- ISIN
- US92189F5364
- CUSIP
- 92189F536
- Issuer
- VanEck
- Inception Date
- Jan 2, 2008
- Region
- North America (U.S.)
- Category
- Municipal Bonds
- Leveraged
- 1x (No leverage)
- Index Tracked
- Bloomberg AMT-Free Long Continuous
- Distribution Policy
- Distributing
- Asset Class
- Bond
- Assets Under Management
- $700M
Share Price Chart
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Performance
MLN Performance Chart
VanEck Long Muni ETF (MLN) is up 2.5% since the beginning of the year. MLN is currently trading at $18 per share. Investors who bought $1,000 worth of MLN shares 5 years ago would now be looking at an investment worth $954.
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Returns By Period
VanEck Long Muni ETF (MLN) has returned 2.53% so far this year and 8.68% over the past 12 months. Over the last ten years, MLN has returned 1.37% per year, falling short of the S&P 500 Index benchmark, which averaged 13.71% annually.
VanEck Long Muni ETF
- 1D
- 0.00%
- 1M
- 2.41%
- YTD
- 2.53%
- 6M
- 2.00%
- 1Y
- 8.68%
- 3Y*
- 3.45%
- 5Y*
- -0.94%
- 10Y*
- 1.37%
Benchmark (S&P 500 Index)
- 1D
- -1.44%
- 1M
- -1.45%
- YTD
- 7.60%
- 6M
- 6.59%
- 1Y
- 22.24%
- 3Y*
- 19.20%
- 5Y*
- 11.54%
- 10Y*
- 13.71%
MLN Monthly Returns History
Based on dividend-adjusted daily data since Jan 10, 2008, MLN's average daily return is +0.01%, while the average monthly return is +0.27%. At this rate, an investment would double in approximately 21.4 years.
Historically, 62% of months were positive and 38% were negative. The best month was Nov 2023 with a return of +9.7%, while the worst month was Sep 2008 at -7.8%. The longest winning streak lasted 10 consecutive months, and the longest losing streak was 5 months.
On a daily basis, MLN closed higher 51% of trading days. The best single day was Mar 24, 2020 with a return of +10.8%, while the worst single day was Mar 19, 2020 at -8.4%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 0.14% | 1.73% | -1.74% | 1.44% | 0.11% | 0.86% | 2.53% | ||||||
| 2025 | -0.56% | 1.55% | -3.13% | -0.93% | -1.39% | 0.40% | -1.23% | 1.69% | 4.04% | 1.56% | -0.17% | 0.16% | 1.82% |
| 2024 | -0.82% | 0.41% | -0.32% | -1.58% | 0.40% | 1.27% | 1.59% | 0.06% | 1.70% | -1.85% | 2.28% | -1.49% | 1.54% |
| 2023 | 4.35% | -3.43% | 2.85% | 0.23% | -0.81% | 1.06% | 0.22% | -2.44% | -4.01% | -2.87% | 9.70% | 3.75% | 8.05% |
| 2022 | -4.42% | -0.69% | -5.24% | -6.24% | 2.75% | -4.90% | 4.94% | -3.98% | -5.86% | -2.00% | 8.89% | -0.74% | -17.20% |
| 2021 | 0.90% | -2.78% | 0.73% | 1.41% | 1.02% | 0.65% | 0.68% | -0.61% | -1.31% | -0.11% | 1.54% | 0.14% | 2.20% |
Benchmark Metrics
VanEck Long Muni ETF has an annualized alpha of 3.04%, beta of 0.03, and R2 of 0.00 versus S&P 500 Index. Calculated based on daily prices since January 10, 2008.
- This ETF participated in 17.97% of S&P 500 Index downside but only 17.64% of its upside - more exposed to losses than it benefited from rallies.
- Beta of 0.03 may look defensive, but with R2 of 0.00 this ETF is largely uncorrelated with S&P 500 Index - low beta reflects independence, not downside protection. See the Volatility section for a true picture of this ETF's risk.
- R2 of 0.00 means this ETF moves largely independently of S&P 500 Index - capture ratios reflect limited market correlation rather than active downside protection. Consider using a more representative benchmark.
- Alpha
- 3.04%
- Beta
- 0.03
- R²
- 0.00
- Upside Capture
- 17.64%
- Downside Capture
- 17.97%
Expense Ratio
MLN has an expense ratio of 0.24%, which is considered low.
Return for Risk
Risk / Return Rank
MLN ranks 70 for risk / return — better than 70% of ETFs on our site. You're getting solid returns for the risk taken. A good sign, especially for investors who want growth without excessive volatility.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for VanEck Long Muni ETF (MLN) and compare them to S&P 500 Index.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| MLN | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.19 | ||
| Sortino ratioReturn per unit of downside risk | +0.50 | ||
| Omega ratioGain probability vs. loss probability | 1.41 | 1.32 | +0.09 |
| Calmar ratioReturn relative to maximum drawdown | 3.41 | 2.46 | +0.95 |
| Martin ratioReturn relative to average drawdown | 11.19 | 10.92 | +0.27 |
Dividends
Dividend History
VanEck Long Muni ETF provided a 3.69% dividend yield over the last twelve months, with an annual payout of $0.65 per share. The fund has been increasing its distributions for 3 consecutive years.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | $0.65 | $0.65 | $0.64 | $0.58 | $0.47 | $0.54 | $0.58 | $0.63 | $0.60 | $0.59 | $0.61 | $0.67 |
Dividend yield | 3.69% | 3.73% | 3.59% | 3.19% | 2.67% | 2.52% | 2.69% | 2.98% | 3.09% | 2.91% | 3.16% | 3.38% |
Monthly Dividends
The table displays the monthly dividend distributions for VanEck Long Muni ETF. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.00 | $0.06 | $0.05 | $0.06 | $0.05 | $0.05 | $0.27 | ||||||
| 2025 | $0.00 | $0.05 | $0.05 | $0.06 | $0.05 | $0.06 | $0.05 | $0.06 | $0.05 | $0.05 | $0.11 | $0.06 | $0.65 |
| 2024 | $0.00 | $0.05 | $0.05 | $0.06 | $0.05 | $0.05 | $0.05 | $0.06 | $0.05 | $0.05 | $0.06 | $0.11 | $0.64 |
| 2023 | $0.00 | $0.05 | $0.04 | $0.05 | $0.04 | $0.05 | $0.05 | $0.04 | $0.05 | $0.05 | $0.05 | $0.10 | $0.58 |
| 2022 | $0.00 | $0.04 | $0.03 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.08 | $0.47 |
| 2021 | $0.00 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.04 | $0.14 | $0.54 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the VanEck Long Muni ETF. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the VanEck Long Muni ETF was 28.36%, occurring on Dec 15, 2008. Recovery took 196 trading sessions.
The current VanEck Long Muni ETF drawdown is 6.02%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
Financial crisis2007–2009 | -28.36%Dec 2008 | 10mo 26d | 9mo 14d | 1y 8moJan 2008 - Sep 2009 |
Bear market2022 | -24.46%Oct 2022 | 1y 3mo | — | 4y 11moJul 2021 - now |
COVID crash2020 | -23.59%Mar 2020 | 9d | 4mo 24d | 5mo 3dMar 2020 - Aug 2020 |
2013 correction2013 | -16.46%Aug 2013 | 8mo 22d | 1y 3d | 1y 8moDec 2012 - Aug 2014 |
2011 correction2011 | -14.34%Jan 2011 | 3mo 7d | 6mo 17d | 9mo 24dOct 2010 - Aug 2011 |
Drawdown Indicators
| MLN | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -28.36% | -56.78% | +28.42% |
Max Drawdown (1Y)Largest decline over 1 year | -2.56% | -9.10% | +6.54% |
Max Drawdown (3Y)Largest decline over 3 years | -9.84% | -18.90% | +9.06% |
Max Drawdown (5Y)Largest decline over 5 years | -24.46% | -25.43% | +0.97% |
Max Drawdown (10Y)Largest decline over 10 years | -24.46% | -33.92% | +9.46% |
Current DrawdownCurrent decline from peak | -6.02% | -3.21% | -2.81% |
Average DrawdownAverage peak-to-trough decline | -5.73% | -10.71% | +4.98% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.78% | 2.04% | -1.26% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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