MMSD vs. PUSH

Last updated Jun 23, 2026

MMSD (NYLI MacKay Muni Short Duration ETF) and PUSH (PGIM Ultra Short Municipal Bond ETF) are both Municipal Bonds funds. Both are actively managed. Over the past year, MMSD returned 4.44% vs 3.68% for PUSH. At a 0.20 correlation, their price movements are largely independent. MMSD charges 0.25%/yr vs 0.15%/yr for PUSH.

Performance

MMSD vs. PUSH - Performance Comparison

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

Returns By Period

The year-to-date returns for both stocks are quite close, with MMSD having a 1.46% return and PUSH slightly lower at 1.42%.

MMSD

• 1D: -0.02%
• 1M: 0.67%
• YTD: 1.46%
• 6M: 1.57%
• 1Y: 4.44%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PUSH

• 1D: 0.04%
• 1M: 0.47%
• YTD: 1.42%
• 6M: 1.51%
• 1Y: 3.68%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MMSD vs. PUSH - Yearly Performance Comparison

	2026 (YTD)	2025
MMSD NYLI MacKay Muni Short Duration ETF	1.46%	3.72%
PUSH PGIM Ultra Short Municipal Bond ETF	1.42%	2.97%

Correlation

The correlation between MMSD and PUSH is 0.19, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.19
Correlation (All Time) Calculated using the full available price history since May 6, 2025	0.20

Return for Risk

MMSD vs. PUSH — Risk / Return Rank

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

MMSD

MMSD Risk / Return Rank: 81
MMSD Sharpe Ratio Rank: 84
MMSD Sortino Ratio Rank: 91
MMSD Omega Ratio Rank: 91
MMSD Calmar Ratio Rank: 68
MMSD Martin Ratio Rank: 70

PUSH

PUSH Risk / Return Rank: 88
PUSH Sharpe Ratio Rank: 79
PUSH Sortino Ratio Rank: 86
PUSH Omega Ratio Rank: 94
PUSH Calmar Ratio Rank: 95
PUSH Martin Ratio Rank: 88

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. PUSH - Risk-Adjusted Trends Comparison

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

	MMSD	PUSH	Difference
Sharpe ratio: Return per unit of total volatility	2.58	2.42	+0.15
Sortino ratio: Return per unit of downside risk	4.08	3.66	+0.42
Omega ratio: Gain probability vs. loss probability	1.57	1.67	-0.10
Calmar ratio: Return relative to maximum drawdown	3.31	7.36	-4.05
Martin ratio: Return relative to average drawdown	12.62	18.28	-5.66

MMSD vs. PUSH - Sharpe Ratio Comparison

The current MMSD Sharpe Ratio is 2.58, which is comparable to the PUSH Sharpe Ratio of 2.42. The chart below compares the historical Sharpe Ratios of MMSD and PUSH, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

MMSD vs. PUSH - Drawdown Comparison

The maximum MMSD drawdown since its inception was -1.35%, which is greater than PUSH's maximum drawdown of -0.85%. Use the drawdown chart below to compare losses from any high point for MMSD and PUSH.

Drawdown Indicators

	MMSD	PUSH	Difference
Max Drawdown Largest peak-to-trough decline	-1.35%	-0.85%	-0.50%
Max Drawdown (1Y) Largest decline over 1 year	-1.35%	-0.50%	-0.85%
Current Drawdown Current decline from peak	-0.02%	-0.01%	-0.01%
Average Drawdown Average peak-to-trough decline	-0.21%	-0.10%	-0.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.35%	0.20%	+0.15%

Volatility

MMSD vs. PUSH - Volatility Comparison

NYLI MacKay Muni Short Duration ETF (MMSD) has a higher volatility of 0.51% compared to PGIM Ultra Short Municipal Bond ETF (PUSH) at 0.27%. This indicates that MMSD's price experiences larger fluctuations and is considered to be riskier than PUSH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MMSD	PUSH	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.51%	0.27%	+0.24%
Volatility (6M) Calculated over the trailing 6-month period	1.47%	0.99%	+0.48%
Volatility (1Y) Calculated over the trailing 1-year period	1.73%	1.53%	+0.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.75%	1.29%	+0.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.75%	1.29%	+0.46%

MMSD vs. PUSH - Expense Ratio Comparison

MMSD has a 0.25% expense ratio, which is higher than PUSH's 0.15% 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. PUSH - Dividend Comparison

MMSD's dividend yield for the trailing twelve months is around 3.56%, more than PUSH's 3.23% yield.

Position	TTM	2025	2024
MMSD NYLI MacKay Muni Short Duration ETF	3.56%	2.30%	0.00%
PUSH PGIM Ultra Short Municipal Bond ETF	3.23%	3.45%	1.86%

Frequently Asked Questions

Can I hold both MMSD and PUSH in my portfolio?

MMSD and PUSH have a correlation of 0.19, 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 PUSH?

MMSD has higher volatility (0.51%) compared to PUSH (0.27%). In terms of maximum drawdown, MMSD dropped -1.35% vs PUSH's -0.85%.

Which ETF is better, MMSD or PUSH?

On 1-year performance, MMSD leads with 4.44% vs 3.68% for PUSH. On fees, PUSH is cheaper at 0.15% per year. On volatility, PUSH has been the lower-risk option at 0.27%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MMSD or PUSH?

Over the 1-year period, MMSD has performed better with a 4.44% return vs 3.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MMSD or PUSH?

PUSH is cheaper with a 0.15% expense ratio, compared with 0.25% for MMSD.

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

MMSD has the higher dividend yield at 3.56%, compared with 3.23% for PUSH.

What is the main difference between MMSD and PUSH?

They also come from different issuers: NYLI and PGIM. Their fees differ too: 0.25% for MMSD and 0.15% for PUSH.

Which has better risk-adjusted returns?

MMSD currently has the higher Sharpe Ratio (2.58 vs 2.42), 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.