MMIT vs. IQSI

Last updated Jun 4, 2026

MMIT (IQ MacKay Municipal Intermediate ETF) and IQSI (IQ Candriam ESG International Equity ETF) are both exchange-traded funds - MMIT is a Municipal Bonds fund actively managed by New York Life, while IQSI is a Foreign Large Cap Equities fund tracking the IQ Candriam ESG International Equity Index. MMIT is actively managed, while IQSI is passively managed. Over the past 5 years, MMIT returned 1.11%/yr vs 7.66%/yr for IQSI. At a 0.14 correlation, their price movements are largely independent. MMIT charges 0.31%/yr vs 0.15%/yr for IQSI.

Performance

MMIT vs. IQSI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in IQ MacKay Municipal Intermediate ETF (MMIT) and IQ Candriam ESG International Equity ETF (IQSI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MMIT achieves a 1.40% return, which is significantly lower than IQSI's 9.26% return.

MMIT

• 1D: -0.04%
• 1M: 0.50%
• YTD: 1.40%
• 6M: 1.79%
• 1Y: 6.45%
• 3Y*: 3.85%
• 5Y*: 1.11%
• 10Y*: —

IQSI

• 1D: -0.28%
• 1M: 4.63%
• YTD: 9.26%
• 6M: 11.32%
• 1Y: 19.37%
• 3Y*: 15.29%
• 5Y*: 7.66%
• 10Y*: —

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

MMIT vs. IQSI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
MMIT IQ MacKay Municipal Intermediate ETF	1.40%	5.03%	1.46%	5.42%	-7.40%	1.55%	6.17%	-0.34%
IQSI IQ Candriam ESG International Equity ETF	9.26%	26.95%	4.84%	16.21%	-14.76%	12.70%	10.36%	0.27%

Correlation

The correlation between MMIT and IQSI is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.20
Correlation (3Y) Calculated over the trailing 3-year period	0.24
Correlation (5Y) Calculated over the trailing 5-year period	0.19
Correlation (All Time) Calculated using the full available price history since Dec 18, 2019	0.14

The correlation between MMIT and IQSI shifts across timeframes, from 0.14 (all time) to 0.24 (3 years), reflecting how their relationship changes across market environments.

MMIT vs. IQSI - Sectors Allocation Comparison

Sectors	MMIT	IQSI
Basic Materials	-	5.6%
Communication Services	-	4.1%
Consumer Cyclical	-	7.6%
Consumer Defensive	-	6.0%
Energy	-	0.9%
Healthcare	-	13.2%
Industrials	-	16.8%
Real Estate	-	2.3%
Technology	-	15.9%
Utilities	-	4.0%
Financial Services	-1.1%	22.2%

Return for Risk

MMIT vs. IQSI — Risk / Return Rank

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

MMIT

MMIT Risk / Return Rank: 70
MMIT Sharpe Ratio Rank: 79
MMIT Sortino Ratio Rank: 84
MMIT Omega Ratio Rank: 86
MMIT Calmar Ratio Rank: 51
MMIT Martin Ratio Rank: 51

IQSI

IQSI Risk / Return Rank: 35
IQSI Sharpe Ratio Rank: 35
IQSI Sortino Ratio Rank: 35
IQSI Omega Ratio Rank: 34
IQSI Calmar Ratio Rank: 33
IQSI Martin Ratio Rank: 38

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. IQSI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for IQ MacKay Municipal Intermediate ETF (MMIT) and IQ Candriam ESG International Equity ETF (IQSI). 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	IQSI	Difference
Sharpe ratio: Return per unit of total volatility	2.56	1.28	+1.28
Sortino ratio: Return per unit of downside risk	3.79	1.86	+1.93
Omega ratio: Gain probability vs. loss probability	1.53	1.23	+0.30
Calmar ratio: Return relative to maximum drawdown	2.50	1.62	+0.88
Martin ratio: Return relative to average drawdown	8.50	5.94	+2.56
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MMIT vs. IQSI - Sharpe Ratio Comparison

The current MMIT Sharpe Ratio is 2.56, which is higher than the IQSI Sharpe Ratio of 1.28. The chart below compares the historical Sharpe Ratios of MMIT and IQSI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	MMIT	IQSI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.56	1.28	+1.28
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.32	0.47	-0.16
Sharpe Ratio (All Time) Calculated using the full available price history	0.63	0.50	+0.13

Drawdowns

MMIT vs. IQSI - Drawdown Comparison

The maximum MMIT drawdown since its inception was -12.28%, smaller than the maximum IQSI drawdown of -31.90%. Use the drawdown chart below to compare losses from any high point for MMIT and IQSI.

Drawdown Indicators

	MMIT	IQSI	Difference
Max Drawdown Largest peak-to-trough decline	-12.28%	-31.90%	+19.62%
Max Drawdown (1Y) Largest decline over 1 year	-2.59%	-12.00%	+9.41%
Max Drawdown (3Y) Largest decline over 3 years	-3.96%	-14.02%	+10.06%
Max Drawdown (5Y) Largest decline over 5 years	-12.28%	-29.86%	+17.58%
Current Drawdown Current decline from peak	-0.77%	-1.14%	+0.37%
Average Drawdown Average peak-to-trough decline	-2.27%	-6.50%	+4.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.76%	3.27%	-2.51%

Volatility

MMIT vs. IQSI - Volatility Comparison

The current volatility for IQ MacKay Municipal Intermediate ETF (MMIT) is 0.77%, while IQ Candriam ESG International Equity ETF (IQSI) has a volatility of 4.89%. This indicates that MMIT experiences smaller price fluctuations and is considered to be less risky than IQSI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MMIT	IQSI	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.77%	4.89%	-4.12%
Volatility (6M) Calculated over the trailing 6-month period	1.66%	12.58%	-10.92%
Volatility (1Y) Calculated over the trailing 1-year period	2.53%	15.22%	-12.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.54%	16.32%	-12.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.30%	19.00%	-14.70%

MMIT vs. IQSI - Expense Ratio Comparison

MMIT has a 0.31% expense ratio, which is higher than IQSI's 0.15% expense ratio.

Dividends

MMIT vs. IQSI - Dividend Comparison

MMIT's dividend yield for the trailing twelve months is around 3.57%, more than IQSI's 2.50% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
IQSI IQ Candriam ESG International Equity ETF	2.50%	2.75%	2.79%	2.98%	2.89%	2.75%	1.65%	0.00%	0.00%	0.00%
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%

Frequently Asked Questions

Can I hold both MMIT and IQSI in my portfolio?

MMIT and IQSI have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MMIT or IQSI?

IQSI has higher volatility (4.89%) compared to MMIT (0.77%). In terms of maximum drawdown, MMIT dropped -12.28% vs IQSI's -31.90%.

Which ETF is better, MMIT or IQSI?

On 5-year performance, IQSI leads with 7.66% vs 1.11% for MMIT. On fees, IQSI 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.

Which ETF has performed better, MMIT or IQSI?

Over the 5-year period, IQSI has performed better with a 7.66% return vs 1.11%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MMIT or IQSI?

IQSI is cheaper with a 0.15% expense ratio, compared with 0.31% for MMIT.

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

MMIT has the higher dividend yield at 3.57%, compared with 2.50% for IQSI.

What is the main difference between MMIT and IQSI?

MMIT is categorized as Municipal Bonds, while IQSI is Foreign Large Cap Equities. Their fees differ too: 0.31% for MMIT and 0.15% for IQSI.

Which has better risk-adjusted returns?

MMIT currently has the higher Sharpe Ratio (2.56 vs 1.28), 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.