MMIT vs. ULTR

Last updated Apr 1, 2026

Compare and contrast key facts about IQ MacKay Municipal Intermediate ETF (MMIT) and IQ Ultra Short Duration ETF (ULTR).

MMIT and ULTR 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. ULTR is an actively managed fund by New York Life. It was launched on Jul 31, 2019.

Performance

MMIT vs. ULTR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in IQ MacKay Municipal Intermediate ETF (MMIT) and IQ Ultra Short Duration ETF (ULTR). The values are adjusted to include any dividend payments, if applicable.

MMIT vs. ULTR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
MMIT IQ MacKay Municipal Intermediate ETF	-0.05%	5.03%	1.46%	5.42%	-7.40%	1.55%	6.17%	1.37%
ULTR IQ Ultra Short Duration ETF	0.00%	0.00%	1.34%	5.48%	0.21%	0.14%	0.84%	1.19%

Returns By Period

MMIT

• 1D: 0.20%
• 1M: -2.19%
• YTD: -0.05%
• 6M: 1.26%
• 1Y: 4.55%
• 3Y*: 3.10%
• 5Y*: 1.07%
• 10Y*: —

ULTR

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MMIT vs. ULTR - Expense Ratio Comparison

MMIT has a 0.31% expense ratio, which is higher than ULTR's 0.25% expense ratio.

MMIT

IQ MacKay Municipal Intermediate ETF

ULTR

IQ Ultra Short Duration ETF

Return for Risk

MMIT vs. ULTR — Risk / Return Rank

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

MMIT

MMIT Risk / Return Rank: 62
MMIT Sharpe Ratio Rank: 67
MMIT Sortino Ratio Rank: 58
MMIT Omega Ratio Rank: 75
MMIT Calmar Ratio Rank: 58
MMIT Martin Ratio Rank: 53

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. ULTR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for IQ MacKay Municipal Intermediate ETF (MMIT) and IQ Ultra Short Duration ETF (ULTR). 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	ULTR	Difference
Sharpe ratio Return per unit of total volatility	1.20	—	—
Sortino ratio Return per unit of downside risk	1.50	—	—
Omega ratio Gain probability vs. loss probability	1.28	—	—
Calmar ratio Return relative to maximum drawdown	1.48	—	—
Martin ratio Return relative to average drawdown	5.23	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	MMIT	ULTR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.20	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.30	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.60	—	—

Correlation

The correlation between MMIT and ULTR is 0.19, 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. ULTR - Dividend Comparison

MMIT's dividend yield for the trailing twelve months is around 3.89%, while ULTR has not paid dividends to shareholders.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
MMIT IQ MacKay Municipal Intermediate ETF	3.89%	3.54%	3.76%	3.46%	2.30%	1.81%	2.59%	4.14%	2.46%	0.35%
ULTR IQ Ultra Short Duration ETF	0.00%	0.00%	1.12%	4.50%	2.43%	2.26%	1.90%	1.03%	0.00%	0.00%

Drawdowns

Drawdown Indicators

	MMIT	ULTR	Difference
Max Drawdown Largest peak-to-trough decline	-12.28%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-3.11%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-12.28%	—	—
Current Drawdown Current decline from peak	-2.19%	—	—
Average Drawdown Average peak-to-trough decline	-2.29%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	0.88%	—	—

Volatility

Volatility by Period

	MMIT	ULTR	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.04%	—	—
Volatility (6M) Calculated over the trailing 6-month period	1.65%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	3.80%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.53%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.33%	—	—