MMIN vs. SUB
MMIN (IQ MacKay Municipal Insured ETF) and SUB (iShares Short-Term National Muni Bond ETF) are both Municipal Bonds funds - MMIN tracks the Bloomberg Barclays Municipal All Insured Bond Index while SUB tracks the ICE Short Maturity AMT-Free US National Municipal Index - Benchmark TR Gross. Both are passively managed. Over the past 5 years, MMIN returned 0.74%/yr vs 1.46%/yr for SUB. A 0.50 correlation means they provide meaningful diversification when combined. MMIN charges 0.31%/yr vs 0.07%/yr for SUB.
Performance
MMIN vs. SUB - Performance Comparison
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Returns By Period
In the year-to-date period, MMIN achieves a 2.32% return, which is significantly higher than SUB's 0.79% return.
MMIN
- 1D
- 0.00%
- 1M
- 0.85%
- YTD
- 2.32%
- 6M
- 2.74%
- 1Y
- 9.31%
- 3Y*
- 4.21%
- 5Y*
- 0.74%
- 10Y*
- —
SUB
- 1D
- 0.01%
- 1M
- 0.32%
- YTD
- 0.79%
- 6M
- 1.15%
- 1Y
- 3.18%
- 3Y*
- 3.19%
- 5Y*
- 1.46%
- 10Y*
- 1.49%
MMIN vs. SUB - 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% |
SUB iShares Short-Term National Muni Bond ETF | 0.79% | 3.64% | 2.17% | 2.91% | -2.05% | 0.03% | 2.51% | 2.93% | 1.85% | -0.73% |
Correlation
The correlation between MMIN and SUB is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.41 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.60 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.61 |
Correlation (All Time) Calculated using the full available price history since Oct 19, 2017 | 0.50 |
The correlation between MMIN and SUB shifts across timeframes, from 0.41 (1 year) to 0.61 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
MMIN vs. SUB — Risk / Return Rank
MMIN
SUB
MMIN vs. SUB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for IQ MacKay Municipal Insured ETF (MMIN) and iShares Short-Term National Muni Bond ETF (SUB). 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 | SUB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.74 | ||
| Sortino ratioReturn per unit of downside risk | -0.98 | ||
| Omega ratioGain probability vs. loss probability | 1.49 | 1.72 | -0.22 |
| Calmar ratioReturn relative to maximum drawdown | 3.25 | 3.97 | -0.72 |
| Martin ratioReturn relative to average drawdown | 11.93 | 11.24 | +0.69 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| MMIN | SUB | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.46 | 3.20 | -0.74 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.15 | 0.90 | -0.75 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.57 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.38 | 0.42 | -0.04 |
Drawdowns
MMIN vs. SUB - Drawdown Comparison
The maximum MMIN drawdown since its inception was -16.87%, which is greater than SUB's maximum drawdown of -9.46%. Use the drawdown chart below to compare losses from any high point for MMIN and SUB.
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Drawdown Indicators
| MMIN | SUB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.87% | -9.46% | -7.41% |
Max Drawdown (1Y)Largest decline over 1 year | -2.87% | -0.81% | -2.06% |
Max Drawdown (3Y)Largest decline over 3 years | -7.22% | -1.23% | -5.99% |
Max Drawdown (5Y)Largest decline over 5 years | -16.87% | -4.35% | -12.52% |
Max Drawdown (10Y)Largest decline over 10 years | — | -9.46% | — |
Current DrawdownCurrent decline from peak | -0.08% | -0.11% | +0.03% |
Average DrawdownAverage peak-to-trough decline | -4.32% | -0.92% | -3.40% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.78% | 0.28% | +0.50% |
Volatility
MMIN vs. SUB - Volatility Comparison
IQ MacKay Municipal Insured ETF (MMIN) has a higher volatility of 1.16% compared to iShares Short-Term National Muni Bond ETF (SUB) at 0.28%. This indicates that MMIN's price experiences larger fluctuations and is considered to be riskier than SUB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MMIN | SUB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.16% | 0.28% | +0.88% |
Volatility (6M)Calculated over the trailing 6-month period | 2.49% | 0.79% | +1.70% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.81% | 1.00% | +2.81% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.02% | 1.64% | +3.38% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.97% | 2.60% | +4.37% |
MMIN vs. SUB - Expense Ratio Comparison
MMIN has a 0.31% expense ratio, which is higher than SUB's 0.07% expense ratio.
Dividends
MMIN vs. SUB - Dividend Comparison
MMIN's dividend yield for the trailing twelve months is around 4.12%, more than SUB's 2.53% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
SUB iShares Short-Term National Muni Bond ETF | 2.53% | 2.42% | 2.10% | 1.73% | 0.86% | 0.72% | 1.23% | 1.58% | 1.32% | 0.95% | 0.75% | 0.77% |
Frequently Asked Questions
MMIN and SUB have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MMIN has higher volatility (1.16%) compared to SUB (0.28%). In terms of maximum drawdown, MMIN dropped -16.87% vs SUB's -9.46%.
On 5-year performance, SUB leads with 1.46% vs 0.74% for MMIN. On fees, SUB is cheaper at 0.07% per year. On volatility, SUB has been the lower-risk option at 0.28%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, SUB has performed better with a 1.46% return vs 0.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SUB is cheaper with a 0.07% expense ratio, compared with 0.31% for MMIN.
MMIN has the higher dividend yield at 4.12%, compared with 2.53% for SUB.
MMIN tracks Bloomberg Barclays Municipal All Insured Bond Index, while SUB tracks ICE Short Maturity AMT-Free US National Municipal Index - Benchmark TR Gross. They also come from different issuers: New York Life and iShares. Their fees differ too: 0.31% for MMIN and 0.07% for SUB.
SUB currently has the higher Sharpe Ratio (3.20 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.
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