NUW vs. MMD
NUW (Nuveen AMT-Free Municipal Value Fund) and MMD (NYLI MacKay DefinedTerm Muni Opportunities Fund) are both Municipal Bonds funds. Over the past 10 years, NUW returned 1.26%/yr vs 2.22%/yr for MMD. At a 0.33 correlation, their price movements are largely independent.
Performance
NUW vs. MMD - Performance Comparison
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Returns By Period
In the year-to-date period, NUW achieves a 1.77% return, which is significantly lower than MMD's 5.67% return. Over the past 10 years, NUW has underperformed MMD with an annualized return of 1.26%, while MMD has yielded a comparatively higher 2.22% annualized return.
NUW
- 1D
- -0.14%
- 1M
- 2.64%
- YTD
- 1.77%
- 6M
- 1.48%
- 1Y
- 9.08%
- 3Y*
- 5.63%
- 5Y*
- 0.37%
- 10Y*
- 1.26%
MMD
- 1D
- -0.07%
- 1M
- 2.11%
- YTD
- 5.67%
- 6M
- 6.02%
- 1Y
- 10.24%
- 3Y*
- 1.37%
- 5Y*
- -2.38%
- 10Y*
- 2.22%
NUW vs. MMD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
NUW Nuveen AMT-Free Municipal Value Fund | 1.77% | 9.90% | 3.51% | 3.79% | -15.19% | 4.93% | 4.39% | 13.99% | -9.94% | 11.94% |
MMD NYLI MacKay DefinedTerm Muni Opportunities Fund | 5.67% | 4.54% | -3.99% | 6.48% | -21.94% | 4.74% | 8.78% | 13.25% | 3.91% | 14.50% |
Correlation
The correlation between NUW and MMD is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.47 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.48 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.38 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.34 |
Correlation (All Time) Calculated using the full available price history since Aug 3, 2012 | 0.33 |
The correlation between NUW and MMD shifts across timeframes, from 0.33 (all time) to 0.48 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
NUW vs. MMD — Risk / Return Rank
NUW
MMD
NUW vs. MMD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Nuveen AMT-Free Municipal Value Fund (NUW) and NYLI MacKay DefinedTerm Muni Opportunities Fund (MMD). 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.
| NUW | MMD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.01 | ||
| Sortino ratioReturn per unit of downside risk | -0.01 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 1.22 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 1.86 | 1.39 | +0.48 |
| Martin ratioReturn relative to average drawdown | 5.81 | 4.35 | +1.46 |
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Drawdowns
NUW vs. MMD - Drawdown Comparison
The maximum NUW drawdown since its inception was -26.43%, smaller than the maximum MMD drawdown of -30.12%. Use the drawdown chart below to compare losses from any high point for NUW and MMD.
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Drawdown Indicators
| NUW | MMD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.43% | -30.12% | +3.69% |
Max Drawdown (1Y)Largest decline over 1 year | -4.89% | -7.41% | +2.52% |
Max Drawdown (3Y)Largest decline over 3 years | -10.19% | -15.12% | +4.93% |
Max Drawdown (5Y)Largest decline over 5 years | -22.58% | -30.12% | +7.54% |
Max Drawdown (10Y)Largest decline over 10 years | -26.43% | -30.12% | +3.69% |
Current DrawdownCurrent decline from peak | -1.73% | -15.43% | +13.70% |
Average DrawdownAverage peak-to-trough decline | -8.09% | -9.17% | +1.08% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.57% | 2.36% | -0.79% |
Volatility
NUW vs. MMD - Volatility Comparison
The current volatility for Nuveen AMT-Free Municipal Value Fund (NUW) is 2.40%, while NYLI MacKay DefinedTerm Muni Opportunities Fund (MMD) has a volatility of 3.36%. This indicates that NUW experiences smaller price fluctuations and is considered to be less risky than MMD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NUW | MMD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.40% | 3.36% | -0.96% |
Volatility (6M)Calculated over the trailing 6-month period | 6.24% | 6.93% | -0.69% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.70% | 8.64% | -0.94% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.62% | 13.38% | -2.76% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.11% | 13.93% | -1.82% |
Dividends
NUW vs. MMD - Dividend Comparison
NUW's dividend yield for the trailing twelve months is around 4.08%, less than MMD's 4.95% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MMD NYLI MacKay DefinedTerm Muni Opportunities Fund | 4.95% | 4.84% | 4.82% | 5.26% | 6.35% | 4.68% | 4.68% | 4.85% | 5.38% | 5.45% | 6.16% | 6.25% |
NUW Nuveen AMT-Free Municipal Value Fund | 4.08% | 4.07% | 3.89% | 3.58% | 3.44% | 3.98% | 2.85% | 3.87% | 5.34% | 5.33% | 4.72% | 4.45% |
Frequently Asked Questions
NUW and MMD have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MMD has higher volatility (3.36%) compared to NUW (2.40%). In terms of maximum drawdown, NUW dropped -26.43% vs MMD's -30.12%.
MMD currently has the higher Sharpe Ratio (1.19 vs 1.19), 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.
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