MMIT vs. MRNY

Last updated Apr 2, 2026

Compare and contrast key facts about IQ MacKay Municipal Intermediate ETF (MMIT) and YieldMax MRNA Option Income Strategy ETF (MRNY).

MMIT and MRNY 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. MRNY is an actively managed fund by YieldMax. It was launched on Oct 23, 2023.

Performance

MMIT vs. MRNY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in IQ MacKay Municipal Intermediate ETF (MMIT) and YieldMax MRNA Option Income Strategy ETF (MRNY). The values are adjusted to include any dividend payments, if applicable.

MMIT vs. MRNY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
MMIT IQ MacKay Municipal Intermediate ETF	0.17%	5.03%	1.46%	6.32%
MRNY YieldMax MRNA Option Income Strategy ETF	55.26%	-35.72%	-59.32%	19.61%

Returns By Period

In the year-to-date period, MMIT achieves a 0.17% return, which is significantly lower than MRNY's 55.26% return.

MMIT

• 1D: 0.23%
• 1M: -1.73%
• YTD: 0.17%
• 6M: 1.66%
• 1Y: 4.37%
• 3Y*: 3.18%
• 5Y*: 1.11%
• 10Y*: —

MRNY

• 1D: -1.18%
• 1M: -1.56%
• YTD: 55.26%
• 6M: 60.43%
• 1Y: 57.50%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MMIT vs. MRNY - Expense Ratio Comparison

MMIT has a 0.31% expense ratio, which is lower than MRNY's 0.99% expense ratio.

MRNY

YieldMax MRNA Option Income Strategy ETF

MMIT

IQ MacKay Municipal Intermediate ETF

Return for Risk

MMIT vs. MRNY — Risk / Return Rank

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

MMIT

MMIT Risk / Return Rank: 58
MMIT Sharpe Ratio Rank: 63
MMIT Sortino Ratio Rank: 52
MMIT Omega Ratio Rank: 70
MMIT Calmar Ratio Rank: 54
MMIT Martin Ratio Rank: 51

MRNY

MRNY Risk / Return Rank: 56
MRNY Sharpe Ratio Rank: 61
MRNY Sortino Ratio Rank: 68
MRNY Omega Ratio Rank: 56
MRNY Calmar Ratio Rank: 60
MRNY Martin Ratio Rank: 34

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. MRNY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for IQ MacKay Municipal Intermediate ETF (MMIT) and YieldMax MRNA Option Income Strategy ETF (MRNY). 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	MRNY	Difference
Sharpe ratio Return per unit of total volatility	1.16	1.11	+0.05
Sortino ratio Return per unit of downside risk	1.44	1.78	-0.34
Omega ratio Gain probability vs. loss probability	1.27	1.22	+0.05
Calmar ratio Return relative to maximum drawdown	1.54	1.61	-0.07
Martin ratio Return relative to average drawdown	5.40	3.21	+2.19
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. MRNY - Sharpe Ratio Comparison

The current MMIT Sharpe Ratio is 1.16, which is comparable to the MRNY Sharpe Ratio of 1.11. The chart below compares the historical Sharpe Ratios of MMIT and MRNY, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	MMIT	MRNY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.16	1.11	+0.05
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.32	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.60	-0.50	+1.10

Correlation

The correlation between MMIT and MRNY is 0.13, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

MMIT vs. MRNY - Dividend Comparison

MMIT's dividend yield for the trailing twelve months is around 3.57%, less than MRNY's 88.60% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
MRNY YieldMax MRNA Option Income Strategy ETF	88.60%	145.98%	178.49%	1.75%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

MMIT vs. MRNY - Drawdown Comparison

The maximum MMIT drawdown since its inception was -12.28%, smaller than the maximum MRNY drawdown of -82.15%. Use the drawdown chart below to compare losses from any high point for MMIT and MRNY.

Drawdown Indicators

	MMIT	MRNY	Difference
Max Drawdown Largest peak-to-trough decline	-12.28%	-82.15%	+69.87%
Max Drawdown (1Y) Largest decline over 1 year	-3.11%	-31.53%	+28.42%
Max Drawdown (5Y) Largest decline over 5 years	-12.28%	—	—
Current Drawdown Current decline from peak	-1.97%	-67.31%	+65.34%
Average Drawdown Average peak-to-trough decline	-2.29%	-51.53%	+49.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.89%	15.78%	-14.89%

Volatility

MMIT vs. MRNY - Volatility Comparison

The current volatility for IQ MacKay Municipal Intermediate ETF (MMIT) is 0.96%, while YieldMax MRNA Option Income Strategy ETF (MRNY) has a volatility of 16.90%. This indicates that MMIT experiences smaller price fluctuations and is considered to be less risky than MRNY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MMIT	MRNY	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.96%	16.90%	-15.94%
Volatility (6M) Calculated over the trailing 6-month period	1.64%	39.43%	-37.79%
Volatility (1Y) Calculated over the trailing 1-year period	3.81%	52.05%	-48.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.53%	51.40%	-47.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.33%	51.40%	-47.07%