PMIO vs. MMMA

Last updated Jun 23, 2026

PMIO (PGIM Municipal Income Opportunities ETF) and MMMA (NYLI MacKay Muni Allocation ETF) are both Municipal Bonds funds. Both are actively managed. A 0.78 correlation means they provide meaningful diversification when combined. PMIO charges 0.25%/yr vs 0.35%/yr for MMMA.

Performance

PMIO vs. MMMA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM Municipal Income Opportunities ETF (PMIO) 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, PMIO achieves a 1.96% return, which is significantly lower than MMMA's 3.54% return.

PMIO

• 1D: -0.03%
• 1M: 1.29%
• YTD: 1.96%
• 6M: 2.15%
• 1Y: 6.62%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MMMA

• 1D: 0.01%
• 1M: 1.73%
• YTD: 3.54%
• 6M: 3.76%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PMIO vs. MMMA - Yearly Performance Comparison

	2026 (YTD)	2025
PMIO PGIM Municipal Income Opportunities ETF	1.96%	0.28%
MMMA NYLI MacKay Muni Allocation ETF	3.54%	0.35%

Correlation

The correlation between PMIO and MMMA is 0.78, 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	0.78

Return for Risk

PMIO vs. MMMA — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

PMIO

PMIO Risk / Return Rank: 80
PMIO Sharpe Ratio Rank: 91
PMIO Sortino Ratio Rank: 94
PMIO Omega Ratio Rank: 95
PMIO Calmar Ratio Rank: 62
PMIO Martin Ratio Rank: 58

MMMA

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

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

PMIO vs. MMMA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM Municipal Income Opportunities ETF (PMIO) 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.

	PMIO	MMMA	Difference
Sharpe ratio: Return per unit of total volatility	3.01	—	—
Sortino ratio: Return per unit of downside risk	4.52	—	—
Omega ratio: Gain probability vs. loss probability	1.69	—	—
Calmar ratio: Return relative to maximum drawdown	2.97	—	—
Martin ratio: Return relative to average drawdown	9.87	—	—

Drawdowns

PMIO vs. MMMA - Drawdown Comparison

The maximum PMIO drawdown since its inception was -3.39%, which is greater than MMMA's maximum drawdown of -2.79%. Use the drawdown chart below to compare losses from any high point for PMIO and MMMA.

Drawdown Indicators

	PMIO	MMMA	Difference
Max Drawdown Largest peak-to-trough decline	-3.39%	-2.79%	-0.60%
Max Drawdown (1Y) Largest decline over 1 year	-2.24%	—	—
Current Drawdown Current decline from peak	-0.06%	0.00%	-0.06%
Average Drawdown Average peak-to-trough decline	-0.65%	-0.56%	-0.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.67%	—	—

Volatility

Volatility by Period

	PMIO	MMMA	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.60%	—	—
Volatility (6M) Calculated over the trailing 6-month period	1.62%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	2.21%	4.05%	-1.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.06%	4.05%	-0.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.06%	4.05%	-0.99%

PMIO vs. MMMA - Expense Ratio Comparison

PMIO has a 0.25% expense ratio, which is lower than MMMA's 0.35% expense ratio.

Dividends

PMIO vs. MMMA - Dividend Comparison

PMIO's dividend yield for the trailing twelve months is around 3.91%, more than MMMA's 1.95% yield.

Position	TTM	2025	2024
MMMA NYLI MacKay Muni Allocation ETF	1.95%	0.17%	0.00%
PMIO PGIM Municipal Income Opportunities ETF	3.91%	4.00%	2.11%

Frequently Asked Questions

Can I hold both PMIO and MMMA in my portfolio?

PMIO and MMMA have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, PMIO or MMMA?

On fees, PMIO is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, PMIO or MMMA?

PMIO is cheaper with a 0.25% expense ratio, compared with 0.35% for MMMA.

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

PMIO has the higher dividend yield at 3.91%, compared with 1.95% for MMMA.

What is the main difference between PMIO and MMMA?

They also come from different issuers: PGIM and NYLI. Their fees differ too: 0.25% for PMIO and 0.35% for MMMA.