BBHY vs. HYD
BBHY (JPMorgan BetaBuilders USD High Yield Corporate Bond ETF) and HYD (VanEck Vectors High-Yield Municipal Index ETF) are both exchange-traded funds - BBHY is a High Yield Bonds fund tracking the ICE BofA US High Yield Index, while HYD is a Municipal Bonds fund tracking the Bloomberg Barclays Municipal Custom High Yield Composite Index. Both are passively managed. Over the past 5 years, BBHY returned 4.05%/yr vs -0.12%/yr for HYD. At a 0.34 correlation, their price movements are largely independent. BBHY charges 0.15%/yr vs 0.35%/yr for HYD.
Performance
BBHY vs. HYD - Performance Comparison
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Returns By Period
In the year-to-date period, BBHY achieves a 1.89% return, which is significantly lower than HYD's 2.33% return.
BBHY
- 1D
- -0.08%
- 1M
- 0.64%
- YTD
- 1.89%
- 6M
- 2.20%
- 1Y
- 6.68%
- 3Y*
- 8.90%
- 5Y*
- 4.05%
- 10Y*
- —
HYD
- 1D
- -0.19%
- 1M
- 1.54%
- YTD
- 2.33%
- 6M
- 2.54%
- 1Y
- 7.42%
- 3Y*
- 4.24%
- 5Y*
- -0.12%
- 10Y*
- 1.91%
BBHY vs. HYD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BBHY JPMorgan BetaBuilders USD High Yield Corporate Bond ETF | 1.89% | 8.51% | 7.81% | 11.98% | -10.37% | 3.88% | 5.36% | 14.35% | -2.50% | 6.57% |
HYD VanEck Vectors High-Yield Municipal Index ETF | 2.33% | 2.83% | 4.94% | 6.52% | -15.97% | 5.05% | 0.17% | 9.34% | 2.19% | 9.78% |
Correlation
The correlation between BBHY and HYD is 0.50, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.50 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.52 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.52 |
Correlation (All Time) Calculated using the full available price history since Sep 15, 2016 | 0.34 |
The correlation between BBHY and HYD shifts across timeframes, from 0.34 (all time) to 0.52 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
BBHY vs. HYD — Risk / Return Rank
BBHY
HYD
BBHY vs. HYD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for JPMorgan BetaBuilders USD High Yield Corporate Bond ETF (BBHY) and VanEck Vectors High-Yield Municipal Index ETF (HYD). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
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.
| BBHY | HYD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.05 | ||
| Sortino ratioReturn per unit of downside risk | +0.03 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 1.39 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | 2.83 | 2.33 | +0.50 |
| Martin ratioReturn relative to average drawdown | 12.61 | 8.00 | +4.61 |
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Drawdowns
BBHY vs. HYD - Drawdown Comparison
The maximum BBHY drawdown since its inception was -24.98%, smaller than the maximum HYD drawdown of -35.61%. Use the drawdown chart below to compare losses from any high point for BBHY and HYD.
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Drawdown Indicators
| BBHY | HYD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -24.98% | -35.61% | +10.63% |
Max Drawdown (1Y)Largest decline over 1 year | -2.37% | -3.21% | +0.84% |
Max Drawdown (3Y)Largest decline over 3 years | -5.00% | -7.23% | +2.23% |
Max Drawdown (5Y)Largest decline over 5 years | -15.32% | -20.72% | +5.40% |
Max Drawdown (10Y)Largest decline over 10 years | — | -35.61% | — |
Current DrawdownCurrent decline from peak | -0.14% | -1.84% | +1.70% |
Average DrawdownAverage peak-to-trough decline | -2.36% | -4.32% | +1.96% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.53% | 0.93% | -0.40% |
Volatility
BBHY vs. HYD - Volatility Comparison
JPMorgan BetaBuilders USD High Yield Corporate Bond ETF (BBHY) has a higher volatility of 1.04% compared to VanEck Vectors High-Yield Municipal Index ETF (HYD) at 0.95%. This indicates that BBHY's price experiences larger fluctuations and is considered to be riskier than HYD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BBHY | HYD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.04% | 0.95% | +0.09% |
Volatility (6M)Calculated over the trailing 6-month period | 2.94% | 3.04% | -0.10% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.68% | 3.98% | -0.30% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.28% | 6.46% | +0.82% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.52% | 12.61% | -5.09% |
BBHY vs. HYD - Expense Ratio Comparison
BBHY has a 0.15% expense ratio, which is lower than HYD's 0.35% expense ratio.
Dividends
BBHY vs. HYD - Dividend Comparison
BBHY's dividend yield for the trailing twelve months is around 6.92%, more than HYD's 4.25% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BBHY JPMorgan BetaBuilders USD High Yield Corporate Bond ETF | 6.92% | 7.24% | 7.18% | 6.49% | 5.92% | 4.06% | 4.73% | 4.99% | 5.02% | 4.81% | 1.42% | 0.00% |
HYD VanEck Vectors High-Yield Municipal Index ETF | 4.25% | 4.29% | 4.29% | 4.13% | 3.96% | 3.50% | 4.01% | 4.08% | 4.43% | 4.29% | 4.58% | 4.82% |
Frequently Asked Questions
BBHY and HYD have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BBHY has higher volatility (1.04%) compared to HYD (0.95%). In terms of maximum drawdown, BBHY dropped -24.98% vs HYD's -35.61%.
On 5-year performance, BBHY leads with 4.05% vs -0.12% for HYD. On fees, BBHY is cheaper at 0.15% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, BBHY has performed better with a 4.05% return vs -0.12%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BBHY is cheaper with a 0.15% expense ratio, compared with 0.35% for HYD.
BBHY has the higher dividend yield at 6.92%, compared with 4.25% for HYD.
BBHY is categorized as High Yield Bonds, while HYD is Municipal Bonds. BBHY tracks ICE BofA US High Yield Index, while HYD tracks Bloomberg Barclays Municipal Custom High Yield Composite Index. They also come from different issuers: JPMorgan and VanEck. Their fees differ too: 0.15% for BBHY and 0.35% for HYD.
HYD currently has the higher Sharpe Ratio (1.87 vs 1.83), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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