MMSD vs. MUB
MMSD (NYLI MacKay Muni Short Duration ETF) and MUB (iShares National AMT-Free Muni Bond ETF) are both Municipal Bonds funds. MMSD is actively managed, while MUB is passively managed. Over the past year, MMSD returned 4.73% vs 6.95% for MUB. A 0.75 correlation means they provide meaningful diversification when combined. MMSD charges 0.25%/yr vs 0.07%/yr for MUB.
Performance
MMSD vs. MUB - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with MMSD having a 1.26% return and MUB slightly lower at 1.24%.
MMSD
- 1D
- -0.09%
- 1M
- 0.20%
- YTD
- 1.26%
- 6M
- 1.63%
- 1Y
- 4.73%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
MUB
- 1D
- -0.08%
- 1M
- 0.56%
- YTD
- 1.24%
- 6M
- 1.74%
- 1Y
- 6.95%
- 3Y*
- 3.43%
- 5Y*
- 0.86%
- 10Y*
- 2.00%
MMSD vs. MUB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
MMSD NYLI MacKay Muni Short Duration ETF | 1.26% | 3.66% |
MUB iShares National AMT-Free Muni Bond ETF | 1.24% | 4.81% |
Correlation
The correlation between MMSD and MUB is 0.75, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.75 |
Correlation (All Time) Calculated using the full available price history since May 7, 2025 | 0.75 |
The correlation between MMSD and MUB has been stable across timeframes, ranging from 0.75 to 0.75 - a consistent structural relationship.
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Return for Risk
MMSD vs. MUB — Risk / Return Rank
MMSD
MUB
MMSD vs. MUB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for NYLI MacKay Muni Short Duration ETF (MMSD) and iShares National AMT-Free Muni Bond ETF (MUB). 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 | MUB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.36 | ||
| Sortino ratioReturn per unit of downside risk | +0.88 | ||
| Omega ratioGain probability vs. loss probability | 1.62 | 1.50 | +0.12 |
| Calmar ratioReturn relative to maximum drawdown | 3.53 | 2.50 | +1.02 |
| Martin ratioReturn relative to average drawdown | 13.49 | 8.85 | +4.64 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| MMSD | MUB | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.75 | 2.39 | +0.36 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.21 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.41 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 2.63 | 0.58 | +2.04 |
Drawdowns
MMSD vs. MUB - Drawdown Comparison
The maximum MMSD drawdown since its inception was -1.35%, smaller than the maximum MUB drawdown of -13.68%. Use the drawdown chart below to compare losses from any high point for MMSD and MUB.
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Drawdown Indicators
| MMSD | MUB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -1.35% | -13.68% | +12.33% |
Max Drawdown (1Y)Largest decline over 1 year | -1.35% | -2.79% | +1.44% |
Max Drawdown (3Y)Largest decline over 3 years | — | -5.34% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -11.88% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -13.68% | — |
Current DrawdownCurrent decline from peak | -0.19% | -0.70% | +0.51% |
Average DrawdownAverage peak-to-trough decline | -0.22% | -2.23% | +2.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.35% | 0.79% | -0.44% |
Volatility
MMSD vs. MUB - Volatility Comparison
The current volatility for NYLI MacKay Muni Short Duration ETF (MMSD) is 0.69%, while iShares National AMT-Free Muni Bond ETF (MUB) has a volatility of 0.97%. This indicates that MMSD experiences smaller price fluctuations and is considered to be less risky than MUB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MMSD | MUB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.69% | 0.97% | -0.28% |
Volatility (6M)Calculated over the trailing 6-month period | 1.43% | 2.22% | -0.79% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.73% | 2.92% | -1.19% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.76% | 4.06% | -2.30% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.76% | 4.92% | -3.16% |
MMSD vs. MUB - Expense Ratio Comparison
MMSD has a 0.25% expense ratio, which is higher than MUB'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. MUB - Dividend Comparison
MMSD's dividend yield for the trailing twelve months is around 3.57%, more than MUB's 3.17% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MMSD NYLI MacKay Muni Short Duration ETF | 3.57% | 2.30% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
MUB iShares National AMT-Free Muni Bond ETF | 3.17% | 3.14% | 3.01% | 2.65% | 2.11% | 1.81% | 2.11% | 2.42% | 2.46% | 2.26% | 2.21% | 2.51% |
Frequently Asked Questions
MMSD and MUB have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MUB has higher volatility (0.97%) compared to MMSD (0.69%). In terms of maximum drawdown, MMSD dropped -1.35% vs MUB's -13.68%.
On 1-year performance, MUB leads with 6.95% vs 4.73% for MMSD. On fees, MUB is cheaper at 0.07% per year. On volatility, MMSD has been the lower-risk option at 0.69%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, MUB has performed better with a 6.95% return vs 4.73%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
MUB is cheaper with a 0.07% expense ratio, compared with 0.25% for MMSD.
MMSD has the higher dividend yield at 3.57%, compared with 3.17% for MUB.
They also come from different issuers: NYLI and iShares. Their fees differ too: 0.25% for MMSD and 0.07% for MUB.
MMSD currently has the higher Sharpe Ratio (2.75 vs 2.39), 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.
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