MMMA vs. SHM
MMMA (NYLI MacKay Muni Allocation ETF) and SHM (SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF) are both Municipal Bonds funds. MMMA is actively managed, while SHM is passively managed. A 0.57 correlation means they provide meaningful diversification when combined. MMMA charges 0.35%/yr vs 0.20%/yr for SHM.
Performance
MMMA vs. SHM - Performance Comparison
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Returns By Period
In the year-to-date period, MMMA achieves a 3.87% return, which is significantly higher than SHM's 1.09% return.
MMMA
- 1D
- 0.06%
- 1M
- 1.21%
- YTD
- 3.87%
- 6M
- 4.11%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SHM
- 1D
- 0.06%
- 1M
- 0.58%
- YTD
- 1.09%
- 6M
- 1.22%
- 1Y
- 3.10%
- 3Y*
- 2.91%
- 5Y*
- 0.99%
- 10Y*
- 1.17%
MMMA vs. SHM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
MMMA NYLI MacKay Muni Allocation ETF | 3.87% | 0.35% |
SHM SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF | 1.09% | 0.30% |
Correlation
The correlation between MMMA and SHM is 0.57, 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 16, 2025 | 0.57 |
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Return for Risk
MMMA vs. SHM — Risk / Return Rank
MMMA
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
SHM
MMMA vs. SHM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for NYLI MacKay Muni Allocation ETF (MMMA) and SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF (SHM). 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.
| MMMA | SHM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.52 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 2.75 | — |
| Martin ratioReturn relative to average drawdown | — | 6.97 | — |
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Drawdowns
MMMA vs. SHM - Drawdown Comparison
The maximum MMMA drawdown since its inception was -2.79%, smaller than the maximum SHM drawdown of -11.61%. Use the drawdown chart below to compare losses from any high point for MMMA and SHM.
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Drawdown Indicators
| MMMA | SHM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -2.79% | -11.61% | +8.82% |
Max Drawdown (1Y)Largest decline over 1 year | — | -1.13% | — |
Max Drawdown (3Y)Largest decline over 3 years | — | -2.03% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -6.67% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -11.61% | — |
Current DrawdownCurrent decline from peak | 0.00% | -0.06% | +0.06% |
Average DrawdownAverage peak-to-trough decline | -0.54% | -0.97% | +0.43% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 0.45% | — |
Volatility
MMMA vs. SHM - Volatility Comparison
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Volatility by Period
| MMMA | SHM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 0.26% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 0.86% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 4.00% | 1.26% | +2.74% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.00% | 2.07% | +1.93% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.00% | 3.30% | +0.70% |
MMMA vs. SHM - Expense Ratio Comparison
MMMA has a 0.35% expense ratio, which is higher than SHM's 0.20% expense ratio.
Dividends
MMMA vs. SHM - Dividend Comparison
MMMA's dividend yield for the trailing twelve months is around 1.94%, less than SHM's 2.66% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MMMA NYLI MacKay Muni Allocation ETF | 1.94% | 0.17% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SHM SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF | 2.66% | 2.61% | 2.06% | 1.15% | 0.69% | 0.86% | 1.24% | 1.40% | 1.23% | 1.06% | 0.94% | 0.92% |
Frequently Asked Questions
MMMA and SHM have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, SHM is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SHM is cheaper with a 0.20% expense ratio, compared with 0.35% for MMMA.
SHM has the higher dividend yield at 2.66%, compared with 1.94% for MMMA.
They also come from different issuers: NYLI and State Street. Their fees differ too: 0.35% for MMMA and 0.20% for SHM.
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