PUSH vs. MMMA

Last updated Aug 4, 2026

PUSH (PGIM Ultra Short Municipal Bond ETF) and MMMA (NYLI MacKay Muni Allocation ETF) are both Municipal Bonds funds. Both are actively managed. Their 0.20 correlation means their historical movements had little consistent relationship. PUSH charges 0.15%/yr vs 0.35%/yr for MMMA.

Performance

PUSH vs. MMMA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM Ultra Short Municipal Bond ETF (PUSH) 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, PUSH achieves a 1.58% return, which is significantly lower than MMMA's 2.45% return.

PUSH

• 1D: 0.02%
• 1M: 0.04%
• 6M: 1.00%
• YTD: 1.58%
• 1Y: 3.07%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 3.58%

MMMA

• 1D: 0.02%
• 1M: -1.52%
• 6M: 1.00%
• YTD: 2.45%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
MMMA NYLI MacKay Muni Allocation ETF	$114.17K	$98.57K	$47.08K
PUSH PGIM Ultra Short Municipal Bond ETF	$1.12M	$1.04M	$958.85K

PUSH vs. MMMA - Yearly Performance Comparison

	2026 (YTD)	2025
PUSH PGIM Ultra Short Municipal Bond ETF	1.58%	0.25%
MMMA NYLI MacKay Muni Allocation ETF	2.45%	0.35%

Correlation

The correlation between PUSH and MMMA is 0.20, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (All Time) Calculated using the full available price history since Dec 16, 2025	0.20

Return for Risk

PUSH vs. MMMA — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

PUSH

PUSH Risk / Return Rank: 90
PUSH Sharpe Ratio Rank: 84
PUSH Sortino Ratio Rank: 87
PUSH Omega Ratio Rank: 95
PUSH Calmar Ratio Rank: 96
PUSH Martin Ratio Rank: 90

MMMA

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

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

PUSH vs. MMMA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM Ultra Short Municipal Bond ETF (PUSH) 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.

	PUSH	MMMA	Difference
Sharpe ratio: Return per unit of total volatility	2.05	—	—
Sortino ratio: Return per unit of downside risk	3.05	—	—
Omega ratio: Gain probability vs. loss probability	1.55	—	—
Calmar ratio: Return relative to maximum drawdown	6.15	—	—
Martin ratio: Return relative to average drawdown	15.15	—	—

Drawdowns

PUSH vs. MMMA - Drawdown Comparison

The maximum PUSH drawdown since its inception was -0.85%, smaller than the maximum MMMA drawdown of -2.79%. Use the drawdown chart below to compare losses from any high point for PUSH and MMMA.

Drawdown Indicators

	PUSH	MMMA	Difference
Max Drawdown Largest peak-to-trough decline	-0.85%	-2.79%	+1.94%
Max Drawdown (1Y) Largest decline over 1 year	-0.50%	—	—
Current Drawdown Current decline from peak	-0.08%	-1.63%	+1.55%
Average Drawdown Average peak-to-trough decline	-0.10%	-0.60%	+0.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.20%	—	—

Volatility

Volatility by Period

	PUSH	MMMA	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.24%	—	—
Volatility (6M) Calculated over the trailing 6-month period	0.62%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	1.51%	4.02%	-2.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.27%	4.02%	-2.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.27%	4.02%	-2.75%

PUSH vs. MMMA - Expense Ratio Comparison

PUSH has a 0.15% expense ratio, which is lower than MMMA's 0.35% expense ratio.

Dividends

PUSH vs. MMMA - Dividend Comparison

PUSH's dividend yield for the trailing twelve months is around 3.17%, more than MMMA's 2.69% yield.

Position	TTM	2025	2024
MMMA NYLI MacKay Muni Allocation ETF	2.69%	0.17%	0.00%
PUSH PGIM Ultra Short Municipal Bond ETF	3.17%	3.45%	1.86%

Frequently Asked Questions

Can I hold both PUSH and MMMA in my portfolio?

PUSH and MMMA have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, PUSH or MMMA?

On fees, PUSH is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, PUSH or MMMA?

PUSH is cheaper with a 0.15% expense ratio, compared with 0.35% for MMMA.

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

PUSH has the higher dividend yield at 3.17%, compared with 2.69% for MMMA.

What is the main difference between PUSH and MMMA?

They also come from different issuers: PGIM and NYLI. Their fees differ too: 0.15% for PUSH and 0.35% for MMMA.