MMSD vs. SUB

Last updated Jun 4, 2026

MMSD (NYLI MacKay Muni Short Duration ETF) and SUB (iShares Short-Term National Muni Bond ETF) are both Municipal Bonds funds. MMSD is actively managed, while SUB is passively managed. Over the past year, MMSD returned 4.73% vs 3.18% for SUB. A 0.56 correlation means they provide meaningful diversification when combined. MMSD charges 0.25%/yr vs 0.07%/yr for SUB.

Performance

MMSD vs. SUB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in NYLI MacKay Muni Short Duration ETF (MMSD) and iShares Short-Term National Muni Bond ETF (SUB). 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 SUB's 0.79% return.

MMSD

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

SUB

• 1D: 0.01%
• 1M: 0.32%
• YTD: 0.79%
• 6M: 1.15%
• 1Y: 3.18%
• 3Y*: 3.19%
• 5Y*: 1.46%
• 10Y*: 1.49%

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

MMSD vs. SUB - Yearly Performance Comparison

	2026 (YTD)	2025
MMSD NYLI MacKay Muni Short Duration ETF	1.26%	3.66%
SUB iShares Short-Term National Muni Bond ETF	0.79%	2.91%

Correlation

The correlation between MMSD and SUB is 0.54, 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	0.54
Correlation (All Time) Calculated using the full available price history since May 7, 2025	0.56

The correlation between MMSD and SUB has been stable across timeframes, ranging from 0.54 to 0.56 - a consistent structural relationship.

Return for Risk

MMSD vs. SUB — 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

SUB

SUB Risk / Return Rank: 83
SUB Sharpe Ratio Rank: 90
SUB Sortino Ratio Rank: 92
SUB Omega Ratio Rank: 95
SUB Calmar Ratio Rank: 77
SUB Martin Ratio Rank: 62

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. SUB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NYLI MacKay Muni Short Duration ETF (MMSD) and iShares Short-Term National Muni Bond ETF (SUB). 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	SUB	Difference
Sharpe ratio: Return per unit of total volatility	2.75	3.20	-0.45
Sortino ratio: Return per unit of downside risk	4.38	4.64	-0.26
Omega ratio: Gain probability vs. loss probability	1.62	1.72	-0.10
Calmar ratio: Return relative to maximum drawdown	3.53	3.97	-0.44
Martin ratio: Return relative to average drawdown	13.49	11.24	+2.25
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. SUB - Sharpe Ratio Comparison

The current MMSD Sharpe Ratio is 2.75, which is comparable to the SUB Sharpe Ratio of 3.20. The chart below compares the historical Sharpe Ratios of MMSD and SUB, 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	SUB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.75	3.20	-0.45
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.90	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.57	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.63	0.42	+2.21

Drawdowns

MMSD vs. SUB - Drawdown Comparison

The maximum MMSD drawdown since its inception was -1.35%, smaller than the maximum SUB drawdown of -9.46%. Use the drawdown chart below to compare losses from any high point for MMSD and SUB.

Drawdown Indicators

	MMSD	SUB	Difference
Max Drawdown Largest peak-to-trough decline	-1.35%	-9.46%	+8.11%
Max Drawdown (1Y) Largest decline over 1 year	-1.35%	-0.81%	-0.54%
Max Drawdown (3Y) Largest decline over 3 years	—	-1.23%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-4.35%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-9.46%	—
Current Drawdown Current decline from peak	-0.19%	-0.11%	-0.08%
Average Drawdown Average peak-to-trough decline	-0.22%	-0.92%	+0.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.35%	0.28%	+0.07%

Volatility

MMSD vs. SUB - Volatility Comparison

NYLI MacKay Muni Short Duration ETF (MMSD) has a higher volatility of 0.69% compared to iShares Short-Term National Muni Bond ETF (SUB) at 0.28%. This indicates that MMSD's price experiences larger fluctuations and is considered to be riskier than SUB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MMSD	SUB	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.69%	0.28%	+0.41%
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%	1.00%	+0.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.76%	1.64%	+0.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.76%	2.60%	-0.84%

MMSD vs. SUB - Expense Ratio Comparison

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

MMSD's dividend yield for the trailing twelve months is around 3.57%, more than SUB's 2.53% 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%
SUB iShares Short-Term National Muni Bond ETF	2.53%	2.42%	2.10%	1.73%	0.86%	0.72%	1.23%	1.58%	1.32%	0.95%	0.75%	0.77%

Frequently Asked Questions

Can I hold both MMSD and SUB in my portfolio?

MMSD and SUB have a correlation of 0.54, 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 SUB?

MMSD has higher volatility (0.69%) compared to SUB (0.28%). In terms of maximum drawdown, MMSD dropped -1.35% vs SUB's -9.46%.

Which ETF is better, MMSD or SUB?

On 1-year performance, MMSD leads with 4.73% vs 3.18% for SUB. On fees, SUB is cheaper at 0.07% per year. On volatility, SUB has been the lower-risk option at 0.28%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MMSD or SUB?

Over the 1-year period, MMSD has performed better with a 4.73% return vs 3.18%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MMSD or SUB?

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

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

MMSD has the higher dividend yield at 3.57%, compared with 2.53% for SUB.

What is the main difference between MMSD and SUB?

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

Which has better risk-adjusted returns?

SUB currently has the higher Sharpe Ratio (3.20 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.