FLMB vs MMD
Franklin Municipal Green Bond ETF vs NYLIM MacKay DefinedTerm Muni Opportunities Fund
Which is better, FLMB or MMD?
FLMB has been ahead.
FLMB has a lower expense ratio. FLMB led over 1Y, 3Y, 5Y and the full window.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | FLMB | MMD |
|---|---|---|
| Expense Ratio | 0.30%Best | 2.33% |
| AUM | $54M | $478M |
| Dividend Yield | 4.40% | 5.20% |
| Holdings | 77 | 96 |
| YTD Return | -4.44%Best | -4.95% |
| 1Y Return | -3.50%Best | -5.20% |
| 3Y Return (annualized) | +3.41%Best | +1.68% |
| 5Y Return (annualized) | -0.57%Best | -3.93% |
| Volatility (annualized) | 6.9%Best | 12.4% |
| Max Drawdown | -17.9%Best | -30.1% |
| $10,000 over 5 years | $9,718Best | $8,183 |
| Fund Family | Franklin Templeton Investments (US) | New York Life Investments |
| Category | Tax Preferred | Tax Preferred |
| Style | Municipal Bond | Municipal Bond |
| Inception | Aug 31, 2017 | Jun 27, 2012 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: Sep 5, 2017 to Oct 14, 2026 (9.1 years).
FLMB vs MMD growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 9.1 years both funds cover.
FLMB vs MMD Performance
Franklin Municipal Green Bond ETF (FLMB) is an ETF from Franklin Templeton Investments (US) and NYLIM MacKay DefinedTerm Muni Opportunities Fund (MMD) is an ETF from New York Life Investments. Over the past year FLMB returned -3.50% while MMD returned -5.20%. Year to date, FLMB is down 4.44% versus a loss of 4.95% for MMD.
Over three years, FLMB compounded at +3.41% per year against +1.68% for MMD; over five years the annualized figures are -0.57% and -3.93% respectively. Across the full 9-year window we track, FLMB has the edge at +0.65% annualized vs -1.14%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
MMD has been the more volatile fund, with annualized monthly volatility of 12.4% compared with 6.9% for FLMB. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -17.9% for FLMB and -30.1% for MMD. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.80. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
FLMB charges 0.30% per year while MMD charges 2.33%. On a $10,000 position that is $30 vs $233 annually, a gap of $203 per year that compounds over a long holding period. On income, FLMB currently yields 4.40% against 5.20% for MMD.
Holdings Overlap
We hold position weights for 21 holdings in FLMB and 34 in MMD, totalling 43.7% and 46.5% of the two funds. The two books name no position in common, so there is no overlap percentage to show.
The two holdings books were reported 94 days apart, FLMB as of Oct 2, 2026 and MMD as of Jun 30, 2026, so some of the difference between them is the time between the two reports rather than the funds.
0 positions in common, counted across the 21 positions we hold weights for in FLMB and 34 in MMD, against full books of 77 and 96.
You are not choosing between two funds in isolation.
Whichever of FLMB and MMD you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, FLMB or MMD?
FLMB has an expense ratio of 0.30% while MMD charges 2.33%. FLMB is the cheaper option, by $203 a year on a $10,000 investment.
Which performed better, FLMB or MMD?
Over the past year FLMB returned -3.50% vs -5.20% for MMD, so FLMB leads on 1-year performance. Over the longest common window we track (9 years), FLMB annualized +0.65% vs -1.14% for MMD. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, FLMB or MMD?
MMD has been the more volatile fund at 12.4% annualized versus 6.9% for FLMB. Worst drawdown: FLMB -17.9% vs MMD -30.1%.
Should I hold both FLMB and MMD?
FLMB and MMD have a monthly-return correlation of 0.80, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
Which pays a higher dividend, FLMB or MMD?
FLMB yields 4.40% while MMD yields 5.20%, so MMD currently pays the higher dividend yield.
Is MMD better than FLMB?
FLMB has a lower expense ratio. FLMB led over 1Y, 3Y, 5Y and the full window. Which one suits a particular account depends on what it is for. This is information, not a recommendation.