MMD vs QQQ
NYLIM MacKay DefinedTerm Muni Opportunities Fund vs Invesco QQQ Trust, Series 1
Which is better, MMD or QQQ?
Municipal Bond against Large Cap Growth.
QQQ has a lower expense ratio. QQQ 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 | QQQ |
|---|---|---|
| Expense Ratio | 2.33% | 0.18%Best |
| AUM | $478M | $506.1B |
| Dividend Yield | 5.20% | 0.42% |
| Holdings | 96 | 321 |
| YTD Return | -4.95% | +19.30%Best |
| 1Y Return | -5.20% | +22.47%Best |
| 3Y Return (annualized) | +1.68% | +26.18%Best |
| 5Y Return (annualized) | -3.93% | +15.42%Best |
| Volatility (annualized) | 11.4%Best | 17.4% |
| Max Drawdown | -30.1%Best | -35.1% |
| $10,000 over 5 years | $8,183 | $20,484Best |
| Fund Family | New York Life Investments | Invesco (US) |
| Category | Tax Preferred | Equity |
| Style | Municipal Bond | Large Cap Growth |
| Inception | Jun 27, 2012 | Mar 10, 1999 |
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 QQQ 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 is available from the range buttons; it is not the opening view here because over the whole period one of these two funds moves so much further than the other that its line would sit flat on the axis.
MMD vs QQQ Performance
NYLIM MacKay DefinedTerm Muni Opportunities Fund (MMD) is an ETF from New York Life Investments and Invesco QQQ Trust, Series 1 (QQQ) is an ETF from Invesco (US). Over the past year MMD returned -5.20% while QQQ returned +22.47%. Year to date, MMD is down 4.95% versus a gain of 19.30% for QQQ.
Over three years, MMD compounded at +1.68% per year against +26.18% for QQQ; over five years the annualized figures are -3.93% and +15.42% respectively. Across the full 14-year window we track, QQQ has the edge at +18.97% annualized vs -0.69%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
QQQ has been the more volatile fund, with annualized monthly volatility of 17.4% compared with 11.4% for MMD. 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 -35.1% for QQQ. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.37. They move together some of the time, and apart the rest.
Fees and Cost Over Time
MMD charges 2.33% per year while QQQ charges 0.18%. On a $10,000 position that is $233 vs $18 annually, a gap of $215 per year that compounds over a long holding period. On income, MMD currently yields 5.20% against 0.42% for QQQ.
Holdings Overlap
We hold position weights for 34 holdings in MMD and 101 in QQQ, totalling 46.5% and 99.6% 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 93 days apart, MMD as of Jun 30, 2026 and QQQ as of Oct 1, 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 101 in QQQ, against full books of 96 and 321.
You are not choosing between two funds in isolation.
Whichever of MMD and QQQ 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 QQQ?
MMD has an expense ratio of 2.33% while QQQ charges 0.18%. QQQ is the cheaper option, by $215 a year on a $10,000 investment.
Which performed better, MMD or QQQ?
Over the past year MMD returned -5.20% vs +22.47% for QQQ, so QQQ leads on 1-year performance. Over the longest common window we track (14 years), MMD annualized -0.69% vs +18.97% for QQQ. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, MMD or QQQ?
QQQ has been the more volatile fund at 17.4% annualized versus 11.4% for MMD. Worst drawdown: MMD -30.1% vs QQQ -35.1%.
Should I hold both MMD and QQQ?
MMD and QQQ have a monthly-return correlation of 0.37, 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 QQQ?
MMD yields 5.20% while QQQ yields 0.42%, so MMD currently pays the higher dividend yield.
Is QQQ better than MMD?
QQQ has a lower expense ratio. QQQ 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.