MMIT vs. FBDC

Last updated Jun 24, 2026

MMIT (IQ MacKay Municipal Intermediate ETF) and FBDC (FT Confluence BDC & Specialty Finance Income ETF) are both exchange-traded funds - MMIT is a Municipal Bonds fund actively managed by New York Life, while FBDC is a Financials Equities fund actively managed by First Trust. Both are actively managed. At a 0.00 correlation, their price movements are largely independent. MMIT charges 0.31%/yr vs 1.35%/yr for FBDC.

Performance

MMIT vs. FBDC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in IQ MacKay Municipal Intermediate ETF (MMIT) and FT Confluence BDC & Specialty Finance Income ETF (FBDC). 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 FBDC's -10.39% return.

MMIT

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

FBDC

• 1D: 0.30%
• 1M: -1.24%
• YTD: -10.39%
• 6M: -8.60%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MMIT vs. FBDC - Yearly Performance Comparison

	2026 (YTD)	2025
MMIT IQ MacKay Municipal Intermediate ETF	1.65%	4.32%
FBDC FT Confluence BDC & Specialty Finance Income ETF	-10.39%	-2.66%

Correlation

The correlation between MMIT and FBDC is 0.00, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jun 30, 2025	0.00

Return for Risk

MMIT vs. FBDC — 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

FBDC

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. FBDC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for IQ MacKay Municipal Intermediate ETF (MMIT) and FT Confluence BDC & Specialty Finance Income ETF (FBDC). 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	FBDC	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. FBDC - Drawdown Comparison

The maximum MMIT drawdown since its inception was -12.28%, smaller than the maximum FBDC drawdown of -20.60%. Use the drawdown chart below to compare losses from any high point for MMIT and FBDC.

Drawdown Indicators

	MMIT	FBDC	Difference
Max Drawdown Largest peak-to-trough decline	-12.28%	-20.60%	+8.32%
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%	-18.04%	+17.52%
Average Drawdown Average peak-to-trough decline	-2.26%	-10.44%	+8.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.77%	—	—

Volatility

Volatility by Period

	MMIT	FBDC	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%	18.00%	-15.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.55%	18.00%	-14.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.29%	18.00%	-13.71%

MMIT vs. FBDC - Expense Ratio Comparison

MMIT has a 0.31% expense ratio, which is lower than FBDC's 1.35% expense ratio.

Dividends

MMIT vs. FBDC - Dividend Comparison

MMIT's dividend yield for the trailing twelve months is around 3.56%, less than FBDC's 11.63% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
FBDC FT Confluence BDC & Specialty Finance Income ETF	11.63%	5.41%	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 FBDC in my portfolio?

MMIT and FBDC have a correlation of 0.00, 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 FBDC?

On fees, MMIT is cheaper at 0.31% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, MMIT or FBDC?

MMIT is cheaper with a 0.31% expense ratio, compared with 1.35% for FBDC.

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

FBDC has the higher dividend yield at 11.63%, compared with 3.56% for MMIT.

What is the main difference between MMIT and FBDC?

MMIT is categorized as Municipal Bonds, while FBDC is Financials Equities. They also come from different issuers: New York Life and First Trust. Their fees differ too: 0.31% for MMIT and 1.35% for FBDC.