SMMU vs. MMMA

Last updated Jul 23, 2026

SMMU (PIMCO Short Term Municipal Bond Active ETF) and MMMA (NYLI MacKay Muni Allocation ETF) are both Municipal Bonds funds. Both are actively managed. A 0.60 correlation means they provide meaningful diversification when combined. Both charge a 0.35% expense ratio.

Performance

SMMU vs. MMMA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO Short Term Municipal Bond Active ETF (SMMU) 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, SMMU achieves a 1.10% return, which is significantly lower than MMMA's 2.67% return.

SMMU

• 1D: -0.05%
• 1M: -0.12%
• 6M: 0.65%
• YTD: 1.10%
• 1Y: 3.04%
• 3Y*: 3.45%
• 5Y*: 1.85%
• 10Y*: 1.80%
• ALL TIME*: 1.51%

MMMA

• 1D: -0.16%
• 1M: -0.85%
• 6M: 1.65%
• YTD: 2.67%
• 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	$107.56K	$53.75K	$35.44K
SMMU PIMCO Short Term Municipal Bond Active ETF	$5.67M	$5.86M	$5.93M

SMMU vs. MMMA - Yearly Performance Comparison

	2026 (YTD)	2025
SMMU PIMCO Short Term Municipal Bond Active ETF	1.10%	0.20%
MMMA NYLI MacKay Muni Allocation ETF	2.67%	0.35%

Correlation

The correlation between SMMU and MMMA is 0.60, 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	0.60

Return for Risk

SMMU vs. MMMA — Risk / Return Rank

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

SMMU

SMMU Risk / Return Rank: 93
SMMU Sharpe Ratio Rank: 95
SMMU Sortino Ratio Rank: 96
SMMU Omega Ratio Rank: 96
SMMU Calmar Ratio Rank: 89
SMMU Martin Ratio Rank: 88

MMMA

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

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.

SMMU vs. MMMA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO Short Term Municipal Bond Active ETF (SMMU) 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.

	SMMU	MMMA	Difference
Sharpe ratio: Return per unit of total volatility	2.95	—	—
Sortino ratio: Return per unit of downside risk	4.37	—	—
Omega ratio: Gain probability vs. loss probability	1.64	—	—
Calmar ratio: Return relative to maximum drawdown	3.96	—	—
Martin ratio: Return relative to average drawdown	13.94	—	—

Drawdowns

SMMU vs. MMMA - Drawdown Comparison

The maximum SMMU drawdown since its inception was -5.09%, which is greater than MMMA's maximum drawdown of -2.79%. Use the drawdown chart below to compare losses from any high point for SMMU and MMMA.

Drawdown Indicators

	SMMU	MMMA	Difference
Max Drawdown Largest peak-to-trough decline	-5.09%	-2.79%	-2.30%
Max Drawdown (1Y) Largest decline over 1 year	-0.77%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-1.95%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-4.76%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-5.09%	—	—
Current Drawdown Current decline from peak	-0.31%	-1.42%	+1.11%
Average Drawdown Average peak-to-trough decline	-0.55%	-0.55%	0.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.22%	—	—

Volatility

Volatility by Period

	SMMU	MMMA	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.27%	—	—
Volatility (6M) Calculated over the trailing 6-month period	0.82%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	1.04%	3.89%	-2.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.68%	3.89%	-2.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.70%	3.89%	-1.19%

SMMU vs. MMMA - Expense Ratio Comparison

Both SMMU and MMMA have an expense ratio of 0.35%.

Dividends

SMMU vs. MMMA - Dividend Comparison

SMMU's dividend yield for the trailing twelve months is around 2.88%, more than MMMA's 2.32% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MMMA NYLI MacKay Muni Allocation ETF	2.32%	0.17%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SMMU PIMCO Short Term Municipal Bond Active ETF	2.88%	2.80%	3.03%	2.79%	1.37%	0.60%	1.19%	1.82%	1.57%	1.41%	1.03%	0.89%

Frequently Asked Questions

Can I hold both SMMU and MMMA in my portfolio?

SMMU and MMMA have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SMMU or MMMA?

Both ETFs have the same 0.35% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SMMU or MMMA?

SMMU and MMMA have the same expense ratio: 0.35% per year.

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

SMMU has the higher dividend yield at 2.88%, compared with 2.32% for MMMA.

What is the main difference between SMMU and MMMA?

They also come from different issuers: PIMCO and NYLI.