MHF vs. MMD
Compare and contrast key facts about Western Asset Municipal High Income Fund Inc (MHF) and NYLI MacKay DefinedTerm Muni Opportunities Fund (MMD).
MHF is managed by Franklin Templeton. It was launched on Nov 28, 1988. MMD is managed by New York Life Investment Management. It was launched on Jun 26, 2012.
Performance
MHF vs. MMD - Performance Comparison
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MHF vs. MMD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MHF Western Asset Municipal High Income Fund Inc | 2.39% | 7.18% | 11.99% | 4.53% | -17.68% | 10.42% | 3.00% | 13.93% | -2.27% | 7.54% |
MMD NYLI MacKay DefinedTerm Muni Opportunities Fund | 1.14% | 4.54% | -3.99% | 6.48% | -21.94% | 4.74% | 8.78% | 13.25% | 3.91% | 14.50% |
Returns By Period
In the year-to-date period, MHF achieves a 2.39% return, which is significantly higher than MMD's 1.14% return. Over the past 10 years, MHF has outperformed MMD with an annualized return of 2.65%, while MMD has yielded a comparatively lower 2.38% annualized return.
MHF
- 1D
- 4.20%
- 1M
- 0.22%
- YTD
- 2.39%
- 6M
- -1.14%
- 1Y
- -0.66%
- 3Y*
- 6.79%
- 5Y*
- 2.18%
- 10Y*
- 2.65%
MMD
- 1D
- 2.27%
- 1M
- -4.40%
- YTD
- 1.14%
- 6M
- 0.60%
- 1Y
- 3.43%
- 3Y*
- -0.49%
- 5Y*
- -3.02%
- 10Y*
- 2.38%
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MHF vs. MMD - Expense Ratio Comparison
MHF has a 0.04% expense ratio, which is higher than MMD's 0.03% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Return for Risk
MHF vs. MMD — Risk / Return Rank
MHF
MMD
MHF vs. MMD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Western Asset Municipal High Income Fund Inc (MHF) and NYLI MacKay DefinedTerm Muni Opportunities Fund (MMD). 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.
| MHF | MMD | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -0.04 | 0.37 | -0.41 |
Sortino ratioReturn per unit of downside risk | 0.05 | 0.58 | -0.54 |
Omega ratioGain probability vs. loss probability | 1.01 | 1.07 | -0.07 |
Calmar ratioReturn relative to maximum drawdown | -0.08 | 0.48 | -0.56 |
Martin ratioReturn relative to average drawdown | -0.12 | 1.36 | -1.48 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| MHF | MMD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.04 | 0.37 | -0.41 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.16 | -0.23 | +0.38 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.20 | 0.17 | +0.02 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.31 | 0.26 | +0.05 |
Correlation
The correlation between MHF and MMD is 0.29, 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
MHF vs. MMD - Dividend Comparison
MHF's dividend yield for the trailing twelve months is around 5.88%, more than MMD's 4.95% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MHF Western Asset Municipal High Income Fund Inc | 5.88% | 5.93% | 5.65% | 3.78% | 3.72% | 3.23% | 3.75% | 4.02% | 4.42% | 4.14% | 4.53% | 4.45% |
MMD NYLI MacKay DefinedTerm Muni Opportunities Fund | 4.95% | 4.84% | 4.82% | 5.26% | 6.35% | 4.68% | 4.68% | 4.85% | 5.38% | 5.45% | 6.16% | 6.25% |
Drawdowns
MHF vs. MMD - Drawdown Comparison
The maximum MHF drawdown since its inception was -29.95%, roughly equal to the maximum MMD drawdown of -30.12%. Use the drawdown chart below to compare losses from any high point for MHF and MMD.
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Drawdown Indicators
| MHF | MMD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -29.95% | -30.12% | +0.17% |
Max Drawdown (1Y)Largest decline over 1 year | -10.06% | -7.41% | -2.65% |
Max Drawdown (5Y)Largest decline over 5 years | -26.72% | -30.12% | +3.40% |
Max Drawdown (10Y)Largest decline over 10 years | -26.72% | -30.12% | +3.40% |
Current DrawdownCurrent decline from peak | -5.89% | -19.05% | +13.16% |
Average DrawdownAverage peak-to-trough decline | -6.35% | -9.05% | +2.70% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.54% | 2.63% | +3.91% |
Volatility
MHF vs. MMD - Volatility Comparison
Western Asset Municipal High Income Fund Inc (MHF) has a higher volatility of 4.84% compared to NYLI MacKay DefinedTerm Muni Opportunities Fund (MMD) at 3.80%. This indicates that MHF's price experiences larger fluctuations and is considered to be riskier than MMD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MHF | MMD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.84% | 3.80% | +1.04% |
Volatility (6M)Calculated over the trailing 6-month period | 8.53% | 5.68% | +2.85% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.07% | 9.38% | +5.69% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.99% | 13.43% | +0.56% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.51% | 13.90% | -0.39% |