MMSD vs SPY
NYLI MacKay Muni Short Duration ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 503 holdings.
Side-by-Side Comparison
| Metric | MMSD | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.25% | 0.09% | |
| AUM | $75M | $789.1B | |
| Dividend Yield | 3.85% | 1.01% | |
| Holdings | 124 | 505 | |
| YTD Return | +1.50% | +13.75% | |
| 1Y Return | +3.06% | +22.91% | |
| 3Y Return (annualized) | - | +21.67% | |
| 5Y Return (annualized) | - | +13.32% | |
| Volatility (annualized) | 1.8% | 15.3% | |
| Max Drawdown | -1.4% | -56.5% | |
| Fund Family | New York Life Investments | State Street Investment Management | |
| Category | Fixed Income | Equity | |
| Inception | May 6, 2025 | Jan 22, 1993 |
MMSD vs SPY Performance
NYLI MacKay Muni Short Duration ETF (MMSD) is a ETF from New York Life Investments and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year MMSD returned +3.06% while SPY returned +22.91%. Year to date, MMSD is up 1.50% versus a gain of 13.75% for SPY.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 1.8% for MMSD. 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 -1.4% for MMSD and -56.5% for SPY. 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 0.54. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
MMSD charges 0.25% per year while SPY charges 0.09%. On a $10,000 position that is $25 vs $9 annually, a gap of $16 per year that compounds over a long holding period. On income, MMSD currently yields 3.85% against 1.01% for SPY.
Holdings Overlap
MMSD and SPY share 0 holdings out of 534 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, MMSD or SPY?
MMSD has an expense ratio of 0.25% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $16 per year of difference.
Which performed better, MMSD or SPY?
Over the past year MMSD returned +3.06% vs +22.91% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (1 years), MMSD annualized +4.14% vs +8.85% for SPY. Past performance does not guarantee future results.
Which is riskier, MMSD or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 1.8% for MMSD. Worst drawdown: MMSD -1.4% vs SPY -56.5%.
Should I hold both MMSD and SPY?
MMSD and SPY have a monthly-return correlation of 0.54, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between MMSD and SPY?
MMSD and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 534 unique securities.
Which pays a higher dividend, MMSD or SPY?
MMSD yields 3.85% while SPY yields 1.01%, so MMSD currently pays the higher dividend yield.
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