MMSD vs. TAXI
MMSD (NYLI MacKay Muni Short Duration ETF) and TAXI (Northern Trust Intermediate Tax-Exempt Bond ETF) are both Municipal Bonds funds. MMSD is actively managed, while TAXI is passively managed. A 0.64 correlation means they provide meaningful diversification when combined. MMSD charges 0.25%/yr vs 0.05%/yr for TAXI.
Performance
MMSD vs. TAXI - Performance Comparison
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Returns By Period
In the year-to-date period, MMSD achieves a 1.26% return, which is significantly higher than TAXI's 0.94% return.
MMSD
- 1D
- -0.09%
- 1M
- 0.20%
- YTD
- 1.26%
- 6M
- 1.63%
- 1Y
- 4.73%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
TAXI
- 1D
- -0.03%
- 1M
- 0.46%
- YTD
- 0.94%
- 6M
- 1.55%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
MMSD vs. TAXI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
MMSD NYLI MacKay Muni Short Duration ETF | 1.26% | 1.45% |
TAXI Northern Trust Intermediate Tax-Exempt Bond ETF | 0.94% | 3.35% |
Correlation
The correlation between MMSD and TAXI is 0.64, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Aug 20, 2025 | 0.64 |
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Return for Risk
MMSD vs. TAXI — Risk / Return Rank
MMSD
TAXI
MMSD vs. TAXI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for NYLI MacKay Muni Short Duration ETF (MMSD) and Northern Trust Intermediate Tax-Exempt Bond ETF (TAXI). 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 | TAXI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.62 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 3.53 | — | — |
| Martin ratioReturn 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. | |||
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Sharpe Ratios by Period
| MMSD | TAXI | 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 | 2.92 | -0.29 |
Drawdowns
MMSD vs. TAXI - Drawdown Comparison
The maximum MMSD drawdown since its inception was -1.35%, smaller than the maximum TAXI drawdown of -2.23%. Use the drawdown chart below to compare losses from any high point for MMSD and TAXI.
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Drawdown Indicators
| MMSD | TAXI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -1.35% | -2.23% | +0.88% |
Max Drawdown (1Y)Largest decline over 1 year | -1.35% | — | — |
Current DrawdownCurrent decline from peak | -0.19% | -0.79% | +0.60% |
Average DrawdownAverage peak-to-trough decline | -0.22% | -0.46% | +0.24% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.35% | — | — |
Volatility
MMSD vs. TAXI - Volatility Comparison
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Volatility by Period
| MMSD | TAXI | 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% | 1.90% | -0.17% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.76% | 1.90% | -0.14% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.76% | 1.90% | -0.14% |
MMSD vs. TAXI - Expense Ratio Comparison
MMSD has a 0.25% expense ratio, which is higher than TAXI's 0.05% 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. TAXI - Dividend Comparison
MMSD's dividend yield for the trailing twelve months is around 3.57%, more than TAXI's 2.00% yield.
| Position | TTM | 2025 |
|---|---|---|
MMSD NYLI MacKay Muni Short Duration ETF | 3.57% | 2.30% |
TAXI Northern Trust Intermediate Tax-Exempt Bond ETF | 2.00% | 0.85% |
Frequently Asked Questions
MMSD and TAXI have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, TAXI is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.
TAXI is cheaper with a 0.05% expense ratio, compared with 0.25% for MMSD.
MMSD has the higher dividend yield at 3.57%, compared with 2.00% for TAXI.
They also come from different issuers: NYLI and Northern Trust. Their fees differ too: 0.25% for MMSD and 0.05% for TAXI.
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