MMIT vs. AMUN

Last updated Jun 24, 2026

MMIT (IQ MacKay Municipal Intermediate ETF) and AMUN (abrdn Ultra Short Municipal Income Active ETF) are both Municipal Bonds funds. Both are actively managed. At a 0.25 correlation, their price movements are largely independent. MMIT charges 0.31%/yr vs 0.25%/yr for AMUN.

Performance

MMIT vs. AMUN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in IQ MacKay Municipal Intermediate ETF (MMIT) and abrdn Ultra Short Municipal Income Active ETF (AMUN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MMIT achieves a 1.65% return, which is significantly higher than AMUN's 1.25% return.

MMIT

• 1D: 0.04%
• 1M: 1.25%
• YTD: 1.65%
• 6M: 1.77%
• 1Y: 6.09%
• 3Y*: 3.69%
• 5Y*: 1.21%
• 10Y*: —

AMUN

• 1D: 0.04%
• 1M: 0.30%
• YTD: 1.25%
• 6M: 1.32%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MMIT vs. AMUN - Yearly Performance Comparison

	2026 (YTD)	2025
MMIT IQ MacKay Municipal Intermediate ETF	1.65%	0.69%
AMUN abrdn Ultra Short Municipal Income Active ETF	1.25%	0.14%

Correlation

The correlation between MMIT and AMUN is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 20, 2025	0.25

Return for Risk

MMIT vs. AMUN — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

MMIT

MMIT Risk / Return Rank: 72
MMIT Sharpe Ratio Rank: 82
MMIT Sortino Ratio Rank: 87
MMIT Omega Ratio Rank: 88
MMIT Calmar Ratio Rank: 52
MMIT Martin Ratio Rank: 50

AMUN

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

MMIT vs. AMUN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for IQ MacKay Municipal Intermediate ETF (MMIT) and abrdn Ultra Short Municipal Income Active ETF (AMUN). 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.

	MMIT	AMUN	Difference
Sharpe ratio: Return per unit of total volatility	2.43	—	—
Sortino ratio: Return per unit of downside risk	3.59	—	—
Omega ratio: Gain probability vs. loss probability	1.50	—	—
Calmar ratio: Return relative to maximum drawdown	2.36	—	—
Martin ratio: Return relative to average drawdown	7.88	—	—

Drawdowns

MMIT vs. AMUN - Drawdown Comparison

The maximum MMIT drawdown since its inception was -12.28%, which is greater than AMUN's maximum drawdown of -0.61%. Use the drawdown chart below to compare losses from any high point for MMIT and AMUN.

Drawdown Indicators

	MMIT	AMUN	Difference
Max Drawdown Largest peak-to-trough decline	-12.28%	-0.61%	-11.67%
Max Drawdown (1Y) Largest decline over 1 year	-2.59%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-3.96%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-12.28%	—	—
Current Drawdown Current decline from peak	-0.52%	0.00%	-0.52%
Average Drawdown Average peak-to-trough decline	-2.26%	-0.08%	-2.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.77%	—	—

Volatility

Volatility by Period

	MMIT	AMUN	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.68%	—	—
Volatility (6M) Calculated over the trailing 6-month period	1.68%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	2.52%	0.98%	+1.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.55%	0.98%	+2.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.29%	0.98%	+3.31%

MMIT vs. AMUN - Expense Ratio Comparison

MMIT has a 0.31% expense ratio, which is higher than AMUN's 0.25% expense ratio.

Dividends

MMIT vs. AMUN - Dividend Comparison

MMIT's dividend yield for the trailing twelve months is around 3.56%, more than AMUN's 1.88% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
AMUN abrdn Ultra Short Municipal Income Active ETF	1.88%	0.66%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
MMIT IQ MacKay Municipal Intermediate ETF	3.56%	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 MMIT and AMUN in my portfolio?

MMIT and AMUN have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, MMIT or AMUN?

On fees, AMUN is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, MMIT or AMUN?

AMUN is cheaper with a 0.25% expense ratio, compared with 0.31% for MMIT.

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

MMIT has the higher dividend yield at 3.56%, compared with 1.88% for AMUN.

What is the main difference between MMIT and AMUN?

They also come from different issuers: New York Life and abrdn. Their fees differ too: 0.31% for MMIT and 0.25% for AMUN.