MMIN vs. MMIT

Last updated Jun 4, 2026

MMIN (IQ MacKay Municipal Insured ETF) and MMIT (IQ MacKay Municipal Intermediate ETF) are both Municipal Bonds funds from New York Life. MMIN is passively managed, while MMIT is actively managed. Over the past 5 years, MMIN returned 0.74%/yr vs 1.11%/yr for MMIT. A 0.68 correlation means they provide meaningful diversification when combined. Both charge a 0.31% expense ratio.

Performance

MMIN vs. MMIT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in IQ MacKay Municipal Insured ETF (MMIN) and IQ MacKay Municipal Intermediate ETF (MMIT). 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 higher than MMIT's 1.40% return.

MMIN

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

MMIT

• 1D: -0.04%
• 1M: 0.50%
• YTD: 1.40%
• 6M: 1.79%
• 1Y: 6.45%
• 3Y*: 3.85%
• 5Y*: 1.11%
• 10Y*: —

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

MMIN vs. MMIT - 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%
MMIT IQ MacKay Municipal Intermediate ETF	1.40%	5.03%	1.46%	5.42%	-7.40%	1.55%	6.17%	7.49%	2.41%	0.43%

Correlation

The correlation between MMIN and MMIT is 0.58, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.58
Correlation (3Y) Calculated over the trailing 3-year period	0.73
Correlation (5Y) Calculated over the trailing 5-year period	0.76
Correlation (All Time) Calculated using the full available price history since Oct 19, 2017	0.68

The correlation between MMIN and MMIT shifts across timeframes, from 0.58 (1 year) to 0.76 (5 years), reflecting how their relationship changes across market environments.

MMIN vs. MMIT - Sectors Allocation Comparison

Sectors	MMIN	MMIT
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-
Financial Services	-0.9%	-1.1%

Return for Risk

MMIN vs. MMIT — 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

MMIT

MMIT Risk / Return Rank: 70
MMIT Sharpe Ratio Rank: 79
MMIT Sortino Ratio Rank: 84
MMIT Omega Ratio Rank: 86
MMIT Calmar Ratio Rank: 51
MMIT Martin Ratio Rank: 51

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. MMIT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for IQ MacKay Municipal Insured ETF (MMIN) and IQ MacKay Municipal Intermediate ETF (MMIT). 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	MMIT	Difference
Sharpe ratio Return per unit of total volatility	2.46	2.56	-0.10
Sortino ratio Return per unit of downside risk	3.66	3.79	-0.13
Omega ratio Gain probability vs. loss probability	1.49	1.53	-0.04
Calmar ratio Return relative to maximum drawdown	3.25	2.50	+0.75
Martin ratio Return relative to average drawdown	11.93	8.50	+3.43
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. MMIT - Sharpe Ratio Comparison

The current MMIN Sharpe Ratio is 2.46, which is comparable to the MMIT Sharpe Ratio of 2.56. The chart below compares the historical Sharpe Ratios of MMIN and MMIT, 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	MMIT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.46	2.56	-0.10
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.15	0.32	-0.17
Sharpe Ratio (All Time) Calculated using the full available price history	0.38	0.63	-0.25

Drawdowns

MMIN vs. MMIT - Drawdown Comparison

The maximum MMIN drawdown since its inception was -16.87%, which is greater than MMIT's maximum drawdown of -12.28%. Use the drawdown chart below to compare losses from any high point for MMIN and MMIT.

Drawdown Indicators

	MMIN	MMIT	Difference
Max Drawdown Largest peak-to-trough decline	-16.87%	-12.28%	-4.59%
Max Drawdown (1Y) Largest decline over 1 year	-2.87%	-2.59%	-0.28%
Max Drawdown (3Y) Largest decline over 3 years	-7.22%	-3.96%	-3.26%
Max Drawdown (5Y) Largest decline over 5 years	-16.87%	-12.28%	-4.59%
Current Drawdown Current decline from peak	-0.08%	-0.77%	+0.69%
Average Drawdown Average peak-to-trough decline	-4.32%	-2.27%	-2.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.78%	0.76%	+0.02%

Volatility

MMIN vs. MMIT - Volatility Comparison

IQ MacKay Municipal Insured ETF (MMIN) has a higher volatility of 1.16% compared to IQ MacKay Municipal Intermediate ETF (MMIT) at 0.77%. This indicates that MMIN's price experiences larger fluctuations and is considered to be riskier than MMIT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MMIN	MMIT	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.16%	0.77%	+0.39%
Volatility (6M) Calculated over the trailing 6-month period	2.49%	1.66%	+0.83%
Volatility (1Y) Calculated over the trailing 1-year period	3.81%	2.53%	+1.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.02%	3.54%	+1.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.97%	4.30%	+2.67%

MMIN vs. MMIT - Expense Ratio Comparison

Both MMIN and MMIT have an expense ratio of 0.31%.

Dividends

MMIN vs. MMIT - Dividend Comparison

MMIN's dividend yield for the trailing twelve months is around 4.12%, more than MMIT's 3.57% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
MMIT IQ MacKay Municipal Intermediate ETF	3.57%	3.54%	3.76%	3.46%	2.30%	1.81%	2.59%	4.14%	2.46%	0.35%

Frequently Asked Questions

Can I hold both MMIN and MMIT in my portfolio?

MMIN and MMIT have a correlation of 0.58, 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 MMIT?

MMIN has higher volatility (1.16%) compared to MMIT (0.77%). In terms of maximum drawdown, MMIN dropped -16.87% vs MMIT's -12.28%.

Which ETF is better, MMIN or MMIT?

On 5-year performance, MMIT leads with 1.11% vs 0.74% for MMIN. Both ETFs have the same 0.31% expense ratio. On volatility, MMIT has been the lower-risk option at 0.77%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MMIN or MMIT?

Over the 5-year period, MMIT has performed better with a 1.11% 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 MMIT?

MMIN and MMIT have the same expense ratio: 0.31% per year.

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

MMIN has the higher dividend yield at 4.12%, compared with 3.57% for MMIT.

Which has better risk-adjusted returns?

MMIT currently has the higher Sharpe Ratio (2.56 vs 2.46), 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.