MMIN vs. VOO

Last updated Jun 4, 2026

MMIN (IQ MacKay Municipal Insured ETF) and VOO (Vanguard S&P 500 ETF) are both exchange-traded funds - MMIN is a Municipal Bonds fund tracking the Bloomberg Barclays Municipal All Insured Bond Index, while VOO is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 5 years, MMIN returned 0.74%/yr vs 13.90%/yr for VOO. At a 0.05 correlation, their price movements are largely independent. MMIN charges 0.31%/yr vs 0.03%/yr for VOO.

Performance

MMIN vs. VOO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in IQ MacKay Municipal Insured ETF (MMIN) and Vanguard S&P 500 ETF (VOO). 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 VOO's 10.91% return.

MMIN

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

VOO

• 1D: -0.70%
• 1M: 5.04%
• YTD: 10.91%
• 6M: 10.93%
• 1Y: 28.04%
• 3Y*: 22.44%
• 5Y*: 13.90%
• 10Y*: 15.56%

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

MMIN vs. VOO - 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%
VOO Vanguard S&P 500 ETF	10.91%	17.82%	24.98%	26.32%	-18.17%	28.79%	18.32%	31.37%	-4.50%	4.94%

Correlation

The correlation between MMIN and VOO is 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.16
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	0.05

The correlation between MMIN and VOO shifts across timeframes, from 0.05 (all time) to 0.16 (1 year), reflecting how their relationship changes across market environments.

MMIN vs. VOO - Sectors Allocation Comparison

Sectors	MMIN	VOO
Basic Materials	-	1.8%
Communication Services	-	11.3%
Consumer Cyclical	-	10.2%
Consumer Defensive	-	4.9%
Energy	-	3.5%
Healthcare	-	8.5%
Industrials	-	8.3%
Real Estate	-	1.9%
Technology	-	35.7%
Utilities	-	2.4%
Financial Services	-0.9%	11.6%

Return for Risk

MMIN vs. VOO — 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

VOO

VOO Risk / Return Rank: 70
VOO Sharpe Ratio Rank: 71
VOO Sortino Ratio Rank: 70
VOO Omega Ratio Rank: 70
VOO Calmar Ratio Rank: 62
VOO Martin Ratio Rank: 75

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. VOO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for IQ MacKay Municipal Insured ETF (MMIN) and Vanguard S&P 500 ETF (VOO). 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	VOO	Difference
Sharpe ratio: Return per unit of total volatility	2.46	2.39	+0.07
Sortino ratio: Return per unit of downside risk	3.66	3.25	+0.40
Omega ratio: Gain probability vs. loss probability	1.49	1.43	+0.06
Calmar ratio: Return relative to maximum drawdown	3.25	3.16	+0.09
Martin ratio: Return relative to average drawdown	11.93	14.73	-2.80
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. VOO - Sharpe Ratio Comparison

The current MMIN Sharpe Ratio is 2.46, which is comparable to the VOO Sharpe Ratio of 2.39. The chart below compares the historical Sharpe Ratios of MMIN and VOO, 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	VOO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.46	2.39	+0.07
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.15	0.83	-0.68
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.87	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.38	0.89	-0.51

Drawdowns

MMIN vs. VOO - Drawdown Comparison

The maximum MMIN drawdown since its inception was -16.87%, smaller than the maximum VOO drawdown of -33.99%. Use the drawdown chart below to compare losses from any high point for MMIN and VOO.

Drawdown Indicators

	MMIN	VOO	Difference
Max Drawdown Largest peak-to-trough decline	-16.87%	-33.99%	+17.12%
Max Drawdown (1Y) Largest decline over 1 year	-2.87%	-8.90%	+6.03%
Max Drawdown (3Y) Largest decline over 3 years	-7.22%	-18.69%	+11.47%
Max Drawdown (5Y) Largest decline over 5 years	-16.87%	-24.52%	+7.65%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.99%	—
Current Drawdown Current decline from peak	-0.08%	-0.70%	+0.62%
Average Drawdown Average peak-to-trough decline	-4.32%	-3.69%	-0.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.78%	1.91%	-1.13%

Volatility

MMIN vs. VOO - Volatility Comparison

The current volatility for IQ MacKay Municipal Insured ETF (MMIN) is 1.16%, while Vanguard S&P 500 ETF (VOO) has a volatility of 2.84%. This indicates that MMIN experiences smaller price fluctuations and is considered to be less risky than VOO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MMIN	VOO	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.16%	2.84%	-1.68%
Volatility (6M) Calculated over the trailing 6-month period	2.49%	8.90%	-6.41%
Volatility (1Y) Calculated over the trailing 1-year period	3.81%	11.80%	-7.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.02%	16.81%	-11.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.97%	18.01%	-11.04%

MMIN vs. VOO - Expense Ratio Comparison

MMIN has a 0.31% expense ratio, which is higher than VOO's 0.03% expense ratio.

Dividends

MMIN vs. VOO - Dividend Comparison

MMIN's dividend yield for the trailing twelve months is around 4.12%, more than VOO's 1.03% 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%
VOO Vanguard S&P 500 ETF	1.03%	1.13%	1.24%	1.46%	1.69%	1.25%	1.54%	1.88%	2.06%	1.78%	2.02%	2.10%

Frequently Asked Questions

Can I hold both MMIN and VOO in my portfolio?

MMIN and VOO 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.

Which is riskier, MMIN or VOO?

VOO has higher volatility (2.84%) compared to MMIN (1.16%). In terms of maximum drawdown, MMIN dropped -16.87% vs VOO's -33.99%.

Which ETF is better, MMIN or VOO?

On 5-year performance, VOO leads with 13.90% vs 0.74% for MMIN. On fees, VOO is cheaper at 0.03% 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 VOO?

Over the 5-year period, VOO has performed better with a 13.90% 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 VOO?

VOO is cheaper with a 0.03% expense ratio, compared with 0.31% for MMIN.

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

MMIN has the higher dividend yield at 4.12%, compared with 1.03% for VOO.

What is the main difference between MMIN and VOO?

MMIN is categorized as Municipal Bonds, while VOO is S&P 500. MMIN tracks Bloomberg Barclays Municipal All Insured Bond Index, while VOO tracks S&P 500 Index. They also come from different issuers: New York Life and Vanguard. Their fees differ too: 0.31% for MMIN and 0.03% for VOO.

Which has better risk-adjusted returns?

MMIN currently has the higher Sharpe Ratio (2.46 vs 2.39), 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.