MMSD vs. CA

Last updated Jun 5, 2026

MMSD (NYLI MacKay Muni Short Duration ETF) and CA (Xtrackers California Municipal Bond ETF) are both Municipal Bonds funds. MMSD is actively managed, while CA is passively managed. Over the past year, MMSD returned 4.67% vs 6.26% for CA. At a 0.46 correlation, their price movements are largely independent. MMSD charges 0.25%/yr vs 0.07%/yr for CA.

Performance

MMSD vs. CA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in NYLI MacKay Muni Short Duration ETF (MMSD) and Xtrackers California Municipal Bond ETF (CA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MMSD achieves a 1.34% return, which is significantly higher than CA's 1.20% return.

MMSD

• 1D: 0.08%
• 1M: 0.28%
• YTD: 1.34%
• 6M: 1.65%
• 1Y: 4.67%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CA

• 1D: 0.00%
• 1M: 0.28%
• YTD: 1.20%
• 6M: 1.48%
• 1Y: 6.26%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MMSD vs. CA - Yearly Performance Comparison

	2026 (YTD)	2025
MMSD NYLI MacKay Muni Short Duration ETF	1.34%	3.66%
CA Xtrackers California Municipal Bond ETF	1.20%	4.61%

Correlation

The correlation between MMSD and CA is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.47
Correlation (All Time) Calculated using the full available price history since May 7, 2025	0.46

Return for Risk

MMSD vs. CA — Risk / Return Rank

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

MMSD

MMSD Risk / Return Rank: 82
MMSD Sharpe Ratio Rank: 85
MMSD Sortino Ratio Rank: 92
MMSD Omega Ratio Rank: 92
MMSD Calmar Ratio Rank: 71
MMSD Martin Ratio Rank: 72

CA

CA Risk / Return Rank: 70
CA Sharpe Ratio Rank: 76
CA Sortino Ratio Rank: 82
CA Omega Ratio Rank: 89
CA Calmar Ratio Rank: 51
CA Martin Ratio Rank: 54

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.

MMSD vs. CA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NYLI MacKay Muni Short Duration ETF (MMSD) and Xtrackers California Municipal Bond ETF (CA). 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.

	MMSD	CA	Difference
Sharpe ratio: Return per unit of total volatility	2.72	2.41	+0.31
Sortino ratio: Return per unit of downside risk	4.32	3.60	+0.72
Omega ratio: Gain probability vs. loss probability	1.61	1.55	+0.06
Calmar ratio: Return relative to maximum drawdown	3.48	2.45	+1.03
Martin ratio: Return relative to average drawdown	13.31	9.22	+4.09
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MMSD vs. CA - Sharpe Ratio Comparison

The current MMSD Sharpe Ratio is 2.72, which is comparable to the CA Sharpe Ratio of 2.41. The chart below compares the historical Sharpe Ratios of MMSD and CA, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	MMSD	CA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.72	2.41	+0.31
Sharpe Ratio (All Time) Calculated using the full available price history	2.67	0.67	+1.99

Drawdowns

MMSD vs. CA - Drawdown Comparison

The maximum MMSD drawdown since its inception was -1.35%, smaller than the maximum CA drawdown of -5.24%. Use the drawdown chart below to compare losses from any high point for MMSD and CA.

Drawdown Indicators

	MMSD	CA	Difference
Max Drawdown Largest peak-to-trough decline	-1.35%	-5.24%	+3.89%
Max Drawdown (1Y) Largest decline over 1 year	-1.35%	-2.57%	+1.22%
Current Drawdown Current decline from peak	-0.11%	-0.75%	+0.64%
Average Drawdown Average peak-to-trough decline	-0.22%	-1.27%	+1.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.35%	0.68%	-0.33%

Volatility

MMSD vs. CA - Volatility Comparison

NYLI MacKay Muni Short Duration ETF (MMSD) has a higher volatility of 0.70% compared to Xtrackers California Municipal Bond ETF (CA) at 0.30%. This indicates that MMSD's price experiences larger fluctuations and is considered to be riskier than CA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MMSD	CA	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.70%	0.30%	+0.40%
Volatility (6M) Calculated over the trailing 6-month period	1.43%	1.82%	-0.39%
Volatility (1Y) Calculated over the trailing 1-year period	1.73%	2.64%	-0.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.76%	3.98%	-2.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.76%	3.98%	-2.22%

MMSD vs. CA - Expense Ratio Comparison

MMSD has a 0.25% expense ratio, which is higher than CA's 0.07% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

MMSD vs. CA - Dividend Comparison

MMSD's dividend yield for the trailing twelve months is around 3.56%, more than CA's 2.96% yield.

Position	TTM	2025	2024
CA Xtrackers California Municipal Bond ETF	2.96%	3.14%	3.03%
MMSD NYLI MacKay Muni Short Duration ETF	3.56%	2.30%	0.00%

Frequently Asked Questions

Can I hold both MMSD and CA in my portfolio?

MMSD and CA have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MMSD or CA?

MMSD has higher volatility (0.70%) compared to CA (0.30%). In terms of maximum drawdown, MMSD dropped -1.35% vs CA's -5.24%.

Which ETF is better, MMSD or CA?

On 1-year performance, CA leads with 6.26% vs 4.67% for MMSD. On fees, CA is cheaper at 0.07% per year. On volatility, CA has been the lower-risk option at 0.30%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MMSD or CA?

Over the 1-year period, CA has performed better with a 6.26% return vs 4.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MMSD or CA?

CA is cheaper with a 0.07% expense ratio, compared with 0.25% for MMSD.

Which ETF pays a higher dividend yield, MMSD or CA?

MMSD has the higher dividend yield at 3.56%, compared with 2.96% for CA.

What is the main difference between MMSD and CA?

They also come from different issuers: NYLI and Xtrackers. Their fees differ too: 0.25% for MMSD and 0.07% for CA.

Which has better risk-adjusted returns?

MMSD currently has the higher Sharpe Ratio (2.72 vs 2.41), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.