TAXF vs. MMMA

Last updated Jun 26, 2026

TAXF (American Century Diversified Municipal Bond ETF) and MMMA (NYLI MacKay Muni Allocation ETF) are both Municipal Bonds funds. Both are actively managed. A 0.77 correlation means they provide meaningful diversification when combined. TAXF charges 0.29%/yr vs 0.35%/yr for MMMA.

Performance

TAXF vs. MMMA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in American Century Diversified Municipal Bond ETF (TAXF) 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, TAXF achieves a 2.36% return, which is significantly lower than MMMA's 3.81% return.

TAXF

• 1D: 0.06%
• 1M: 1.17%
• YTD: 2.36%
• 6M: 2.23%
• 1Y: 7.52%
• 3Y*: 4.01%
• 5Y*: 1.17%
• 10Y*: —

MMMA

• 1D: 0.14%
• 1M: 1.40%
• YTD: 3.81%
• 6M: 3.83%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TAXF vs. MMMA - Yearly Performance Comparison

	2026 (YTD)	2025
TAXF American Century Diversified Municipal Bond ETF	2.36%	0.39%
MMMA NYLI MacKay Muni Allocation ETF	3.81%	0.35%

Correlation

The correlation between TAXF and MMMA is 0.77, 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	0.77

Return for Risk

TAXF vs. MMMA — Risk / Return Rank

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

TAXF

TAXF Risk / Return Rank: 78
TAXF Sharpe Ratio Rank: 88
TAXF Sortino Ratio Rank: 90
TAXF Omega Ratio Rank: 92
TAXF Calmar Ratio Rank: 60
TAXF Martin Ratio Rank: 60

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.

TAXF vs. MMMA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for American Century Diversified Municipal Bond ETF (TAXF) 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.

	TAXF	MMMA	Difference
Sharpe ratio: Return per unit of total volatility	2.52	—	—
Sortino ratio: Return per unit of downside risk	3.66	—	—
Omega ratio: Gain probability vs. loss probability	1.54	—	—
Calmar ratio: Return relative to maximum drawdown	2.58	—	—
Martin ratio: Return relative to average drawdown	9.26	—	—

Drawdowns

TAXF vs. MMMA - Drawdown Comparison

The maximum TAXF drawdown since its inception was -13.93%, which is greater than MMMA's maximum drawdown of -2.79%. Use the drawdown chart below to compare losses from any high point for TAXF and MMMA.

Drawdown Indicators

	TAXF	MMMA	Difference
Max Drawdown Largest peak-to-trough decline	-13.93%	-2.79%	-11.14%
Max Drawdown (1Y) Largest decline over 1 year	-2.93%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-5.53%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-13.93%	—	—
Current Drawdown Current decline from peak	-0.09%	0.00%	-0.09%
Average Drawdown Average peak-to-trough decline	-3.12%	-0.55%	-2.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.81%	—	—

Volatility

Volatility by Period

	TAXF	MMMA	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.62%	—	—
Volatility (6M) Calculated over the trailing 6-month period	2.28%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	2.99%	4.01%	-1.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.20%	4.01%	+0.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.64%	4.01%	+0.63%

TAXF vs. MMMA - Expense Ratio Comparison

TAXF has a 0.29% expense ratio, which is lower than MMMA's 0.35% expense ratio.

Dividends

TAXF vs. MMMA - Dividend Comparison

TAXF's dividend yield for the trailing twelve months is around 3.76%, more than MMMA's 1.94% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
MMMA NYLI MacKay Muni Allocation ETF	1.94%	0.17%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
TAXF American Century Diversified Municipal Bond ETF	3.76%	3.68%	3.38%	2.93%	2.05%	1.58%	2.13%	2.64%	0.69%

Frequently Asked Questions

Can I hold both TAXF and MMMA in my portfolio?

TAXF and MMMA have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, TAXF or MMMA?

On fees, TAXF is cheaper at 0.29% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, TAXF or MMMA?

TAXF is cheaper with a 0.29% expense ratio, compared with 0.35% for MMMA.

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

TAXF has the higher dividend yield at 3.76%, compared with 1.94% for MMMA.

What is the main difference between TAXF and MMMA?

They also come from different issuers: American Century and NYLI. Their fees differ too: 0.29% for TAXF and 0.35% for MMMA.