MMD vs TAXM
NYLIM MacKay DefinedTerm Muni Opportunities Fund vs BondBloxx IR+M Tax-Aware ETF for Massachusetts Residents
Which is better, MMD or TAXM?
TAXM has been ahead.
TAXM has a lower expense ratio. TAXM 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 | TAXM |
|---|---|---|
| Expense Ratio | 2.33% | 0.35%Best |
| AUM | $291M | $41M |
| Dividend Yield | 5.07% | 3.38% |
| Holdings | 96 | 317 |
| YTD Return | -2.03% | -0.10%Best |
| 1Y Return | -2.61% | -0.09%Best |
| 3Y Return (annualized) | +1.55% | - |
| 5Y Return (annualized) | -3.39% | - |
| Volatility (annualized) | 11.3% | 5.2%Best |
| Max Drawdown | -17.1% | -6.2%Best |
| $10,000 over 1.7 years | $10,082 | $10,372Best |
| Fund Family | New York Life Investments | BondBloxx |
| Category | Tax Preferred | Tax Preferred |
| Style | Municipal Bond | Municipal Bond |
| Inception | Jun 27, 2012 | Mar 13, 2025 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown, and the $10,000 over 1.7 years row, are measured over the window both funds cover: Mar 13, 2025 to Nov 11, 2026 (1.7 years).
MMD vs TAXM 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 1.7 years both funds cover.
MMD vs TAXM Performance
NYLIM MacKay DefinedTerm Muni Opportunities Fund (MMD) is an ETF from New York Life Investments and BondBloxx IR+M Tax-Aware ETF for Massachusetts Residents (TAXM) is an ETF from BondBloxx. Over the past year MMD returned -2.61% while TAXM returned -0.09%. Year to date, MMD is down 2.03% versus a loss of 0.10% for TAXM.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
MMD has been the more volatile fund, with annualized monthly volatility of 11.3% compared with 5.2% for TAXM. 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 -6.2% for TAXM. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.88. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
MMD charges 2.33% per year while TAXM charges 0.35%. On a $10,000 position that is $233 vs $35 annually, a gap of $198 per year that compounds over a long holding period. On income, MMD currently yields 5.07% against 3.38% for TAXM.
Holdings Overlap
At least 1.2% of MMD's money is in holdings TAXM also owns.
Stated as a floor: for TAXM, our book for it covers 30.8% of that fund, so a holding it does not list is one we cannot count as shared. The real figure is this or higher.
MMD and TAXM share little of their money.
1 positions in common, counted across the 50 positions we hold weights for in MMD and 66 in TAXM, against full books of 96 and 317.
Top Shared Holdings
| Stock | Weight in MMD | Weight in TAXM | Difference |
|---|---|---|---|
| MA MASTRN 5 06/01/20Commonwealth Of Massachusetts Transportation Fund Revenue 5 06/01/2053 | 1.20% | 0.39% | 0.81% |
You are not choosing between two funds in isolation.
Whichever of MMD and TAXM 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 TAXM?
MMD has an expense ratio of 2.33% while TAXM charges 0.35%. TAXM is the cheaper option, by $198 a year on a $10,000 investment.
Which performed better, MMD or TAXM?
Over the past year MMD returned -2.61% vs -0.09% for TAXM, so TAXM leads on 1-year performance. Over the longest common window we track (2 years), MMD annualized +0.48% vs +2.17% for TAXM. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, MMD or TAXM?
MMD has been the more volatile fund at 11.3% annualized versus 5.2% for TAXM. Worst drawdown: MMD -17.1% vs TAXM -6.2%.
Should I hold both MMD and TAXM?
MMD and TAXM have a monthly-return correlation of 0.88, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
What is the holdings overlap between MMD and TAXM?
At least 1.2% of MMD's money is in holdings TAXM also owns. Our book for TAXM is partial, so the real figure is this or higher. They hold 1 positions in common, counted across the 50 positions we hold weights for in MMD and 66 in TAXM.
Which pays a higher dividend, MMD or TAXM?
MMD yields 5.07% while TAXM yields 3.38%, so MMD currently pays the higher dividend yield.
Is TAXM better than MMD?
TAXM has a lower expense ratio. TAXM 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.