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 1.14%/yr vs 0.23%/yr for IEI. A 0.51 correlation means they provide meaningful diversification when combined. 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 1.44% return, which is significantly higher than IEI's -0.42% return.
MMIT
- 1D
- 0.16%
- 1M
- 0.55%
- YTD
- 1.44%
- 6M
- 1.87%
- 1Y
- 6.54%
- 3Y*
- 3.87%
- 5Y*
- 1.14%
- 10Y*
- —
IEI
- 1D
- -0.13%
- 1M
- -0.17%
- YTD
- -0.42%
- 6M
- -0.49%
- 1Y
- 3.28%
- 3Y*
- 3.52%
- 5Y*
- 0.23%
- 10Y*
- 1.28%
MMIT vs. IEI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MMIT IQ MacKay Municipal Intermediate ETF | 1.44% | 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 | -0.42% | 6.96% | 1.81% | 4.42% | -9.51% | -2.54% | 6.95% | 5.71% | 1.36% | -0.43% |
Correlation
The correlation between MMIT and IEI is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.48 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.62 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.63 |
Correlation (All Time) Calculated using the full available price history since Oct 19, 2017 | 0.51 |
The correlation between MMIT and IEI shifts across timeframes, from 0.48 (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.
| MMIT | IEI | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 2.59 | 1.09 | +1.51 |
Sortino ratioReturn per unit of downside risk | 3.84 | 1.65 | +2.19 |
Omega ratioGain probability vs. loss probability | 1.54 | 1.19 | +0.35 |
Calmar ratioReturn relative to maximum drawdown | 2.42 | 1.32 | +1.09 |
Martin ratioReturn relative to average drawdown | 8.24 | 3.96 | +4.28 |
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
| MMIT | IEI | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.59 | 1.09 | +1.51 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.32 | 0.05 | +0.27 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.33 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.63 | 0.70 | -0.07 |
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 | -3.96% | -3.66% | -0.30% |
Max Drawdown (5Y)Largest decline over 5 years | -12.28% | -13.88% | +1.60% |
Max Drawdown (10Y)Largest decline over 10 years | — | -14.60% | — |
Current DrawdownCurrent decline from peak | -0.73% | -1.85% | +1.12% |
Average DrawdownAverage peak-to-trough decline | -2.27% | -2.67% | +0.40% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.76% | 0.83% | -0.07% |
Volatility
MMIT vs. IEI - Volatility Comparison
The current volatility for IQ MacKay Municipal Intermediate ETF (MMIT) is 0.77%, while iShares 3-7 Year Treasury Bond ETF (IEI) has a volatility of 0.91%. This indicates that MMIT experiences smaller price fluctuations and is considered to be less risky 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 | 0.77% | 0.91% | -0.14% |
Volatility (6M)Calculated over the trailing 6-month period | 1.66% | 2.13% | -0.47% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.55% | 3.04% | -0.49% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.54% | 4.77% | -1.23% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.30% | 3.93% | +0.37% |
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 3.57%, less than IEI's 3.64% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IEI iShares 3-7 Year Treasury Bond ETF | 3.64% | 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 | 3.57% | 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 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IEI has higher volatility (0.91%) compared to MMIT (0.77%). In terms of maximum drawdown, MMIT dropped -12.28% vs IEI's -14.60%.
On 5-year performance, MMIT leads with 1.14% vs 0.23% for IEI. On fees, IEI is cheaper at 0.15% per year. On volatility, MMIT has been the lower-risk option at 0.77%. 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 1.14% return vs 0.23%. 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.
IEI has the higher dividend yield at 3.64%, compared with 3.57% for MMIT.
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 (2.59 vs 1.09), 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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