MMD vs PVI
NYLIM MacKay DefinedTerm Muni Opportunities Fund vs Invesco Floating Rate Municipal Income ETF
Which is better, MMD or PVI?
PVI has been ahead.
PVI has a lower expense ratio. PVI 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 | MMD | PVI |
|---|---|---|
| Expense Ratio | 2.33% | 0.25%Best |
| AUM | $478M | $34M |
| Dividend Yield | 5.20% | 2.21% |
| Holdings | 96 | 307 |
| YTD Return | -4.95% | +1.76%Best |
| 1Y Return | -5.20% | +2.28%Best |
| 3Y Return (annualized) | +1.68% | +2.60%Best |
| 5Y Return (annualized) | -3.93% | +2.11%Best |
| Volatility (annualized) | 11.4% | 0.5%Best |
| Max Drawdown | -30.1% | -1.2%Best |
| $10,000 over 5 years | $8,183 | $11,100Best |
| Fund Family | New York Life Investments | Invesco (US) |
| Category | Tax Preferred | Tax Preferred |
| Style | Municipal Bond | Municipal Bond |
| Inception | Jun 27, 2012 | Nov 15, 2007 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: Jun 27, 2012 to Oct 14, 2026 (14.3 years).
MMD vs PVI 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 14.3 years both funds cover.
MMD vs PVI Performance
NYLIM MacKay DefinedTerm Muni Opportunities Fund (MMD) is an ETF from New York Life Investments and Invesco Floating Rate Municipal Income ETF (PVI) is an ETF from Invesco (US). Over the past year MMD returned -5.20% while PVI returned +2.28%. Year to date, MMD is down 4.95% versus a gain of 1.76% for PVI.
Over three years, MMD compounded at +1.68% per year against +2.60% for PVI; over five years the annualized figures are -3.93% and +2.11% respectively. Across the full 14-year window we track, PVI has the edge at +0.71% annualized vs -0.69%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
MMD has been the more volatile fund, with annualized monthly volatility of 11.4% compared with 0.5% for PVI. 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 -30.1% for MMD and -1.2% for PVI. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at -0.13. They move largely independently of each other.
Fees and Cost Over Time
MMD charges 2.33% per year while PVI charges 0.25%. On a $10,000 position that is $233 vs $25 annually, a gap of $208 per year that compounds over a long holding period. On income, MMD currently yields 5.20% against 2.21% for PVI.
Holdings Overlap
We hold position weights for 34 holdings in MMD and 66 in PVI, totalling 46.5% and 53.8% 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 96 days apart, MMD as of Jun 30, 2026 and PVI as of Oct 4, 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 34 positions we hold weights for in MMD and 66 in PVI, against full books of 96 and 307.
You are not choosing between two funds in isolation.
Whichever of MMD and PVI 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, MMD or PVI?
MMD has an expense ratio of 2.33% while PVI charges 0.25%. PVI is the cheaper option, by $208 a year on a $10,000 investment.
Which performed better, MMD or PVI?
Over the past year MMD returned -5.20% vs +2.28% for PVI, so PVI leads on 1-year performance. Over the longest common window we track (14 years), MMD annualized -0.69% vs +0.71% for PVI. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, MMD or PVI?
MMD has been the more volatile fund at 11.4% annualized versus 0.5% for PVI. Worst drawdown: MMD -30.1% vs PVI -1.2%.
Should I hold both MMD and PVI?
MMD and PVI have a monthly-return correlation of -0.13, 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, MMD or PVI?
MMD yields 5.20% while PVI yields 2.21%, so MMD currently pays the higher dividend yield.
Is PVI better than MMD?
PVI has a lower expense ratio. PVI 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.