MMD vs UAE

Comparison between MainStay MacKay DefinedTerm Municipal Opportunities Fund (MMD, ETF) and ISHARES MSCI UAE ETF (UAE, ETF).

5-Year PerformanceUAE has outperformed MMD, delivering a return of +10.4% compared to -2.4%

MMD vs UAE - Performance Comparison

Log

Key Characteristics

Financial metrics and valuation ratios

Metric	MMD(ETF)	UAE(ETF)
Net Assets	$310M	$309M
Expense Ratio	N/A	0.59%
Max Drawdown	39.44%	68.26%
Sharpe Ratio	0.73	-0.11
5Y Beta	0.17	0.67
5Y Dividends CAGR	-4.15%	6.32%

Net Assets

Winner

MMD

$310M

UAE

$309M

Expense Ratio

MMD

N/A

UAE

0.59%

Max Drawdown

Winner

MMD

39.44%

UAE

68.26%

Sharpe Ratio

Winner

MMD

0.73

UAE

-0.11

5Y Beta

Winner

MMD

0.17

UAE

0.67

5Y Dividends CAGR

MMD

-4.15%

Winner

UAE

6.32%

MMD vs UAE - Historical Returns

Returns include dividend reinvestment.

Period	MMD	UAE
1 month	-0.28%	-5.46%
3 months	+1.53%	+0.06%
6 months	+2.57%	-3.83%
1 year	+10.15%	-0.94%
5 years(CAGR)	-2.36%	+10.44%
10 years(CAGR)	+2.15%	+5.17%
Max(CAGR)	+3.75%	+1.66%

Winner

MMD

-0.28%

UAE

-5.46%

Winner

MMD

+1.53%

UAE

+0.06%

Winner

MMD

+2.57%

UAE

-3.83%

Winner

MMD

+10.15%

UAE

-0.94%

5Y(CAGR)

MMD

-2.36%

Winner

UAE

+10.44%

10Y(CAGR)

MMD

+2.15%

Winner

UAE

+5.17%

Max(CAGR)

Winner

MMD

+3.75%

UAE

+1.66%

MMD vs UAE - Annual Returns (2012 - 2026)

Returns include dividend reinvestment.

Year	MMD	UAE
2026	+4.87%	+1.60%
2025	+3.28%	+22.17%
2024	-4.81%	+15.42%
2023	+4.24%	+1.82%
2022	-20.66%	-7.21%
2021	+4.65%	+42.05%
2020	+8.58%	-7.81%
2019	+12.10%	-1.30%
2018	+3.95%	-15.13%
2017	+13.82%	+1.84%
2016	+2.65%	+12.76%
2015	+9.39%	-13.32%
2014	+20.47%	-22.36%
2013	-17.78%	N/A
2012	+4.83%	N/A

MMD vs UAE 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 UAE was -60.51%, occurring on Mar 18, 2020. Recovery took 1968 trading sessions.

The current MMD drawdown is -15.70%. The current UAE drawdown is -12.18%.

Rank	MMD	UAE
#1	-30.12% Aug 9, 2021 - Oct 27, 2023	-60.51% Jun 6, 2014 - Mar 30, 2022
#2	-25.16% Jan 11, 2013 - Oct 17, 2014	-27.43% Apr 4, 2022 - Feb 11, 2025
#3	-24.57% Feb 13, 2020 - Dec 2, 2020	-21.50% Feb 18, 2026 - Mar 20, 2026
#4	-11.66% Jul 7, 2016 - May 31, 2017	-11.93% Feb 20, 2025 - Apr 29, 2025
#5	-8.45% Apr 23, 2015 - Nov 23, 2015	-10.19% May 5, 2014 - Jun 2, 2014
#6	-6.58% Dec 14, 2017 - Jul 16, 2018	-9.12% Jul 25, 2025 - Jan 21, 2026
#7	-6.20% Dec 12, 2012 - Jan 11, 2013	-6.46% Jun 10, 2025 - Jun 24, 2025
#8	-5.57% Sep 10, 2018 - Dec 14, 2018	-2.23% Jun 2, 2014 - Jun 6, 2014
#9	-5.40% Feb 9, 2021 - Apr 13, 2021	-1.39% May 20, 2025 - Jun 10, 2025
#10	-5.09% Sep 15, 2017 - Dec 7, 2017	-1.27% Jul 17, 2025 - Jul 23, 2025
#11	-3.90% Feb 5, 2015 - Apr 14, 2015	-1.25% Jan 28, 2026 - Feb 2, 2026
#12	-3.56% Dec 14, 2018 - Feb 7, 2019	-1.09% May 13, 2025 - May 16, 2025
#13	-3.54% May 11, 2016 - Jun 22, 2016	-1.02% Jan 22, 2026 - Jan 27, 2026
#14	-3.54% May 27, 2021 - Jul 28, 2021	-0.98% May 6, 2025 - May 13, 2025
#15	-3.28% Nov 11, 2014 - Dec 30, 2014	-0.96% Feb 11, 2025 - Feb 20, 2025

Correlation

Correlation between MMD and UAE is 0.06 which considered as a very weak or no correlation - the stocks move independently of each other.

0.06

-101

Dividend Comparison (2012 - 2026)

MMD vs UAE dividend yield comparison.

Year	MMD	UAE
2026	3.06%	3.51%
2025	4.84%	4.10%
2024	4.82%	3.32%
2023	5.26%	3.25%
2022	6.35%	2.67%
2021	4.68%	4.88%
2020	4.68%	4.75%
2019	4.85%	3.54%
2018	5.38%	5.56%
2017	5.45%	3.39%
2016	6.16%	4.74%
2015	6.25%	3.77%
2014	6.39%	2.58%
2013	9.50%	0.00%
2012	2.86%	0.00%