MMMA vs. FMUN
MMMA (NYLI MacKay Muni Allocation ETF) and FMUN (Fidelity Systematic Municipal Bond Index ETF) are both Municipal Bonds funds. Both are actively managed. A 0.63 correlation means they provide meaningful diversification when combined. MMMA charges 0.35%/yr vs 0.05%/yr for FMUN.
Performance
MMMA vs. FMUN - Performance Comparison
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Returns By Period
In the year-to-date period, MMMA achieves a 3.03% return, which is significantly higher than FMUN's 1.62% return.
MMMA
- 1D
- -0.27%
- 1M
- 0.50%
- YTD
- 3.03%
- 6M
- —
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
FMUN
- 1D
- -0.01%
- 1M
- 0.54%
- YTD
- 1.62%
- 6M
- 2.16%
- 1Y
- 7.65%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
MMMA vs. FMUN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
MMMA NYLI MacKay Muni Allocation ETF | 3.03% | 0.33% |
FMUN Fidelity Systematic Municipal Bond Index ETF | 1.62% | 0.35% |
Correlation
The correlation between MMMA and FMUN is 0.63, 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 Dec 17, 2025 | 0.63 |
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Return for Risk
MMMA vs. FMUN — Risk / Return Rank
MMMA
FMUN
MMMA vs. FMUN - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for NYLI MacKay Muni Allocation ETF (MMMA) and Fidelity Systematic Municipal Bond Index ETF (FMUN). 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.
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
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Sharpe Ratios by Period
| MMMA | FMUN | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | — | 2.38 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.79 | 1.26 | +0.53 |
Drawdowns
MMMA vs. FMUN - Drawdown Comparison
The maximum MMMA drawdown since its inception was -2.79%, smaller than the maximum FMUN drawdown of -3.21%. Use the drawdown chart below to compare losses from any high point for MMMA and FMUN.
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Drawdown Indicators
| MMMA | FMUN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -2.79% | -3.21% | +0.42% |
Max Drawdown (1Y)Largest decline over 1 year | — | -3.21% | — |
Current DrawdownCurrent decline from peak | -0.27% | -0.73% | +0.46% |
Average DrawdownAverage peak-to-trough decline | -0.60% | -0.81% | +0.21% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 0.97% | — |
Volatility
MMMA vs. FMUN - Volatility Comparison
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Volatility by Period
| MMMA | FMUN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 1.23% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 2.27% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 4.15% | 3.11% | +1.04% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.15% | 4.05% | +0.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.15% | 4.05% | +0.10% |
MMMA vs. FMUN - Expense Ratio Comparison
MMMA has a 0.35% expense ratio, which is higher than FMUN's 0.05% expense ratio.
Dividends
MMMA vs. FMUN - Dividend Comparison
MMMA's dividend yield for the trailing twelve months is around 1.96%, less than FMUN's 3.29% yield.
| Position | TTM | 2025 |
|---|---|---|
FMUN Fidelity Systematic Municipal Bond Index ETF | 3.29% | 2.41% |
MMMA NYLI MacKay Muni Allocation ETF | 1.96% | 0.17% |
Frequently Asked Questions
MMMA and FMUN have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, FMUN is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.
FMUN is cheaper with a 0.05% expense ratio, compared with 0.35% for MMMA.
FMUN has the higher dividend yield at 3.29%, compared with 1.96% for MMMA.
They also come from different issuers: NYLI and Fidelity. Their fees differ too: 0.35% for MMMA and 0.05% for FMUN.
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