DFNMvsMMITETF Comparison
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Dimensional National Municipal Bond ETF (DFNM) and NYLI MacKay Muni Intermediate ETF (MMIT) belong to the same industry segment: Municipal Bonds. Both ETFs have the same top 1 sector exposures: Municipal. DFNM is less expensive with a Total Expense Ratio (TER) of 0.18%, versus 0.48% for MMIT. DFNM is down -1.58% year-to-date (YTD) with +$395M in YTD flows. MMIT performs worse with -2.33% YTD performance, and +$325M in YTD flows. Run a side-by-side ETF comparison of DFNM and MMIT below, and assess how they stack up in performance, liquidity, risk, exposure, holdings, and more, helping you select the best ETF for your investments.
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DFNM vs MMIT performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 10/13/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | DFNM MMIT | -0.76%-1.21% | -2.93%-3.83% | -1.58%-2.33% | -0.61%-1.33% | +8.48%+9.96% | n/a+2.29% |
| Flows | DFNM MMIT | +$5M+$113M | +$88M+$149M | +$395M+$325M | +$612M+$450M | +$1.32B+$1.11B | -+$1.42B |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | DFNM MMIT | +3.41%+4.30% | +2.14%+2.75% | +2.30%+3.04% | n/a+3.06% |
| Max drawdown | DFNM MMIT | -4.30%-5.45% | -4.56%-5.97% | -4.56%-5.97% | n/a-11.87% |
| Max drawdown duration | DFNM MMIT | 92d92d | 99d227d | 99d227d | n/a997d |
Trading data
DFNM | MMIT | |
Last sale 10/15/2026 at 1:30 PM | $46.71 | $23.26 |
| Previous close 10/14/2026 | $46.45 | $23.11 |
| Consolidated volume 10/14/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
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Main metrics
Last update 10/15/2026 at 1:30 PM
Live
Closed
DFNM | MMIT | |
|---|---|---|
| Last price | $46.71 | $23.26 |
| 1D performance | +0.56% | +0.65% |
| AuM | $2.24 B | $1.56 B |
| E/R | 0.18% | 0.48% |
Characteristics
DFNM | MMIT | |
|---|---|---|
| Management strategy | Active | Active |
| Provider | Dimensional | New York Life Investments |
| Benchmark | - | - |
| N° of holdings | 259 | 190 |
| Asset class | - | - |
| Trailing 12m distribution yield | Join | Join |
| Inception date | November 15, 2021 | October 18, 2017 |
| ESG | No | No |
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Exposure
Countries
DFNM
USA
30.25%
Other
69.75%
MMIT
USA
30.87%
Other
69.13%
Sectors
DFNM
Municipal
30.25%
Other
69.75%
MMIT
Municipal
30.87%
Other
69.13%
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Diversification
DFNM
Total weight of top 15 holdings out of 15
8.59%
MMIT
Total weight of top 15 holdings out of 15
10.47%
Top 15 holdings
Data as of August 31, 2026
DFNM
County of Hudson, 4% 24feb2027, USD (2026)
0.80%
Revere, 4% 29jul2027, USD
0.72%
US692160VQ47
0.67%
City of Somerville (MA), 4% 28may2027, USD
0.67%
Hoboken, 4% 8mar2027, USD (2026)
0.67%
US562333SJ48
0.59%
US594712ZC81
0.58%
US609561SR73
0.51%
Maryland, 5% 1jun2037, USD (2025)
0.49%
US650028F992
0.49%
New Mexico, 5% 1mar2027, USD (2026)
0.49%
US686507NU45
0.48%
US30382AMM17
0.48%
US59333FR362
0.46%
Charleston School District, 5% 6may2027, USD (2026A)
0.46%
MMIT
City of New York, 5.125% 15nov2011, USD
1.02%
Puerto Rico Sales Tax Financing Corp., 4.329% 1jul2040, USD
0.99%
Minnesota Municipal Gas Energy, 5% 1sep2035, USD (2026A)
0.90%
Hudson Yards Infrastructure Corp., 5% 15feb2042, USD
0.90%
Los Angeles Department of Water and Power, 5% 1jul2041, USD (2026)
0.89%
US70879QQA49
0.86%
Black Belt Energy Gas District, 4% 1oct2052, USD
0.62%
US850578UC77
0.62%
Chicago Board of Education, 6% 1apr2046, USD (2017)
0.58%
Phoenix Industrial Development Authority, 5% 31oct2044, USD (2024)
0.56%
US09182TFT97
0.56%
US74440DFC39
0.53%
US56035DJJ28
0.51%
Main Street Natural Gas Inc., 5% 1dec2052, USD (2022B)
0.47%
National Finance Authority, 4.25% 20jul2041, USD (2026-1, A-1)
0.46%
Frequently asked questions about DFNM and MMIT
How have the DFNM and MMIT ETFs performed in 2026?
As of October 13, 2026, DFNM is down -1.58% year-to-date (YTD), while MMIT has lost -2.33%. That puts DFNM better performer ahead so far this year.
Which ETF is attracting more investor money: DFNM or MMIT?
Year-to-date, the DFNM ETF saw +$395M in flows, compared to +$325M for MMIT.
Which ETF is more volatile: DFNM or MMIT?
Over the past year, DFNM had a volatility of 2.14%, while MMIT experienced 2.75%.
Which ETF is bigger: DFNM or MMIT?
As of October 13, 2026, DFNM holds $2.24 B in assets under management (AUM), while MMIT manages $1.56 B.
What sectors do the DFNM and MMIT ETFs invest in?
DFNM leans toward sectors like Municipal. Meanwhile, MMIT focuses on Municipal.
What are the top holdings of the DFNM ETF and MMIT ETF?
DFNM top holdings include County of Hudson, 4% 24feb2027, USD (2026), Revere, 4% 29jul2027, USD and US692160VQ47. MMIT holds in its top three: City of New York, 5.125% 15nov2011, USD, Puerto Rico Sales Tax Financing Corp., 4.329% 1jul2040, USD and Minnesota Municipal Gas Energy, 5% 1sep2035, USD (2026A).
Which ETF is more diversified: DFNM or MMIT?
DFNM holds 1198 securities with 8.59% of its assets in the top 15. MMIT has 865 securities and a top 15 weight of 10.47%.
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