MMD vs VTI
NYLIM MacKay DefinedTerm Muni Opportunities Fund vs Vanguard Morningstar Total Stock Market ETF
Which is better, MMD or VTI?
Municipal Bond against Large Cap Blend.
VTI has a lower expense ratio. VTI led over 1Y, 3Y, 5Y and the full window. VTI is less concentrated, with 33.3% of the fund in its ten largest positions against 35.5%.
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 | VTI |
|---|---|---|
| Expense Ratio | 2.33% | 0.03%Best |
| AUM | $478M | $666.9B |
| Dividend Yield | 4.82% | 1.03% |
| Holdings | 93 | 3,543 |
| YTD Return | -1.96% | +12.30%Best |
| 1Y Return | -3.99% | +16.08%Best |
| 3Y Return (annualized) | +0.42% | +21.01%Best |
| 5Y Return (annualized) | -4.25% | +12.36%Best |
| Volatility (annualized) | 11.3%Best | 14.4% |
| Max Drawdown | -30.1%Best | -35.0% |
| $10,000 over 5 years | $8,048 | $17,908Best |
| Top 10 Weight | 35.5% | 33.3%Best |
| Fund Family | New York Life Investments | Vanguard (US) |
| Category | Tax Preferred | Equity |
| Style | Municipal Bond | Large Cap Blend |
| Inception | Jun 27, 2012 | May 24, 2001 |
Volatility and max drawdown are measured over the window both funds cover: Jun 27, 2012 to Sep 18, 2026 (14.2 years).
MMD vs VTI 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 is available from the range buttons; it is not the opening view here because over the whole period one of these two funds moves so much further than the other that its line would sit flat on the axis.
MMD vs VTI Performance
NYLIM MacKay DefinedTerm Muni Opportunities Fund (MMD) is an ETF from New York Life Investments and Vanguard Morningstar Total Stock Market ETF (VTI) is an ETF from Vanguard (US). Over the past year MMD returned -3.99% while VTI returned +16.08%. Year to date, MMD is down 1.96% versus a gain of 12.30% for VTI.
Over three years, MMD compounded at +0.42% per year against +21.01% for VTI; over five years the annualized figures are -4.25% and +12.36% respectively. Across the full 14-year window we track, VTI has the edge at +13.36% annualized vs -0.48%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
VTI has been the more volatile fund, with annualized monthly volatility of 14.4% compared with 11.3% for MMD. 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 -30.1% for MMD and -35.0% for VTI. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.43. They move together some of the time, and apart the rest.
Fees and Cost Over Time
MMD charges 2.33% per year while VTI charges 0.03%. On a $10,000 position that is $233 vs $3 annually, a gap of $230 per year that compounds over a long holding period. On income, MMD currently yields 4.82% against 1.03% for VTI.
Holdings Overlap
We hold position weights for 51 holdings in MMD and 3,463 in VTI, totalling 96.9% and 98.1% of the two funds. The two books name no position in common, so there is no overlap percentage to show.
The two holdings books were reported 61 days apart, MMD as of May 31, 2026 and VTI as of Jul 31, 2026, so some of the difference between them is the time between the two reports rather than the funds.
0 positions in common, counted across the 51 positions we hold weights for in MMD and 3,463 in VTI, against full books of 93 and 3,543.
What only one of them owns
Our book lists 1,150 positions for VTI that do not appear in our book for MMD (97.5% of the fund), and 51 for MMD that do not appear in VTI (96.9%).
Some of those will be the same company recorded under a different code in one of the two books, so the real difference in what you would own is no larger than this and may be smaller. We do not name the individual positions here for that reason.
You are not choosing between two funds in isolation.
Whichever of MMD and VTI 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 VTI?
MMD has an expense ratio of 2.33% while VTI charges 0.03%. VTI is the cheaper option, by $230 a year on a $10,000 investment.
Which performed better, MMD or VTI?
Over the past year MMD returned -3.99% vs +16.08% for VTI, so VTI leads on 1-year performance. Over the longest common window we track (14 years), MMD annualized -0.48% vs +13.36% for VTI. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, MMD or VTI?
VTI has been the more volatile fund at 14.4% annualized versus 11.3% for MMD. Worst drawdown: MMD -30.1% vs VTI -35.0%.
Should I hold both MMD and VTI?
MMD and VTI have a monthly-return correlation of 0.43, 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 VTI?
MMD yields 4.82% while VTI yields 1.03%, so MMD currently pays the higher dividend yield.
Is VTI better than MMD?
VTI has a lower expense ratio. VTI led over 1Y, 3Y, 5Y and the full window. VTI is less concentrated, with 33.3% of the fund in its ten largest positions against 35.5%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.