Which returned more over the last year, DFNM or MMIT?

In the year to Oct 28, 2026, with distributions reinvested, DFNM returned +0.6% and MMIT +0.4%.

Which is cheaper, DFNM or MMIT?

DFNM is cheaper, by 0.13 percentage points a year. That is about $13 on $10,000 held for a year. Fees come from each fund's prospectus.

Data as of Oct 28, 2026.

Across categories

DFNM vs MMIT: Differences, Returns & Fees

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On Jul 31, 2026 DFNM's duration was 5.0 years and MMIT's 5.7; DFNM charges 0.17% to MMIT's 0.30%.

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Net assets on Jul 31, 2026: $2.2bn for Dimensional National Municipal Bond ETF and $1.5bn for NYLIM MacKay Muni Intermediate ETF.

DFNM on its own →MMIT on its own →

At a glance

+0.6%

DFNM total return, 1 year

+0.4%

MMIT total return, 1 year

0.17%

DFNM expense ratio

0.30%

MMIT expense ratio

Pair scorecard

DFNM costs 0.13 points a year less; their one-year returns differ by 0.2 points; DFNM is 1.5 times larger.

DFNM vs MMIT: Differences, Returns & Fees
Measure	DFNM	MMIT
Return
Measure	DFNM	MMIT
Total return, 1 year	+0.6%	+0.4%
Benchmark
Measure	DFNM	MMIT
What it tracks	No index, actively managed	No index, actively managed
Cost and size
Measure	DFNM	MMIT
Expense ratio	0.17%	0.30%
Net assets, as of Jul 31, 2026	$2.2bn	$1.5bn
Holdings
Measure	DFNM	MMIT
Holdings in common	1%

Holdings in common uses holdings dated Jul 31, 2026. Method

Risk and return

Nov 26, 2021 to Oct 23, 2026 · 256 weekly returns

DFNM MMIT

Return

Total return edge DFNM +4.7% +3.6%

Annualized edge DFNM +0.9% +0.7%

Price return edge DFNM −6.8% −12.0%

Risk

Volatility edge DFNM 3.2% 4.3%

Max drawdown edge DFNM −6.8% −11.8%

Risk-adjusted

Sharpe edge MMIT −0.95 −0.73

Sortino edge MMIT −1.17 −0.92

Calmar edge DFNM 0.14 0.06

Reading

DFNM returned more: +4.7% to +3.6%. DFNM swung less: 3.2% to 4.3%. DFNM fell less at its worst: −6.8% to −11.8%.

Full scorecard

9 measures, with how each is measured Open ↓

Risk and return: DFNM vs MMIT: Differences, Returns & Fees
Measure	DFNM	MMIT	Edge	How it is measured
Return
Total return	+4.7%	+3.6%	DFNM	Price change plus distributions, reinvested.
Annualized	+0.9%	+0.7%	DFNM	Total return as a yearly rate.
Price return	−6.8%	−12.0%	DFNM	Price change alone, distributions left out.
Risk
Volatility	3.2%	4.3%	DFNM	Spread of weekly returns, annualized. Lower is steadier.
Downside deviation	2.6%	3.4%	DFNM	Like volatility, counting only weeks below the Treasury bill rate.
Max drawdown	−6.8%	−11.8%	DFNM	Deepest fall from a high to the low after it.
Risk-adjusted
Sharpe	−0.95	−0.73	MMIT	Return above Treasury bills per unit of volatility.
Sortino	−1.17	−0.92	MMIT	Return above Treasury bills per unit of downside deviation.
Calmar	0.14	0.06	DFNM	Annualized return divided by the max drawdown.

Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 256 weekly returns. Cash rate: the 13-week Treasury bill.

What they share

By the books each fund has filed, DFNM and MMIT hold 1% of their money in the same securities at the same weight. Holdings dated Jul 31, 2026.

50%

0 half 100%

half

1% in common

Positions both hold · largest shared weight first DFNM MMIT

CHARLOTTE MECKLENBURG HOSPITAL AUTHORITY THE, due Jan 15, 2048 0.39% 0.36%

NEW YORK STATE DORMITORY AUTHORITY, due Mar 15, 2041 0.20% 0.14%

STATE OF ILLINOIS, due Mar 1, 2029 0.11% 0.11%

CHARLOTTE MECKLENBURG HOSPITAL AUTHORITY THE, due Jan 15, 2037 0.08% 0.34%

WEST VIRGINIA HOSPITAL FINANCE AUTHORITY, due Jun 1, 2042 0.05% 0.07%

MARICOPA COUNTY UNION HIGH SCHOOL DISTRICT NO 216, due Jul 1, 2045 0.04% 0.15%

NEW YORK STATE DORMITORY AUTHORITY, due Mar 15, 2039 0.14% 0.03%

Only in one fund ↓

Only in DFNM

COUNTY OF HUDSON NJ, due Feb 24, 2027 0.81%

CITY OF REVERE MA, due Jul 29, 2027 0.73%

CITY OF SOMERVILLE MA, due May 28, 2027 0.68%

CITY OF HOBOKEN NJ, due Mar 8, 2027 0.68%

CITY OF MANCHESTER NH, due Nov 12, 2026 0.60%

MICHIGAN STATE UNIVERSITY, due Aug 15, 2042 0.59%

STATE OF MARYLAND, due Jun 1, 2037 0.50%

NEW YORK STATE THRUWAY AUTHORITY, due Sep 15, 2037 0.50%

Only in MMIT

NY GOBNYC 02/01/2055, due Feb 1, 2055 1.03%

PR PRCGEN 4.33 07/01/2040, due Jul 1, 2040 1.00%

CA LOSUTL 5 07/01/2041, due Jul 1, 2041 0.91%

MN MGAUTL 5 09/01/2035, due Sep 1, 2035 0.91%

NY HUYGEN 5 02/15/2042, due Feb 15, 2042 0.91%

PA PASSFH 3 10/01/2051, due Oct 1, 2051 0.87%

AL BBEUTL 10/01/2052, due Oct 1, 2052 0.63%

IL SPRPWR 5 03/01/2032, due Mar 1, 2032 0.62%

Check overlap with more funds →

Side by side

DFNM Dimensional National Municipal Bond ETF MMIT NYLIM MacKay Muni Intermediate ETF

Where it sits Bond ETF Bond ETF

Issuer Dimensional New York Life Investments

What it is Actively managed Actively managed

Total return, 1 year +0.6% +0.4%

Its benchmark over the same days 0.0% (VTEI) not measured

Gap to its benchmark +0.6 pts vs VTEI not measured

Expense ratio 0.17% 0.30%

Holdings 1198 854

Net assets, as of Jul 31, 2026 $2.2bn $1.5bn

DFNM and MMIT on the fields both publish, as of Oct 28, 2026. Source: ETFIQ.

Client brief · page 1 of 2 Report BR-5CFB34B7DB

DFNM and MMIT are built for the same job. How do they differ in cost, holdings and results?

Holdings in common. 1% of the weight is in the same securities (holdings dated Jul 31, 2026).
Cost. DFNM charges 0.17% of assets a year and MMIT 0.30%, a gap of 0.13 points.
What each follows (similar). Both follow No index, actively managed.

Data as of Oct 28, 2026.

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About each fund

DFNM

DFNM is actively managed and tracks no index. Over the year to Oct 28, 2026 it returned +0.6% with distributions reinvested, against 0.0% for its benchmark, the S&P Intermediate Term National AMT-Free Municipal Bond Index. The prospectus expense ratio is 0.17% a year.

MMIT

MMIT is actively managed and tracks no index. Over the year to Oct 28, 2026 it returned +0.4% with distributions reinvested. The prospectus expense ratio is 0.30% a year.

Questions people ask

Which returned more over the last year, DFNM or MMIT?: In the year to Oct 28, 2026, with distributions reinvested, DFNM returned +0.6% and MMIT +0.4%.
Which is cheaper, DFNM or MMIT?: DFNM is cheaper, by 0.13 percentage points a year. That is about $13 on $10,000 held for a year. Fees come from each fund's prospectus.

Other comparisons

DFNM vs ITM DFNM vs VSDM DFNM vs VTEI DFNM vs MUNI MMIT vs MUNI MMIT vs VSDM MMIT vs VTEI ITM vs MMIT

Where to next

DFNM on its own →MMIT on its own →Hold both: look the portfolio through →Rankings →DFNM dividend history →DFNM holdings →MMIT dividend history →MMIT holdings →Standards and sources →

Sources and dates

DFNM filings on SEC EDGAR ↗

DFNM prospectus with the expense ratio (SEC) ↗

Dimensional website ↗

MMIT filings on SEC EDGAR ↗

MMIT prospectus with the expense ratio (SEC) ↗

New York Life Investments website ↗

Links are sources, not endorsements. A comparison is not a recommendation.

How this is computed

Overlap adds up the smaller of the two weights for each security both funds hold.

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ETFIQ, DFNM against MMIT, data as of Oct 28, 2026. https://etfiq.com/compare/any/dfnm-vs-mmit

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Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms.