TFI vs. MMMA

Last updated Aug 4, 2026

TFI (SPDR Nuveen Bloomberg Barclays Municipal Bond ETF) and MMMA (NYLI MacKay Muni Allocation ETF) are both Municipal Bonds funds. TFI is passively managed, while MMMA is actively managed. Their correlation of 0.81 means they have usually moved in the same direction. TFI charges 0.23%/yr vs 0.35%/yr for MMMA.

Performance

TFI vs. MMMA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Nuveen Bloomberg Barclays Municipal Bond ETF (TFI) 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, TFI achieves a 0.12% return, which is significantly lower than MMMA's 2.45% return.

TFI

• 1D: 0.15%
• 1M: -1.67%
• 6M: -0.52%
• YTD: 0.12%
• 1Y: 4.14%
• 3Y*: 2.68%
• 5Y*: -0.43%
• 10Y*: 1.28%
• ALL TIME*: 2.96%

MMMA

• 1D: 0.02%
• 1M: -1.52%
• 6M: 1.00%
• YTD: 2.45%
• 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	$114.17K	$98.57K	$47.08K
TFI SPDR Nuveen Bloomberg Barclays Municipal Bond ETF	$30.53M	$23.31M	$20.62M

TFI vs. MMMA - Yearly Performance Comparison

	2026 (YTD)	2025
TFI SPDR Nuveen Bloomberg Barclays Municipal Bond ETF	0.12%	0.43%
MMMA NYLI MacKay Muni Allocation ETF	2.45%	0.35%

Correlation

The correlation between TFI and MMMA is 0.81, 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	0.81

Return for Risk

TFI vs. MMMA — Risk / Return Rank

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

TFI

TFI Risk / Return Rank: 53
TFI Sharpe Ratio Rank: 60
TFI Sortino Ratio Rank: 58
TFI Omega Ratio Rank: 67
TFI Calmar Ratio Rank: 41
TFI Martin Ratio Rank: 40

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.

TFI vs. MMMA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Nuveen Bloomberg Barclays Municipal Bond ETF (TFI) 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.

	TFI	MMMA	Difference
Sharpe ratio: Return per unit of total volatility	1.49	—	—
Sortino ratio: Return per unit of downside risk	2.06	—	—
Omega ratio: Gain probability vs. loss probability	1.30	—	—
Calmar ratio: Return relative to maximum drawdown	1.49	—	—
Martin ratio: Return relative to average drawdown	4.44	—	—

Drawdowns

TFI vs. MMMA - Drawdown Comparison

The maximum TFI drawdown since its inception was -15.49%, which is greater than MMMA's maximum drawdown of -2.79%. Use the drawdown chart below to compare losses from any high point for TFI and MMMA.

Drawdown Indicators

	TFI	MMMA	Difference
Max Drawdown Largest peak-to-trough decline	-15.49%	-2.79%	-12.70%
Max Drawdown (1Y) Largest decline over 1 year	-2.79%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-5.65%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-15.26%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-15.49%	—	—
Current Drawdown Current decline from peak	-2.26%	-1.63%	-0.63%
Average Drawdown Average peak-to-trough decline	-2.95%	-0.60%	-2.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.93%	—	—

Volatility

Volatility by Period

	TFI	MMMA	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.87%	—	—
Volatility (6M) Calculated over the trailing 6-month period	2.28%	—	—
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	4.32%	4.02%	+0.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.99%	4.02%	+0.97%

TFI vs. MMMA - Expense Ratio Comparison

TFI has a 0.23% expense ratio, which is lower than MMMA's 0.35% expense ratio.

Dividends

TFI vs. MMMA - Dividend Comparison

TFI's dividend yield for the trailing twelve months is around 3.58%, 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%
TFI SPDR Nuveen Bloomberg Barclays Municipal Bond ETF	3.58%	3.32%	3.01%	2.41%	1.87%	1.71%	1.91%	2.14%	2.26%	2.16%	2.39%	2.40%

Frequently Asked Questions

Can I hold both TFI and MMMA in my portfolio?

TFI and MMMA have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, TFI or MMMA?

On fees, TFI is cheaper at 0.23% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, TFI or MMMA?

TFI is cheaper with a 0.23% expense ratio, compared with 0.35% for MMMA.

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

TFI has the higher dividend yield at 3.58%, compared with 2.69% for MMMA.

What is the main difference between TFI and MMMA?

They also come from different issuers: State Street and NYLI. Their fees differ too: 0.23% for TFI and 0.35% for MMMA.