MMD vs. NAC
MMD (NYLI MacKay DefinedTerm Muni Opportunities Fund) and NAC (Nuveen California Quality Municipal Income Fund) are both Municipal Bonds funds. Over the past 10 years, MMD returned 2.22%/yr vs 1.99%/yr for NAC. At a 0.37 correlation, their price movements are largely independent. MMD charges 0.03%/yr vs 0.04%/yr for NAC.
Performance
MMD vs. NAC - Performance Comparison
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Returns By Period
In the year-to-date period, MMD achieves a 5.67% return, which is significantly higher than NAC's 5.24% return. Over the past 10 years, MMD has outperformed NAC with an annualized return of 2.22%, while NAC has yielded a comparatively lower 1.99% annualized return.
MMD
- 1D
- -0.07%
- 1M
- 2.11%
- YTD
- 5.67%
- 6M
- 6.02%
- 1Y
- 10.24%
- 3Y*
- 1.37%
- 5Y*
- -2.38%
- 10Y*
- 2.22%
NAC
- 1D
- 0.25%
- 1M
- 2.55%
- YTD
- 5.24%
- 6M
- 5.69%
- 1Y
- 16.95%
- 3Y*
- 10.70%
- 5Y*
- 0.45%
- 10Y*
- 1.99%
MMD vs. NAC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MMD NYLI MacKay DefinedTerm Muni Opportunities Fund | 5.67% | 4.54% | -3.99% | 6.48% | -21.94% | 4.74% | 8.78% | 13.25% | 3.91% | 14.50% |
NAC Nuveen California Quality Municipal Income Fund | 5.24% | 13.09% | 8.67% | 4.47% | -25.66% | 7.62% | 6.29% | 22.27% | -6.23% | 6.79% |
Correlation
The correlation between MMD and NAC is 0.50, 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 | 0.50 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.51 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.45 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.39 |
Correlation (All Time) Calculated using the full available price history since Aug 3, 2012 | 0.37 |
The correlation between MMD and NAC shifts across timeframes, from 0.37 (all time) to 0.51 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
MMD vs. NAC — Risk / Return Rank
MMD
NAC
MMD vs. NAC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for NYLI MacKay DefinedTerm Muni Opportunities Fund (MMD) and Nuveen California Quality Municipal Income Fund (NAC). 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 | NAC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.02 | ||
| Sortino ratioReturn per unit of downside risk | -1.52 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.42 | -0.19 |
| Calmar ratioReturn relative to maximum drawdown | 1.39 | 3.43 | -2.04 |
| Martin ratioReturn relative to average drawdown | 4.35 | 12.61 | -8.26 |
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Drawdowns
MMD vs. NAC - Drawdown Comparison
The maximum MMD drawdown since its inception was -30.12%, smaller than the maximum NAC drawdown of -46.41%. Use the drawdown chart below to compare losses from any high point for MMD and NAC.
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Drawdown Indicators
| MMD | NAC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -30.12% | -46.41% | +16.29% |
Max Drawdown (1Y)Largest decline over 1 year | -7.41% | -4.96% | -2.45% |
Max Drawdown (3Y)Largest decline over 3 years | -15.12% | -13.60% | -1.52% |
Max Drawdown (5Y)Largest decline over 5 years | -30.12% | -36.31% | +6.19% |
Max Drawdown (10Y)Largest decline over 10 years | -30.12% | -36.31% | +6.19% |
Current DrawdownCurrent decline from peak | -15.43% | -1.27% | -14.16% |
Average DrawdownAverage peak-to-trough decline | -9.17% | -8.39% | -0.78% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.36% | 1.35% | +1.01% |
Volatility
MMD vs. NAC - Volatility Comparison
NYLI MacKay DefinedTerm Muni Opportunities Fund (MMD) has a higher volatility of 3.36% compared to Nuveen California Quality Municipal Income Fund (NAC) at 2.19%. This indicates that MMD's price experiences larger fluctuations and is considered to be riskier than NAC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MMD | NAC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.36% | 2.19% | +1.17% |
Volatility (6M)Calculated over the trailing 6-month period | 6.93% | 5.58% | +1.35% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.64% | 7.71% | +0.93% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.38% | 10.76% | +2.62% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.93% | 12.23% | +1.70% |
MMD vs. NAC - Expense Ratio Comparison
MMD has a 0.03% expense ratio, which is lower than NAC's 0.04% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
MMD vs. NAC - Dividend Comparison
MMD's dividend yield for the trailing twelve months is around 4.95%, less than NAC's 7.33% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MMD NYLI MacKay DefinedTerm Muni Opportunities Fund | 4.95% | 4.84% | 4.82% | 5.26% | 6.35% | 4.68% | 4.68% | 4.85% | 5.38% | 5.45% | 6.16% | 6.25% |
NAC Nuveen California Quality Municipal Income Fund | 7.33% | 7.47% | 6.63% | 4.03% | 5.47% | 4.18% | 4.17% | 4.38% | 5.34% | 5.54% | 6.25% | 6.05% |
Frequently Asked Questions
MMD and NAC have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MMD has higher volatility (3.36%) compared to NAC (2.19%). In terms of maximum drawdown, MMD dropped -30.12% vs NAC's -46.41%.
NAC currently has the higher Sharpe Ratio (2.21 vs 1.19), 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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