BKMI vs. BKHY

Last updated Jun 5, 2026

BKMI (BNY Mellon Municipal Intermediate ETF) and BKHY (BNY Mellon High Yield Beta ETF) are both exchange-traded funds - BKMI is a Municipal Bonds fund actively managed by BNY Mellon, while BKHY is a High Yield Bonds fund tracking the Bloomberg US Corporate High Yield Index. BKMI is actively managed, while BKHY is passively managed. A 0.51 correlation means they provide meaningful diversification when combined. BKMI charges 0.35%/yr vs 0.22%/yr for BKHY.

Performance

BKMI vs. BKHY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BNY Mellon Municipal Intermediate ETF (BKMI) and BNY Mellon High Yield Beta ETF (BKHY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

BKMI

• 1D: 0.11%
• 1M: 0.59%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

BKHY

• 1D: 0.10%
• 1M: 0.54%
• YTD: 1.83%
• 6M: 2.02%
• 1Y: 7.19%
• 3Y*: 8.93%
• 5Y*: 4.19%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

BKMI vs. BKHY - Yearly Performance Comparison

	2026 (YTD)
BKMI BNY Mellon Municipal Intermediate ETF	0.37%
BKHY BNY Mellon High Yield Beta ETF	1.41%

Correlation

The correlation between BKMI and BKHY is 0.51, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jan 13, 2026	0.51

Return for Risk

BKMI vs. BKHY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

BKHY

BKHY Risk / Return Rank: 64
BKHY Sharpe Ratio Rank: 59
BKHY Sortino Ratio Rank: 65
BKHY Omega Ratio Rank: 66
BKHY Calmar Ratio Rank: 58
BKHY Martin Ratio Rank: 71

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

BKMI vs. BKHY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BNY Mellon Municipal Intermediate ETF (BKMI) and BNY Mellon High Yield Beta ETF (BKHY). 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	BKMI	BKHY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	1.96	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.55	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.33	0.90	-0.57

Drawdowns

BKMI vs. BKHY - Drawdown Comparison

The maximum BKMI drawdown since its inception was -2.99%, smaller than the maximum BKHY drawdown of -15.89%. Use the drawdown chart below to compare losses from any high point for BKMI and BKHY.

Drawdown Indicators

	BKMI	BKHY	Difference
Max Drawdown Largest peak-to-trough decline	-2.99%	-15.89%	+12.90%
Max Drawdown (1Y) Largest decline over 1 year	—	-2.53%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-4.87%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-15.89%	—
Current Drawdown Current decline from peak	-1.12%	-0.17%	-0.95%
Average Drawdown Average peak-to-trough decline	-1.17%	-2.97%	+1.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.55%	—

Volatility

Volatility by Period

	BKMI	BKHY	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	1.12%	—
Volatility (6M) Calculated over the trailing 6-month period	—	2.96%	—
Volatility (1Y) Calculated over the trailing 1-year period	2.87%	3.69%	-0.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.87%	7.58%	-4.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.87%	7.36%	-4.49%

BKMI vs. BKHY - Expense Ratio Comparison

BKMI has a 0.35% expense ratio, which is higher than BKHY's 0.22% expense ratio.

Dividends

BKMI vs. BKHY - Dividend Comparison

BKMI's dividend yield for the trailing twelve months is around 0.98%, less than BKHY's 7.46% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
BKHY BNY Mellon High Yield Beta ETF	7.46%	7.33%	7.34%	8.67%	6.59%	6.78%	4.65%
BKMI BNY Mellon Municipal Intermediate ETF	0.98%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BKMI and BKHY in my portfolio?

BKMI and BKHY have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, BKMI or BKHY?

On fees, BKHY is cheaper at 0.22% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, BKMI or BKHY?

BKHY is cheaper with a 0.22% expense ratio, compared with 0.35% for BKMI.

Which ETF pays a higher dividend yield, BKMI or BKHY?

BKHY has the higher dividend yield at 7.46%, compared with 0.98% for BKMI.

What is the main difference between BKMI and BKHY?

BKMI is categorized as Municipal Bonds, while BKHY is High Yield Bonds. Their fees differ too: 0.35% for BKMI and 0.22% for BKHY.