MMITvsDFNMETF Comparison
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NYLI MacKay Muni Intermediate ETF (MMIT) and Dimensional National Municipal Bond ETF (DFNM) belong to the same industry segment: Municipal Bonds. Both ETFs have the same top 1 sector exposures: Municipal. MMIT is more expensive with a Total Expense Ratio (TER) of 0.48%, versus 0.18% for DFNM. MMIT is down -1.6% year-to-date (YTD) with +$337M in YTD flows. DFNM performs better with -1% YTD performance, and +$360M in YTD flows. Run a side-by-side ETF comparison of MMIT and DFNM 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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MMIT vs DFNM performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 10/16/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | MMIT DFNM | -0.14%+0.02% | -2.89%-2.31% | -1.60%-1.00% | -0.87%-0.15% | +10.77%+9.22% | +3.05%n/a |
| Flows | MMIT DFNM | +$127M-$35M | +$161M+$41M | +$337M+$360M | +$462M+$562M | +$1.13B+$1.29B | +$1.43B- |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | MMIT DFNM | +4.55%+3.59% | +2.83%+2.20% | +3.06%+2.31% | +3.08%n/a |
| Max drawdown | MMIT DFNM | -5.22%-4.26% | -5.97%-4.56% | -5.97%-4.56% | -11.87%n/a |
| Max drawdown duration | MMIT DFNM | 92d92d | 229d101d | 229d101d | 997dn/a |
Trading data
MMIT | DFNM | |
Last sale 10/16/2026 at 1:30 PM | $23.29 | $46.71 |
| Previous close 10/16/2026 | $23.26 | $46.71 |
| Consolidated volume 10/16/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
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Main metrics
Last update 10/16/2026 at 1:30 PM
Live
Closed
MMIT | DFNM | |
|---|---|---|
| Last price | $23.29 | $46.71 |
| 1D performance | +0.13% | +0.00% |
| AuM | $1.58 B | $2.22 B |
| E/R | 0.48% | 0.18% |
Characteristics
MMIT | DFNM | |
|---|---|---|
| Management strategy | Active | Active |
| Provider | New York Life Investments | Dimensional |
| Benchmark | - | - |
| N° of holdings | 190 | 259 |
| Asset class | - | - |
| Trailing 12m distribution yield | Join | Join |
| Inception date | October 18, 2017 | November 15, 2021 |
| ESG | No | No |
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Exposure
Countries
MMIT
USA
30.87%
Other
69.13%
DFNM
USA
30.25%
Other
69.75%
Sectors
MMIT
Municipal
30.87%
Other
69.13%
DFNM
Municipal
30.25%
Other
69.75%
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Diversification
MMIT
Total weight of top 15 holdings out of 15
10.47%
DFNM
Total weight of top 15 holdings out of 15
8.59%
Top 15 holdings
Data as of August 31, 2026
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%
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%
Frequently asked questions about MMIT and DFNM
How have the MMIT and DFNM ETFs performed in 2026?
As of October 16, 2026, MMIT is down -1.6% year-to-date (YTD), while DFNM has lost -1%. That puts DFNM better performer ahead so far this year.
Which ETF is attracting more investor money: MMIT or DFNM?
Year-to-date, the MMIT ETF saw +$337M in flows, compared to +$360M for DFNM.
Which ETF is more volatile: MMIT or DFNM?
Over the past year, MMIT had a volatility of 2.83%, while DFNM experienced 2.2%.
Which ETF is bigger: MMIT or DFNM?
As of October 16, 2026, MMIT holds $1.58 B in assets under management (AUM), while DFNM manages $2.22 B.
What sectors do the MMIT and DFNM ETFs invest in?
MMIT leans toward sectors like Municipal. Meanwhile, DFNM focuses on Municipal.
What are the top holdings of the MMIT ETF and DFNM ETF?
MMIT top holdings include 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). DFNM holds in its top three: County of Hudson, 4% 24feb2027, USD (2026), Revere, 4% 29jul2027, USD and US692160VQ47.
Which ETF is more diversified: MMIT or DFNM?
MMIT holds 865 securities with 10.47% of its assets in the top 15. DFNM has 1198 securities and a top 15 weight of 8.59%.
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