PMIO vs. MMMA
PMIO (PGIM Municipal Income Opportunities ETF) and MMMA (NYLI MacKay Muni Allocation ETF) are both Municipal Bonds funds. Both are actively managed. Their 0.79 correlation means they have sometimes moved together and sometimes differently. PMIO charges 0.25%/yr vs 0.35%/yr for MMMA.
Performance
PMIO vs. MMMA - Performance Comparison
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Returns By Period
In the year-to-date period, PMIO achieves a 0.66% return, which is significantly lower than MMMA's 2.42% return.
PMIO
- 1D
- -0.09%
- 1M
- -1.50%
- 6M
- -0.12%
- YTD
- 0.66%
- 1Y
- 4.62%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 4.01%
MMMA
- 1D
- -0.10%
- 1M
- -1.54%
- 6M
- 1.05%
- YTD
- 2.42%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- —
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $111.36K | $97.19K | $48.83K | |
| $97.75K | $113.78K | $210.24K |
PMIO vs. MMMA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
PMIO PGIM Municipal Income Opportunities ETF | 0.66% | 0.28% |
MMMA NYLI MacKay Muni Allocation ETF | 2.42% | 0.35% |
Correlation
The correlation between PMIO and MMMA is 0.79, 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 | 0.79 |
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Return for Risk
PMIO vs. MMMA — Risk / Return Rank
PMIO
MMMA
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
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 ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.51 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 2.33 | — | — |
| Martin ratioReturn relative to average drawdown | 7.32 | — | — |
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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.
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Drawdown Indicators
| PMIO | MMMA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -3.39% | -2.79% | -0.60% |
Max Drawdown (1Y)Largest decline over 1 year | -2.24% | — | — |
Current DrawdownCurrent decline from peak | -1.60% | -1.65% | +0.05% |
Average DrawdownAverage peak-to-trough decline | -0.65% | -0.60% | -0.05% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.71% | — | — |
Volatility
PMIO vs. MMMA - Volatility Comparison
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Volatility by Period
| PMIO | MMMA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.65% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 1.74% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 2.22% | 4.04% | -1.82% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.02% | 4.04% | -1.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.02% | 4.04% | -1.02% |
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 4.29%, more than MMMA's 2.69% yield.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
MMMA NYLI MacKay Muni Allocation ETF | 2.69% | 0.17% | 0.00% |
PMIO PGIM Municipal Income Opportunities ETF | 3.94% | 4.00% | 2.11% |
Frequently Asked Questions
PMIO and MMMA have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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.
PMIO is cheaper with a 0.25% expense ratio, compared with 0.35% for MMMA.
PMIO has the higher dividend yield at 3.94%, compared with 2.69% for MMMA.
They also come from different issuers: PGIM and NYLI. Their fees differ too: 0.25% for PMIO and 0.35% for MMMA.
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