TAXM vs. MMMA

Last updated Aug 1, 2026

TAXM (BondBloxx IR+M Tax-Aware ETF for Massachusetts Residents) and MMMA (NYLI MacKay Muni Allocation ETF) are both Municipal Bonds funds. Both are actively managed. Their correlation of 0.83 means they have usually moved in the same direction. Both charge a 0.35% expense ratio.

Performance

TAXM vs. MMMA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BondBloxx IR+M Tax-Aware ETF for Massachusetts Residents (TAXM) 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, TAXM achieves a 0.14% return, which is significantly lower than MMMA's 2.42% return.

TAXM

• 1D: -0.13%
• 1M: -1.61%
• 6M: -0.49%
• YTD: 0.14%
• 1Y: 4.10%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 2.91%

MMMA

• 1D: -0.10%
• 1M: -1.54%
• 6M: 1.05%
• YTD: 2.42%
• 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	$111.36K	$97.19K	$48.83K
TAXM BondBloxx IR+M Tax-Aware ETF for Massachusetts Residents	$158.92K	$254.95K	$177.53K

TAXM vs. MMMA - Yearly Performance Comparison

	2026 (YTD)	2025
TAXM BondBloxx IR+M Tax-Aware ETF for Massachusetts Residents	0.14%	0.45%
MMMA NYLI MacKay Muni Allocation ETF	2.42%	0.35%

Correlation

The correlation between TAXM and MMMA is 0.83, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (All Time) Calculated using the full available price history since Dec 16, 2025	0.83

Return for Risk

TAXM vs. MMMA — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

TAXM

TAXM Risk / Return Rank: 63
TAXM Sharpe Ratio Rank: 72
TAXM Sortino Ratio Rank: 72
TAXM Omega Ratio Rank: 77
TAXM Calmar Ratio Rank: 48
TAXM Martin Ratio Rank: 47

MMMA

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

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

TAXM vs. MMMA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BondBloxx IR+M Tax-Aware ETF for Massachusetts Residents (TAXM) 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.

	TAXM	MMMA	Difference
Sharpe ratio: Return per unit of total volatility	1.66	—	—
Sortino ratio: Return per unit of downside risk	2.34	—	—
Omega ratio: Gain probability vs. loss probability	1.33	—	—
Calmar ratio: Return relative to maximum drawdown	1.71	—	—
Martin ratio: Return relative to average drawdown	5.40	—	—

Drawdowns

TAXM vs. MMMA - Drawdown Comparison

The maximum TAXM drawdown since its inception was -3.10%, which is greater than MMMA's maximum drawdown of -2.79%. Use the drawdown chart below to compare losses from any high point for TAXM and MMMA.

Drawdown Indicators

	TAXM	MMMA	Difference
Max Drawdown Largest peak-to-trough decline	-3.10%	-2.79%	-0.31%
Max Drawdown (1Y) Largest decline over 1 year	-2.70%	—	—
Current Drawdown Current decline from peak	-1.82%	-1.65%	-0.17%
Average Drawdown Average peak-to-trough decline	-0.72%	-0.60%	-0.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.85%	—	—

Volatility

Volatility by Period

	TAXM	MMMA	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.99%	—	—
Volatility (6M) Calculated over the trailing 6-month period	2.28%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	2.79%	4.04%	-1.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.49%	4.04%	-0.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.49%	4.04%	-0.55%

TAXM vs. MMMA - Expense Ratio Comparison

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

Dividends

TAXM vs. MMMA - Dividend Comparison

TAXM's dividend yield for the trailing twelve months is around 3.31%, more than MMMA's 2.69% yield.

Position	TTM	2025
MMMA NYLI MacKay Muni Allocation ETF	2.69%	0.17%
TAXM BondBloxx IR+M Tax-Aware ETF for Massachusetts Residents	3.01%	2.75%

Frequently Asked Questions

Can I hold both TAXM and MMMA in my portfolio?

TAXM and MMMA have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, TAXM 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, TAXM or MMMA?

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

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

TAXM has the higher dividend yield at 3.01%, compared with 2.69% for MMMA.

What is the main difference between TAXM and MMMA?

They also come from different issuers: BondBloxx and NYLI.