MMMA vs. BMOP

Last updated Jun 27, 2026

MMMA (NYLI MacKay Muni Allocation ETF) and BMOP (BNY Mellon Municipal Opportunities ETF) are both Municipal Bonds funds. Both are actively managed. A 0.58 correlation means they provide meaningful diversification when combined. MMMA charges 0.35%/yr vs 0.54%/yr for BMOP.

Performance

MMMA vs. BMOP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in NYLI MacKay Muni Allocation ETF (MMMA) and BNY Mellon Municipal Opportunities ETF (BMOP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

MMMA

• 1D: 0.06%
• 1M: 1.21%
• YTD: 3.87%
• 6M: 4.11%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

BMOP

• 1D: 0.22%
• 1M: 1.40%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MMMA vs. BMOP - Yearly Performance Comparison

	2026 (YTD)
MMMA NYLI MacKay Muni Allocation ETF	3.05%
BMOP BNY Mellon Municipal Opportunities ETF	2.32%

Correlation

The correlation between MMMA and BMOP is 0.58, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jan 12, 2026	0.58

Return for Risk

MMMA vs. BMOP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NYLI MacKay Muni Allocation ETF (MMMA) and BNY Mellon Municipal Opportunities ETF (BMOP). 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Drawdowns

MMMA vs. BMOP - Drawdown Comparison

The maximum MMMA drawdown since its inception was -2.79%, roughly equal to the maximum BMOP drawdown of -2.80%. Use the drawdown chart below to compare losses from any high point for MMMA and BMOP.

Drawdown Indicators

	MMMA	BMOP	Difference
Max Drawdown Largest peak-to-trough decline	-2.79%	-2.80%	+0.01%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.54%	-0.71%	+0.17%

Volatility

Volatility by Period

	MMMA	BMOP	Difference
Volatility (1Y) Calculated over the trailing 1-year period	4.00%	3.60%	+0.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.00%	3.60%	+0.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.00%	3.60%	+0.40%

MMMA vs. BMOP - Expense Ratio Comparison

MMMA has a 0.35% expense ratio, which is lower than BMOP's 0.54% expense ratio.

Dividends

MMMA vs. BMOP - Dividend Comparison

MMMA's dividend yield for the trailing twelve months is around 1.94%, more than BMOP's 1.19% yield.

Position	TTM	2025
BMOP BNY Mellon Municipal Opportunities ETF	1.19%	0.00%
MMMA NYLI MacKay Muni Allocation ETF	1.94%	0.17%

Frequently Asked Questions

Can I hold both MMMA and BMOP in my portfolio?

MMMA and BMOP have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, MMMA or BMOP?

On fees, MMMA is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, MMMA or BMOP?

MMMA is cheaper with a 0.35% expense ratio, compared with 0.54% for BMOP.

Which ETF pays a higher dividend yield, MMMA or BMOP?

MMMA has the higher dividend yield at 1.94%, compared with 1.19% for BMOP.

What is the main difference between MMMA and BMOP?

They also come from different issuers: NYLI and BNY Mellon. Their fees differ too: 0.35% for MMMA and 0.54% for BMOP.