VTEB vs. MMMA
VTEB (Vanguard Tax-Exempt Bond ETF) and MMMA (NYLI MacKay Muni Allocation ETF) are both Municipal Bonds funds. VTEB is passively managed, while MMMA is actively managed. Their correlation of 0.83 suggests significant overlap in exposure. VTEB charges 0.03%/yr vs 0.35%/yr for MMMA.
Performance
VTEB vs. MMMA - Performance Comparison
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Returns By Period
In the year-to-date period, VTEB achieves a 1.90% return, which is significantly lower than MMMA's 3.81% return.
VTEB
- 1D
- 0.08%
- 1M
- 1.16%
- YTD
- 1.90%
- 6M
- 2.03%
- 1Y
- 6.88%
- 3Y*
- 3.41%
- 5Y*
- 0.99%
- 10Y*
- 1.99%
MMMA
- 1D
- 0.14%
- 1M
- 1.40%
- YTD
- 3.81%
- 6M
- 3.83%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
VTEB vs. MMMA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
VTEB Vanguard Tax-Exempt Bond ETF | 1.90% | 0.40% |
MMMA NYLI MacKay Muni Allocation ETF | 3.81% | 0.35% |
Correlation
The correlation between VTEB and MMMA is 0.83, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Dec 16, 2025 | 0.83 |
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Return for Risk
VTEB vs. MMMA — Risk / Return Rank
VTEB
MMMA
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
VTEB vs. MMMA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Tax-Exempt Bond ETF (VTEB) 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.
| VTEB | MMMA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.56 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 2.55 | — | — |
| Martin ratioReturn relative to average drawdown | 8.99 | — | — |
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Drawdowns
VTEB vs. MMMA - Drawdown Comparison
The maximum VTEB drawdown since its inception was -17.00%, which is greater than MMMA's maximum drawdown of -2.79%. Use the drawdown chart below to compare losses from any high point for VTEB and MMMA.
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Drawdown Indicators
| VTEB | MMMA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -17.00% | -2.79% | -14.21% |
Max Drawdown (1Y)Largest decline over 1 year | -2.71% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -5.53% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -12.64% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -17.00% | — | — |
Current DrawdownCurrent decline from peak | -0.09% | 0.00% | -0.09% |
Average DrawdownAverage peak-to-trough decline | -2.31% | -0.55% | -1.76% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.77% | — | — |
Volatility
VTEB vs. MMMA - Volatility Comparison
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Volatility by Period
| VTEB | MMMA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.62% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 2.06% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 2.68% | 4.01% | -1.33% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.90% | 4.01% | -0.11% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.25% | 4.01% | +1.24% |
VTEB vs. MMMA - Expense Ratio Comparison
VTEB has a 0.03% expense ratio, which is lower than MMMA's 0.35% expense ratio.
Dividends
VTEB vs. MMMA - Dividend Comparison
VTEB's dividend yield for the trailing twelve months is around 3.34%, more than MMMA's 1.94% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MMMA NYLI MacKay Muni Allocation ETF | 1.94% | 0.17% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
VTEB Vanguard Tax-Exempt Bond ETF | 3.34% | 3.29% | 3.14% | 2.79% | 2.09% | 1.64% | 1.99% | 2.30% | 2.25% | 1.96% | 1.66% | 0.58% |
Frequently Asked Questions
VTEB 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.
On fees, VTEB is cheaper at 0.03% per year. The better choice depends on whether you care most about return, fees, risk, or income.
VTEB is cheaper with a 0.03% expense ratio, compared with 0.35% for MMMA.
VTEB has the higher dividend yield at 3.34%, compared with 1.94% for MMMA.
They also come from different issuers: Vanguard and NYLI. Their fees differ too: 0.03% for VTEB and 0.35% for MMMA.
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