MMIT vs. IEI
MMIT (IQ MacKay Municipal Intermediate ETF) and IEI (iShares 3-7 Year Treasury Bond ETF) are both exchange-traded funds - MMIT is a Municipal Bonds fund actively managed by New York Life, while IEI is a Government Bonds fund tracking the ICE U.S. Treasury 3-7 Year Bond Index. MMIT is actively managed, while IEI is passively managed. Over the past 5 years, MMIT returned 0.83%/yr vs 0.05%/yr for IEI. Their 0.51 correlation means they have sometimes moved together and sometimes differently. MMIT charges 0.31%/yr vs 0.15%/yr for IEI.
Performance
MMIT vs. IEI - Performance Comparison
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Returns By Period
In the year-to-date period, MMIT achieves a 0.42% return, which is significantly higher than IEI's -0.62% return.
MMIT
- 1D
- -0.03%
- 1M
- -1.54%
- 6M
- -0.46%
- YTD
- 0.42%
- 1Y
- 4.12%
- 3Y*
- 3.28%
- 5Y*
- 0.83%
- 10Y*
- —
- ALL TIME*
- 2.53%
IEI
- 1D
- -0.14%
- 1M
- -0.54%
- 6M
- -0.62%
- YTD
- -0.62%
- 1Y
- 1.16%
- 3Y*
- 3.83%
- 5Y*
- 0.05%
- 10Y*
- 1.16%
- ALL TIME*
- 2.82%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $154.98M | $144.96M | $146.28M | |
| $5.72M | $6.35M | $8.75M |
MMIT vs. IEI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MMIT IQ MacKay Municipal Intermediate ETF | 0.42% | 5.03% | 1.46% | 5.42% | -7.40% | 1.55% | 6.17% | 7.49% | 2.41% | 0.43% |
IEI iShares 3-7 Year Treasury Bond ETF | -0.62% | 6.96% | 1.81% | 4.42% | -9.51% | -2.54% | 6.95% | 5.71% | 1.36% | -0.56% |
Correlation
The correlation between MMIT and IEI is 0.50, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.50 |
Correlation (3Y) Balances recent behavior with more history. | 0.62 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.63 |
Correlation (All Time) Calculated using the full available price history since Oct 18, 2017 | 0.51 |
The correlation between MMIT and IEI shifts across timeframes, from 0.50 (1 year) to 0.63 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
MMIT vs. IEI — Risk / Return Rank
MMIT
IEI
MMIT vs. IEI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for IQ MacKay Municipal Intermediate ETF (MMIT) and iShares 3-7 Year Treasury Bond ETF (IEI). 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 | IEI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.12 | ||
| Sortino ratioReturn per unit of downside risk | +1.58 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 1.12 | +0.25 |
| Calmar ratioReturn relative to maximum drawdown | 1.79 | 0.83 | +0.96 |
| Martin ratioReturn relative to average drawdown | 5.50 | 1.90 | +3.60 |
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Drawdowns
MMIT vs. IEI - Drawdown Comparison
The maximum MMIT drawdown since its inception was -12.28%, smaller than the maximum IEI drawdown of -14.60%. Use the drawdown chart below to compare losses from any high point for MMIT and IEI.
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Drawdown Indicators
| MMIT | IEI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -12.28% | -14.60% | +2.32% |
Max Drawdown (1Y)Largest decline over 1 year | -2.59% | -2.50% | -0.09% |
Max Drawdown (3Y)Largest decline over 3 years | -3.65% | -3.66% | +0.01% |
Max Drawdown (5Y)Largest decline over 5 years | -12.26% | -13.82% | +1.56% |
Max Drawdown (10Y)Largest decline over 10 years | — | -14.60% | — |
Current DrawdownCurrent decline from peak | -1.73% | -2.05% | +0.32% |
Average DrawdownAverage peak-to-trough decline | -2.24% | -2.67% | +0.43% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.84% | 1.09% | -0.25% |
Volatility
MMIT vs. IEI - Volatility Comparison
IQ MacKay Municipal Intermediate ETF (MMIT) has a higher volatility of 0.82% compared to iShares 3-7 Year Treasury Bond ETF (IEI) at 0.77%. This indicates that MMIT's price experiences larger fluctuations and is considered to be riskier than IEI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MMIT | IEI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.82% | 0.77% | +0.05% |
Volatility (6M)Calculated over the trailing 6-month period | 1.85% | 2.36% | -0.51% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.57% | 3.02% | -0.45% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.56% | 4.78% | -1.22% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.28% | 3.93% | +0.35% |
MMIT vs. IEI - Expense Ratio Comparison
MMIT has a 0.31% expense ratio, which is higher than IEI's 0.15% expense ratio.
Dividends
MMIT vs. IEI - Dividend Comparison
MMIT's dividend yield for the trailing twelve months is around 3.97%, more than IEI's 3.68% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IEI iShares 3-7 Year Treasury Bond ETF | 3.38% | 3.48% | 3.18% | 2.36% | 1.37% | 0.73% | 1.12% | 2.01% | 1.95% | 1.51% | 1.33% | 1.39% |
MMIT IQ MacKay Municipal Intermediate ETF | 3.67% | 3.54% | 3.76% | 3.46% | 2.30% | 1.81% | 2.59% | 4.14% | 2.46% | 0.35% | 0.00% | 0.00% |
Frequently Asked Questions
MMIT and IEI have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MMIT has higher volatility (0.82%) compared to IEI (0.77%). In terms of maximum drawdown, MMIT dropped -12.28% vs IEI's -14.60%.
On 5-year performance, MMIT leads with 0.83% vs 0.05% for IEI. On fees, IEI is cheaper at 0.15% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, MMIT has performed better with a 0.83% return vs 0.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IEI is cheaper with a 0.15% expense ratio, compared with 0.31% for MMIT.
MMIT has the higher dividend yield at 3.67%, compared with 3.38% for IEI.
MMIT is categorized as Municipal Bonds, while IEI is Government Bonds. They also come from different issuers: New York Life and iShares. Their fees differ too: 0.31% for MMIT and 0.15% for IEI.
MMIT currently has the higher Sharpe Ratio (1.81 vs 0.69), 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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