MMD vs GAL

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

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

MMD vs GAL - Performance Comparison

Log

Key Characteristics

Financial metrics and valuation ratios

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

Net Assets

Winner

MMD

$307M

GAL

$307M

Expense Ratio

MMD

N/A

GAL

0.35%

Max Drawdown

MMD

39.44%

Winner

GAL

28.31%

Sharpe Ratio

MMD

0.88

Winner

GAL

1.42

5Y Beta

Winner

MMD

0.17

GAL

0.53

5Y Dividends CAGR

MMD

-4.51%

Winner

GAL

16.76%

MMD vs GAL - Historical Returns

Returns include dividend reinvestment.

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

Winner

MMD

+2.26%

GAL

-0.15%

MMD

+0.34%

Winner

GAL

+3.98%

MMD

+5.00%

Winner

GAL

+7.10%

MMD

+10.83%

Winner

GAL

+17.54%

5Y(CAGR)

MMD

-2.72%

Winner

GAL

+6.55%

10Y(CAGR)

MMD

+2.35%

Winner

GAL

+8.00%

Max(CAGR)

MMD

+3.76%

Winner

GAL

+7.30%

MMD vs GAL - Annual Returns (2012 - 2026)

Returns include dividend reinvestment.

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

MMD vs GAL Drawdown Comparison

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

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

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

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

Correlation

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

0.74

-101

Dividend Comparison (2012 - 2026)

MMD vs GAL dividend yield comparison.

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