MMIN vs. CERY

Last updated Jun 24, 2026

MMIN (IQ MacKay Municipal Insured ETF) and CERY (SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF) are both exchange-traded funds - MMIN is a Municipal Bonds fund tracking the Bloomberg Barclays Municipal All Insured Bond Index, while CERY is a Commodities fund tracking the Bloomberg Enhanced Roll Yield Total Return Index. Both are passively managed. Over the past year, MMIN returned 8.22% vs 27.40% for CERY. At a correlation of -0.11, they often move in opposite directions. MMIN charges 0.31%/yr vs 0.28%/yr for CERY.

Performance

MMIN vs. CERY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in IQ MacKay Municipal Insured ETF (MMIN) and SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF (CERY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MMIN achieves a 2.53% return, which is significantly lower than CERY's 18.11% return.

MMIN

• 1D: -0.17%
• 1M: 1.69%
• YTD: 2.53%
• 6M: 2.52%
• 1Y: 8.22%
• 3Y*: 3.91%
• 5Y*: 0.78%
• 10Y*: —

CERY

• 1D: -1.20%
• 1M: -9.49%
• YTD: 18.11%
• 6M: 16.37%
• 1Y: 27.40%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MMIN vs. CERY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MMIN IQ MacKay Municipal Insured ETF	2.53%	4.65%	-0.56%
CERY SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF	18.11%	15.68%	3.80%

Correlation

The correlation between MMIN and CERY is -0.19, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.19
Correlation (All Time) Calculated using the full available price history since Sep 5, 2024	-0.11

Return for Risk

MMIN vs. CERY — Risk / Return Rank

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

MMIN

MMIN Risk / Return Rank: 73
MMIN Sharpe Ratio Rank: 76
MMIN Sortino Ratio Rank: 81
MMIN Omega Ratio Rank: 81
MMIN Calmar Ratio Rank: 62
MMIN Martin Ratio Rank: 63

CERY

CERY Risk / Return Rank: 53
CERY Sharpe Ratio Rank: 56
CERY Sortino Ratio Rank: 52
CERY Omega Ratio Rank: 52
CERY Calmar Ratio Rank: 47
CERY Martin Ratio Rank: 60

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.

MMIN vs. CERY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for IQ MacKay Municipal Insured ETF (MMIN) and SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF (CERY). 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.

	MMIN	CERY	Difference
Sharpe ratio: Return per unit of total volatility	2.24	1.78	+0.46
Sortino ratio: Return per unit of downside risk	3.30	2.38	+0.92
Omega ratio: Gain probability vs. loss probability	1.44	1.31	+0.13
Calmar ratio: Return relative to maximum drawdown	2.87	2.21	+0.66
Martin ratio: Return relative to average drawdown	10.54	10.02	+0.53

MMIN vs. CERY - Sharpe Ratio Comparison

The current MMIN Sharpe Ratio is 2.24, which is comparable to the CERY Sharpe Ratio of 1.78. The chart below compares the historical Sharpe Ratios of MMIN and CERY, 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

MMIN vs. CERY - Drawdown Comparison

The maximum MMIN drawdown since its inception was -16.87%, which is greater than CERY's maximum drawdown of -12.44%. Use the drawdown chart below to compare losses from any high point for MMIN and CERY.

Drawdown Indicators

	MMIN	CERY	Difference
Max Drawdown Largest peak-to-trough decline	-16.87%	-12.44%	-4.43%
Max Drawdown (1Y) Largest decline over 1 year	-2.87%	-12.44%	+9.57%
Max Drawdown (3Y) Largest decline over 3 years	-7.22%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-16.87%	—	—
Current Drawdown Current decline from peak	-0.17%	-12.44%	+12.27%
Average Drawdown Average peak-to-trough decline	-4.30%	-2.29%	-2.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.78%	2.76%	-1.98%

Volatility

MMIN vs. CERY - Volatility Comparison

The current volatility for IQ MacKay Municipal Insured ETF (MMIN) is 0.85%, while SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF (CERY) has a volatility of 3.64%. This indicates that MMIN experiences smaller price fluctuations and is considered to be less risky than CERY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MMIN	CERY	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.85%	3.64%	-2.79%
Volatility (6M) Calculated over the trailing 6-month period	2.49%	13.63%	-11.14%
Volatility (1Y) Calculated over the trailing 1-year period	3.70%	15.66%	-11.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.02%	14.74%	-9.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.95%	14.74%	-7.79%

MMIN vs. CERY - Expense Ratio Comparison

MMIN has a 0.31% expense ratio, which is higher than CERY's 0.28% expense ratio.

Dividends

MMIN vs. CERY - Dividend Comparison

MMIN's dividend yield for the trailing twelve months is around 4.11%, less than CERY's 4.23% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
CERY SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF	4.23%	4.99%	0.52%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
MMIN IQ MacKay Municipal Insured ETF	4.11%	4.07%	3.96%	3.73%	2.93%	1.72%	2.21%	2.75%	2.78%	0.47%

Frequently Asked Questions

Can I hold both MMIN and CERY in my portfolio?

MMIN and CERY have a correlation of -0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MMIN or CERY?

CERY has higher volatility (3.64%) compared to MMIN (0.85%). In terms of maximum drawdown, MMIN dropped -16.87% vs CERY's -12.44%.

Which ETF is better, MMIN or CERY?

On 1-year performance, CERY leads with 27.40% vs 8.22% for MMIN. On fees, CERY is cheaper at 0.28% per year. On volatility, MMIN has been the lower-risk option at 0.85%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MMIN or CERY?

Over the 1-year period, CERY has performed better with a 27.40% return vs 8.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MMIN or CERY?

CERY is cheaper with a 0.28% expense ratio, compared with 0.31% for MMIN.

Which ETF pays a higher dividend yield, MMIN or CERY?

CERY has the higher dividend yield at 4.23%, compared with 4.11% for MMIN.

What is the main difference between MMIN and CERY?

MMIN is categorized as Municipal Bonds, while CERY is Commodities. MMIN tracks Bloomberg Barclays Municipal All Insured Bond Index, while CERY tracks Bloomberg Enhanced Roll Yield Total Return Index. They also come from different issuers: New York Life and State Street. Their fees differ too: 0.31% for MMIN and 0.28% for CERY.

Which has better risk-adjusted returns?

MMIN currently has the higher Sharpe Ratio (2.24 vs 1.78), 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.