RTAI vs. MMCA

Last updated Jun 4, 2026

RTAI (Rareview Tax Advantaged Income ETF) and MMCA (IQ MacKay California Municipal Intermediate ETF) are both Municipal Bonds funds. Both are actively managed. Over the past 3 years, RTAI returned 7.25%/yr vs 4.06%/yr for MMCA. A 0.58 correlation means they provide meaningful diversification when combined. RTAI charges 3.78%/yr vs 0.36%/yr for MMCA.

Performance

RTAI vs. MMCA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Rareview Tax Advantaged Income ETF (RTAI) and IQ MacKay California Municipal Intermediate ETF (MMCA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, RTAI achieves a 2.45% return, which is significantly higher than MMCA's 0.66% return.

RTAI

• 1D: -0.33%
• 1M: 1.63%
• YTD: 2.45%
• 6M: 2.47%
• 1Y: 10.41%
• 3Y*: 7.25%
• 5Y*: -0.79%
• 10Y*: —

MMCA

• 1D: -0.05%
• 1M: 0.29%
• YTD: 0.66%
• 6M: 1.02%
• 1Y: 6.39%
• 3Y*: 4.06%
• 5Y*: —
• 10Y*: —

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

RTAI vs. MMCA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
RTAI Rareview Tax Advantaged Income ETF	2.45%	5.54%	7.17%	4.33%	-22.55%	1.04%
MMCA IQ MacKay California Municipal Intermediate ETF	0.66%	5.74%	1.70%	5.77%	-12.15%	0.01%

Correlation

The correlation between RTAI and MMCA is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.47
Correlation (3Y) Calculated over the trailing 3-year period	0.56
Correlation (All Time) Calculated using the full available price history since Dec 22, 2021	0.58

The correlation between RTAI and MMCA shifts across timeframes, from 0.47 (1 year) to 0.58 (all time), reflecting how their relationship changes across market environments.

RTAI vs. MMCA - Sectors Allocation Comparison

Sectors	RTAI	MMCA
Financial Services	99.0%	0.8%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

RTAI vs. MMCA — Risk / Return Rank

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

RTAI

RTAI Risk / Return Rank: 46
RTAI Sharpe Ratio Rank: 46
RTAI Sortino Ratio Rank: 54
RTAI Omega Ratio Rank: 52
RTAI Calmar Ratio Rank: 35
RTAI Martin Ratio Rank: 43

MMCA

MMCA Risk / Return Rank: 66
MMCA Sharpe Ratio Rank: 76
MMCA Sortino Ratio Rank: 82
MMCA Omega Ratio Rank: 85
MMCA Calmar Ratio Rank: 44
MMCA Martin Ratio Rank: 42

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.

RTAI vs. MMCA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Rareview Tax Advantaged Income ETF (RTAI) and IQ MacKay California Municipal Intermediate ETF (MMCA). 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.

	RTAI	MMCA	Difference
Sharpe ratio: Return per unit of total volatility	1.58	2.47	-0.89
Sortino ratio: Return per unit of downside risk	2.56	3.69	-1.13
Omega ratio: Gain probability vs. loss probability	1.32	1.52	-0.21
Calmar ratio: Return relative to maximum drawdown	1.69	2.13	-0.44
Martin ratio: Return relative to average drawdown	6.90	6.78	+0.12
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

RTAI vs. MMCA - Sharpe Ratio Comparison

The current RTAI Sharpe Ratio is 1.58, which is lower than the MMCA Sharpe Ratio of 2.47. The chart below compares the historical Sharpe Ratios of RTAI and MMCA, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	RTAI	MMCA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.58	2.47	-0.89
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.09	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.17	0.04	+0.13

Drawdowns

RTAI vs. MMCA - Drawdown Comparison

The maximum RTAI drawdown since its inception was -34.32%, which is greater than MMCA's maximum drawdown of -15.97%. Use the drawdown chart below to compare losses from any high point for RTAI and MMCA.

Drawdown Indicators

	RTAI	MMCA	Difference
Max Drawdown Largest peak-to-trough decline	-34.32%	-15.97%	-18.35%
Max Drawdown (1Y) Largest decline over 1 year	-6.18%	-3.01%	-3.17%
Max Drawdown (3Y) Largest decline over 3 years	-15.71%	-3.68%	-12.03%
Max Drawdown (5Y) Largest decline over 5 years	-34.32%	—	—
Current Drawdown Current decline from peak	-7.64%	-1.53%	-6.11%
Average Drawdown Average peak-to-trough decline	-13.83%	-7.05%	-6.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.51%	0.94%	+0.57%

Volatility

RTAI vs. MMCA - Volatility Comparison

Rareview Tax Advantaged Income ETF (RTAI) has a higher volatility of 2.77% compared to IQ MacKay California Municipal Intermediate ETF (MMCA) at 0.90%. This indicates that RTAI's price experiences larger fluctuations and is considered to be riskier than MMCA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RTAI	MMCA	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.77%	0.90%	+1.87%
Volatility (6M) Calculated over the trailing 6-month period	5.36%	1.89%	+3.47%
Volatility (1Y) Calculated over the trailing 1-year period	6.62%	2.60%	+4.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.34%	3.61%	+5.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.05%	3.61%	+5.44%

RTAI vs. MMCA - Expense Ratio Comparison

RTAI has a 3.78% expense ratio, which is higher than MMCA's 0.36% expense ratio.

Dividends

RTAI vs. MMCA - Dividend Comparison

RTAI's dividend yield for the trailing twelve months is around 5.05%, more than MMCA's 3.29% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
MMCA IQ MacKay California Municipal Intermediate ETF	3.29%	3.39%	3.66%	3.57%	2.90%	0.05%	0.00%
RTAI Rareview Tax Advantaged Income ETF	5.05%	5.66%	5.02%	3.07%	3.71%	4.73%	0.48%

Frequently Asked Questions

Can I hold both RTAI and MMCA in my portfolio?

RTAI and MMCA have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, RTAI or MMCA?

RTAI has higher volatility (2.77%) compared to MMCA (0.90%). In terms of maximum drawdown, RTAI dropped -34.32% vs MMCA's -15.97%.

Which ETF is better, RTAI or MMCA?

On 3-year performance, RTAI leads with 7.25% vs 4.06% for MMCA. On fees, MMCA is cheaper at 0.36% per year. On volatility, MMCA has been the lower-risk option at 0.90%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, RTAI or MMCA?

Over the 3-year period, RTAI has performed better with a 7.25% return vs 4.06%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, RTAI or MMCA?

MMCA is cheaper with a 0.36% expense ratio, compared with 3.78% for RTAI.

Which ETF pays a higher dividend yield, RTAI or MMCA?

RTAI has the higher dividend yield at 5.05%, compared with 3.29% for MMCA.

What is the main difference between RTAI and MMCA?

They also come from different issuers: Rareview Funds and IndexIQ. Their fees differ too: 3.78% for RTAI and 0.36% for MMCA.

Which has better risk-adjusted returns?

MMCA currently has the higher Sharpe Ratio (2.47 vs 1.58), 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.