MMIT vs. IEI
Compare and contrast key facts about IQ MacKay Municipal Intermediate ETF (MMIT) and iShares 3-7 Year Treasury Bond ETF (IEI).
MMIT and IEI are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. MMIT is an actively managed fund by New York Life. It was launched on Oct 18, 2017. IEI is a passively managed fund by iShares that tracks the performance of the Barclays Capital U.S. 3-7 Year Treasury Bond Index. It was launched on Jan 11, 2007.
Scroll down to visually compare performance, riskiness, drawdowns, and other indicators and decide which better suits your portfolio: MMIT or IEI.
Key characteristics
| MMIT | IEI | |
|---|---|---|
| YTD Return | -0.73% | -2.06% |
| 1Y Return | 2.26% | -0.61% |
| 3Y Return (Ann) | -0.85% | -2.85% |
| 5Y Return (Ann) | 1.81% | 0.08% |
| Sharpe Ratio | 0.72 | -0.06 |
| Daily Std Dev | 3.55% | 5.24% |
| Max Drawdown | -12.28% | -14.60% |
| Current Drawdown | -3.45% | -10.25% |
Correlation
The correlation between MMIT and IEI is 0.49, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.
Performance
MMIT vs. IEI - Performance Comparison
In the year-to-date period, MMIT achieves a -0.73% return, which is significantly higher than IEI's -2.06% return. The chart below displays the growth of a $10,000 investment in both assets, with all prices adjusted for splits and dividends.
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MMIT vs. IEI - Expense Ratio Comparison
MMIT has a 0.31% expense ratio, which is higher than IEI's 0.15% expense ratio.
Risk-Adjusted Performance
MMIT vs. IEI - Risk-Adjusted Performance 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.
Dividends
MMIT vs. IEI - Dividend Comparison
MMIT's dividend yield for the trailing twelve months is around 3.63%, more than IEI's 2.68% yield.
| TTM | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MMIT IQ MacKay Municipal Intermediate ETF | 3.63% | 3.46% | 2.30% | 1.81% | 2.59% | 4.14% | 2.46% | 0.35% | 0.00% | 0.00% | 0.00% | 0.00% |
IEI iShares 3-7 Year Treasury Bond ETF | 2.68% | 2.36% | 1.37% | 0.73% | 1.12% | 2.01% | 1.95% | 1.51% | 1.33% | 1.39% | 1.23% | 0.77% |
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. For additional features, visit the drawdowns tool.
Volatility
MMIT vs. IEI - Volatility Comparison
The current volatility for IQ MacKay Municipal Intermediate ETF (MMIT) is 1.10%, while iShares 3-7 Year Treasury Bond ETF (IEI) has a volatility of 1.40%. 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.