HMOP vs MMD
Hartford Municipal Opportunities ETF vs NYLIM MacKay DefinedTerm Muni Opportunities Fund
Which is better, HMOP or MMD?
HMOP has been ahead.
HMOP has a lower expense ratio. HMOP 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 | HMOP | MMD |
|---|---|---|
| Expense Ratio | 0.29%Best | 2.33% |
| AUM | $806M | $478M |
| Dividend Yield | 4.03% | 5.20% |
| Holdings | 1,265 | 96 |
| YTD Return | -2.38%Best | -4.95% |
| 1Y Return | -1.49%Best | -5.20% |
| 3Y Return (annualized) | +3.89%Best | +1.68% |
| 5Y Return (annualized) | +0.67%Best | -3.93% |
| Volatility (annualized) | 5.3%Best | 12.5% |
| Max Drawdown | -13.6%Best | -30.1% |
| $10,000 over 5 years | $10,340Best | $8,183 |
| Fund Family | Hartford Funds | New York Life Investments |
| Category | Tax Preferred | Tax Preferred |
| Style | Municipal Bond | Municipal Bond |
| Inception | Dec 13, 2017 | Jun 27, 2012 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: Dec 14, 2017 to Oct 14, 2026 (8.8 years).
HMOP 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 8.8 years both funds cover.
HMOP vs MMD Performance
Hartford Municipal Opportunities ETF (HMOP) is an ETF from Hartford Funds and NYLIM MacKay DefinedTerm Muni Opportunities Fund (MMD) is an ETF from New York Life Investments. Over the past year HMOP returned -1.49% while MMD returned -5.20%. Year to date, HMOP is down 2.38% versus a loss of 4.95% for MMD.
Over three years, HMOP compounded at +3.89% per year against +1.68% for MMD; over five years the annualized figures are +0.67% and -3.93% respectively. Across the full 9-year window we track, HMOP has the edge at +0.94% annualized vs -1.22%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
MMD has been the more volatile fund, with annualized monthly volatility of 12.5% compared with 5.3% for HMOP. 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 -13.6% for HMOP and -30.1% 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 0.79. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
HMOP charges 0.29% per year while MMD charges 2.33%. On a $10,000 position that is $29 vs $233 annually, a gap of $204 per year that compounds over a long holding period. On income, HMOP currently yields 4.03% against 5.20% for MMD.
Holdings Overlap
We hold position weights for 313 holdings in HMOP and 34 in MMD, totalling 35.1% and 46.5% 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, 2 positions appear in both.
The two holdings books were reported 95 days apart, HMOP as of Oct 3, 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.
2 positions in common, counted across the 313 positions we hold weights for in HMOP and 34 in MMD, against full books of 1,265 and 96.
Top Shared Holdings
| Stock | Weight in HMOP | Weight in MMD | Difference |
|---|---|---|---|
| PR PRCGEN 4.33 07/01Prcgen 4.329 07/01/40 | 0.29% | 3.53% | 3.24% |
| OH BUCGEN 5 06/01/20Buckeye Tobacco Settlement Financing Auth Oh Ref-Senior-Class 2-Ser B-2 5.000 Jun 01 55 | 0.11% | 2.53% | 2.42% |
You are not choosing between two funds in isolation.
Whichever of HMOP 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, HMOP or MMD?
HMOP has an expense ratio of 0.29% while MMD charges 2.33%. HMOP is the cheaper option, by $204 a year on a $10,000 investment.
Which performed better, HMOP or MMD?
Over the past year HMOP returned -1.49% vs -5.20% for MMD, so HMOP leads on 1-year performance. Over the longest common window we track (9 years), HMOP annualized +0.94% vs -1.22% for MMD. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, HMOP or MMD?
MMD has been the more volatile fund at 12.5% annualized versus 5.3% for HMOP. Worst drawdown: HMOP -13.6% vs MMD -30.1%.
Should I hold both HMOP and MMD?
HMOP and MMD have a monthly-return correlation of 0.79, 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, HMOP or MMD?
HMOP yields 4.03% while MMD yields 5.20%, so MMD currently pays the higher dividend yield.
Is MMD better than HMOP?
HMOP has a lower expense ratio. HMOP 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.