MMD vs. MSXAX

Last updated Aug 1, 2026

MMD (NYLI MacKay DefinedTerm Muni Opportunities Fund) and MSXAX (NYLI S&P 500 Index Class A) are both mutual funds - MMD is a Municipal Bonds fund managed by New York Life, while MSXAX is a S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, MMD returned 1.97%/yr vs 14.43%/yr for MSXAX. Their 0.13 correlation means their historical movements had little consistent relationship. MMD charges 0.03%/yr vs 0.52%/yr for MSXAX.

Performance

MMD vs. MSXAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in NYLI MacKay DefinedTerm Muni Opportunities Fund (MMD) and NYLI S&P 500 Index Class A (MSXAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MMD achieves a 3.43% return, which is significantly lower than MSXAX's 9.05% return. Over the past 10 years, MMD has underperformed MSXAX with an annualized return of 1.97%, while MSXAX has yielded a comparatively higher 14.43% annualized return.

MMD

• 1D: -0.40%
• 1M: -3.13%
• 6M: -1.83%
• YTD: 3.43%
• 1Y: 7.02%
• 3Y*: 0.57%
• 5Y*: -3.35%
• 10Y*: 1.97%
• ALL TIME*: 3.60%

MSXAX

• 1D: 1.66%
• 1M: -0.60%
• 6M: 7.54%
• YTD: 9.05%
• 1Y: 20.04%
• 3Y*: 18.42%
• 5Y*: 12.12%
• 10Y*: 14.43%
• ALL TIME*: 10.25%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
MMD NYLI MacKay DefinedTerm Muni Opportunities Fund	$546.99K	$621.44K	$759.98K
MSXAX NYLI S&P 500 Index Class A	$0.00	$0.00	$0.00

MMD vs. MSXAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MMD NYLI MacKay DefinedTerm Muni Opportunities Fund	3.43%	4.54%	-3.99%	6.48%	-21.94%	4.74%	8.78%	13.25%	3.91%	14.50%
MSXAX NYLI S&P 500 Index Class A	9.05%	17.26%	23.98%	25.96%	-18.52%	28.13%	17.86%	30.69%	-4.71%	21.07%

Correlation

The correlation between MMD and MSXAX is 0.23, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.23
Correlation (3Y) Balances recent behavior with more history.	0.24
Correlation (5Y) Shows whether the relationship held over a longer period.	0.19
Correlation (10Y) Provides a long-term view across more market conditions.	0.17
Correlation (All Time) Calculated using the full available price history since Aug 3, 2012	0.13

The correlation between MMD and MSXAX shifts across timeframes, from 0.13 (all time) to 0.24 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

MMD vs. MSXAX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

MMD

MMD Risk / Return Rank: 24
MMD Sharpe Ratio Rank: 25
MMD Sortino Ratio Rank: 27
MMD Omega Ratio Rank: 25
MMD Calmar Ratio Rank: 21
MMD Martin Ratio Rank: 22

MSXAX

MSXAX Risk / Return Rank: 58
MSXAX Sharpe Ratio Rank: 56
MSXAX Sortino Ratio Rank: 52
MSXAX Omega Ratio Rank: 53
MSXAX Calmar Ratio Rank: 59
MSXAX Martin Ratio Rank: 70

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

MMD vs. MSXAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NYLI MacKay DefinedTerm Muni Opportunities Fund (MMD) and NYLI S&P 500 Index Class A (MSXAX). 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.

	MMD	MSXAX	Difference
Sharpe ratio: Return per unit of total volatility	0.89	1.39	-0.50
Sortino ratio: Return per unit of downside risk	1.42	1.94	-0.52
Omega ratio: Gain probability vs. loss probability	1.17	1.25	-0.08
Calmar ratio: Return relative to maximum drawdown	1.03	1.99	-0.96
Martin ratio: Return relative to average drawdown	3.19	8.50	-5.30

MMD vs. MSXAX - Sharpe Ratio Comparison

The current MMD Sharpe Ratio is 0.89, which is lower than the MSXAX Sharpe Ratio of 1.39. The chart below compares the historical Sharpe Ratios of MMD and MSXAX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

MMD vs. MSXAX - Drawdown Comparison

The maximum MMD drawdown since its inception was -30.12%, smaller than the maximum MSXAX drawdown of -55.48%. Use the drawdown chart below to compare losses from any high point for MMD and MSXAX.

Drawdown Indicators

	MMD	MSXAX	Difference
Max Drawdown Largest peak-to-trough decline	-30.12%	-55.48%	+25.36%
Max Drawdown (1Y) Largest decline over 1 year	-7.41%	-8.97%	+1.56%
Max Drawdown (3Y) Largest decline over 3 years	-14.99%	-18.78%	+3.79%
Max Drawdown (5Y) Largest decline over 5 years	-30.12%	-24.78%	-5.34%
Max Drawdown (10Y) Largest decline over 10 years	-30.12%	-33.79%	+3.67%
Current Drawdown Current decline from peak	-17.22%	-2.16%	-15.06%
Average Drawdown Average peak-to-trough decline	-9.22%	-7.13%	-2.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.39%	2.10%	+0.29%

Volatility

MMD vs. MSXAX - Volatility Comparison

The current volatility for NYLI MacKay DefinedTerm Muni Opportunities Fund (MMD) is 1.81%, while NYLI S&P 500 Index Class A (MSXAX) has a volatility of 3.44%. This indicates that MMD experiences smaller price fluctuations and is considered to be less risky than MSXAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MMD	MSXAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.81%	3.44%	-1.63%
Volatility (6M) Calculated over the trailing 6-month period	6.85%	10.08%	-3.23%
Volatility (1Y) Calculated over the trailing 1-year period	8.61%	12.87%	-4.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.33%	17.03%	-3.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.91%	18.08%	-4.17%

MMD vs. MSXAX - Expense Ratio Comparison

MMD has a 0.03% expense ratio, which is lower than MSXAX's 0.52% expense ratio.

Dividends

MMD vs. MSXAX - Dividend Comparison

MMD's dividend yield for the trailing twelve months is around 5.13%, more than MSXAX's 0.97% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MMD NYLI MacKay DefinedTerm Muni Opportunities Fund	5.13%	4.84%	4.82%	5.26%	6.35%	4.68%	4.68%	4.85%	5.38%	5.45%	6.16%	6.25%
MSXAX NYLI S&P 500 Index Class A	0.97%	1.06%	5.20%	4.04%	10.30%	4.44%	8.78%	17.42%	14.49%	15.18%	9.63%	5.53%

Frequently Asked Questions

Can I hold both MMD and MSXAX in my portfolio?

MMD and MSXAX have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MMD or MSXAX?

MSXAX has higher volatility (3.44%) compared to MMD (1.81%). In terms of maximum drawdown, MMD dropped -30.12% vs MSXAX's -55.48%.

Which has better risk-adjusted returns?

MSXAX currently has the higher Sharpe Ratio (1.39 vs 0.89), 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.