MMCA vs. LRND

Last updated Apr 1, 2026

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

MMCA and LRND are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. MMCA is an actively managed fund by IndexIQ. It was launched on Dec 21, 2021. 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.

Performance

MMCA vs. LRND - Performance Comparison

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

MMCA vs. LRND - Yearly Performance Comparison

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

Returns By Period

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

MMCA

• 1D: 0.19%
• 1M: -2.47%
• YTD: -0.43%
• 6M: 0.98%
• 1Y: 4.41%
• 3Y*: 3.45%
• 5Y*: —
• 10Y*: —

LRND

• 1D: 3.75%
• 1M: -5.76%
• YTD: -8.71%
• 6M: -7.05%
• 1Y: 16.47%
• 3Y*: 18.55%
• 5Y*: —
• 10Y*: —

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

MMCA vs. LRND - Expense Ratio Comparison

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

MMCA

IQ MacKay California Municipal Intermediate ETF

LRND

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

Return for Risk

MMCA vs. LRND — Risk / Return Rank

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

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

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

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. LRND - Risk-Adjusted Trends Comparison

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

	MMCA	LRND	Difference
Sharpe ratio Return per unit of total volatility	1.39	0.77	+0.62
Sortino ratio Return per unit of downside risk	1.81	1.24	+0.58
Omega ratio Gain probability vs. loss probability	1.30	1.17	+0.13
Calmar ratio Return relative to maximum drawdown	1.67	1.20	+0.47
Martin ratio Return relative to average drawdown	6.09	4.43	+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.

MMCA vs. LRND - Sharpe Ratio Comparison

The current MMCA Sharpe Ratio is 1.39, which is higher than the LRND Sharpe Ratio of 0.77. The chart below compares the historical Sharpe Ratios of MMCA and LRND, 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

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

Correlation

The correlation between MMCA and LRND 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

MMCA vs. LRND - Dividend Comparison

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

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

Drawdowns

MMCA vs. LRND - Drawdown Comparison

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

Drawdown Indicators

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

Volatility

MMCA vs. LRND - Volatility Comparison

The current volatility for IQ MacKay California Municipal Intermediate ETF (MMCA) is 1.23%, while IQ U.S. Large Cap R&D Leaders ETF (LRND) has a volatility of 6.78%. This indicates that MMCA experiences smaller price fluctuations and is considered to be less risky than LRND based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

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