MUNC vs. MMMA

Last updated Jun 7, 2026

MUNC (Northern Trust 2045 Tax-Exempt Distributing Ladder ETF) and MMMA (NYLI MacKay Muni Allocation ETF) are both Municipal Bonds funds. Both are actively managed. A 0.71 correlation means they provide meaningful diversification when combined. MUNC charges 0.18%/yr vs 0.35%/yr for MMMA.

Performance

MUNC vs. MMMA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Northern Trust 2045 Tax-Exempt Distributing Ladder ETF (MUNC) and NYLI MacKay Muni Allocation ETF (MMMA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MUNC achieves a 0.96% return, which is significantly lower than MMMA's 3.03% return.

MUNC

• 1D: -0.12%
• 1M: 0.15%
• YTD: 0.96%
• 6M: 1.37%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

MMMA

• 1D: -0.27%
• 1M: 0.50%
• YTD: 3.03%
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MUNC vs. MMMA - Yearly Performance Comparison

	2026 (YTD)	2025
MUNC Northern Trust 2045 Tax-Exempt Distributing Ladder ETF	0.96%	0.39%
MMMA NYLI MacKay Muni Allocation ETF	3.03%	0.33%

Correlation

The correlation between MUNC and MMMA is 0.71, 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 Dec 17, 2025	0.71

Return for Risk

MUNC vs. MMMA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Northern Trust 2045 Tax-Exempt Distributing Ladder ETF (MUNC) and NYLI MacKay Muni Allocation ETF (MMMA). 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	MUNC	MMMA	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	2.24	1.79	+0.45

Drawdowns

MUNC vs. MMMA - Drawdown Comparison

The maximum MUNC drawdown since its inception was -3.17%, which is greater than MMMA's maximum drawdown of -2.79%. Use the drawdown chart below to compare losses from any high point for MUNC and MMMA.

Drawdown Indicators

	MUNC	MMMA	Difference
Max Drawdown Largest peak-to-trough decline	-3.17%	-2.79%	-0.38%
Current Drawdown Current decline from peak	-1.32%	-0.27%	-1.05%
Average Drawdown Average peak-to-trough decline	-0.68%	-0.60%	-0.08%

Volatility

Volatility by Period

	MUNC	MMMA	Difference
Volatility (1Y) Calculated over the trailing 1-year period	2.71%	4.15%	-1.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.71%	4.15%	-1.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.71%	4.15%	-1.44%

MUNC vs. MMMA - Expense Ratio Comparison

MUNC has a 0.18% expense ratio, which is lower than MMMA's 0.35% expense ratio.

Dividends

MUNC vs. MMMA - Dividend Comparison

MUNC's dividend yield for the trailing twelve months is around 2.51%, more than MMMA's 1.96% yield.

Position	TTM	2025
MMMA NYLI MacKay Muni Allocation ETF	1.96%	0.17%
MUNC Northern Trust 2045 Tax-Exempt Distributing Ladder ETF	2.51%	1.15%

Frequently Asked Questions

Can I hold both MUNC and MMMA in my portfolio?

MUNC and MMMA have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, MUNC or MMMA?

On fees, MUNC is cheaper at 0.18% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, MUNC or MMMA?

MUNC is cheaper with a 0.18% expense ratio, compared with 0.35% for MMMA.

Which ETF pays a higher dividend yield, MUNC or MMMA?

MUNC has the higher dividend yield at 2.51%, compared with 1.96% for MMMA.

What is the main difference between MUNC and MMMA?

They also come from different issuers: Northern Trust and NYLI. Their fees differ too: 0.18% for MUNC and 0.35% for MMMA.