MMCA vs. BPH

Last updated Jun 25, 2026

MMCA (IQ MacKay California Municipal Intermediate ETF) and BPH (BP p.l.c. ADRhedged ETF) are both exchange-traded funds - MMCA is a Municipal Bonds fund actively managed by IndexIQ, while BPH is a Energy Equities fund actively managed by Precidian. Both are actively managed. At a correlation of -0.28, they often move in opposite directions. MMCA charges 0.36%/yr vs 0.19%/yr for BPH.

Performance

MMCA vs. BPH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in IQ MacKay California Municipal Intermediate ETF (MMCA) and BP p.l.c. ADRhedged ETF (BPH). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

MMCA

• 1D: 0.11%
• 1M: 1.36%
• YTD: 1.27%
• 6M: 1.42%
• 1Y: 6.17%
• 3Y*: 4.13%
• 5Y*: —
• 10Y*: —

BPH

• 1D: -3.60%
• 1M: -8.93%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MMCA vs. BPH - Yearly Performance Comparison

	2026 (YTD)
MMCA IQ MacKay California Municipal Intermediate ETF	1.36%
BPH BP p.l.c. ADRhedged ETF	-8.93%

Correlation

The correlation between MMCA and BPH is -0.28, 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 (All Time) Calculated using the full available price history since May 26, 2026	-0.28

Return for Risk

MMCA vs. BPH — Risk / Return Rank

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

MMCA

MMCA Risk / Return Rank: 71
MMCA Sharpe Ratio Rank: 85
MMCA Sortino Ratio Rank: 89
MMCA Omega Ratio Rank: 91
MMCA Calmar Ratio Rank: 46
MMCA Martin Ratio Rank: 43

BPH

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.

MMCA vs. BPH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for IQ MacKay California Municipal Intermediate ETF (MMCA) and BP p.l.c. ADRhedged ETF (BPH). 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	BPH	Difference
Sharpe ratio: Return per unit of total volatility	2.43	—	—
Sortino ratio: Return per unit of downside risk	3.59	—	—
Omega ratio: Gain probability vs. loss probability	1.52	—	—
Calmar ratio: Return relative to maximum drawdown	2.06	—	—
Martin ratio: Return relative to average drawdown	6.26	—	—

Drawdowns

MMCA vs. BPH - Drawdown Comparison

The maximum MMCA drawdown since its inception was -16.04%, which is greater than BPH's maximum drawdown of -12.01%. Use the drawdown chart below to compare losses from any high point for MMCA and BPH.

Drawdown Indicators

	MMCA	BPH	Difference
Max Drawdown Largest peak-to-trough decline	-16.04%	-12.01%	-4.03%
Max Drawdown (1Y) Largest decline over 1 year	-3.01%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-3.68%	—	—
Current Drawdown Current decline from peak	-0.94%	-12.01%	+11.07%
Average Drawdown Average peak-to-trough decline	-7.03%	-3.60%	-3.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.99%	—	—

Volatility

Volatility by Period

	MMCA	BPH	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.71%	—	—
Volatility (6M) Calculated over the trailing 6-month period	1.92%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	2.55%	26.17%	-23.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.59%	26.17%	-22.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.59%	26.17%	-22.58%

MMCA vs. BPH - Expense Ratio Comparison

MMCA has a 0.36% expense ratio, which is higher than BPH's 0.19% expense ratio.

Dividends

MMCA vs. BPH - Dividend Comparison

MMCA's dividend yield for the trailing twelve months is around 3.27%, more than BPH's 0.55% yield.

Position	TTM	2025	2024	2023	2022	2021
BPH BP p.l.c. ADRhedged ETF	0.55%	0.00%	0.00%	0.00%	0.00%	0.00%
MMCA IQ MacKay California Municipal Intermediate ETF	3.27%	3.39%	3.66%	3.57%	2.90%	0.05%

Frequently Asked Questions

Can I hold both MMCA and BPH in my portfolio?

MMCA and BPH have a correlation of -0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, MMCA or BPH?

On fees, BPH is cheaper at 0.19% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, MMCA or BPH?

BPH is cheaper with a 0.19% expense ratio, compared with 0.36% for MMCA.

Which ETF pays a higher dividend yield, MMCA or BPH?

MMCA has the higher dividend yield at 3.27%, compared with 0.55% for BPH.

What is the main difference between MMCA and BPH?

MMCA is categorized as Municipal Bonds, while BPH is Energy Equities. They also come from different issuers: IndexIQ and Precidian. Their fees differ too: 0.36% for MMCA and 0.19% for BPH.