GAL vs MMD

Comparison between STATE STREET(R) GLOBAL ALLOCATION ETF (GAL, ETF) and MainStay MacKay DefinedTerm Municipal Opportunities Fund (MMD, ETF).

5-Year PerformanceGAL has outperformed MMD, delivering a return of +6.5% compared to -2.7%

GAL vs MMD - Performance Comparison

Log

Key Characteristics

Financial metrics and valuation ratios

Metric	GAL(ETF)	MMD(ETF)
Net Assets	$307M	$307M
Expense Ratio	0.35%	N/A
Max Drawdown	28.31%	39.44%
Sharpe Ratio	1.42	0.88
5Y Beta	0.53	0.17
5Y Dividends CAGR	16.76%	-4.51%

Net Assets

GAL

$307M

Winner

MMD

$307M

Expense Ratio

GAL

0.35%

MMD

N/A

Max Drawdown

Winner

GAL

28.31%

MMD

39.44%

Sharpe Ratio

Winner

GAL

1.42

MMD

0.88

5Y Beta

GAL

0.53

Winner

MMD

0.17

5Y Dividends CAGR

Winner

GAL

16.76%

MMD

-4.51%

GAL vs MMD - Historical Returns

Returns include dividend reinvestment.

Period	GAL	MMD
1 month	-0.15%	+2.26%
3 months	+3.98%	+0.34%
6 months	+7.10%	+5.00%
1 year	+17.54%	+10.83%
5 years(CAGR)	+6.55%	-2.72%
10 years(CAGR)	+8.00%	+2.35%
Max(CAGR)	+7.30%	+3.76%

GAL

-0.15%

Winner

MMD

+2.26%

Winner

GAL

+3.98%

MMD

+0.34%

Winner

GAL

+7.10%

MMD

+5.00%

Winner

GAL

+17.54%

MMD

+10.83%

5Y(CAGR)

Winner

GAL

+6.55%

MMD

-2.72%

10Y(CAGR)

Winner

GAL

+8.00%

MMD

+2.35%

Max(CAGR)

Winner

GAL

+7.30%

MMD

+3.76%

GAL vs MMD - Annual Returns (2012 - 2026)

Returns include dividend reinvestment.

Year	GAL	MMD
2026	+6.01%	+4.51%
2025	+16.22%	+3.28%
2024	+10.70%	-4.81%
2023	+13.44%	+4.24%
2022	-13.47%	-20.66%
2021	+12.77%	+4.65%
2020	+8.67%	+8.58%
2019	+18.85%	+12.10%
2018	-8.11%	+3.95%
2017	+17.99%	+13.82%
2016	+3.98%	+2.65%
2015	-2.42%	+9.39%
2014	+6.75%	+20.47%
2013	+11.55%	-17.78%
2012	+5.60%	+4.83%

GAL vs MMD Drawdown Comparison

The maximum drawdown for GAL was -28.31%, occurring on Mar 23, 2020. Recovery took 168 trading sessions.

The maximum drawdown for MMD was -30.12%, occurring on Oct 27, 2023. This drawdown has not yet recovered.

The current GAL drawdown is -2.49%. The current MMD drawdown is -16.00%.

Rank	GAL	MMD
#1	-28.31% Feb 12, 2020 - Oct 12, 2020	-30.12% Aug 9, 2021 - Oct 27, 2023
#2	-21.14% Nov 8, 2021 - Mar 7, 2024	-25.16% Jan 11, 2013 - Oct 17, 2014
#3	-14.96% Jan 26, 2018 - Sep 12, 2019	-24.57% Feb 13, 2020 - Dec 2, 2020
#4	-13.25% Apr 27, 2015 - Feb 21, 2017	-11.66% Jul 7, 2016 - May 31, 2017
#5	-9.12% Feb 18, 2025 - May 13, 2025	-8.45% Apr 23, 2015 - Nov 23, 2015
#6	-8.02% May 21, 2013 - Sep 18, 2013	-6.58% Dec 14, 2017 - Jul 16, 2018
#7	-7.48% Apr 27, 2012 - Aug 16, 2012	-6.20% Dec 12, 2012 - Jan 11, 2013
#8	-7.11% Sep 3, 2014 - Jan 26, 2015	-5.57% Sep 10, 2018 - Dec 14, 2018
#9	-6.26% Feb 25, 2026 - Apr 15, 2026	-5.40% Feb 9, 2021 - Apr 13, 2021
#10	-4.96% Jul 16, 2024 - Aug 21, 2024	-5.09% Sep 15, 2017 - Dec 7, 2017
#11	-4.73% Jan 22, 2014 - Feb 24, 2014	-3.90% Feb 5, 2015 - Apr 14, 2015
#12	-4.70% Oct 12, 2020 - Nov 5, 2020	-3.56% Dec 14, 2018 - Feb 7, 2019
#13	-4.39% Oct 17, 2012 - Dec 12, 2012	-3.54% May 11, 2016 - Jun 22, 2016
#14	-3.69% Dec 6, 2024 - Feb 13, 2025	-3.54% May 27, 2021 - Jul 28, 2021
#15	-3.58% Sep 3, 2021 - Nov 2, 2021	-3.28% Nov 11, 2014 - Dec 30, 2014

Correlation

Correlation between GAL and MMD is 0.74 which considered as a strong positive correlation - the stocks tend to move together.

0.74

-101

Dividend Comparison (2012 - 2026)

GAL vs MMD dividend yield comparison.

Year	GAL	MMD
2026	0.26%	2.16%
2025	3.47%	4.84%
2024	2.99%	4.82%
2023	2.56%	5.26%
2022	6.19%	6.35%
2021	4.05%	4.68%
2020	2.14%	4.68%
2019	2.96%	4.85%
2018	2.43%	5.38%
2017	2.26%	5.45%
2016	2.43%	6.16%
2015	3.10%	6.25%
2014	3.36%	6.39%
2013	2.50%	9.50%
2012	2.47%	2.86%