.51	—	—
Sortino ratio: Return per unit of downside risk	0.80	—	—
Omega ratio: Gain probability vs. loss probability	1.10	—	—
Calmar ratio: Return relative to maximum drawdown	0.46	—	—
Martin ratio: Return relative to average drawdown	1.39	—	—

Drawdowns

IWLG vs. MMMA - Drawdown Comparison

The maximum IWLG drawdown since its inception was -23.19%, which is greater than MMMA's maximum drawdown of -2.79%. Use the drawdown chart below to compare losses from any high point for IWLG and MMMA.

Drawdown Indicators

	IWLG	MMMA	Difference
Max Drawdown Largest peak-to-trough decline	-23.19%	-2.79%	-20.40%
Max Drawdown (1Y) Largest decline over 1 year	-19.45%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-23.19%	—	—
Current Drawdown Current decline from peak	-5.28%	0.00%	-5.28%
Average Drawdown Average peak-to-trough decline	-4.56%	-0.55%	-4.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.47%	—	—

Volatility

Volatility by Period

	IWLG	MMMA	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.68%	—	—
Volatility (6M) Calculated over the trailing 6-month period	13.93%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	17.63%	4.03%	+13.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.13%	4.03%	+17.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.13%	4.03%	+17.10%

IWLG vs. MMMA - Expense Ratio Comparison

IWLG has a 0.50% expense ratio, which is higher than MMMA's 0.35% expense ratio.

Dividends

IWLG vs. MMMA - Dividend Comparison

IWLG has not paid dividends to shareholders, while MMMA's dividend yield for the trailing twelve months is around 1.95%.

Position	TTM	2025	2024	2023	2022
IWLG NYLI Winslow Large Cap Growth ETF	0.00%	0.00%	1.34%	0.01%	0.05%
MMMA NYLI MacKay Muni Allocation ETF	1.95%	0.17%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both IWLG and MMMA in my portfolio?

IWLG and MMMA have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, IWLG or MMMA?

On fees, MMMA is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, IWLG or MMMA?

MMMA is cheaper with a 0.35% expense ratio, compared with 0.50% for IWLG.

Which ETF pays a higher dividend yield, IWLG or MMMA?

MMMA has the higher dividend yield at 1.95%, compared with 0.00% for IWLG.

What is the main difference between IWLG and MMMA?

IWLG is categorized as Large Cap Growth Equities, while MMMA is Municipal Bonds. Their fees differ too: 0.50% for IWLG and 0.35% for MMMA.