MMCA vs. MUB
MMCA (IQ MacKay California Municipal Intermediate ETF) and MUB (iShares National AMT-Free Muni Bond ETF) are both Municipal Bonds funds. MMCA is actively managed, while MUB is passively managed. Over the past 3 years, MMCA returned 4.06%/yr vs 3.43%/yr for MUB. A 0.75 correlation means they provide meaningful diversification when combined. MMCA charges 0.36%/yr vs 0.07%/yr for MUB.
Performance
MMCA vs. MUB - Performance Comparison
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Returns By Period
In the year-to-date period, MMCA achieves a 0.66% return, which is significantly lower than MUB's 1.24% return.
MMCA
- 1D
- -0.05%
- 1M
- 0.29%
- YTD
- 0.66%
- 6M
- 1.02%
- 1Y
- 6.39%
- 3Y*
- 4.06%
- 5Y*
- —
- 10Y*
- —
MUB
- 1D
- -0.08%
- 1M
- 0.56%
- YTD
- 1.24%
- 6M
- 1.74%
- 1Y
- 6.95%
- 3Y*
- 3.43%
- 5Y*
- 0.86%
- 10Y*
- 2.00%
MMCA vs. MUB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
MMCA IQ MacKay California Municipal Intermediate ETF | 0.66% | 5.74% | 1.70% | 5.77% | -12.15% | 0.01% |
MUB iShares National AMT-Free Muni Bond ETF | 1.24% | 3.78% | 1.26% | 5.56% | -7.34% | -0.03% |
Correlation
The correlation between MMCA and MUB is 0.73, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.73 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.77 |
Correlation (All Time) Calculated using the full available price history since Dec 22, 2021 | 0.75 |
The correlation between MMCA and MUB has been stable across timeframes, ranging from 0.73 to 0.77 - a consistent structural relationship.
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Return for Risk
MMCA vs. MUB — Risk / Return Rank
MMCA
MUB
MMCA vs. MUB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for IQ MacKay California Municipal Intermediate ETF (MMCA) and iShares National AMT-Free Muni Bond ETF (MUB). 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 | MUB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.08 | ||
| Sortino ratioReturn per unit of downside risk | +0.19 | ||
| Omega ratioGain probability vs. loss probability | 1.52 | 1.50 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 2.13 | 2.50 | -0.37 |
| Martin ratioReturn relative to average drawdown | 6.78 | 8.85 | -2.07 |
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
| MMCA | MUB | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.47 | 2.39 | +0.08 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.21 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.41 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.04 | 0.58 | -0.55 |
Drawdowns
MMCA vs. MUB - Drawdown Comparison
The maximum MMCA drawdown since its inception was -15.97%, which is greater than MUB's maximum drawdown of -13.68%. Use the drawdown chart below to compare losses from any high point for MMCA and MUB.
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Drawdown Indicators
| MMCA | MUB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.97% | -13.68% | -2.29% |
Max Drawdown (1Y)Largest decline over 1 year | -3.01% | -2.79% | -0.22% |
Max Drawdown (3Y)Largest decline over 3 years | -3.68% | -5.34% | +1.66% |
Max Drawdown (5Y)Largest decline over 5 years | — | -11.88% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -13.68% | — |
Current DrawdownCurrent decline from peak | -1.53% | -0.70% | -0.83% |
Average DrawdownAverage peak-to-trough decline | -7.05% | -2.23% | -4.82% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.94% | 0.79% | +0.15% |
Volatility
MMCA vs. MUB - Volatility Comparison
The current volatility for IQ MacKay California Municipal Intermediate ETF (MMCA) is 0.90%, while iShares National AMT-Free Muni Bond ETF (MUB) has a volatility of 0.97%. This indicates that MMCA experiences smaller price fluctuations and is considered to be less risky than MUB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MMCA | MUB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.90% | 0.97% | -0.07% |
Volatility (6M)Calculated over the trailing 6-month period | 1.89% | 2.22% | -0.33% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.60% | 2.92% | -0.32% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.61% | 4.06% | -0.45% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.61% | 4.92% | -1.31% |
MMCA vs. MUB - Expense Ratio Comparison
MMCA has a 0.36% expense ratio, which is higher than MUB's 0.07% expense ratio.
Dividends
MMCA vs. MUB - Dividend Comparison
MMCA's dividend yield for the trailing twelve months is around 3.29%, more than MUB's 3.17% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MMCA IQ MacKay California Municipal Intermediate ETF | 3.29% | 3.39% | 3.66% | 3.57% | 2.90% | 0.05% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
MUB iShares National AMT-Free Muni Bond ETF | 3.17% | 3.14% | 3.01% | 2.65% | 2.11% | 1.81% | 2.11% | 2.42% | 2.46% | 2.26% | 2.21% | 2.51% |
Frequently Asked Questions
MMCA and MUB have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MUB has higher volatility (0.97%) compared to MMCA (0.90%). In terms of maximum drawdown, MMCA dropped -15.97% vs MUB's -13.68%.
On 3-year performance, MMCA leads with 4.06% vs 3.43% for MUB. On fees, MUB is cheaper at 0.07% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, MMCA has performed better with a 4.06% return vs 3.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
MUB is cheaper with a 0.07% expense ratio, compared with 0.36% for MMCA.
MMCA has the higher dividend yield at 3.29%, compared with 3.17% for MUB.
They also come from different issuers: IndexIQ and iShares. Their fees differ too: 0.36% for MMCA and 0.07% for MUB.
MMCA currently has the higher Sharpe Ratio (2.47 vs 2.39), 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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