NUMI vs. MMMA

Last updated Aug 2, 2026

NUMI (Nuveen Municipal Income ETF) and MMMA (NYLI MacKay Muni Allocation ETF) are both Municipal Bonds funds. Both are actively managed. Their 0.66 correlation means they have sometimes moved together and sometimes differently. NUMI charges 0.29%/yr vs 0.35%/yr for MMMA.

Performance

NUMI vs. MMMA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nuveen Municipal Income ETF (NUMI) 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, NUMI achieves a 0.27% return, which is significantly lower than MMMA's 2.42% return.

NUMI

• 1D: -0.18%
• 1M: -1.57%
• 6M: -0.55%
• YTD: 0.27%
• 1Y: 5.27%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 2.66%

MMMA

• 1D: -0.10%
• 1M: -1.54%
• 6M: 1.05%
• YTD: 2.42%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
MMMA NYLI MacKay Muni Allocation ETF	$111.36K	$97.19K	$48.83K
NUMI Nuveen Municipal Income ETF	$143.18K	$168.88K	$126.57K

NUMI vs. MMMA - Yearly Performance Comparison

	2026 (YTD)	2025
NUMI Nuveen Municipal Income ETF	0.27%	0.42%
MMMA NYLI MacKay Muni Allocation ETF	2.42%	0.35%

Correlation

The correlation between NUMI and MMMA is 0.66, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (All Time) Calculated using the full available price history since Dec 16, 2025	0.66

Return for Risk

NUMI vs. MMMA — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

NUMI

NUMI Risk / Return Rank: 73
NUMI Sharpe Ratio Rank: 79
NUMI Sortino Ratio Rank: 82
NUMI Omega Ratio Rank: 87
NUMI Calmar Ratio Rank: 60
NUMI Martin Ratio Rank: 56

MMMA

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

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

NUMI vs. MMMA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuveen Municipal Income ETF (NUMI) 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	NUMI	MMMA	Difference
Sharpe ratio: Return per unit of total volatility	1.84	—	—
Sortino ratio: Return per unit of downside risk	2.69	—	—
Omega ratio: Gain probability vs. loss probability	1.39	—	—
Calmar ratio: Return relative to maximum drawdown	2.15	—	—
Martin ratio: Return relative to average drawdown	6.74	—	—

Drawdowns

NUMI vs. MMMA - Drawdown Comparison

The maximum NUMI drawdown since its inception was -4.72%, which is greater than MMMA's maximum drawdown of -2.79%. Use the drawdown chart below to compare losses from any high point for NUMI and MMMA.

Drawdown Indicators

	NUMI	MMMA	Difference
Max Drawdown Largest peak-to-trough decline	-4.72%	-2.79%	-1.93%
Max Drawdown (1Y) Largest decline over 1 year	-2.82%	—	—
Current Drawdown Current decline from peak	-1.87%	-1.65%	-0.22%
Average Drawdown Average peak-to-trough decline	-1.32%	-0.60%	-0.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.90%	—	—

Volatility

Volatility by Period

	NUMI	MMMA	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.85%	—	—
Volatility (6M) Calculated over the trailing 6-month period	2.29%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	3.31%	4.04%	-0.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.23%	4.04%	+0.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.23%	4.04%	+0.19%

NUMI vs. MMMA - Expense Ratio Comparison

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

Dividends

NUMI vs. MMMA - Dividend Comparison

NUMI's dividend yield for the trailing twelve months is around 3.68%, more than MMMA's 2.69% yield.

Position	TTM	2025
MMMA NYLI MacKay Muni Allocation ETF	2.69%	0.17%
NUMI Nuveen Municipal Income ETF	3.32%	3.44%

Frequently Asked Questions

Can I hold both NUMI and MMMA in my portfolio?

NUMI and MMMA have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, NUMI or MMMA?

On fees, NUMI 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, NUMI or MMMA?

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

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

NUMI has the higher dividend yield at 3.32%, compared with 2.69% for MMMA.

What is the main difference between NUMI and MMMA?

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