TAXX vs. MMMA

Last updated Jun 23, 2026

TAXX (Bondbloxx IR+M Tax-Aware Short Duration ETF) and MMMA (NYLI MacKay Muni Allocation ETF) are both Municipal Bonds funds. Both are actively managed. At a 0.49 correlation, their price movements are largely independent. Both charge a 0.35% expense ratio.

Performance

TAXX vs. MMMA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Bondbloxx IR+M Tax-Aware Short Duration ETF (TAXX) 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, TAXX achieves a 1.24% return, which is significantly lower than MMMA's 3.54% return.

TAXX

• 1D: 0.02%
• 1M: 0.51%
• YTD: 1.24%
• 6M: 1.48%
• 1Y: 3.65%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MMMA

• 1D: 0.01%
• 1M: 1.73%
• YTD: 3.54%
• 6M: 3.76%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TAXX vs. MMMA - Yearly Performance Comparison

	2026 (YTD)	2025
TAXX Bondbloxx IR+M Tax-Aware Short Duration ETF	1.24%	0.40%
MMMA NYLI MacKay Muni Allocation ETF	3.54%	0.35%

Correlation

The correlation between TAXX and MMMA is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Dec 16, 2025	0.49

Return for Risk

TAXX vs. MMMA — Risk / Return Rank

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

TAXX

TAXX Risk / Return Rank: 77
TAXX Sharpe Ratio Rank: 69
TAXX Sortino Ratio Rank: 74
TAXX Omega Ratio Rank: 89
TAXX Calmar Ratio Rank: 82
TAXX Martin Ratio Rank: 70

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.

TAXX vs. MMMA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bondbloxx IR+M Tax-Aware Short Duration ETF (TAXX) 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.

	TAXX	MMMA	Difference
Sharpe ratio: Return per unit of total volatility	2.16	—	—
Sortino ratio: Return per unit of downside risk	3.19	—	—
Omega ratio: Gain probability vs. loss probability	1.54	—	—
Calmar ratio: Return relative to maximum drawdown	4.15	—	—
Martin ratio: Return relative to average drawdown	12.60	—	—

Drawdowns

TAXX vs. MMMA - Drawdown Comparison

The maximum TAXX drawdown since its inception was -0.91%, smaller than the maximum MMMA drawdown of -2.79%. Use the drawdown chart below to compare losses from any high point for TAXX and MMMA.

Drawdown Indicators

	TAXX	MMMA	Difference
Max Drawdown Largest peak-to-trough decline	-0.91%	-2.79%	+1.88%
Max Drawdown (1Y) Largest decline over 1 year	-0.88%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.16%	-0.56%	+0.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.29%	—	—

Volatility

Volatility by Period

	TAXX	MMMA	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.32%	—	—
Volatility (6M) Calculated over the trailing 6-month period	0.83%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	1.70%	4.05%	-2.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.59%	4.05%	-2.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.59%	4.05%	-2.46%

TAXX vs. MMMA - Expense Ratio Comparison

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

Dividends

TAXX vs. MMMA - Dividend Comparison

TAXX's dividend yield for the trailing twelve months is around 3.49%, more than MMMA's 1.95% yield.

Position	TTM	2025	2024
MMMA NYLI MacKay Muni Allocation ETF	1.95%	0.17%	0.00%
TAXX Bondbloxx IR+M Tax-Aware Short Duration ETF	3.49%	3.72%	2.70%

Frequently Asked Questions

Can I hold both TAXX and MMMA in my portfolio?

TAXX and MMMA have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, TAXX 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, TAXX or MMMA?

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

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

TAXX has the higher dividend yield at 3.49%, compared with 1.95% for MMMA.

What is the main difference between TAXX and MMMA?

They also come from different issuers: BondBloxx and NYLI.