LRND vs. MMCA

Last updated Apr 1, 2026

Compare and contrast key facts about IQ U.S. Large Cap R&D Leaders ETF (LRND) and IQ MacKay California Municipal Intermediate ETF (MMCA).

LRND and MMCA are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. LRND is a passively managed fund by IndexIQ that tracks the performance of the IQ U.S. Large Cap R&D Leaders Index - Benchmark TR Gross. It was launched on Feb 8, 2022. MMCA is an actively managed fund by IndexIQ. It was launched on Dec 21, 2021.

Performance

LRND vs. MMCA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in IQ U.S. Large Cap R&D Leaders ETF (LRND) and IQ MacKay California Municipal Intermediate ETF (MMCA). The values are adjusted to include any dividend payments, if applicable.

LRND vs. MMCA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
LRND IQ U.S. Large Cap R&D Leaders ETF	-8.71%	20.31%	21.68%	44.13%	-19.33%
MMCA IQ MacKay California Municipal Intermediate ETF	-0.43%	5.74%	1.70%	5.77%	-9.70%

Returns By Period

In the year-to-date period, LRND achieves a -8.71% return, which is significantly lower than MMCA's -0.43% return.

LRND

• 1D: 3.75%
• 1M: -5.45%
• YTD: -8.71%
• 6M: -6.42%
• 1Y: 16.32%
• 3Y*: 18.55%
• 5Y*: —
• 10Y*: —

MMCA

• 1D: 0.19%
• 1M: -2.60%
• YTD: -0.43%
• 6M: 1.02%
• 1Y: 4.71%
• 3Y*: 3.45%
• 5Y*: —
• 10Y*: —

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

LRND vs. MMCA - Expense Ratio Comparison

LRND has a 0.14% expense ratio, which is lower than MMCA's 0.36% expense ratio.

MMCA

IQ MacKay California Municipal Intermediate ETF

LRND

IQ U.S. Large Cap R&D Leaders ETF

Return for Risk

LRND vs. MMCA — Risk / Return Rank

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

LRND

LRND Risk / Return Rank: 44
LRND Sharpe Ratio Rank: 41
LRND Sortino Ratio Rank: 44
LRND Omega Ratio Rank: 44
LRND Calmar Ratio Rank: 46
LRND Martin Ratio Rank: 46

MMCA

MMCA Risk / Return Rank: 70
MMCA Sharpe Ratio Rank: 76
MMCA Sortino Ratio Rank: 71
MMCA Omega Ratio Rank: 79
MMCA Calmar Ratio Rank: 65
MMCA Martin Ratio Rank: 61

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.

LRND vs. MMCA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for IQ U.S. Large Cap R&D Leaders ETF (LRND) 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.

	LRND	MMCA	Difference
Sharpe ratio Return per unit of total volatility	0.77	1.39	-0.62
Sortino ratio Return per unit of downside risk	1.24	1.81	-0.58
Omega ratio Gain probability vs. loss probability	1.17	1.30	-0.13
Calmar ratio Return relative to maximum drawdown	1.20	1.67	-0.47
Martin ratio Return relative to average drawdown	4.43	6.09	-1.67
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

LRND vs. MMCA - Sharpe Ratio Comparison

The current LRND Sharpe Ratio is 0.77, which is lower than the MMCA Sharpe Ratio of 1.39. The chart below compares the historical Sharpe Ratios of LRND and MMCA, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	LRND	MMCA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.77	1.39	-0.62
Sharpe Ratio (All Time) Calculated using the full available price history	0.56	-0.03	+0.59

Correlation

The correlation between LRND and MMCA is 0.17, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

LRND vs. MMCA - Dividend Comparison

LRND's dividend yield for the trailing twelve months is around 0.60%, less than MMCA's 3.67% yield.

	TTM	2025	2024	2023	2022	2021
LRND IQ U.S. Large Cap R&D Leaders ETF	0.60%	0.67%	0.97%	1.22%	1.32%	0.00%
MMCA IQ MacKay California Municipal Intermediate ETF	3.36%	3.39%	3.66%	3.57%	2.90%	0.05%

Drawdowns

LRND vs. MMCA - Drawdown Comparison

The maximum LRND drawdown since its inception was -25.43%, which is greater than MMCA's maximum drawdown of -15.97%. Use the drawdown chart below to compare losses from any high point for LRND and MMCA.

Drawdown Indicators

	LRND	MMCA	Difference
Max Drawdown Largest peak-to-trough decline	-25.43%	-15.97%	-9.46%
Max Drawdown (1Y) Largest decline over 1 year	-13.83%	-3.01%	-10.82%
Current Drawdown Current decline from peak	-10.60%	-2.60%	-8.00%
Average Drawdown Average peak-to-trough decline	-6.43%	-7.26%	+0.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.74%	0.82%	+2.92%

Volatility

LRND vs. MMCA - Volatility Comparison

IQ U.S. Large Cap R&D Leaders ETF (LRND) has a higher volatility of 6.78% compared to IQ MacKay California Municipal Intermediate ETF (MMCA) at 1.23%. This indicates that LRND'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

	LRND	MMCA	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.78%	1.23%	+5.55%
Volatility (6M) Calculated over the trailing 6-month period	12.11%	1.78%	+10.33%
Volatility (1Y) Calculated over the trailing 1-year period	21.34%	3.43%	+17.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.16%	3.64%	+16.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.16%	3.64%	+16.52%