VTEC vs. MMMA
VTEC (Vanguard California Tax-Exempt Bond ETF) and MMMA (NYLI MacKay Muni Allocation ETF) are both Municipal Bonds funds. VTEC is passively managed, while MMMA is actively managed. Their 0.79 correlation means they have sometimes moved together and sometimes differently. VTEC charges 0.08%/yr vs 0.35%/yr for MMMA.
Performance
VTEC vs. MMMA - Performance Comparison
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Returns By Period
In the year-to-date period, VTEC achieves a -0.07% return, which is significantly lower than MMMA's 2.42% return.
VTEC
- 1D
- -0.07%
- 1M
- -1.73%
- 6M
- -0.76%
- YTD
- -0.07%
- 1Y
- 4.35%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 2.14%
MMMA
- 1D
- -0.10%
- 1M
- -1.54%
- 6M
- 1.05%
- YTD
- 2.42%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- —
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $111.36K | $97.19K | $48.83K | |
| $29.98M | $33.04M | $31.95M |
VTEC vs. MMMA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
VTEC Vanguard California Tax-Exempt Bond ETF | -0.07% | 0.45% |
MMMA NYLI MacKay Muni Allocation ETF | 2.42% | 0.35% |
Correlation
The correlation between VTEC and MMMA is 0.79, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Dec 16, 2025 | 0.79 |
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Return for Risk
VTEC vs. MMMA — Risk / Return Rank
VTEC
MMMA
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
VTEC vs. MMMA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard California Tax-Exempt Bond ETF (VTEC) 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.
| VTEC | MMMA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.40 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 1.78 | — | — |
| Martin ratioReturn relative to average drawdown | 5.53 | — | — |
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Drawdowns
VTEC vs. MMMA - Drawdown Comparison
The maximum VTEC drawdown since its inception was -4.50%, which is greater than MMMA's maximum drawdown of -2.79%. Use the drawdown chart below to compare losses from any high point for VTEC and MMMA.
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Drawdown Indicators
| VTEC | MMMA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -4.50% | -2.79% | -1.71% |
Max Drawdown (1Y)Largest decline over 1 year | -2.85% | — | — |
Current DrawdownCurrent decline from peak | -1.85% | -1.65% | -0.20% |
Average DrawdownAverage peak-to-trough decline | -1.10% | -0.60% | -0.50% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.92% | — | — |
Volatility
VTEC vs. MMMA - Volatility Comparison
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Volatility by Period
| VTEC | MMMA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.85% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 2.06% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 2.71% | 4.04% | -1.33% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.69% | 4.04% | -0.35% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.69% | 4.04% | -0.35% |
VTEC vs. MMMA - Expense Ratio Comparison
VTEC has a 0.08% expense ratio, which is lower than MMMA's 0.35% expense ratio.
Dividends
VTEC vs. MMMA - Dividend Comparison
VTEC's dividend yield for the trailing twelve months is around 3.19%, more than MMMA's 2.69% yield.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
MMMA NYLI MacKay Muni Allocation ETF | 2.69% | 0.17% | 0.00% |
VTEC Vanguard California Tax-Exempt Bond ETF | 2.95% | 3.13% | 2.54% |
Frequently Asked Questions
VTEC and MMMA have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, VTEC is cheaper at 0.08% per year. The better choice depends on whether you care most about return, fees, risk, or income.
VTEC is cheaper with a 0.08% expense ratio, compared with 0.35% for MMMA.
VTEC has the higher dividend yield at 2.95%, compared with 2.69% for MMMA.
They also come from different issuers: Vanguard and NYLI. Their fees differ too: 0.08% for VTEC and 0.35% for MMMA.
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