MMCA vs. BCD
MMCA (IQ MacKay California Municipal Intermediate ETF) and BCD (abrdn Bloomberg All Commodity Longer Dated Strategy K-1 Free ETF) are both exchange-traded funds - MMCA is a Municipal Bonds fund actively managed by IndexIQ, while BCD is a Commodities fund actively managed by Aberdeen. Both are actively managed. Over the past 3 years, MMCA returned 4.13%/yr vs 9.92%/yr for BCD. At a correlation of -0.02, they often move in opposite directions. MMCA charges 0.36%/yr vs 0.29%/yr for BCD.
Performance
MMCA vs. BCD - Performance Comparison
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Returns By Period
In the year-to-date period, MMCA achieves a 1.27% return, which is significantly lower than BCD's 9.08% return.
MMCA
- 1D
- 0.11%
- 1M
- 1.36%
- YTD
- 1.27%
- 6M
- 1.42%
- 1Y
- 6.17%
- 3Y*
- 4.13%
- 5Y*
- —
- 10Y*
- —
BCD
- 1D
- -1.86%
- 1M
- -9.61%
- YTD
- 9.08%
- 6M
- 7.75%
- 1Y
- 18.75%
- 3Y*
- 9.92%
- 5Y*
- 10.21%
- 10Y*
- —
MMCA vs. BCD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
MMCA IQ MacKay California Municipal Intermediate ETF | 1.27% | 5.74% | 1.70% | 5.77% | -12.15% | -0.13% |
BCD abrdn Bloomberg All Commodity Longer Dated Strategy K-1 Free ETF | 9.08% | 15.71% | 6.20% | -7.58% | 18.38% | 3.33% |
Correlation
The correlation between MMCA and BCD is -0.16, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.16 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.05 |
Correlation (All Time) Calculated using the full available price history since Dec 21, 2021 | -0.02 |
The correlation between MMCA and BCD shifts across timeframes, from -0.16 (1 year) to -0.02 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
MMCA vs. BCD — Risk / Return Rank
MMCA
BCD
MMCA vs. BCD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for IQ MacKay California Municipal Intermediate ETF (MMCA) and abrdn Bloomberg All Commodity Longer Dated Strategy K-1 Free ETF (BCD). 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.
| MMCA | BCD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.08 | ||
| Sortino ratioReturn per unit of downside risk | +1.73 | ||
| Omega ratioGain probability vs. loss probability | 1.52 | 1.25 | +0.27 |
| Calmar ratioReturn relative to maximum drawdown | 2.06 | 1.48 | +0.58 |
| Martin ratioReturn relative to average drawdown | 6.26 | 6.53 | -0.26 |
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Drawdowns
MMCA vs. BCD - Drawdown Comparison
The maximum MMCA drawdown since its inception was -16.04%, smaller than the maximum BCD drawdown of -29.81%. Use the drawdown chart below to compare losses from any high point for MMCA and BCD.
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Drawdown Indicators
| MMCA | BCD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.04% | -29.81% | +13.77% |
Max Drawdown (1Y)Largest decline over 1 year | -3.01% | -12.70% | +9.69% |
Max Drawdown (3Y)Largest decline over 3 years | -3.68% | -12.70% | +9.02% |
Max Drawdown (5Y)Largest decline over 5 years | — | -23.03% | — |
Current DrawdownCurrent decline from peak | -0.94% | -12.70% | +11.76% |
Average DrawdownAverage peak-to-trough decline | -7.03% | -9.84% | +2.81% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.99% | 2.88% | -1.89% |
Volatility
MMCA vs. BCD - Volatility Comparison
The current volatility for IQ MacKay California Municipal Intermediate ETF (MMCA) is 0.71%, while abrdn Bloomberg All Commodity Longer Dated Strategy K-1 Free ETF (BCD) has a volatility of 3.65%. This indicates that MMCA experiences smaller price fluctuations and is considered to be less risky than BCD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MMCA | BCD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.71% | 3.65% | -2.94% |
Volatility (6M)Calculated over the trailing 6-month period | 1.92% | 12.16% | -10.24% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.55% | 14.04% | -11.49% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.59% | 15.41% | -11.82% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.59% | 13.91% | -10.32% |
MMCA vs. BCD - Expense Ratio Comparison
MMCA has a 0.36% expense ratio, which is higher than BCD's 0.29% expense ratio.
Dividends
MMCA vs. BCD - Dividend Comparison
MMCA's dividend yield for the trailing twelve months is around 3.27%, less than BCD's 15.78% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
BCD abrdn Bloomberg All Commodity Longer Dated Strategy K-1 Free ETF | 15.78% | 17.21% | 3.60% | 4.51% | 5.21% | 8.30% | 1.29% | 1.55% | 1.59% | 0.07% |
MMCA IQ MacKay California Municipal Intermediate ETF | 3.27% | 3.39% | 3.66% | 3.57% | 2.90% | 0.05% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
MMCA and BCD have a correlation of -0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BCD has higher volatility (3.65%) compared to MMCA (0.71%). In terms of maximum drawdown, MMCA dropped -16.04% vs BCD's -29.81%.
On 3-year performance, BCD leads with 9.92% vs 4.13% for MMCA. On fees, BCD is cheaper at 0.29% 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.
Over the 3-year period, BCD has performed better with a 9.92% return vs 4.13%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BCD is cheaper with a 0.29% expense ratio, compared with 0.36% for MMCA.
BCD has the higher dividend yield at 15.78%, compared with 3.27% for MMCA.
MMCA is categorized as Municipal Bonds, while BCD is Commodities. They also come from different issuers: IndexIQ and Aberdeen. Their fees differ too: 0.36% for MMCA and 0.29% for BCD.
MMCA currently has the higher Sharpe Ratio (2.43 vs 1.36), 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.
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