MINO vs MMD
PIMCO Municipal Income Opportunities Active Exchange-Traded Fund vs NYLIM MacKay DefinedTerm Muni Opportunities Fund
Which is better, MINO or MMD?
MINO has been ahead.
MINO has a lower expense ratio. MINO 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 | MINO | MMD |
|---|---|---|
| Expense Ratio | 0.39%Best | 2.33% |
| AUM | $744M | $478M |
| Dividend Yield | 3.97% | 4.82% |
| Holdings | 1,083 | 96 |
| YTD Return | -2.67%Best | -3.70% |
| 1Y Return | -1.84%Best | -3.89% |
| 3Y Return (annualized) | +4.10%Best | +2.13% |
| 5Y Return (annualized) | +0.65%Best | -3.67% |
| Volatility (annualized) | 6.8%Best | 14.3% |
| Max Drawdown | -15.2%Best | -29.0% |
| $10,000 over 5 years | $10,329Best | $8,295 |
| Fund Family | PIMCO (US) | New York Life Investments |
| Category | Tax Preferred | Tax Preferred |
| Style | Municipal Bond | Municipal Bond |
| Inception | Sep 8, 2021 | Jun 27, 2012 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: Sep 9, 2021 to Oct 13, 2026 (5.1 years).
MINO 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 5.1 years both funds cover.
MINO vs MMD Performance
PIMCO Municipal Income Opportunities Active Exchange-Traded Fund (MINO) is an ETF from PIMCO (US) and NYLIM MacKay DefinedTerm Muni Opportunities Fund (MMD) is an ETF from New York Life Investments. Over the past year MINO returned -1.84% while MMD returned -3.89%. Year to date, MINO is down 2.67% versus a loss of 3.70% for MMD.
Over three years, MINO compounded at +4.10% per year against +2.13% for MMD; over five years the annualized figures are +0.65% and -3.67% respectively.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
MMD has been the more volatile fund, with annualized monthly volatility of 14.3% compared with 6.8% for MINO. 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 -15.2% for MINO and -29.0% 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 0.84. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
MINO charges 0.39% per year while MMD charges 2.33%. On a $10,000 position that is $39 vs $233 annually, a gap of $194 per year that compounds over a long holding period. On income, MINO currently yields 3.97% against 4.82% for MMD.
Holdings Overlap
We hold position weights for 226 holdings in MINO and 34 in MMD, totalling 33.7% 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, 4 positions appear in both.
The two holdings books were reported 76 days apart, MINO as of Sep 14, 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.
4 positions in common, counted across the 226 positions we hold weights for in MINO and 34 in MMD, against full books of 1,083 and 96.
Top Shared Holdings
| Stock | Weight in MINO | Weight in MMD | Difference |
|---|---|---|---|
| PR PRCGEN 4.33 07/01Puerto Rico Sales Tax Fing Corp Sales Tax Revenue | 0.08% | 3.53% | 3.45% |
| OH BUCGEN 5 06/01/20Buckeye Tobacco Settlement Financing Auth Oh Ref-Senior-Class 2-Ser B-2 5.000 Jun 01 55 | 0.64% | 2.53% | 1.89% |
| NY NYCDEV 5 11/15/20Nycdev 5.000 11/15/44 | 0.22% | 1.62% | 1.40% |
| GA MELPWR 5 01/01/20Municipal Elec 5% 01/59 | 1.18% | 0.40% | 0.78% |
You are not choosing between two funds in isolation.
Whichever of MINO 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, MINO or MMD?
MINO has an expense ratio of 0.39% while MMD charges 2.33%. MINO is the cheaper option, by $194 a year on a $10,000 investment.
Which performed better, MINO or MMD?
Over the past year MINO returned -1.84% vs -3.89% for MMD, so MINO leads on 1-year performance. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, MINO or MMD?
MMD has been the more volatile fund at 14.3% annualized versus 6.8% for MINO. Worst drawdown: MINO -15.2% vs MMD -29.0%.
Should I hold both MINO and MMD?
MINO and MMD have a monthly-return correlation of 0.84, 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, MINO or MMD?
MINO yields 3.97% while MMD yields 4.82%, so MMD currently pays the higher dividend yield.
Is MMD better than MINO?
MINO has a lower expense ratio. MINO 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.