SHYD vs. MMMA
SHYD (VanEck Short High Yield Muni ETF) and MMMA (NYLI MacKay Muni Allocation ETF) are both Municipal Bonds funds. SHYD is passively managed, while MMMA is actively managed. Their 0.55 correlation means they have sometimes moved together and sometimes differently. Both charge a 0.35% expense ratio.
Performance
SHYD vs. MMMA - Performance Comparison
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Returns By Period
In the year-to-date period, SHYD achieves a 0.91% return, which is significantly lower than MMMA's 2.45% return.
SHYD
- 1D
- 0.09%
- 1M
- -0.41%
- 6M
- 0.29%
- YTD
- 0.91%
- 1Y
- 3.80%
- 3Y*
- 4.31%
- 5Y*
- 0.65%
- 10Y*
- 1.98%
- ALL TIME*
- 2.25%
MMMA
- 1D
- 0.02%
- 1M
- -1.52%
- 6M
- 1.00%
- YTD
- 2.45%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- —
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $114.17K | $98.57K | $47.08K | |
| $1.29M | $1.47M | $2.20M |
SHYD vs. MMMA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
SHYD VanEck Short High Yield Muni ETF | 0.91% | 0.74% |
MMMA NYLI MacKay Muni Allocation ETF | 2.45% | 0.35% |
Correlation
The correlation between SHYD and MMMA is 0.55, 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 | 0.55 |
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Return for Risk
SHYD vs. MMMA — Risk / Return Rank
SHYD
MMMA
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
SHYD vs. MMMA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Short High Yield Muni ETF (SHYD) 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.
| SHYD | MMMA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.28 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 1.76 | — | — |
| Martin ratioReturn relative to average drawdown | 5.84 | — | — |
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Drawdowns
SHYD vs. MMMA - Drawdown Comparison
The maximum SHYD drawdown since its inception was -31.22%, which is greater than MMMA's maximum drawdown of -2.79%. Use the drawdown chart below to compare losses from any high point for SHYD and MMMA.
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Drawdown Indicators
| SHYD | MMMA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -31.22% | -2.79% | -28.43% |
Max Drawdown (1Y)Largest decline over 1 year | -2.17% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -4.17% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -13.32% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -31.22% | — | — |
Current DrawdownCurrent decline from peak | -0.58% | -1.63% | +1.05% |
Average DrawdownAverage peak-to-trough decline | -2.99% | -0.60% | -2.39% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.65% | — | — |
Volatility
SHYD vs. MMMA - Volatility Comparison
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Volatility by Period
| SHYD | MMMA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.67% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 2.03% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 2.80% | 4.02% | -1.22% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.38% | 4.02% | +1.36% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.70% | 4.02% | +5.68% |
SHYD vs. MMMA - Expense Ratio Comparison
Both SHYD and MMMA have an expense ratio of 0.35%.
Dividends
SHYD vs. MMMA - Dividend Comparison
SHYD's dividend yield for the trailing twelve months is around 3.62%, more than MMMA's 2.69% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MMMA NYLI MacKay Muni Allocation ETF | 2.69% | 0.17% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SHYD VanEck Short High Yield Muni ETF | 3.62% | 3.50% | 3.16% | 2.99% | 2.66% | 2.56% | 3.05% | 3.19% | 3.17% | 3.11% | 2.97% | 3.26% |
Frequently Asked Questions
SHYD and MMMA have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
Both ETFs have the same 0.35% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
SHYD and MMMA have the same expense ratio: 0.35% per year.
SHYD has the higher dividend yield at 3.62%, compared with 2.69% for MMMA.
They also come from different issuers: VanEck and NYLI.
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