MMD vs VTI
NYLI MacKay DefinedTerm Muni Opportunities Fund vs Vanguard Total Stock Market ETF
Quick Verdict
VTI has a lower expense ratio. VTI delivered stronger 1-year returns. VTI offers more diversification with 2783 holdings.
Side-by-Side Comparison
| Metric | MMD | VTI | Winner |
|---|---|---|---|
| Expense Ratio | 2.33% | 0.03% | |
| AUM | $478M | $663.5B | |
| Dividend Yield | 4.59% | 1.07% | |
| Holdings | 90 | 3,543 | |
| YTD Return | +3.22% | +14.22% | |
| 1Y Return | +6.37% | +22.19% | |
| 3Y Return (annualized) | +1.08% | +21.27% | |
| 5Y Return (annualized) | -3.23% | +12.23% | |
| Volatility (annualized) | 11.2% | 15.3% | |
| Max Drawdown | -30.1% | -56.6% | |
| Fund Family | New York Life Investments | Vanguard (US) | |
| Category | Tax Preferred | Equity | |
| Inception | Jun 27, 2012 | May 24, 2001 |
MMD vs VTI Performance
NYLI MacKay DefinedTerm Muni Opportunities Fund (MMD) is a ETF from New York Life Investments and Vanguard Total Stock Market ETF (VTI) is a ETF from Vanguard (US). Over the past year MMD returned +6.37% while VTI returned +22.19%. Year to date, MMD is up 3.22% versus a gain of 14.22% for VTI.
Over three years, MMD compounded at +1.08% per year against +21.27% for VTI; over five years the annualized figures are -3.23% and +12.23% respectively. Across the full 14-year window we track, VTI has the edge at +8.14% annualized vs -0.12%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
VTI has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 11.2% 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 -56.6% for VTI. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.43. They move independently enough that combining them can meaningfully diversify a portfolio.
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 4.59% against 1.07% for VTI.
Holdings Overlap
MMD and VTI share 0 holdings out of 2832 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
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. On a $10,000 investment, that is $230 per year of difference.
Which performed better, MMD or VTI?
Over the past year MMD returned +6.37% vs +22.19% for VTI, so VTI leads on 1-year performance. Over the longest common window we track (14 years), MMD annualized -0.12% vs +8.14% for VTI. Past performance does not guarantee future results.
Which is riskier, MMD or VTI?
VTI has been the more volatile fund at 15.3% annualized versus 11.2% for MMD. Worst drawdown: MMD -30.1% vs VTI -56.6%.
Should I hold both MMD and VTI?
MMD and VTI have a monthly-return correlation of 0.43, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between MMD and VTI?
MMD and VTI share 0 common holdings with a 0.0% weight overlap. Combined, they hold 2832 unique securities.
Which pays a higher dividend, MMD or VTI?
MMD yields 4.59% while VTI yields 1.07%, so MMD currently pays the higher dividend yield.
Popular ETF Comparisons
Get Full ETF Analytics
Access complete holdings data, overlap analysis, screener tools, and more with FundXLS.