MMD vs SCMB
NYLIM MacKay DefinedTerm Muni Opportunities Fund vs Schwab Municipal Bond ETF
Which is better, MMD or SCMB?
SCMB has been ahead.
SCMB has a lower expense ratio. SCMB 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 | MMD | SCMB |
|---|---|---|
| Expense Ratio | 2.33% | 0.03%Best |
| AUM | $478M | $3.1B |
| Dividend Yield | 5.20% | 3.74% |
| Holdings | 96 | 7,278 |
| YTD Return | -4.95% | -3.06%Best |
| 1Y Return | -5.20% | -2.05%Best |
| 3Y Return (annualized) | +1.68% | +2.76%Best |
| 5Y Return (annualized) | -3.93% | - |
| Volatility (annualized) | 13.7% | 6.2%Best |
| Max Drawdown | -17.2% | -6.7%Best |
| $10,000 over 4 years | $10,551 | $11,042Best |
| Fund Family | New York Life Investments | Charles Schwab Investment Mangement |
| Category | Tax Preferred | Tax Preferred |
| Style | Municipal Bond | Municipal Bond |
| Inception | Jun 27, 2012 | Oct 11, 2022 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown, and the $10,000 over 4 years row, are measured over the window both funds cover: Oct 12, 2022 to Oct 14, 2026 (4 years).
MMD vs SCMB 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 4 years both funds cover.
MMD vs SCMB Performance
NYLIM MacKay DefinedTerm Muni Opportunities Fund (MMD) is an ETF from New York Life Investments and Schwab Municipal Bond ETF (SCMB) is an ETF from Charles Schwab Investment Mangement. Over the past year MMD returned -5.20% while SCMB returned -2.05%. Year to date, MMD is down 4.95% versus a loss of 3.06% for SCMB.
Over three years, MMD compounded at +1.68% per year against +2.76% for SCMB. Across the full 4-year window we track, SCMB has the edge at +2.51% annualized vs +1.35%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
MMD has been the more volatile fund, with annualized monthly volatility of 13.7% compared with 6.2% for SCMB. 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 -17.2% for MMD and -6.7% for SCMB. 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
MMD charges 2.33% per year while SCMB charges 0.03%. On a $10,000 position that is $233 vs $3 annually, a gap of $230 per year that compounds over a long holding period. On income, MMD currently yields 5.20% against 3.74% for SCMB.
Holdings Overlap
We hold position weights for 34 holdings in MMD and 2,477 in SCMB, totalling 46.5% and 23.7% of the two funds. Neither is a share of a fund we can divide by, so no overlap percentage is shown here. Within what we can see, 11 positions appear in both.
The two holdings books were reported 94 days apart, MMD as of Jun 30, 2026 and SCMB as of Oct 2, 2026, so some of the difference between them is the time between the two reports rather than the funds.
11 positions in common, counted across the 34 positions we hold weights for in MMD and 2,477 in SCMB, against full books of 96 and 7,278.
Top Shared Holdings
| Stock | Weight in MMD | Weight in SCMB | Difference |
|---|---|---|---|
| DE DESTRN 5 06/01/20Delaware Transportation Authority, Revenue Bonds, Us 301 Project, Series 2015 | 2.84% | 0.00% | 2.84% |
| IL CHIEDU 5.75 04/01Chicago Ill Brd Ed Dedicated C 5.75% Apr 01, 2034 | 2.61% | 0.03% | 2.58% |
| NY MTATRN 5.25 11/15Metropolitan Transportation Authority | 2.30% | 0.00% | 2.30% |
| IL CHI 6 01/01/2038Chicago Il | 2.02% | 0.01% | 2.01% |
| NJ NJSTRN 5.25 06/15New Jersey St Transprtn Trust Fund Auth 5.25% 06/15/2043 | 1.54% | 0.00% | 1.54% |
| IL MPNFAC 5 06/15/20Metropolitan Pier & Exposition Authority 0.05 06/15/2057 | 1.51% | 0.01% | 1.50% |
| TX CRIUTL 5 07/15/20City Of Corpus Christi Tx Utility System Revenue 5 2055-07-15 | 1.32% | 0.01% | 1.31% |
| NY MTAGEN 5 11/15/20Mta Hudson Rail Yards Trust Obligs Revenue 5 11/15/2056 | 0.81% | 0.05% | 0.76% |
| IL CHI 5.5 01/01/204City Of Chicago Il 5.5 01/01/2049 | 0.49% | 0.02% | 0.47% |
| GA MELPWR 5 01/01/20Municipal Elec 5% 01/59 | 0.40% | 0.01% | 0.39% |
You are not choosing between two funds in isolation.
Whichever of MMD and SCMB 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 SCMB?
MMD has an expense ratio of 2.33% while SCMB charges 0.03%. SCMB is the cheaper option, by $230 a year on a $10,000 investment.
Which performed better, MMD or SCMB?
Over the past year MMD returned -5.20% vs -2.05% for SCMB, so SCMB leads on 1-year performance. Over the longest common window we track (4 years), MMD annualized +1.35% vs +2.51% for SCMB. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, MMD or SCMB?
MMD has been the more volatile fund at 13.7% annualized versus 6.2% for SCMB. Worst drawdown: MMD -17.2% vs SCMB -6.7%.
Should I hold both MMD and SCMB?
MMD and SCMB 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, MMD or SCMB?
MMD yields 5.20% while SCMB yields 3.74%, so MMD currently pays the higher dividend yield.
Is SCMB better than MMD?
SCMB has a lower expense ratio. SCMB 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.