MMMA vs. IBMN

Last updated Jun 7, 2026

MMMA (NYLI MacKay Muni Allocation ETF) and IBMN (iShares iBonds Dec 2025 Term Muni Bond ETF) are both Municipal Bonds funds. MMMA is actively managed, while IBMN is passively managed. MMMA charges 0.35%/yr vs 0.18%/yr for IBMN.

Performance

MMMA vs. IBMN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in NYLI MacKay Muni Allocation ETF (MMMA) and iShares iBonds Dec 2025 Term Muni Bond ETF (IBMN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

MMMA

• 1D: -0.27%
• 1M: 0.50%
• YTD: 3.03%
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

IBMN

• 1D: 0.00%
• 1M: 0.00%
• YTD: 0.00%
• 6M: 0.00%
• 1Y: 1.18%
• 3Y*: 2.38%
• 5Y*: 0.47%
• 10Y*: —

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

MMMA vs. IBMN - Yearly Performance Comparison

	2026 (YTD)	2025
MMMA NYLI MacKay Muni Allocation ETF	3.03%	0.33%
IBMN iShares iBonds Dec 2025 Term Muni Bond ETF	0.00%	0.00%

Return for Risk

MMMA vs. IBMN — Risk / Return Rank

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

IBMN

IBMN Risk / Return Rank: 86
IBMN Sharpe Ratio Rank: 69
IBMN Sortino Ratio Rank: 82
IBMN Omega Ratio Rank: 94
IBMN Calmar Ratio Rank: 92
IBMN Martin Ratio Rank: 93

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.

MMMA vs. IBMN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NYLI MacKay Muni Allocation ETF (MMMA) and iShares iBonds Dec 2025 Term Muni Bond ETF (IBMN). 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.

Sharpe Ratios by Period

	MMMA	IBMN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.12	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.28	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.79	0.58	+1.21

Drawdowns

MMMA vs. IBMN - Drawdown Comparison

The maximum MMMA drawdown since its inception was -2.79%, smaller than the maximum IBMN drawdown of -12.40%. Use the drawdown chart below to compare losses from any high point for MMMA and IBMN.

Drawdown Indicators

	MMMA	IBMN	Difference
Max Drawdown Largest peak-to-trough decline	-2.79%	-12.40%	+9.61%
Max Drawdown (1Y) Largest decline over 1 year	—	-0.25%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-1.10%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-7.36%	—
Current Drawdown Current decline from peak	-0.27%	-0.05%	-0.22%
Average Drawdown Average peak-to-trough decline	-0.60%	-1.81%	+1.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.10%	—

Volatility

Volatility by Period

	MMMA	IBMN	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.00%	—
Volatility (6M) Calculated over the trailing 6-month period	—	0.50%	—
Volatility (1Y) Calculated over the trailing 1-year period	4.15%	0.71%	+3.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.15%	1.79%	+2.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.15%	3.89%	+0.26%

MMMA vs. IBMN - Expense Ratio Comparison

MMMA has a 0.35% expense ratio, which is higher than IBMN's 0.18% expense ratio.

Dividends

MMMA vs. IBMN - Dividend Comparison

MMMA's dividend yield for the trailing twelve months is around 1.96%, more than IBMN's 1.14% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
IBMN iShares iBonds Dec 2025 Term Muni Bond ETF	1.14%	2.03%	2.03%	1.72%	0.97%	0.70%	1.11%	1.65%	0.23%
MMMA NYLI MacKay Muni Allocation ETF	1.96%	0.17%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Which ETF is better, MMMA or IBMN?

On fees, IBMN is cheaper at 0.18% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, MMMA or IBMN?

IBMN is cheaper with a 0.18% expense ratio, compared with 0.35% for MMMA.

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

MMMA has the higher dividend yield at 1.96%, compared with 1.14% for IBMN.

What is the main difference between MMMA and IBMN?

They also come from different issuers: NYLI and iShares. Their fees differ too: 0.35% for MMMA and 0.18% for IBMN.