MMIT vs. MNA
MMIT (IQ MacKay Municipal Intermediate ETF) and MNA (IQ Merger Arbitrage ETF) are both exchange-traded funds - MMIT is a Municipal Bonds fund actively managed by New York Life, while MNA is a Hedge Fund fund tracking the IQ Merger Arbitrage Index. MMIT is actively managed, while MNA is passively managed. Over the past 5 years, MMIT returned 1.19%/yr vs 2.01%/yr for MNA. At a 0.06 correlation, their price movements are largely independent. MMIT charges 0.31%/yr vs 0.77%/yr for MNA.
Performance
MMIT vs. MNA - Performance Comparison
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Returns By Period
In the year-to-date period, MMIT achieves a 1.61% return, which is significantly lower than MNA's 1.73% return.
MMIT
- 1D
- -0.04%
- 1M
- 1.21%
- YTD
- 1.61%
- 6M
- 1.67%
- 1Y
- 6.18%
- 3Y*
- 3.68%
- 5Y*
- 1.19%
- 10Y*
- —
MNA
- 1D
- 0.20%
- 1M
- -0.16%
- YTD
- 1.73%
- 6M
- 1.42%
- 1Y
- 4.33%
- 3Y*
- 5.85%
- 5Y*
- 2.01%
- 10Y*
- 2.91%
MMIT vs. MNA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MMIT IQ MacKay Municipal Intermediate ETF | 1.61% | 5.03% | 1.46% | 5.42% | -7.40% | 1.55% | 6.17% | 7.49% | 2.41% | 0.43% |
MNA IQ Merger Arbitrage ETF | 1.73% | 8.59% | 4.93% | 0.18% | -1.61% | -3.24% | 2.72% | 4.70% | 2.13% | 0.78% |
Correlation
The correlation between MMIT and MNA is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.25 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.12 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.08 |
Correlation (All Time) Calculated using the full available price history since Oct 18, 2017 | 0.06 |
The correlation between MMIT and MNA shifts across timeframes, from 0.06 (all time) to 0.25 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
MMIT vs. MNA — Risk / Return Rank
MMIT
MNA
MMIT vs. MNA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for IQ MacKay Municipal Intermediate ETF (MMIT) and IQ Merger Arbitrage ETF (MNA). 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 | MNA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.55 | ||
| Sortino ratioReturn per unit of downside risk | +2.29 | ||
| Omega ratioGain probability vs. loss probability | 1.51 | 1.17 | +0.34 |
| Calmar ratioReturn relative to maximum drawdown | 2.40 | 3.11 | -0.72 |
| Martin ratioReturn relative to average drawdown | 8.00 | 7.60 | +0.40 |
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Drawdowns
MMIT vs. MNA - Drawdown Comparison
The maximum MMIT drawdown since its inception was -12.28%, smaller than the maximum MNA drawdown of -16.68%. Use the drawdown chart below to compare losses from any high point for MMIT and MNA.
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Drawdown Indicators
| MMIT | MNA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -12.28% | -16.68% | +4.40% |
Max Drawdown (1Y)Largest decline over 1 year | -2.59% | -1.40% | -1.19% |
Max Drawdown (3Y)Largest decline over 3 years | -3.96% | -3.01% | -0.95% |
Max Drawdown (5Y)Largest decline over 5 years | -12.28% | -10.24% | -2.04% |
Max Drawdown (10Y)Largest decline over 10 years | — | -16.68% | — |
Current DrawdownCurrent decline from peak | -0.56% | -0.60% | +0.04% |
Average DrawdownAverage peak-to-trough decline | -2.26% | -2.83% | +0.57% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.77% | 0.57% | +0.20% |
Volatility
MMIT vs. MNA - Volatility Comparison
The current volatility for IQ MacKay Municipal Intermediate ETF (MMIT) is 0.68%, while IQ Merger Arbitrage ETF (MNA) has a volatility of 1.36%. This indicates that MMIT experiences smaller price fluctuations and is considered to be less risky than MNA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MMIT | MNA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.68% | 1.36% | -0.68% |
Volatility (6M)Calculated over the trailing 6-month period | 1.69% | 3.52% | -1.83% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.53% | 4.76% | -2.23% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.55% | 4.97% | -1.42% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.29% | 6.55% | -2.26% |
MMIT vs. MNA - Expense Ratio Comparison
MMIT has a 0.31% expense ratio, which is lower than MNA's 0.77% expense ratio.
Dividends
MMIT vs. MNA - Dividend Comparison
MMIT's dividend yield for the trailing twelve months is around 3.56%, while MNA has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% | 0.00% |
MNA IQ Merger Arbitrage ETF | 0.00% | 0.00% | 0.00% | 1.20% | 0.00% | 0.00% | 2.30% | 0.00% | 0.00% | 0.00% | 0.21% | 0.87% |
Frequently Asked Questions
MMIT and MNA have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MNA has higher volatility (1.36%) compared to MMIT (0.68%). In terms of maximum drawdown, MMIT dropped -12.28% vs MNA's -16.68%.
On 5-year performance, MNA leads with 2.01% vs 1.19% for MMIT. On fees, MMIT is cheaper at 0.31% per year. On volatility, MMIT has been the lower-risk option at 0.68%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, MNA has performed better with a 2.01% return vs 1.19%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
MMIT is cheaper with a 0.31% expense ratio, compared with 0.77% for MNA.
MMIT has the higher dividend yield at 3.56%, compared with 0.00% for MNA.
MMIT is categorized as Municipal Bonds, while MNA is Hedge Fund. Their fees differ too: 0.31% for MMIT and 0.77% for MNA.
MMIT currently has the higher Sharpe Ratio (2.46 vs 0.91), 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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