MMSD vs. SMMU

Last updated Jun 4, 2026

MMSD (NYLI MacKay Muni Short Duration ETF) and SMMU (PIMCO Short Term Municipal Bond Active ETF) are both Municipal Bonds funds. Both are actively managed. Over the past year, MMSD returned 4.73% vs 3.92% for SMMU. A 0.53 correlation means they provide meaningful diversification when combined. MMSD charges 0.25%/yr vs 0.35%/yr for SMMU.

Performance

MMSD vs. SMMU - Performance Comparison

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

Returns By Period

In the year-to-date period, MMSD achieves a 1.26% return, which is significantly higher than SMMU's 1.10% return.

MMSD

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

SMMU

• 1D: 0.07%
• 1M: 0.31%
• YTD: 1.10%
• 6M: 1.36%
• 1Y: 3.92%
• 3Y*: 3.67%
• 5Y*: 1.90%
• 10Y*: 1.82%

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

MMSD vs. SMMU - Yearly Performance Comparison

	2026 (YTD)	2025
MMSD NYLI MacKay Muni Short Duration ETF	1.26%	3.66%
SMMU PIMCO Short Term Municipal Bond Active ETF	1.10%	3.24%

Correlation

The correlation between MMSD and SMMU is 0.52, 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	0.52
Correlation (All Time) Calculated using the full available price history since May 7, 2025	0.53

The correlation between MMSD and SMMU has been stable across timeframes, ranging from 0.52 to 0.53 - a consistent structural relationship.

Return for Risk

MMSD vs. SMMU — 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

SMMU

SMMU Risk / Return Rank: 92
SMMU Sharpe Ratio Rank: 95
SMMU Sortino Ratio Rank: 96
SMMU Omega Ratio Rank: 97
SMMU Calmar Ratio Rank: 88
SMMU Martin Ratio Rank: 86

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. SMMU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NYLI MacKay Muni Short Duration ETF (MMSD) and PIMCO Short Term Municipal Bond Active ETF (SMMU). 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	SMMU	Difference
Sharpe ratio: Return per unit of total volatility	2.75	3.84	-1.09
Sortino ratio: Return per unit of downside risk	4.38	5.82	-1.44
Omega ratio: Gain probability vs. loss probability	1.62	1.90	-0.29
Calmar ratio: Return relative to maximum drawdown	3.53	5.10	-1.58
Martin ratio: Return relative to average drawdown	13.49	18.24	-4.75
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. SMMU - Sharpe Ratio Comparison

The current MMSD Sharpe Ratio is 2.75, which is comparable to the SMMU Sharpe Ratio of 3.84. The chart below compares the historical Sharpe Ratios of MMSD and SMMU, 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	SMMU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.75	3.84	-1.09
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	1.14	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.67	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.63	0.60	+2.02

Drawdowns

MMSD vs. SMMU - Drawdown Comparison

The maximum MMSD drawdown since its inception was -1.35%, smaller than the maximum SMMU drawdown of -5.09%. Use the drawdown chart below to compare losses from any high point for MMSD and SMMU.

Drawdown Indicators

	MMSD	SMMU	Difference
Max Drawdown Largest peak-to-trough decline	-1.35%	-5.09%	+3.74%
Max Drawdown (1Y) Largest decline over 1 year	-1.35%	-0.77%	-0.58%
Max Drawdown (3Y) Largest decline over 3 years	—	-1.95%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-4.76%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-5.09%	—
Current Drawdown Current decline from peak	-0.19%	-0.03%	-0.16%
Average Drawdown Average peak-to-trough decline	-0.22%	-0.55%	+0.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.35%	0.22%	+0.13%

Volatility

MMSD vs. SMMU - Volatility Comparison

NYLI MacKay Muni Short Duration ETF (MMSD) has a higher volatility of 0.69% compared to PIMCO Short Term Municipal Bond Active ETF (SMMU) at 0.31%. This indicates that MMSD's price experiences larger fluctuations and is considered to be riskier than SMMU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MMSD	SMMU	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.69%	0.31%	+0.38%
Volatility (6M) Calculated over the trailing 6-month period	1.43%	0.79%	+0.64%
Volatility (1Y) Calculated over the trailing 1-year period	1.73%	1.02%	+0.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.76%	1.67%	+0.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.76%	2.73%	-0.97%

MMSD vs. SMMU - Expense Ratio Comparison

MMSD has a 0.25% expense ratio, which is lower than SMMU's 0.35% expense ratio.

Dividends

MMSD vs. SMMU - Dividend Comparison

MMSD's dividend yield for the trailing twelve months is around 3.57%, more than SMMU's 2.84% 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%
SMMU PIMCO Short Term Municipal Bond Active ETF	2.84%	2.80%	3.03%	2.79%	1.37%	0.60%	1.19%	1.82%	1.57%	1.41%	1.03%	0.89%

Frequently Asked Questions

Can I hold both MMSD and SMMU in my portfolio?

MMSD and SMMU have a correlation of 0.52, 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 SMMU?

MMSD has higher volatility (0.69%) compared to SMMU (0.31%). In terms of maximum drawdown, MMSD dropped -1.35% vs SMMU's -5.09%.

Which ETF is better, MMSD or SMMU?

On 1-year performance, MMSD leads with 4.73% vs 3.92% for SMMU. On fees, MMSD is cheaper at 0.25% per year. On volatility, SMMU has been the lower-risk option at 0.31%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MMSD or SMMU?

Over the 1-year period, MMSD has performed better with a 4.73% return vs 3.92%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MMSD or SMMU?

MMSD is cheaper with a 0.25% expense ratio, compared with 0.35% for SMMU.

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

MMSD has the higher dividend yield at 3.57%, compared with 2.84% for SMMU.

What is the main difference between MMSD and SMMU?

They also come from different issuers: NYLI and PIMCO. Their fees differ too: 0.25% for MMSD and 0.35% for SMMU.

Which has better risk-adjusted returns?

SMMU currently has the higher Sharpe Ratio (3.84 vs 2.75), 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.