MMIN vs. HFXI

Last updated Jun 4, 2026

MMIN (IQ MacKay Municipal Insured ETF) and HFXI (IQ 50 Percent Hedged FTSE International ETF) are both exchange-traded funds - MMIN is a Municipal Bonds fund tracking the Bloomberg Barclays Municipal All Insured Bond Index, while HFXI is a Foreign Large Cap Equities fund tracking the FTSE Developed ex North America 50% Hedged to USD Index. Both are passively managed. Over the past 5 years, MMIN returned 0.74%/yr vs 12.14%/yr for HFXI. At a 0.04 correlation, their price movements are largely independent. MMIN charges 0.31%/yr vs 0.20%/yr for HFXI.

Performance

MMIN vs. HFXI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in IQ MacKay Municipal Insured ETF (MMIN) and IQ 50 Percent Hedged FTSE International ETF (HFXI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MMIN achieves a 2.32% return, which is significantly lower than HFXI's 17.13% return.

MMIN

• 1D: 0.00%
• 1M: 0.85%
• YTD: 2.32%
• 6M: 2.74%
• 1Y: 9.31%
• 3Y*: 4.21%
• 5Y*: 0.74%
• 10Y*: —

HFXI

• 1D: -0.45%
• 1M: 7.03%
• YTD: 17.13%
• 6M: 20.26%
• 1Y: 35.26%
• 3Y*: 20.46%
• 5Y*: 12.14%
• 10Y*: 11.47%

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

MMIN vs. HFXI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MMIN IQ MacKay Municipal Insured ETF	2.32%	4.65%	0.93%	7.45%	-11.20%	1.35%	7.47%	8.08%	1.97%	1.20%
HFXI IQ 50 Percent Hedged FTSE International ETF	17.13%	30.10%	7.58%	19.56%	-10.71%	13.96%	6.88%	23.67%	-12.69%	2.48%

Correlation

The correlation between MMIN and HFXI is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.13
Correlation (3Y) Calculated over the trailing 3-year period	0.15
Correlation (5Y) Calculated over the trailing 5-year period	0.12
Correlation (All Time) Calculated using the full available price history since Oct 19, 2017	0.04

The correlation between MMIN and HFXI shifts across timeframes, from 0.04 (all time) to 0.15 (3 years), reflecting how their relationship changes across market environments.

MMIN vs. HFXI - Sectors Allocation Comparison

Sectors	MMIN	HFXI
Basic Materials	-	5.9%
Communication Services	-	3.5%
Consumer Cyclical	-	7.7%
Consumer Defensive	-	6.3%
Energy	-	3.6%
Healthcare	-	9.5%
Industrials	-	20.1%
Real Estate	-	2.5%
Technology	-	14.5%
Utilities	-	3.6%
Financial Services	-0.9%	22.8%

Return for Risk

MMIN vs. HFXI — Risk / Return Rank

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

MMIN

MMIN Risk / Return Rank: 74
MMIN Sharpe Ratio Rank: 75
MMIN Sortino Ratio Rank: 81
MMIN Omega Ratio Rank: 82
MMIN Calmar Ratio Rank: 66
MMIN Martin Ratio Rank: 65

HFXI

HFXI Risk / Return Rank: 71
HFXI Sharpe Ratio Rank: 73
HFXI Sortino Ratio Rank: 73
HFXI Omega Ratio Rank: 74
HFXI Calmar Ratio Rank: 65
HFXI Martin Ratio Rank: 70

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. HFXI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for IQ MacKay Municipal Insured ETF (MMIN) and IQ 50 Percent Hedged FTSE International ETF (HFXI). 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.

	MMIN	HFXI	Difference
Sharpe ratio: Return per unit of total volatility	2.46	2.41	+0.05
Sortino ratio: Return per unit of downside risk	3.66	3.33	+0.32
Omega ratio: Gain probability vs. loss probability	1.49	1.44	+0.05
Calmar ratio: Return relative to maximum drawdown	3.25	3.27	-0.02
Martin ratio: Return relative to average drawdown	11.93	12.97	-1.04
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MMIN vs. HFXI - Sharpe Ratio Comparison

The current MMIN Sharpe Ratio is 2.46, which is comparable to the HFXI Sharpe Ratio of 2.41. The chart below compares the historical Sharpe Ratios of MMIN and HFXI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	MMIN	HFXI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.46	2.41	+0.05
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.15	0.82	-0.67
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.69	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.38	0.57	-0.19

Drawdowns

MMIN vs. HFXI - Drawdown Comparison

The maximum MMIN drawdown since its inception was -16.87%, smaller than the maximum HFXI drawdown of -32.42%. Use the drawdown chart below to compare losses from any high point for MMIN and HFXI.

Drawdown Indicators

	MMIN	HFXI	Difference
Max Drawdown Largest peak-to-trough decline	-16.87%	-32.42%	+15.55%
Max Drawdown (1Y) Largest decline over 1 year	-2.87%	-10.84%	+7.97%
Max Drawdown (3Y) Largest decline over 3 years	-7.22%	-13.52%	+6.30%
Max Drawdown (5Y) Largest decline over 5 years	-16.87%	-22.35%	+5.48%
Max Drawdown (10Y) Largest decline over 10 years	—	-32.42%	—
Current Drawdown Current decline from peak	-0.08%	-0.45%	+0.37%
Average Drawdown Average peak-to-trough decline	-4.32%	-5.46%	+1.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.78%	2.72%	-1.94%

Volatility

MMIN vs. HFXI - Volatility Comparison

The current volatility for IQ MacKay Municipal Insured ETF (MMIN) is 1.16%, while IQ 50 Percent Hedged FTSE International ETF (HFXI) has a volatility of 5.46%. This indicates that MMIN experiences smaller price fluctuations and is considered to be less risky than HFXI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MMIN	HFXI	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.16%	5.46%	-4.30%
Volatility (6M) Calculated over the trailing 6-month period	2.49%	12.40%	-9.91%
Volatility (1Y) Calculated over the trailing 1-year period	3.81%	14.69%	-10.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.02%	14.85%	-9.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.97%	16.63%	-9.66%

MMIN vs. HFXI - Expense Ratio Comparison

MMIN has a 0.31% expense ratio, which is higher than HFXI's 0.20% expense ratio.

Dividends

MMIN vs. HFXI - Dividend Comparison

MMIN's dividend yield for the trailing twelve months is around 4.12%, more than HFXI's 3.84% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HFXI IQ 50 Percent Hedged FTSE International ETF	3.84%	4.19%	2.68%	2.49%	4.65%	3.10%	2.00%	3.19%	4.33%	2.56%	2.71%	0.78%
MMIN IQ MacKay Municipal Insured ETF	4.12%	4.07%	3.96%	3.73%	2.93%	1.72%	2.21%	2.75%	2.78%	0.47%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MMIN and HFXI in my portfolio?

MMIN and HFXI have a correlation of 0.13, 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 HFXI?

HFXI has higher volatility (5.46%) compared to MMIN (1.16%). In terms of maximum drawdown, MMIN dropped -16.87% vs HFXI's -32.42%.

Which ETF is better, MMIN or HFXI?

On 5-year performance, HFXI leads with 12.14% vs 0.74% for MMIN. On fees, HFXI is cheaper at 0.20% per year. On volatility, MMIN has been the lower-risk option at 1.16%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MMIN or HFXI?

Over the 5-year period, HFXI has performed better with a 12.14% return vs 0.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MMIN or HFXI?

HFXI is cheaper with a 0.20% expense ratio, compared with 0.31% for MMIN.

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

MMIN has the higher dividend yield at 4.12%, compared with 3.84% for HFXI.

What is the main difference between MMIN and HFXI?

MMIN is categorized as Municipal Bonds, while HFXI is Foreign Large Cap Equities. MMIN tracks Bloomberg Barclays Municipal All Insured Bond Index, while HFXI tracks FTSE Developed ex North America 50% Hedged to USD Index. Their fees differ too: 0.31% for MMIN and 0.20% for HFXI.

Which has better risk-adjusted returns?

MMIN currently has the higher Sharpe Ratio (2.46 vs 2.41), 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.