MMCA vs. VTEB
MMCA (IQ MacKay California Municipal Intermediate ETF) and VTEB (Vanguard Tax-Exempt Bond ETF) are both Municipal Bonds funds. MMCA is actively managed, while VTEB is passively managed. Over the past 3 years, MMCA returned 4.06%/yr vs 3.57%/yr for VTEB. A 0.77 correlation means they provide meaningful diversification when combined. MMCA charges 0.36%/yr vs 0.03%/yr for VTEB.
Performance
MMCA vs. VTEB - 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 VTEB's 1.46% return.
MMCA
- 1D
- -0.05%
- 1M
- 0.29%
- YTD
- 0.66%
- 6M
- 1.02%
- 1Y
- 6.39%
- 3Y*
- 4.06%
- 5Y*
- —
- 10Y*
- —
VTEB
- 1D
- -0.06%
- 1M
- 0.66%
- YTD
- 1.46%
- 6M
- 1.89%
- 1Y
- 7.14%
- 3Y*
- 3.57%
- 5Y*
- 0.88%
- 10Y*
- 2.09%
MMCA vs. VTEB - 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% |
VTEB Vanguard Tax-Exempt Bond ETF | 1.46% | 3.72% | 1.31% | 6.15% | -7.99% | -0.00% |
Correlation
The correlation between MMCA and VTEB is 0.72, 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 | 0.72 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.76 |
Correlation (All Time) Calculated using the full available price history since Dec 22, 2021 | 0.77 |
The correlation between MMCA and VTEB has been stable across timeframes, ranging from 0.72 to 0.77 - a consistent structural relationship.
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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 | -0.17 | ||
| Sortino ratioReturn per unit of downside risk | -0.23 | ||
| Omega ratioGain probability vs. loss probability | 1.52 | 1.58 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 2.13 | 2.65 | -0.52 |
| Martin ratioReturn relative to average drawdown | 6.78 | 9.41 | -2.63 |
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 | VTEB | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.47 | 2.64 | -0.17 |
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 | 0.04 | 0.47 | -0.44 |
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.
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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% | -2.71% | -0.30% |
Max Drawdown (3Y)Largest decline over 3 years | -3.68% | -5.53% | +1.85% |
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 | -1.53% | -0.52% | -1.01% |
Average DrawdownAverage peak-to-trough decline | -7.05% | -2.33% | -4.72% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.94% | 0.76% | +0.18% |
Volatility
MMCA vs. VTEB - Volatility Comparison
IQ MacKay California Municipal Intermediate ETF (MMCA) and Vanguard Tax-Exempt Bond ETF (VTEB) have volatilities of 0.90% and 0.89%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MMCA | VTEB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.90% | 0.89% | +0.01% |
Volatility (6M)Calculated over the trailing 6-month period | 1.89% | 2.01% | -0.12% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.60% | 2.72% | -0.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.61% | 3.90% | -0.29% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.61% | 5.26% | -1.65% |
MMCA vs. VTEB - Expense Ratio Comparison
MMCA has a 0.36% expense ratio, which is higher than VTEB's 0.03% expense ratio.
Dividends
MMCA vs. VTEB - Dividend Comparison
MMCA's dividend yield for the trailing twelve months is around 3.29%, less than VTEB's 3.35% 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% |
VTEB Vanguard Tax-Exempt Bond ETF | 3.35% | 3.29% | 3.14% | 2.79% | 2.09% | 1.64% | 1.99% | 2.30% | 2.25% | 1.96% | 1.66% | 0.58% |
Frequently Asked Questions
MMCA and VTEB have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MMCA has higher volatility (0.90%) compared to VTEB (0.89%). In terms of maximum drawdown, MMCA dropped -15.97% vs VTEB's -17.00%.
On 3-year performance, MMCA leads with 4.06% vs 3.57% for VTEB. On fees, VTEB is cheaper at 0.03% 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 3.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VTEB is cheaper with a 0.03% expense ratio, compared with 0.36% for MMCA.
VTEB has the higher dividend yield at 3.35%, compared with 3.29% for MMCA.
They also come from different issuers: IndexIQ and Vanguard. Their fees differ too: 0.36% for MMCA and 0.03% for VTEB.
VTEB currently has the higher Sharpe Ratio (2.64 vs 2.47), 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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