MUNX vs. MMMA

Last updated Jun 7, 2026

MUNX (AMG GW&K Muni Income ETF) and MMMA (NYLI MacKay Muni Allocation ETF) are both Municipal Bonds funds. Both are actively managed. Their correlation of 0.89 suggests significant overlap in exposure. MUNX charges 0.29%/yr vs 0.35%/yr for MMMA.

Performance

MUNX vs. MMMA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AMG GW&K Muni Income ETF (MUNX) 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, MUNX achieves a 1.74% return, which is significantly lower than MMMA's 3.03% return.

MUNX

• 1D: -0.25%
• 1M: 0.36%
• YTD: 1.74%
• 6M: 1.97%
• 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)

MUNX vs. MMMA - Yearly Performance Comparison

	2026 (YTD)	2025
MUNX AMG GW&K Muni Income ETF	1.74%	0.12%
MMMA NYLI MacKay Muni Allocation ETF	3.03%	0.33%

Correlation

The correlation between MUNX and MMMA is 0.89, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Dec 17, 2025	0.89

Return for Risk

MUNX vs. MMMA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AMG GW&K Muni Income ETF (MUNX) 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

	MUNX	MMMA	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	1.12	1.79	-0.67

Drawdowns

MUNX vs. MMMA - Drawdown Comparison

The maximum MUNX drawdown since its inception was -2.95%, which is greater than MMMA's maximum drawdown of -2.79%. Use the drawdown chart below to compare losses from any high point for MUNX and MMMA.

Drawdown Indicators

	MUNX	MMMA	Difference
Max Drawdown Largest peak-to-trough decline	-2.95%	-2.79%	-0.16%
Current Drawdown Current decline from peak	-0.50%	-0.27%	-0.23%
Average Drawdown Average peak-to-trough decline	-0.64%	-0.60%	-0.04%

Volatility

Volatility by Period

	MUNX	MMMA	Difference
Volatility (1Y) Calculated over the trailing 1-year period	3.47%	4.15%	-0.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.47%	4.15%	-0.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.47%	4.15%	-0.68%

MUNX vs. MMMA - Expense Ratio Comparison

MUNX has a 0.29% expense ratio, which is lower than MMMA's 0.35% expense ratio.

Dividends

MUNX vs. MMMA - Dividend Comparison

MUNX's dividend yield for the trailing twelve months is around 1.95%, which matches MMMA's 1.96% yield.

Position	TTM	2025
MMMA NYLI MacKay Muni Allocation ETF	1.96%	0.17%
MUNX AMG GW&K Muni Income ETF	1.95%	0.55%

Frequently Asked Questions

Can I hold both MUNX and MMMA in my portfolio?

MUNX and MMMA have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, MUNX or MMMA?

On fees, MUNX is cheaper at 0.29% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, MUNX or MMMA?

MUNX is cheaper with a 0.29% expense ratio, compared with 0.35% for MMMA.

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

MUNX and MMMA have nearly identical dividend yields, around 1.95%.

What is the main difference between MUNX and MMMA?

They also come from different issuers: AMG and NYLI. Their fees differ too: 0.29% for MUNX and 0.35% for MMMA.