MMD vs. NIM
Compare and contrast key facts about NYLI MacKay DefinedTerm Muni Opportunities Fund (MMD) and Nuveen Select Maturities Municipal Fund (NIM).
MMD is managed by New York Life Investment Management. It was launched on Jun 26, 2012. NIM is managed by Nuveen. It was launched on Sep 18, 1992.
Performance
MMD vs. NIM - Performance Comparison
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MMD vs. NIM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MMD NYLI MacKay DefinedTerm Muni Opportunities Fund | 1.14% | 4.54% | -3.99% | 6.48% | -21.94% | 4.74% | 8.78% | 13.25% | 3.91% | 14.50% |
NIM Nuveen Select Maturities Municipal Fund | 2.42% | 10.88% | 2.74% | 0.75% | -12.95% | 2.95% | 5.44% | 12.77% | -0.49% | 5.40% |
Returns By Period
In the year-to-date period, MMD achieves a 1.14% return, which is significantly lower than NIM's 2.42% return. Over the past 10 years, MMD has outperformed NIM with an annualized return of 2.38%, while NIM has yielded a comparatively lower 2.14% annualized return.
MMD
- 1D
- 2.27%
- 1M
- -4.40%
- YTD
- 1.14%
- 6M
- 0.60%
- 1Y
- 3.43%
- 3Y*
- -0.49%
- 5Y*
- -3.02%
- 10Y*
- 2.38%
NIM
- 1D
- 1.94%
- 1M
- -2.03%
- YTD
- 2.42%
- 6M
- 3.94%
- 1Y
- 5.17%
- 3Y*
- 4.61%
- 5Y*
- 0.77%
- 10Y*
- 2.14%
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MMD vs. NIM - Expense Ratio Comparison
Both MMD and NIM have an expense ratio of 0.03%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Return for Risk
MMD vs. NIM — Risk / Return Rank
MMD
NIM
MMD vs. NIM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for NYLI MacKay DefinedTerm Muni Opportunities Fund (MMD) and Nuveen Select Maturities Municipal Fund (NIM). 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.
| MMD | NIM | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.37 | 0.51 | -0.15 |
Sortino ratioReturn per unit of downside risk | 0.58 | 0.80 | -0.22 |
Omega ratioGain probability vs. loss probability | 1.07 | 1.10 | -0.03 |
Calmar ratioReturn relative to maximum drawdown | 0.48 | 1.05 | -0.56 |
Martin ratioReturn relative to average drawdown | 1.36 | 3.21 | -1.86 |
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
| MMD | NIM | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.37 | 0.51 | -0.15 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.23 | 0.07 | -0.30 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.17 | 0.20 | -0.03 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.26 | 0.24 | +0.02 |
Correlation
The correlation between MMD and NIM is 0.26, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Dividends
MMD vs. NIM - Dividend Comparison
MMD's dividend yield for the trailing twelve months is around 4.95%, more than NIM's 3.60% yield.
| 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% |
NIM Nuveen Select Maturities Municipal Fund | 3.60% | 3.61% | 4.10% | 3.49% | 2.88% | 2.69% | 3.42% | 3.03% | 3.27% | 3.15% | 3.23% | 3.27% |
Drawdowns
MMD vs. NIM - Drawdown Comparison
The maximum MMD drawdown since its inception was -30.12%, which is greater than NIM's maximum drawdown of -23.09%. Use the drawdown chart below to compare losses from any high point for MMD and NIM.
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Drawdown Indicators
| MMD | NIM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -30.12% | -23.09% | -7.03% |
Max Drawdown (1Y)Largest decline over 1 year | -7.41% | -6.03% | -1.38% |
Max Drawdown (5Y)Largest decline over 5 years | -30.12% | -19.96% | -10.16% |
Max Drawdown (10Y)Largest decline over 10 years | -30.12% | -19.96% | -10.16% |
Current DrawdownCurrent decline from peak | -19.05% | -4.21% | -14.84% |
Average DrawdownAverage peak-to-trough decline | -9.05% | -5.93% | -3.12% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.63% | 1.96% | +0.67% |
Volatility
MMD vs. NIM - Volatility Comparison
The current volatility for NYLI MacKay DefinedTerm Muni Opportunities Fund (MMD) is 3.80%, while Nuveen Select Maturities Municipal Fund (NIM) has a volatility of 4.49%. This indicates that MMD experiences smaller price fluctuations and is considered to be less risky than NIM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MMD | NIM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.80% | 4.49% | -0.69% |
Volatility (6M)Calculated over the trailing 6-month period | 5.68% | 7.22% | -1.54% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.38% | 10.17% | -0.79% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.43% | 10.66% | +2.77% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.90% | 10.78% | +3.12% |