MMD vs UDEC

Comparison between MainStay MacKay DefinedTerm Municipal Opportunities Fund (MMD, ETF) and Innovator U.S. Equity Ultra Buffer ETF - December (UDEC, ETF).

5-Year PerformanceUDEC has outperformed MMD, delivering a return of +7.2% compared to -2.4%

MMD vs UDEC - Performance Comparison

Log

Key Characteristics

Financial metrics and valuation ratios

Metric	MMD(ETF)	UDEC(ETF)
Net Assets	$308M	$307M
Expense Ratio	N/A	0.79%
Max Drawdown	39.44%	13.37%
Sharpe Ratio	0.80	1.71
5Y Beta	0.16	0.42
5Y Dividends CAGR	-5.85%	N/A

Net Assets

Winner

MMD

$308M

UDEC

$307M

Expense Ratio

MMD

N/A

UDEC

0.79%

Max Drawdown

MMD

39.44%

Winner

UDEC

13.37%

Sharpe Ratio

MMD

0.80

Winner

UDEC

1.71

5Y Beta

Winner

MMD

0.16

UDEC

0.42

5Y Dividends CAGR

MMD

-5.85%

UDEC

N/A

MMD vs UDEC - Historical Returns

Returns include dividend reinvestment.

Period	MMD	UDEC
1 month	+2.30%	+0.56%
3 months	+2.94%	+5.14%
6 months	+5.94%	+5.71%
1 year	+10.91%	+16.61%
5 years(CAGR)	-2.41%	+7.15%
10 years(CAGR)	+2.38%	N/A
Max(CAGR)	+3.82%	+7.18%

Winner

MMD

+2.30%

UDEC

+0.56%

MMD

+2.94%

Winner

UDEC

+5.14%

Winner

MMD

+5.94%

UDEC

+5.71%

MMD

+10.91%

Winner

UDEC

+16.61%

5Y(CAGR)

MMD

-2.41%

Winner

UDEC

+7.15%

10Y(CAGR)

MMD

+2.38%

UDEC

N/A

Max(CAGR)

MMD

+3.82%

Winner

UDEC

+7.18%

MMD vs UDEC - Annual Returns (2012 - 2026)

Returns include dividend reinvestment.

Year	MMD	UDEC
2026	+5.37%	+4.54%
2025	+3.28%	+13.00%
2024	-4.81%	+9.89%
2023	+4.24%	+17.36%
2022	-20.66%	-9.56%
2021	+4.65%	+7.04%
2020	+8.58%	+6.31%
2019	+12.10%	+1.16%
2018	+3.95%	N/A
2017	+13.82%	N/A
2016	+2.65%	N/A
2015	+9.39%	N/A
2014	+20.47%	N/A
2013	-17.78%	N/A
2012	+4.83%	N/A

MMD vs UDEC 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 UDEC was -13.37%, occurring on Mar 20, 2020. Recovery took 116 trading sessions.

The current MMD drawdown is -15.30%. The current UDEC drawdown is -0.60%.

Rank	MMD	UDEC
#1	-30.12% Aug 9, 2021 - Oct 27, 2023	-13.37% Feb 19, 2020 - Aug 4, 2020
#2	-25.16% Jan 11, 2013 - Oct 17, 2014	-10.26% Jan 4, 2022 - Jul 13, 2023
#3	-24.57% Feb 13, 2020 - Dec 2, 2020	-8.94% Feb 19, 2025 - Jun 24, 2025
#4	-11.66% Jul 7, 2016 - May 31, 2017	-8.15% Jul 28, 2023 - Nov 15, 2023
#5	-8.45% Apr 23, 2015 - Nov 23, 2015	-4.44% Jan 28, 2026 - Apr 14, 2026
#6	-6.58% Dec 14, 2017 - Jul 16, 2018	-2.81% Jul 16, 2024 - Aug 15, 2024
#7	-6.20% Dec 12, 2012 - Jan 11, 2013	-2.70% Oct 12, 2020 - Nov 5, 2020
#8	-5.57% Sep 10, 2018 - Dec 14, 2018	-2.46% Nov 12, 2025 - Nov 25, 2025
#9	-5.40% Feb 9, 2021 - Apr 13, 2021	-2.31% Sep 2, 2020 - Oct 9, 2020
#10	-5.09% Sep 15, 2017 - Dec 7, 2017	-2.16% Dec 6, 2024 - Jan 21, 2025
#11	-3.90% Feb 5, 2015 - Apr 14, 2015	-1.96% Mar 28, 2024 - May 6, 2024
#12	-3.56% Dec 14, 2018 - Feb 7, 2019	-1.79% Oct 8, 2025 - Oct 21, 2025
#13	-3.54% May 11, 2016 - Jun 22, 2016	-1.56% Jun 4, 2026 - Jun 10, 2026
#14	-3.54% May 27, 2021 - Jul 28, 2021	-1.45% Jul 25, 2025 - Aug 8, 2025
#15	-3.28% Nov 11, 2014 - Dec 30, 2014	-1.25% Feb 24, 2021 - Mar 12, 2021