RJMI vs. MMMA

Last updated Jul 12, 2026

RJMI (RJ Eagle Municipal Income ETF) and MMMA (NYLI MacKay Muni Allocation ETF) are both Municipal Bonds funds. Both are actively managed. A 0.80 correlation means they provide meaningful diversification when combined. RJMI charges 0.41%/yr vs 0.35%/yr for MMMA.

Performance

RJMI vs. MMMA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in RJ Eagle Municipal Income ETF (RJMI) 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, RJMI achieves a 1.85% return, which is significantly lower than MMMA's 3.55% return.

RJMI

• 1D: -0.04%
• 1M: 0.09%
• 6M: 1.34%
• YTD: 1.85%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

MMMA

• 1D: 0.12%
• 1M: 0.37%
• 6M: 2.73%
• YTD: 3.55%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

RJMI vs. MMMA - Yearly Performance Comparison

	2026 (YTD)	2025
RJMI RJ Eagle Municipal Income ETF	1.85%	0.51%
MMMA NYLI MacKay Muni Allocation ETF	3.55%	0.35%

Correlation

The correlation between RJMI and MMMA is 0.80, 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	0.80

Return for Risk

RJMI vs. MMMA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for RJ Eagle Municipal Income ETF (RJMI) 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.

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

Drawdowns

RJMI vs. MMMA - Drawdown Comparison

The maximum RJMI drawdown since its inception was -3.04%, which is greater than MMMA's maximum drawdown of -2.79%. Use the drawdown chart below to compare losses from any high point for RJMI and MMMA.

Drawdown Indicators

	RJMI	MMMA	Difference
Max Drawdown Largest peak-to-trough decline	-3.04%	-2.79%	-0.25%
Current Drawdown Current decline from peak	-0.51%	-0.57%	+0.06%
Average Drawdown Average peak-to-trough decline	-0.63%	-0.53%	-0.10%

Volatility

Volatility by Period

	RJMI	MMMA	Difference
Volatility (1Y) Calculated over the trailing 1-year period	3.01%	3.95%	-0.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.01%	3.95%	-0.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.01%	3.95%	-0.94%

RJMI vs. MMMA - Expense Ratio Comparison

RJMI has a 0.41% expense ratio, which is higher than MMMA's 0.35% expense ratio.

Dividends

RJMI vs. MMMA - Dividend Comparison

RJMI's dividend yield for the trailing twelve months is around 2.24%, less than MMMA's 2.30% yield.

Position	TTM	2025
MMMA NYLI MacKay Muni Allocation ETF	2.30%	0.17%
RJMI RJ Eagle Municipal Income ETF	2.24%	0.61%

Frequently Asked Questions

Can I hold both RJMI and MMMA in my portfolio?

RJMI and MMMA have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, RJMI or MMMA?

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.

Which ETF is cheaper, RJMI or MMMA?

MMMA is cheaper with a 0.35% expense ratio, compared with 0.41% for RJMI.

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

MMMA has the higher dividend yield at 2.30%, compared with 2.24% for RJMI.

What is the main difference between RJMI and MMMA?

They also come from different issuers: Carillon Tower Advisers and NYLI. Their fees differ too: 0.41% for RJMI and 0.35% for MMMA.