MMD vs. NOM

Last updated Jun 3, 2026

MMD (NYLI MacKay DefinedTerm Muni Opportunities Fund) and NOM (Nuveen Missouri Quality Municipal Income Fund) are both Municipal Bonds funds. At a 0.11 correlation, their price movements are largely independent.

Performance

MMD vs. NOM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in NYLI MacKay DefinedTerm Muni Opportunities Fund (MMD) and Nuveen Missouri Quality Municipal Income Fund (NOM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

MMD

• 1D: -0.07%
• 1M: 2.26%
• YTD: 4.52%
• 6M: 4.73%
• 1Y: 10.62%
• 3Y*: 1.27%
• 5Y*: -3.04%
• 10Y*: 2.30%

NOM

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MMD vs. NOM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MMD NYLI MacKay DefinedTerm Muni Opportunities Fund	4.52%	4.54%	-3.99%	6.48%	-21.94%	4.74%	8.78%	13.25%	3.91%	14.50%
NOM Nuveen Missouri Quality Municipal Income Fund	-5.66%	6.89%	27.11%	-0.84%	-26.11%	8.91%	1.20%	30.63%	-15.20%	-3.04%

Correlation

The correlation between MMD and NOM is 0.11, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.11
Correlation (3Y) Calculated over the trailing 3-year period	0.26
Correlation (5Y) Calculated over the trailing 5-year period	0.18
Correlation (10Y) Calculated over the trailing 10-year period	0.12
Correlation (All Time) Calculated using the full available price history since Aug 6, 2012	0.11

The correlation between MMD and NOM shifts across timeframes, from 0.11 (all time) to 0.26 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

MMD vs. NOM — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

MMD

MMD Risk / Return Rank: 18
MMD Sharpe Ratio Rank: 19
MMD Sortino Ratio Rank: 22
MMD Omega Ratio Rank: 20
MMD Calmar Ratio Rank: 15
MMD Martin Ratio Rank: 15

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

MMD vs. NOM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NYLI MacKay DefinedTerm Muni Opportunities Fund (MMD) and Nuveen Missouri Quality Municipal Income Fund (NOM). 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	NOM	Difference
Sharpe ratio Return per unit of total volatility	1.27	—	—
Sortino ratio Return per unit of downside risk	1.98	—	—
Omega ratio Gain probability vs. loss probability	1.24	—	—
Calmar ratio Return relative to maximum drawdown	1.36	—	—
Martin ratio Return relative to average drawdown	4.32	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	MMD	NOM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.27	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.23	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.17	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.28	—	—

Drawdowns

Drawdown Indicators

	MMD	NOM	Difference
Max Drawdown Largest peak-to-trough decline	-30.12%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-7.41%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-16.11%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-30.12%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-30.12%	—	—
Current Drawdown Current decline from peak	-16.35%	—	—
Average Drawdown Average peak-to-trough decline	-9.15%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	2.33%	—	—

Volatility

Volatility by Period

	MMD	NOM	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.32%	—	—
Volatility (6M) Calculated over the trailing 6-month period	6.48%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	8.40%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.35%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.91%	—	—

Dividends

MMD vs. NOM - Dividend Comparison

MMD's dividend yield for the trailing twelve months is around 4.93%, less than NOM's 6.28% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MMD NYLI MacKay DefinedTerm Muni Opportunities Fund	4.93%	4.84%	4.82%	5.26%	6.35%	4.68%	4.68%	4.85%	5.38%	5.45%	6.16%	6.25%
NOM Nuveen Missouri Quality Municipal Income Fund	6.28%	6.58%	5.45%	3.17%	4.45%	3.60%	3.43%	3.60%	4.82%	4.74%	4.51%	4.76%

Frequently Asked Questions

Can I hold both MMD and NOM in my portfolio?

MMD and NOM have a correlation of 0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.