MMIN vs. FOVL
MMIN (IQ MacKay Municipal Insured ETF) and FOVL (iShares Focused Value Factor ETF) are both exchange-traded funds - MMIN is a Municipal Bonds fund tracking the Bloomberg Barclays Municipal All Insured Bond Index, while FOVL is a Mid Cap Value Equities fund tracking the MSCI USA IMI Focused Value Factor Index. Both are passively managed. At a correlation of -0.03, they often move in opposite directions. MMIN charges 0.31%/yr vs 0.25%/yr for FOVL.
Performance
MMIN vs. FOVL - Performance Comparison
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Returns By Period
MMIN
- 1D
- -0.17%
- 1M
- -0.25%
- 6M
- 1.55%
- YTD
- 2.23%
- 1Y
- 8.94%
- 3Y*
- 3.76%
- 5Y*
- 0.53%
- 10Y*
- —
FOVL
- 1D
- —
- 1M
- —
- 6M
- —
- YTD
- —
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
MMIN vs. FOVL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
MMIN IQ MacKay Municipal Insured ETF | 2.23% | 4.65% | 0.93% | 7.45% | -11.20% | 1.35% | 7.47% | 6.02% |
FOVL iShares Focused Value Factor ETF | 0.00% | 6.43% | 22.87% | 17.72% | -9.39% | 40.14% | -13.20% | 7.00% |
Correlation
The correlation between MMIN and FOVL is -0.16, 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 | -0.16 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.06 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.02 |
Correlation (All Time) Calculated using the full available price history since Mar 21, 2019 | -0.03 |
The correlation between MMIN and FOVL shifts across timeframes, from -0.16 (1 year) to 0.06 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
MMIN vs. FOVL — Risk / Return Rank
MMIN
FOVL
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
MMIN vs. FOVL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for IQ MacKay Municipal Insured ETF (MMIN) and iShares Focused Value Factor ETF (FOVL). 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 | FOVL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.52 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 3.12 | — | — |
| Martin ratioReturn relative to average drawdown | 12.25 | — | — |
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Drawdowns
MMIN vs. FOVL - Drawdown Comparison
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Drawdown Indicators
| MMIN | FOVL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.87% | — | — |
Max Drawdown (1Y)Largest decline over 1 year | -2.87% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -7.22% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -16.87% | — | — |
Current DrawdownCurrent decline from peak | -0.91% | — | — |
Average DrawdownAverage peak-to-trough decline | -4.27% | — | — |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.73% | — | — |
Volatility
MMIN vs. FOVL - Volatility Comparison
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Volatility by Period
| MMIN | FOVL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.67% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 2.50% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 3.57% | — | — |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.03% | — | — |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.93% | — | — |
MMIN vs. FOVL - Expense Ratio Comparison
MMIN has a 0.31% expense ratio, which is higher than FOVL's 0.25% expense ratio.
Dividends
MMIN vs. FOVL - Dividend Comparison
MMIN's dividend yield for the trailing twelve months is around 4.02%, while FOVL has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
FOVL iShares Focused Value Factor ETF | 0.00% | 1.36% | 2.08% | 2.59% | 3.38% | 2.80% | 2.88% | 2.09% | 0.00% | 0.00% |
MMIN IQ MacKay Municipal Insured ETF | 4.02% | 4.07% | 3.96% | 3.73% | 2.93% | 1.72% | 2.21% | 2.75% | 2.78% | 0.47% |
Frequently Asked Questions
MMIN and FOVL have a correlation of -0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, FOVL is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.
FOVL is cheaper with a 0.25% expense ratio, compared with 0.31% for MMIN.
MMIN has the higher dividend yield at 4.02%, compared with 0.00% for FOVL.
MMIN is categorized as Municipal Bonds, while FOVL is Mid Cap Value Equities. MMIN tracks Bloomberg Barclays Municipal All Insured Bond Index, while FOVL tracks MSCI USA IMI Focused Value Factor Index. They also come from different issuers: New York Life and iShares. Their fees differ too: 0.31% for MMIN and 0.25% for FOVL.
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