MMD vs TAFL
NYLIM MacKay DefinedTerm Muni Opportunities Fund vs AB Tax-Aware Long Municipal ETF
Which is better, MMD or TAFL?
TAFL has been ahead.
TAFL has a lower expense ratio. TAFL led over 1Y 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 | TAFL |
|---|---|---|
| Expense Ratio | 2.33% | 0.28%Best |
| AUM | $478M | $60M |
| Dividend Yield | 5.20% | 4.37% |
| Holdings | 96 | 326 |
| YTD Return | -4.95% | -4.38%Best |
| 1Y Return | -5.20% | -3.64%Best |
| 3Y Return (annualized) | +1.68% | - |
| 5Y Return (annualized) | -3.93% | - |
| Volatility (annualized) | 10.1% | 5.5%Best |
| Max Drawdown | -17.1% | -8.1%Best |
| $10,000 over 2.8 years | $9,775 | $10,291Best |
| Fund Family | New York Life Investments | AllianceBernstein L.P. |
| Category | Tax Preferred | Tax Preferred |
| Style | Municipal Bond | Municipal Bond |
| Inception | Jun 27, 2012 | Dec 13, 2023 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown, and the $10,000 over 2.8 years row, are measured over the window both funds cover: Dec 13, 2023 to Oct 14, 2026 (2.8 years).
MMD vs TAFL 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 2.8 years both funds cover.
MMD vs TAFL Performance
NYLIM MacKay DefinedTerm Muni Opportunities Fund (MMD) is an ETF from New York Life Investments and AB Tax-Aware Long Municipal ETF (TAFL) is an ETF from AllianceBernstein L.P.. Over the past year MMD returned -5.20% while TAFL returned -3.64%. Year to date, MMD is down 4.95% versus a loss of 4.38% for TAFL.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
MMD has been the more volatile fund, with annualized monthly volatility of 10.1% compared with 5.5% for TAFL. 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 -17.1% for MMD and -8.1% for TAFL. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.73. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
MMD charges 2.33% per year while TAFL charges 0.28%. On a $10,000 position that is $233 vs $28 annually, a gap of $205 per year that compounds over a long holding period. On income, MMD currently yields 5.20% against 4.37% for TAFL.
Holdings Overlap
We hold position weights for 34 holdings in MMD and 68 in TAFL, totalling 46.5% and 50.6% 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, 4 positions appear in both.
The two holdings books were reported 76 days apart, MMD as of Jun 30, 2026 and TAFL as of Sep 14, 2026, so some of the difference between them is the time between the two reports rather than the funds.
4 positions in common, counted across the 34 positions we hold weights for in MMD and 68 in TAFL, against full books of 96 and 326.
Top Shared Holdings
| Stock | Weight in MMD | Weight in TAFL | Difference |
|---|---|---|---|
| OH BUCGEN 5 06/01/20Buckeye Tobacco Settlement Financing Auth Oh Ref-Senior-Class 2-Ser B-2 5.000 Jun 01 55 | 2.53% | 0.57% | 1.96% |
| NY MTATRN 5.25 11/15Metropolitan Transportation Authority | 2.30% | 0.78% | 1.52% |
| IL MPNFAC 5 06/15/20Metropolitan Pier & Exposition Authority 0.05 06/15/2057 | 1.51% | 1.18% | 0.33% |
| IL CHI 5.5 01/01/204City Of Chicago Il 5.5 01/01/2049 | 0.49% | 0.13% | 0.36% |
You are not choosing between two funds in isolation.
Whichever of MMD and TAFL 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 TAFL?
MMD has an expense ratio of 2.33% while TAFL charges 0.28%. TAFL is the cheaper option, by $205 a year on a $10,000 investment.
Which performed better, MMD or TAFL?
Over the past year MMD returned -5.20% vs -3.64% for TAFL, so TAFL leads on 1-year performance. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, MMD or TAFL?
MMD has been the more volatile fund at 10.1% annualized versus 5.5% for TAFL. Worst drawdown: MMD -17.1% vs TAFL -8.1%.
Should I hold both MMD and TAFL?
MMD and TAFL have a monthly-return correlation of 0.73, 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 TAFL?
MMD yields 5.20% while TAFL yields 4.37%, so MMD currently pays the higher dividend yield.
Is TAFL better than MMD?
TAFL has a lower expense ratio. TAFL led over 1Y and the full window. Which one suits a particular account depends on what it is for. This is information, not a recommendation.