MMD vs TAFM
NYLIM MacKay DefinedTerm Muni Opportunities Fund vs AB Tax-Aware Intermediate Municipal ETF
Which is better, MMD or TAFM?
TAFM has been ahead.
TAFM has a lower expense ratio. TAFM 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 | TAFM |
|---|---|---|
| Expense Ratio | 2.33% | 0.28%Best |
| AUM | $478M | $1.0B |
| Dividend Yield | 5.20% | 3.85% |
| Holdings | 96 | 1,404 |
| YTD Return | -4.95% | -3.22%Best |
| 1Y Return | -5.20% | -2.29%Best |
| 3Y Return (annualized) | +1.68% | - |
| 5Y Return (annualized) | -3.93% | - |
| Volatility (annualized) | 10.1% | 4.5%Best |
| Max Drawdown | -17.1% | -6.6%Best |
| $10,000 over 2.8 years | $9,775 | $10,504Best |
| 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 TAFM 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 TAFM Performance
NYLIM MacKay DefinedTerm Muni Opportunities Fund (MMD) is an ETF from New York Life Investments and AB Tax-Aware Intermediate Municipal ETF (TAFM) is an ETF from AllianceBernstein L.P.. Over the past year MMD returned -5.20% while TAFM returned -2.29%. Year to date, MMD is down 4.95% versus a loss of 3.22% for TAFM.
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 4.5% for TAFM. 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 -6.6% for TAFM. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.77. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
MMD charges 2.33% per year while TAFM 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 3.85% for TAFM.
Holdings Overlap
We hold position weights for 34 holdings in MMD and 234 in TAFM, totalling 46.5% and 28.8% 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 97 days apart, MMD as of Jun 30, 2026 and TAFM as of Oct 5, 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 234 in TAFM, against full books of 96 and 1,404.
Top Shared Holdings
| Stock | Weight in MMD | Weight in TAFM | 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% | 0.26% | 2.27% |
| NY MTATRN 5.25 11/15Metropolitan Transportation Authority | 2.30% | 0.13% | 2.17% |
| OH COLAPT 5.5 01/01/Columbus Oh Regl Arpt Auth Revenue | 1.71% | 0.24% | 1.47% |
| NJ NJSTRN 5.25 06/15New Jersey St Transprtn Trust Fund Auth 5.25% 06/15/2043 | 1.54% | 0.24% | 1.30% |
| PR PRCUTL 5 07/01/20Prcutl 5.000 07/01/47 | 1.63% | 0.12% | 1.51% |
| IL MPNFAC 5 06/15/20Metropolitan Pier & Exposition Authority 0.05 06/15/2057 | 1.51% | 0.23% | 1.28% |
| IL CHIEDU 7 12/01/20Chicago Il Brd Of Edu Chiedu 12/46 Fixed Oid 7 | 1.32% | 0.12% | 1.20% |
| DC METAPT 6.5 10/01/Metropolitan Washington Airports Authority Dulles Toll Road Revenue 6.5 10/01/2041 | 0.78% | 0.13% | 0.65% |
| IL CHI 5.5 01/01/204City Of Chicago Il 5.5 01/01/2049 | 0.49% | 0.12% | 0.37% |
| GA MELPWR 5 01/01/20Municipal Elec 5% 01/59 | 0.40% | 0.08% | 0.32% |
You are not choosing between two funds in isolation.
Whichever of MMD and TAFM 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 TAFM?
MMD has an expense ratio of 2.33% while TAFM charges 0.28%. TAFM is the cheaper option, by $205 a year on a $10,000 investment.
Which performed better, MMD or TAFM?
Over the past year MMD returned -5.20% vs -2.29% for TAFM, so TAFM leads on 1-year performance. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, MMD or TAFM?
MMD has been the more volatile fund at 10.1% annualized versus 4.5% for TAFM. Worst drawdown: MMD -17.1% vs TAFM -6.6%.
Should I hold both MMD and TAFM?
MMD and TAFM have a monthly-return correlation of 0.77, 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 TAFM?
MMD yields 5.20% while TAFM yields 3.85%, so MMD currently pays the higher dividend yield.
Is TAFM better than MMD?
TAFM has a lower expense ratio. TAFM 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.