MMIN vs. VTEB
MMIN (IQ MacKay Municipal Insured ETF) and VTEB (Vanguard Tax-Exempt Bond ETF) are both Municipal Bonds funds - MMIN tracks the Bloomberg Barclays Municipal All Insured Bond Index while VTEB tracks the S&P National AMT-Free Municipal Bond Index. Both are passively managed. Over the past 5 years, MMIN returned 0.74%/yr vs 0.88%/yr for VTEB. A 0.71 correlation means they provide meaningful diversification when combined. MMIN charges 0.31%/yr vs 0.03%/yr for VTEB.
Performance
MMIN vs. VTEB - 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 VTEB's 1.46% return.
MMIN
- 1D
- 0.00%
- 1M
- 0.85%
- YTD
- 2.32%
- 6M
- 2.74%
- 1Y
- 9.31%
- 3Y*
- 4.21%
- 5Y*
- 0.74%
- 10Y*
- —
VTEB
- 1D
- -0.06%
- 1M
- 0.66%
- YTD
- 1.46%
- 6M
- 1.89%
- 1Y
- 7.14%
- 3Y*
- 3.57%
- 5Y*
- 0.88%
- 10Y*
- 2.09%
MMIN vs. VTEB - 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% |
VTEB Vanguard Tax-Exempt Bond ETF | 1.46% | 3.72% | 1.31% | 6.15% | -7.99% | 1.14% | 5.19% | 7.35% | 1.04% | 0.20% |
Correlation
The correlation between MMIN and VTEB is 0.67, 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 | 0.67 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.79 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.81 |
Correlation (All Time) Calculated using the full available price history since Oct 19, 2017 | 0.71 |
The correlation between MMIN and VTEB shifts across timeframes, from 0.67 (1 year) to 0.81 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
MMIN vs. VTEB — Risk / Return Rank
MMIN
VTEB
MMIN vs. VTEB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for IQ MacKay Municipal Insured ETF (MMIN) and Vanguard Tax-Exempt Bond ETF (VTEB). 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 | VTEB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.18 | ||
| Sortino ratioReturn per unit of downside risk | -0.26 | ||
| Omega ratioGain probability vs. loss probability | 1.49 | 1.58 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | 3.25 | 2.65 | +0.60 |
| Martin ratioReturn relative to average drawdown | 11.93 | 9.41 | +2.52 |
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 | VTEB | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.46 | 2.64 | -0.18 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.15 | 0.23 | -0.08 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.40 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.38 | 0.47 | -0.09 |
Drawdowns
MMIN vs. VTEB - Drawdown Comparison
The maximum MMIN drawdown since its inception was -16.87%, roughly equal to the maximum VTEB drawdown of -17.00%. Use the drawdown chart below to compare losses from any high point for MMIN and VTEB.
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Drawdown Indicators
| MMIN | VTEB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.87% | -17.00% | +0.13% |
Max Drawdown (1Y)Largest decline over 1 year | -2.87% | -2.71% | -0.16% |
Max Drawdown (3Y)Largest decline over 3 years | -7.22% | -5.53% | -1.69% |
Max Drawdown (5Y)Largest decline over 5 years | -16.87% | -12.64% | -4.23% |
Max Drawdown (10Y)Largest decline over 10 years | — | -17.00% | — |
Current DrawdownCurrent decline from peak | -0.08% | -0.52% | +0.44% |
Average DrawdownAverage peak-to-trough decline | -4.32% | -2.33% | -1.99% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.78% | 0.76% | +0.02% |
Volatility
MMIN vs. VTEB - Volatility Comparison
IQ MacKay Municipal Insured ETF (MMIN) has a higher volatility of 1.16% compared to Vanguard Tax-Exempt Bond ETF (VTEB) at 0.89%. This indicates that MMIN's price experiences larger fluctuations and is considered to be riskier than VTEB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MMIN | VTEB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.16% | 0.89% | +0.27% |
Volatility (6M)Calculated over the trailing 6-month period | 2.49% | 2.01% | +0.48% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.81% | 2.72% | +1.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.02% | 3.90% | +1.12% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.97% | 5.26% | +1.71% |
MMIN vs. VTEB - Expense Ratio Comparison
MMIN has a 0.31% expense ratio, which is higher than VTEB's 0.03% expense ratio.
Dividends
MMIN vs. VTEB - Dividend Comparison
MMIN's dividend yield for the trailing twelve months is around 4.12%, more than VTEB's 3.35% 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% |
VTEB Vanguard Tax-Exempt Bond ETF | 3.35% | 3.29% | 3.14% | 2.79% | 2.09% | 1.64% | 1.99% | 2.30% | 2.25% | 1.96% | 1.66% | 0.58% |
Frequently Asked Questions
MMIN and VTEB have a correlation of 0.67, 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 VTEB (0.89%). In terms of maximum drawdown, MMIN dropped -16.87% vs VTEB's -17.00%.
On 5-year performance, VTEB leads with 0.88% vs 0.74% for MMIN. On fees, VTEB is cheaper at 0.03% per year. On volatility, VTEB has been the lower-risk option at 0.89%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, VTEB has performed better with a 0.88% return vs 0.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VTEB is cheaper with a 0.03% expense ratio, compared with 0.31% for MMIN.
MMIN has the higher dividend yield at 4.12%, compared with 3.35% for VTEB.
MMIN tracks Bloomberg Barclays Municipal All Insured Bond Index, while VTEB tracks S&P National AMT-Free Municipal Bond Index. They also come from different issuers: New York Life and Vanguard. Their fees differ too: 0.31% for MMIN and 0.03% for VTEB.
VTEB currently has the higher Sharpe Ratio (2.64 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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