MMD vs JCE

Comparison between MainStay MacKay DefinedTerm Municipal Opportunities Fund (MMD, ETF) and Nuveen Core Equity Alpha Fund (JCE, ETF).

5-Year PerformanceJCE has outperformed MMD, delivering a return of +11.4% compared to -2.4%

MMD vs JCE - Performance Comparison

Log

Key Characteristics

Financial metrics and valuation ratios

Metric	MMD(ETF)	JCE(ETF)
Net Assets	$308M	$307M
Max Drawdown	39.44%	64.90%
Sharpe Ratio	0.80	0.87
5Y Beta	0.16	0.79
5Y Dividends CAGR	-5.85%	4.90%

Net Assets

Winner

MMD

$308M

JCE

$307M

Max Drawdown

Winner

MMD

39.44%

JCE

64.90%

Sharpe Ratio

MMD

0.80

Winner

JCE

0.87

5Y Beta

Winner

MMD

0.16

JCE

0.79

5Y Dividends CAGR

MMD

-5.85%

Winner

JCE

4.90%

MMD vs JCE - Historical Returns

Returns include dividend reinvestment.

Period	MMD	JCE
1 month	+2.30%	+0.64%
3 months	+2.94%	+8.57%
6 months	+5.94%	+8.37%
1 year	+10.91%	+18.53%
5 years(CAGR)	-2.41%	+11.40%
10 years(CAGR)	+2.38%	+12.55%
Max(CAGR)	+3.82%	+9.87%

Winner

MMD

+2.30%

JCE

+0.64%

MMD

+2.94%

Winner

JCE

+8.57%

MMD

+5.94%

Winner

JCE

+8.37%

MMD

+10.91%

Winner

JCE

+18.53%

5Y(CAGR)

MMD

-2.41%

Winner

JCE

+11.40%

10Y(CAGR)

MMD

+2.38%

Winner

JCE

+12.55%

Max(CAGR)

MMD

+3.82%

Winner

JCE

+9.87%

MMD vs JCE - Annual Returns (2007 - 2026)

Returns include dividend reinvestment.

Year	MMD	JCE
2026	+5.37%	+6.45%
2025	+3.28%	+11.45%
2024	-4.81%	+28.16%
2023	+4.24%	+12.70%
2022	-20.66%	-12.92%
2021	+4.65%	+50.42%
2020	+8.58%	+3.73%
2019	+12.10%	+30.21%
2018	+3.95%	-10.86%
2017	+13.82%	+31.07%
2016	+2.65%	+1.74%
2015	+9.39%	+0.50%
2014	+20.47%	+19.62%
2013	-17.78%	+35.38%
2012	+4.83%	+14.23%
2011	N/A	+2.56%
2010	N/A	+19.72%
2009	N/A	+32.50%
2008	N/A	-34.35%
2007	N/A	-11.96%

MMD vs JCE 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 JCE was -57.60%, occurring on Mar 9, 2009. Recovery took 951 trading sessions.

The current MMD drawdown is -15.30%. The current JCE drawdown is -1.60%.

Rank	MMD	JCE
#1	-30.12% Aug 9, 2021 - Oct 27, 2023	-57.60% Apr 19, 2007 - Jan 26, 2011
#2	-25.16% Jan 11, 2013 - Oct 17, 2014	-43.39% Feb 14, 2020 - Jan 20, 2021
#3	-24.57% Feb 13, 2020 - Dec 2, 2020	-30.15% Dec 31, 2021 - Mar 13, 2024
#4	-11.66% Jul 7, 2016 - May 31, 2017	-28.91% Aug 8, 2018 - Dec 27, 2019
#5	-8.45% Apr 23, 2015 - Nov 23, 2015	-21.74% Jun 30, 2011 - Feb 7, 2012
#6	-6.58% Dec 14, 2017 - Jul 16, 2018	-19.02% Feb 19, 2025 - Jul 25, 2025
#7	-6.20% Dec 12, 2012 - Jan 11, 2013	-18.87% Mar 23, 2015 - Jul 11, 2016
#8	-5.57% Sep 10, 2018 - Dec 14, 2018	-12.12% Jul 29, 2014 - Nov 20, 2014
#9	-5.40% Feb 9, 2021 - Apr 13, 2021	-11.72% Jul 21, 2016 - Feb 21, 2017
#10	-5.09% Sep 15, 2017 - Dec 7, 2017	-10.87% Jan 27, 2026 - Apr 15, 2026
#11	-3.90% Feb 5, 2015 - Apr 14, 2015	-10.02% Oct 5, 2012 - Jan 16, 2013
#12	-3.56% Dec 14, 2018 - Feb 7, 2019	-9.26% May 1, 2012 - Sep 12, 2012
#13	-3.54% May 11, 2016 - Jun 22, 2016	-9.17% May 21, 2013 - Jul 15, 2013
#14	-3.54% May 27, 2021 - Jul 28, 2021	-9.05% Jan 26, 2018 - May 21, 2018
#15	-3.28% Nov 11, 2014 - Dec 30, 2014	-8.34% Jan 21, 2014 - Feb 26, 2014

Correlation

Correlation between MMD and JCE is 0.69 which considered as a moderate positive correlation - the stocks show some tendency to move together.

0.69

-101

Dividend Comparison (2007 - 2026)

MMD vs JCE dividend yield comparison.

Year	MMD	JCE
2026	2.59%	4.39%
2025	4.84%	8.03%
2024	4.82%	8.05%
2023	5.26%	9.45%
2022	6.35%	17.22%
2021	4.68%	9.89%
2020	4.68%	6.57%
2019	4.85%	6.84%
2018	5.38%	9.23%
2017	5.45%	17.33%
2016	6.16%	8.68%
2015	6.25%	19.27%
2014	6.39%	14.38%
2013	9.50%	8.51%
2012	2.86%	8.09%
2011	0.00%	8.66%
2010	0.00%	10.14%
2009	0.00%	7.04%
2008	0.00%	15.53%
2007	0.00%	7.89%