STAXvsMMCAETF Comparison
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Nomura Tax-Free USA Short Term ETF (STAX) and NYLI MacKay California Muni Intermediate ETF (MMCA) belong to the same industry segment: Municipal Bonds. Both ETFs have the same top 1 sector exposures: Municipal. STAX is less expensive with a Total Expense Ratio (TER) of 0.29%, versus 0.7% for MMCA. STAX is up 0.62% year-to-date (YTD) with +$6M in YTD flows. MMCA performs worse with -2.54% YTD performance, and +$33M in YTD flows. Run a side-by-side ETF comparison of STAX and MMCA 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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STAX vs MMCA performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 10/16/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | STAX MMCA | -0.05%-0.54% | -0.88%-3.25% | +0.62%-2.54% | +1.00%-1.81% | n/a+11.12% | n/an/a |
| Flows | STAX MMCA | -$3K+$9M | -$2M+$11M | +$6M+$33M | +$6M+$43M | -+$67M | -- |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | STAX MMCA | +2.37%+4.73% | +1.45%+2.98% | n/a+3.12% | n/an/a |
| Max drawdown | STAX MMCA | -2.49%-5.42% | -2.57%-6.73% | n/a-6.73% | n/an/a |
| Max drawdown duration | STAX MMCA | 64d64d | 101d229d | n/a229d | n/an/a |
Trading data
STAX | MMCA | |
Last sale 10/19/2026 at 1:30 PM | $24.93 | $20.78 |
| Previous close 10/16/2026 | $24.92 | $20.81 |
| 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 10/19/2026 at 1:30 PM
Live
Closed
STAX | MMCA | |
|---|---|---|
| Last price | $24.93 | $20.78 |
| 1D performance | +0.06% | -0.14% |
| AuM | $11.24 M | $97.66 M |
| E/R | 0.29% | 0.7% |
Characteristics
STAX | MMCA | |
|---|---|---|
| Management strategy | Active | Active |
| Provider | Nomura | New York Life Investments |
| Benchmark | - | - |
| N° of holdings | 30 | 33 |
| Asset class | - | - |
| Trailing 12m distribution yield | Join | Join |
| Inception date | November 28, 2023 | December 22, 2021 |
| ESG | No | No |
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Exposure
Countries
STAX
USA
34.04%
Other
65.96%
MMCA
USA
31.29%
Other
68.71%
Sectors
STAX
Municipal
34.04%
Other
65.96%
MMCA
Municipal
31.29%
Other
68.71%
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Diversification
STAX
Total weight of top 15 holdings out of 15
27.98%
MMCA
Total weight of top 15 holdings out of 15
26.09%
Top 15 holdings
Data as of August 31, 2026
STAX
US650116FF84
2.40%
US4521525L18
2.31%
US85236DAK46
2.12%
Chicago, 5% 1nov2026, USD (2004)
2.08%
US45470YGF25
1.90%
US54877EAC03
1.89%
Tobacco Settlement Financing Corp. (NJ), 5% 1jun2029, USD (2018A)
1.82%
New York Transportation Development Corp., 5% 1jan2028, USD (2018)
1.80%
US472682YZ07
1.79%
US73358XNJ71
1.74%
US60374VEX73
1.73%
US46613SRN26
1.73%
US725304TX70
1.66%
US63608SAG75
1.55%
Equitable School Revolving Fund, 5% 1nov2028, USD (2022A)
1.47%
MMCA
California Community Choice Financing Authority, 5% 1oct2034, USD (2026G)
2.63%
California Community Choice Financing Authority, 5.25% 1feb2036, USD (2026C)
2.22%
US13013JCM62
2.20%
California Public Works Board, 5% 1sep2035, USD (2026)
2.06%
US120827ES50
2.00%
US13077DYV80
1.80%
US544446BN68
1.72%
San Jose (CA), 3.05% 1may2066, USD (2026A)
1.57%
California Infrastructure and Economic Development Bank, 3.25% 1jun2033, USD (2026)
1.55%
Puerto Rico, 4% 1jul2037, USD
1.52%
Foothill/Eastern Transportation Corridor Agency, 0% 15jan2035, USD (2015A, 7270D)
1.49%
California, 5% 1sep2039, USD
1.41%
US13032UWT14
1.33%
US845389PU30
1.30%
US13050WAL54
1.28%
Frequently asked questions about STAX and MMCA
How have the STAX and MMCA ETFs performed in 2026?
As of October 16, 2026, STAX is up 0.62% year-to-date (YTD), while MMCA has lost -2.54%. That puts STAX better performer ahead so far this year.
Which ETF is attracting more investor money: STAX or MMCA?
Year-to-date, the STAX ETF saw +$6M in flows, compared to +$33M for MMCA.
Which ETF is more volatile: STAX or MMCA?
Over the past year, STAX had a volatility of 1.45%, while MMCA experienced 2.98%.
Which ETF is bigger: STAX or MMCA?
As of October 16, 2026, STAX holds $11.24 M in assets under management (AUM), while MMCA manages $97.66 M.
What sectors do the STAX and MMCA ETFs invest in?
STAX leans toward sectors like Municipal. Meanwhile, MMCA focuses on Municipal.
What are the top holdings of the STAX ETF and MMCA ETF?
STAX top holdings include US650116FF84, US4521525L18 and US85236DAK46. MMCA holds in its top three: California Community Choice Financing Authority, 5% 1oct2034, USD (2026G), California Community Choice Financing Authority, 5.25% 1feb2036, USD (2026C) and US13013JCM62.
Which ETF is more diversified: STAX or MMCA?
STAX holds 82 securities with 27.98% of its assets in the top 15. MMCA has 120 securities and a top 15 weight of 26.09%.
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