MMIN vs. LQD
MMIN (IQ MacKay Municipal Insured ETF) and LQD (iShares iBoxx $ Investment Grade Corporate Bond ETF) are both exchange-traded funds - MMIN is a Municipal Bonds fund tracking the Bloomberg Barclays Municipal All Insured Bond Index, while LQD is a Corporate Bonds fund tracking the iBoxx $ Liquid Investment Grade Index. Both are passively managed. Over the past 5 years, MMIN returned 0.81%/yr vs -0.24%/yr for LQD. A 0.51 correlation means they provide meaningful diversification when combined. MMIN charges 0.31%/yr vs 0.15%/yr for LQD.
Performance
MMIN vs. LQD - Performance Comparison
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Returns By Period
In the year-to-date period, MMIN achieves a 2.70% return, which is significantly higher than LQD's 0.61% return.
MMIN
- 1D
- 0.25%
- 1M
- 1.86%
- YTD
- 2.70%
- 6M
- 2.80%
- 1Y
- 8.72%
- 3Y*
- 3.97%
- 5Y*
- 0.81%
- 10Y*
- —
LQD
- 1D
- -0.27%
- 1M
- 0.76%
- YTD
- 0.61%
- 6M
- 0.68%
- 1Y
- 5.23%
- 3Y*
- 4.88%
- 5Y*
- -0.24%
- 10Y*
- 2.46%
MMIN vs. LQD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MMIN IQ MacKay Municipal Insured ETF | 2.70% | 4.65% | 0.93% | 7.45% | -11.20% | 1.35% | 7.47% | 8.08% | 1.97% | 1.00% |
LQD iShares iBoxx $ Investment Grade Corporate Bond ETF | 0.61% | 7.90% | 0.86% | 9.40% | -17.92% | -1.84% | 10.97% | 17.37% | -3.79% | 0.89% |
Correlation
The correlation between MMIN and LQD is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.46 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.66 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.62 |
Correlation (All Time) Calculated using the full available price history since Oct 18, 2017 | 0.51 |
The correlation between MMIN and LQD shifts across timeframes, from 0.46 (1 year) to 0.66 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
MMIN vs. LQD — Risk / Return Rank
MMIN
LQD
MMIN vs. LQD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for IQ MacKay Municipal Insured ETF (MMIN) and iShares iBoxx $ Investment Grade Corporate Bond ETF (LQD). 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 | LQD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.38 | ||
| Sortino ratioReturn per unit of downside risk | +2.04 | ||
| Omega ratioGain probability vs. loss probability | 1.47 | 1.17 | +0.30 |
| Calmar ratioReturn relative to maximum drawdown | 3.05 | 1.57 | +1.47 |
| Martin ratioReturn relative to average drawdown | 11.19 | 4.40 | +6.79 |
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Drawdowns
MMIN vs. LQD - Drawdown Comparison
The maximum MMIN drawdown since its inception was -16.87%, smaller than the maximum LQD drawdown of -24.95%. Use the drawdown chart below to compare losses from any high point for MMIN and LQD.
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Drawdown Indicators
| MMIN | LQD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.87% | -24.95% | +8.08% |
Max Drawdown (1Y)Largest decline over 1 year | -2.87% | -3.34% | +0.47% |
Max Drawdown (3Y)Largest decline over 3 years | -7.22% | -8.43% | +1.21% |
Max Drawdown (5Y)Largest decline over 5 years | -16.87% | -24.95% | +8.08% |
Max Drawdown (10Y)Largest decline over 10 years | — | -24.95% | — |
Current DrawdownCurrent decline from peak | 0.00% | -3.58% | +3.58% |
Average DrawdownAverage peak-to-trough decline | -4.30% | -3.99% | -0.31% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.78% | 1.19% | -0.41% |
Volatility
MMIN vs. LQD - Volatility Comparison
The current volatility for IQ MacKay Municipal Insured ETF (MMIN) is 0.81%, while iShares iBoxx $ Investment Grade Corporate Bond ETF (LQD) has a volatility of 1.43%. This indicates that MMIN experiences smaller price fluctuations and is considered to be less risky than LQD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MMIN | LQD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.81% | 1.43% | -0.62% |
Volatility (6M)Calculated over the trailing 6-month period | 2.49% | 3.99% | -1.50% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.70% | 5.33% | -1.63% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.02% | 8.65% | -3.63% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.96% | 8.69% | -1.73% |
MMIN vs. LQD - Expense Ratio Comparison
MMIN has a 0.31% expense ratio, which is higher than LQD's 0.15% expense ratio.
Dividends
MMIN vs. LQD - Dividend Comparison
MMIN's dividend yield for the trailing twelve months is around 4.11%, less than LQD's 4.56% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
LQD iShares iBoxx $ Investment Grade Corporate Bond ETF | 4.56% | 4.48% | 4.45% | 3.99% | 3.30% | 2.30% | 2.66% | 3.29% | 3.67% | 3.10% | 3.34% | 3.47% |
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% | 0.00% | 0.00% |
Frequently Asked Questions
MMIN and LQD have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
LQD has higher volatility (1.43%) compared to MMIN (0.81%). In terms of maximum drawdown, MMIN dropped -16.87% vs LQD's -24.95%.
On 5-year performance, MMIN leads with 0.81% vs -0.24% for LQD. On fees, LQD is cheaper at 0.15% per year. On volatility, MMIN has been the lower-risk option at 0.81%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, MMIN has performed better with a 0.81% return vs -0.24%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
LQD is cheaper with a 0.15% expense ratio, compared with 0.31% for MMIN.
LQD has the higher dividend yield at 4.56%, compared with 4.11% for MMIN.
MMIN is categorized as Municipal Bonds, while LQD is Corporate Bonds. MMIN tracks Bloomberg Barclays Municipal All Insured Bond Index, while LQD tracks iBoxx $ Liquid Investment Grade Index. They also come from different issuers: New York Life and iShares. Their fees differ too: 0.31% for MMIN and 0.15% for LQD.
MMIN currently has the higher Sharpe Ratio (2.37 vs 0.99), 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.
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