PML vs. MMD
PML (PIMCO Municipal Income Fund II) and MMD (NYLI MacKay DefinedTerm Muni Opportunities Fund) are both Municipal Bonds funds. Over the past 10 years, PML returned -0.77%/yr vs 1.97%/yr for MMD. Their 0.41 correlation means their historical movements had little consistent relationship. PML charges 1.08%/yr vs 0.03%/yr for MMD.
Performance
PML vs. MMD - Performance Comparison
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Returns By Period
In the year-to-date period, PML achieves a 0.40% return, which is significantly lower than MMD's 3.43% return. Over the past 10 years, PML has underperformed MMD with an annualized return of -0.77%, while MMD has yielded a comparatively higher 1.97% annualized return.
PML
- 1D
- 0.14%
- 1M
- -3.95%
- 6M
- -2.20%
- YTD
- 0.40%
- 1Y
- 7.16%
- 3Y*
- -1.49%
- 5Y*
- -8.41%
- 10Y*
- -0.77%
- ALL TIME*
- 3.25%
MMD
- 1D
- -0.40%
- 1M
- -3.13%
- 6M
- -1.83%
- YTD
- 3.43%
- 1Y
- 7.02%
- 3Y*
- 0.57%
- 5Y*
- -3.35%
- 10Y*
- 1.97%
- ALL TIME*
- 3.60%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $546.99K | $621.44K | $759.98K | |
| $3.02M | $2.68M | $3.27M |
PML vs. MMD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PML PIMCO Municipal Income Fund II | 0.40% | -0.89% | 2.93% | -3.06% | -34.06% | 7.16% | -5.17% | 25.60% | 7.25% | 14.48% |
MMD NYLI MacKay DefinedTerm Muni Opportunities Fund | 3.43% | 4.54% | -3.99% | 6.48% | -21.94% | 4.74% | 8.78% | 13.25% | 3.91% | 14.50% |
Correlation
The correlation between PML and MMD is 0.54, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.54 |
Correlation (3Y) Balances recent behavior with more history. | 0.55 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.48 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.41 |
Correlation (All Time) Calculated using the full available price history since Aug 3, 2012 | 0.41 |
The correlation between PML and MMD shifts across timeframes, from 0.41 (all time) to 0.55 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
PML vs. MMD — Risk / Return Rank
PML
MMD
PML vs. MMD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PIMCO Municipal Income Fund II (PML) 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.
| PML | MMD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.12 | ||
| Sortino ratioReturn per unit of downside risk | -0.27 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 1.17 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 1.16 | 1.03 | +0.12 |
| Martin ratioReturn relative to average drawdown | 2.83 | 3.19 | -0.36 |
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Drawdowns
PML vs. MMD - Drawdown Comparison
The maximum PML drawdown since its inception was -64.34%, which is greater than MMD's maximum drawdown of -30.12%. Use the drawdown chart below to compare losses from any high point for PML and MMD.
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Drawdown Indicators
| PML | MMD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -64.34% | -30.12% | -34.22% |
Max Drawdown (1Y)Largest decline over 1 year | -7.00% | -7.41% | +0.41% |
Max Drawdown (3Y)Largest decline over 3 years | -21.65% | -14.99% | -6.66% |
Max Drawdown (5Y)Largest decline over 5 years | -47.77% | -30.12% | -17.65% |
Max Drawdown (10Y)Largest decline over 10 years | -47.94% | -30.12% | -17.82% |
Current DrawdownCurrent decline from peak | -36.05% | -17.22% | -18.83% |
Average DrawdownAverage peak-to-trough decline | -12.04% | -9.22% | -2.82% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.85% | 2.39% | +0.46% |
Volatility
PML vs. MMD - Volatility Comparison
PIMCO Municipal Income Fund II (PML) has a higher volatility of 2.38% compared to NYLI MacKay DefinedTerm Muni Opportunities Fund (MMD) at 1.81%. This indicates that PML's price experiences larger fluctuations and is considered to be riskier 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
| PML | MMD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.38% | 1.81% | +0.57% |
Volatility (6M)Calculated over the trailing 6-month period | 8.57% | 6.85% | +1.72% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.59% | 8.61% | +1.98% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.22% | 13.33% | +0.89% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.47% | 13.91% | +1.56% |
PML vs. MMD - Expense Ratio Comparison
PML has a 1.08% expense ratio, which is higher than MMD's 0.03% expense ratio.
Dividends
PML vs. MMD - Dividend Comparison
PML's dividend yield for the trailing twelve months is around 6.50%, more than MMD's 5.13% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MMD NYLI MacKay DefinedTerm Muni Opportunities Fund | 5.13% | 4.84% | 4.82% | 5.26% | 6.35% | 4.68% | 4.68% | 4.85% | 5.38% | 5.45% | 6.16% | 6.25% |
PML PIMCO Municipal Income Fund II | 6.50% | 6.29% | 5.86% | 5.71% | 7.83% | 4.85% | 4.95% | 4.91% | 5.86% | 5.92% | 6.38% | 6.24% |
Frequently Asked Questions
PML and MMD have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PML has higher volatility (2.38%) compared to MMD (1.81%). In terms of maximum drawdown, PML dropped -64.34% vs MMD's -30.12%.
MMD currently has the higher Sharpe Ratio (0.89 vs 0.76), 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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