JHMU vs MMD
John Hancock Dynamic Municipal Bond ETF vs NYLIM MacKay DefinedTerm Muni Opportunities Fund
Which is better, JHMU or MMD?
JHMU has been ahead.
JHMU has a lower expense ratio. JHMU led over 1Y, 3Y 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 | JHMU | MMD |
|---|---|---|
| Expense Ratio | 0.39%Best | 2.33% |
| AUM | $53M | $478M |
| Dividend Yield | 4.06% | 5.20% |
| Holdings | 424 | 96 |
| YTD Return | -2.25%Best | -4.95% |
| 1Y Return | -0.91%Best | -5.20% |
| 3Y Return (annualized) | +4.83%Best | +1.68% |
| 5Y Return (annualized) | - | -3.93% |
| Volatility (annualized) | 4.5%Best | 10.2% |
| Max Drawdown | -6.2%Best | -17.1% |
| $10,000 over 2.9 years | $11,466Best | $10,645 |
| Fund Family | John Hancock Investment Management | New York Life Investments |
| Category | Tax Preferred | Tax Preferred |
| Style | Municipal Bond | Municipal Bond |
| Inception | Nov 1, 2023 | Jun 27, 2012 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown, and the $10,000 over 2.9 years row, are measured over the window both funds cover: Nov 2, 2023 to Oct 14, 2026 (2.9 years).
JHMU 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 2.9 years both funds cover.
JHMU vs MMD Performance
John Hancock Dynamic Municipal Bond ETF (JHMU) is an ETF from John Hancock Investment Management and NYLIM MacKay DefinedTerm Muni Opportunities Fund (MMD) is an ETF from New York Life Investments. Over the past year JHMU returned -0.91% while MMD returned -5.20%. Year to date, JHMU is down 2.25% versus a loss of 4.95% for MMD.
Over three years, JHMU compounded at +4.83% per year against +1.68% for MMD.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
MMD has been the more volatile fund, with annualized monthly volatility of 10.2% compared with 4.5% for JHMU. 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 -6.2% for JHMU and -17.1% 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 0.81. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
JHMU charges 0.39% per year while MMD charges 2.33%. On a $10,000 position that is $39 vs $233 annually, a gap of $194 per year that compounds over a long holding period. On income, JHMU currently yields 4.06% against 5.20% for MMD.
Holdings Overlap
We hold position weights for 117 holdings in JHMU and 34 in MMD, totalling 39.3% 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, JHMU 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 117 positions we hold weights for in JHMU and 34 in MMD, against full books of 424 and 96.
You are not choosing between two funds in isolation.
Whichever of JHMU 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, JHMU or MMD?
JHMU has an expense ratio of 0.39% while MMD charges 2.33%. JHMU is the cheaper option, by $194 a year on a $10,000 investment.
Which performed better, JHMU or MMD?
Over the past year JHMU returned -0.91% vs -5.20% for MMD, so JHMU leads on 1-year performance. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, JHMU or MMD?
MMD has been the more volatile fund at 10.2% annualized versus 4.5% for JHMU. Worst drawdown: JHMU -6.2% vs MMD -17.1%.
Should I hold both JHMU and MMD?
JHMU and MMD have a monthly-return correlation of 0.81, 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, JHMU or MMD?
JHMU yields 4.06% while MMD yields 5.20%, so MMD currently pays the higher dividend yield.
Is MMD better than JHMU?
JHMU has a lower expense ratio. JHMU led over 1Y, 3Y and the full window. Which one suits a particular account depends on what it is for. This is information, not a recommendation.