OVM vs. MMMA
OVM (Overlay Shares Municipal Bond ETF) and MMMA (NYLI MacKay Muni Allocation ETF) are both Municipal Bonds funds. Both are actively managed. A 0.64 correlation means they provide meaningful diversification when combined. OVM charges 0.82%/yr vs 0.35%/yr for MMMA.
Performance
OVM vs. MMMA - Performance Comparison
Loading charts...
Returns By Period
The year-to-date returns for both stocks are quite close, with OVM having a 3.51% return and MMMA slightly lower at 3.45%.
OVM
- 1D
- -0.23%
- 1M
- 0.91%
- YTD
- 3.51%
- 6M
- 3.37%
- 1Y
- 10.31%
- 3Y*
- 4.89%
- 5Y*
- 1.46%
- 10Y*
- —
MMMA
- 1D
- -0.09%
- 1M
- 1.64%
- YTD
- 3.45%
- 6M
- 3.56%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
OVM vs. MMMA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
OVM Overlay Shares Municipal Bond ETF | 3.51% | 0.63% |
MMMA NYLI MacKay Muni Allocation ETF | 3.45% | 0.35% |
Correlation
The correlation between OVM and MMMA 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 Dec 16, 2025 | 0.64 |
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
OVM vs. MMMA — Risk / Return Rank
OVM
MMMA
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
OVM vs. MMMA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Overlay Shares Municipal Bond ETF (OVM) 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.
| OVM | MMMA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.48 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 4.25 | — | — |
| Martin ratioReturn relative to average drawdown | 16.03 | — | — |
Loading charts...
Drawdowns
OVM vs. MMMA - Drawdown Comparison
The maximum OVM drawdown since its inception was -15.58%, which is greater than MMMA's maximum drawdown of -2.79%. Use the drawdown chart below to compare losses from any high point for OVM and MMMA.
Loading charts...
Drawdown Indicators
| OVM | MMMA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.58% | -2.79% | -12.79% |
Max Drawdown (1Y)Largest decline over 1 year | -2.44% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -8.20% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -15.58% | — | — |
Current DrawdownCurrent decline from peak | -0.66% | -0.09% | -0.57% |
Average DrawdownAverage peak-to-trough decline | -3.98% | -0.55% | -3.43% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.64% | — | — |
Volatility
OVM vs. MMMA - Volatility Comparison
Loading charts...
Volatility by Period
| OVM | MMMA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.47% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 3.48% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 4.27% | 4.04% | +0.23% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.42% | 4.04% | +1.38% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.54% | 4.04% | +2.50% |
OVM vs. MMMA - Expense Ratio Comparison
OVM has a 0.82% expense ratio, which is higher than MMMA's 0.35% expense ratio.
Dividends
OVM vs. MMMA - Dividend Comparison
OVM's dividend yield for the trailing twelve months is around 6.14%, more than MMMA's 1.95% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
MMMA NYLI MacKay Muni Allocation ETF | 1.95% | 0.17% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
OVM Overlay Shares Municipal Bond ETF | 6.14% | 5.45% | 4.91% | 4.66% | 4.21% | 6.10% | 3.97% | 0.58% |
Frequently Asked Questions
OVM and MMMA 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, MMMA is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.
MMMA is cheaper with a 0.35% expense ratio, compared with 0.82% for OVM.
OVM has the higher dividend yield at 6.14%, compared with 1.95% for MMMA.
They also come from different issuers: Liquid Strategies and NYLI. Their fees differ too: 0.82% for OVM and 0.35% for MMMA.
Find the right allocation for OVM and MMMA
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer