MFSM vs. MMMA

Last updated Jun 24, 2026

MFSM (MFS Active Intermediate Muni Bond ETF) and MMMA (NYLI MacKay Muni Allocation ETF) are both Municipal Bonds funds. Both are actively managed. Their correlation of 0.82 suggests significant overlap in exposure. MFSM charges 0.34%/yr vs 0.35%/yr for MMMA.

Performance

MFSM vs. MMMA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MFS Active Intermediate Muni Bond ETF (MFSM) 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, MFSM achieves a 1.97% return, which is significantly lower than MMMA's 3.45% return.

MFSM

• 1D: -0.10%
• 1M: 1.38%
• YTD: 1.97%
• 6M: 2.31%
• 1Y: 6.90%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MMMA

• 1D: -0.09%
• 1M: 1.64%
• YTD: 3.45%
• 6M: 3.56%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MFSM vs. MMMA - Yearly Performance Comparison

	2026 (YTD)	2025
MFSM MFS Active Intermediate Muni Bond ETF	1.97%	0.55%
MMMA NYLI MacKay Muni Allocation ETF	3.45%	0.35%

Correlation

The correlation between MFSM and MMMA is 0.82, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Dec 16, 2025	0.82

Return for Risk

MFSM vs. MMMA — Risk / Return Rank

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

MFSM

MFSM Risk / Return Rank: 78
MFSM Sharpe Ratio Rank: 89
MFSM Sortino Ratio Rank: 92
MFSM Omega Ratio Rank: 93
MFSM Calmar Ratio Rank: 58
MFSM Martin Ratio Rank: 59

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.

MFSM vs. MMMA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MFS Active Intermediate Muni Bond ETF (MFSM) 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.

	MFSM	MMMA	Difference
Sharpe ratio: Return per unit of total volatility	2.65	—	—
Sortino ratio: Return per unit of downside risk	4.05	—	—
Omega ratio: Gain probability vs. loss probability	1.57	—	—
Calmar ratio: Return relative to maximum drawdown	2.61	—	—
Martin ratio: Return relative to average drawdown	9.61	—	—

Drawdowns

MFSM vs. MMMA - Drawdown Comparison

The maximum MFSM drawdown since its inception was -3.86%, which is greater than MMMA's maximum drawdown of -2.79%. Use the drawdown chart below to compare losses from any high point for MFSM and MMMA.

Drawdown Indicators

	MFSM	MMMA	Difference
Max Drawdown Largest peak-to-trough decline	-3.86%	-2.79%	-1.07%
Max Drawdown (1Y) Largest decline over 1 year	-2.65%	—	—
Current Drawdown Current decline from peak	-0.28%	-0.09%	-0.19%
Average Drawdown Average peak-to-trough decline	-0.86%	-0.55%	-0.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.72%	—	—

Volatility

Volatility by Period

	MFSM	MMMA	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.72%	—	—
Volatility (6M) Calculated over the trailing 6-month period	2.01%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	2.62%	4.04%	-1.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.40%	4.04%	-0.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.40%	4.04%	-0.64%

MFSM vs. MMMA - Expense Ratio Comparison

MFSM has a 0.34% expense ratio, which is lower than MMMA's 0.35% expense ratio.

Dividends

MFSM vs. MMMA - Dividend Comparison

MFSM's dividend yield for the trailing twelve months is around 3.55%, more than MMMA's 1.95% yield.

Position	TTM	2025	2024
MFSM MFS Active Intermediate Muni Bond ETF	3.55%	3.53%	0.23%
MMMA NYLI MacKay Muni Allocation ETF	1.95%	0.17%	0.00%

Frequently Asked Questions

Can I hold both MFSM and MMMA in my portfolio?

MFSM and MMMA have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, MFSM or MMMA?

On fees, MFSM is cheaper at 0.34% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, MFSM or MMMA?

MFSM is cheaper with a 0.34% expense ratio, compared with 0.35% for MMMA.

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

MFSM has the higher dividend yield at 3.55%, compared with 1.95% for MMMA.

What is the main difference between MFSM and MMMA?

They also come from different issuers: MFS and NYLI. Their fees differ too: 0.34% for MFSM and 0.35% for MMMA.