MMMA vs. MUNX

Last updated Jun 7, 2026

MMMA (NYLI MacKay Muni Allocation ETF) and MUNX (AMG GW&K Muni Income ETF) are both Municipal Bonds funds. Both are actively managed. Their correlation of 0.89 suggests significant overlap in exposure. MMMA charges 0.35%/yr vs 0.29%/yr for MUNX.

Performance

MMMA vs. MUNX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in NYLI MacKay Muni Allocation ETF (MMMA) and AMG GW&K Muni Income ETF (MUNX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MMMA achieves a 3.03% return, which is significantly higher than MUNX's 1.74% return.

MMMA

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

MUNX

• 1D: -0.25%
• 1M: 0.36%
• YTD: 1.74%
• 6M: 1.97%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MMMA vs. MUNX - Yearly Performance Comparison

	2026 (YTD)	2025
MMMA NYLI MacKay Muni Allocation ETF	3.03%	0.33%
MUNX AMG GW&K Muni Income ETF	1.74%	0.12%

Correlation

The correlation between MMMA and MUNX is 0.89, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Dec 17, 2025	0.89

Return for Risk

MMMA vs. MUNX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NYLI MacKay Muni Allocation ETF (MMMA) and AMG GW&K Muni Income ETF (MUNX). 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	MUNX	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	1.79	1.12	+0.67

Drawdowns

MMMA vs. MUNX - Drawdown Comparison

The maximum MMMA drawdown since its inception was -2.79%, smaller than the maximum MUNX drawdown of -2.95%. Use the drawdown chart below to compare losses from any high point for MMMA and MUNX.

Drawdown Indicators

	MMMA	MUNX	Difference
Max Drawdown Largest peak-to-trough decline	-2.79%	-2.95%	+0.16%
Current Drawdown Current decline from peak	-0.27%	-0.50%	+0.23%
Average Drawdown Average peak-to-trough decline	-0.60%	-0.64%	+0.04%

Volatility

Volatility by Period

	MMMA	MUNX	Difference
Volatility (1Y) Calculated over the trailing 1-year period	4.15%	3.47%	+0.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.15%	3.47%	+0.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.15%	3.47%	+0.68%

MMMA vs. MUNX - Expense Ratio Comparison

MMMA has a 0.35% expense ratio, which is higher than MUNX's 0.29% expense ratio.

Dividends

MMMA vs. MUNX - Dividend Comparison

MMMA's dividend yield for the trailing twelve months is around 1.96%, which matches MUNX's 1.95% yield.

Position	TTM	2025
MMMA NYLI MacKay Muni Allocation ETF	1.96%	0.17%
MUNX AMG GW&K Muni Income ETF	1.95%	0.55%

Frequently Asked Questions

Can I hold both MMMA and MUNX in my portfolio?

MMMA and MUNX have a correlation of 0.89, 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 MUNX?

On fees, MUNX is cheaper at 0.29% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, MMMA or MUNX?

MUNX is cheaper with a 0.29% expense ratio, compared with 0.35% for MMMA.

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

MMMA and MUNX have nearly identical dividend yields, around 1.96%.

What is the main difference between MMMA and MUNX?

They also come from different issuers: NYLI and AMG. Their fees differ too: 0.35% for MMMA and 0.29% for MUNX.