MMCA vs. VTEB
Compare and contrast key facts about IQ MacKay California Municipal Intermediate ETF (MMCA) and Vanguard Tax-Exempt Bond ETF (VTEB).
MMCA and VTEB 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. VTEB is a passively managed fund by Vanguard that tracks the performance of the S&P National AMT-Free Municipal Bond Index. It was launched on Aug 21, 2015.
Performance
MMCA vs. VTEB - Performance Comparison
Loading graphics...
MMCA vs. VTEB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
MMCA IQ MacKay California Municipal Intermediate ETF | -0.20% | 5.74% | 1.70% | 5.77% | -12.15% | 0.01% |
VTEB Vanguard Tax-Exempt Bond ETF | 0.09% | 3.72% | 1.31% | 6.15% | -7.99% | -0.00% |
Returns By Period
In the year-to-date period, MMCA achieves a -0.20% return, which is significantly lower than VTEB's 0.09% return.
MMCA
- 1D
- 0.23%
- 1M
- -2.24%
- YTD
- -0.20%
- 6M
- 1.22%
- 1Y
- 4.65%
- 3Y*
- 3.53%
- 5Y*
- —
- 10Y*
- —
VTEB
- 1D
- 0.32%
- 1M
- -1.61%
- YTD
- 0.09%
- 6M
- 1.54%
- 1Y
- 3.92%
- 3Y*
- 2.78%
- 5Y*
- 0.88%
- 10Y*
- 2.09%
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
MMCA vs. VTEB - Expense Ratio Comparison
MMCA has a 0.36% expense ratio, which is higher than VTEB's 0.05% expense ratio.
Return for Risk
MMCA vs. VTEB — Risk / Return Rank
MMCA
VTEB
MMCA vs. VTEB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for IQ MacKay California Municipal Intermediate ETF (MMCA) and Vanguard Tax-Exempt Bond ETF (VTEB). 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 | VTEB | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.37 | 0.99 | +0.38 |
Sortino ratioReturn per unit of downside risk | 1.79 | 1.25 | +0.54 |
Omega ratioGain probability vs. loss probability | 1.30 | 1.23 | +0.07 |
Calmar ratioReturn relative to maximum drawdown | 1.65 | 1.25 | +0.39 |
Martin ratioReturn relative to average drawdown | 5.93 | 3.69 | +2.24 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading graphics...
Sharpe Ratios by Period
| MMCA | VTEB | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.37 | 0.99 | +0.38 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.23 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.40 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.02 | 0.45 | -0.47 |
Correlation
The correlation between MMCA and VTEB is 0.77, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
MMCA vs. VTEB - Dividend Comparison
MMCA's dividend yield for the trailing twelve months is around 3.35%, which matches VTEB's 3.37% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MMCA IQ MacKay California Municipal Intermediate ETF | 3.35% | 3.39% | 3.66% | 3.57% | 2.90% | 0.05% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
VTEB Vanguard Tax-Exempt Bond ETF | 3.37% | 3.29% | 3.14% | 2.79% | 2.09% | 1.64% | 1.99% | 2.30% | 2.25% | 1.96% | 1.66% | 0.58% |
Drawdowns
MMCA vs. VTEB - Drawdown Comparison
The maximum MMCA drawdown since its inception was -15.97%, smaller than the maximum VTEB drawdown of -17.00%. Use the drawdown chart below to compare losses from any high point for MMCA and VTEB.
Loading graphics...
Drawdown Indicators
| MMCA | VTEB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.97% | -17.00% | +1.03% |
Max Drawdown (1Y)Largest decline over 1 year | -3.01% | -3.45% | +0.44% |
Max Drawdown (5Y)Largest decline over 5 years | — | -12.64% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -17.00% | — |
Current DrawdownCurrent decline from peak | -2.37% | -1.86% | -0.51% |
Average DrawdownAverage peak-to-trough decline | -7.26% | -2.35% | -4.91% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.84% | 1.17% | -0.33% |
Volatility
MMCA vs. VTEB - Volatility Comparison
The current volatility for IQ MacKay California Municipal Intermediate ETF (MMCA) is 1.18%, while Vanguard Tax-Exempt Bond ETF (VTEB) has a volatility of 1.37%. This indicates that MMCA experiences smaller price fluctuations and is considered to be less risky than VTEB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading graphics...
Volatility by Period
| MMCA | VTEB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.18% | 1.37% | -0.19% |
Volatility (6M)Calculated over the trailing 6-month period | 1.78% | 1.87% | -0.09% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.42% | 4.00% | -0.58% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.64% | 3.88% | -0.24% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.64% | 5.25% | -1.61% |