MMSD vs. IBMM

Last updated Jun 4, 2026

MMSD (NYLI MacKay Muni Short Duration ETF) and IBMM (iShares iBonds Dec 2024 Term Muni Bond ETF) are both Municipal Bonds funds. MMSD is actively managed, while IBMM is passively managed. MMSD charges 0.25%/yr vs 0.18%/yr for IBMM.

Performance

MMSD vs. IBMM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in NYLI MacKay Muni Short Duration ETF (MMSD) and iShares iBonds Dec 2024 Term Muni Bond ETF (IBMM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

MMSD

• 1D: -0.09%
• 1M: 0.20%
• YTD: 1.26%
• 6M: 1.63%
• 1Y: 4.73%
• 3Y*: —
• 5Y*: —
• 10Y*: —

IBMM

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

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

MMSD vs. IBMM - Yearly Performance Comparison

	2026 (YTD)
MMSD NYLI MacKay Muni Short Duration ETF	0.34%
IBMM iShares iBonds Dec 2024 Term Muni Bond ETF	0.00%

Return for Risk

MMSD vs. IBMM — Risk / Return Rank

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

MMSD

MMSD Risk / Return Rank: 83
MMSD Sharpe Ratio Rank: 85
MMSD Sortino Ratio Rank: 92
MMSD Omega Ratio Rank: 92
MMSD Calmar Ratio Rank: 72
MMSD Martin Ratio Rank: 73

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. IBMM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NYLI MacKay Muni Short Duration ETF (MMSD) and iShares iBonds Dec 2024 Term Muni Bond ETF (IBMM). 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	IBMM	Difference
Sharpe ratio: Return per unit of total volatility	2.75	—	—
Sortino ratio: Return per unit of downside risk	4.38	—	—
Omega ratio: Gain probability vs. loss probability	1.62	—	—
Calmar ratio: Return relative to maximum drawdown	3.53	—	—
Martin ratio: Return relative to average drawdown	13.49	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	MMSD	IBMM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.75	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.63	—	—

Drawdowns

MMSD vs. IBMM - Drawdown Comparison

The maximum MMSD drawdown since its inception was -1.35%, which is greater than IBMM's maximum drawdown of 0.00%. Use the drawdown chart below to compare losses from any high point for MMSD and IBMM.

Drawdown Indicators

	MMSD	IBMM	Difference
Max Drawdown Largest peak-to-trough decline	-1.35%	0.00%	-1.35%
Max Drawdown (1Y) Largest decline over 1 year	-1.35%	—	—
Current Drawdown Current decline from peak	-0.19%	0.00%	-0.19%
Average Drawdown Average peak-to-trough decline	-0.22%	0.00%	-0.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.35%	—	—

Volatility

Volatility by Period

	MMSD	IBMM	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.69%	—	—
Volatility (6M) Calculated over the trailing 6-month period	1.43%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	1.73%	0.00%	+1.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.76%	0.00%	+1.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.76%	0.00%	+1.76%

MMSD vs. IBMM - Expense Ratio Comparison

MMSD has a 0.25% expense ratio, which is higher than IBMM's 0.18% 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. IBMM - Dividend Comparison

MMSD's dividend yield for the trailing twelve months is around 3.57%, while IBMM has not paid dividends to shareholders.

Position	TTM	2025
IBMM iShares iBonds Dec 2024 Term Muni Bond ETF	0.00%	0.00%
MMSD NYLI MacKay Muni Short Duration ETF	3.57%	2.30%

Frequently Asked Questions

Which ETF is better, MMSD or IBMM?

On fees, IBMM 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, MMSD or IBMM?

IBMM is cheaper with a 0.18% expense ratio, compared with 0.25% for MMSD.

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

MMSD has the higher dividend yield at 3.57%, compared with 0.00% for IBMM.

What is the main difference between MMSD and IBMM?

They also come from different issuers: NYLI and iShares. Their fees differ too: 0.25% for MMSD and 0.18% for IBMM.