BMN vs. VNYUX

Last updated Jun 5, 2026

BMN (Blackrock 2037 Municipal Target Term Trust) and VNYUX (Vanguard New York Long-Term Tax-Exempt Fund Admiral Shares) are both Municipal Bonds funds. Over the past 3 years, BMN returned 5.09%/yr vs 4.77%/yr for VNYUX. At a 0.20 correlation, their price movements are largely independent. BMN charges 0.93%/yr vs 0.09%/yr for VNYUX.

Performance

BMN vs. VNYUX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Blackrock 2037 Municipal Target Term Trust (BMN) and Vanguard New York Long-Term Tax-Exempt Fund Admiral Shares (VNYUX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BMN achieves a -0.18% return, which is significantly lower than VNYUX's 2.14% return.

BMN

• 1D: -1.00%
• 1M: 0.56%
• YTD: -0.18%
• 6M: 3.87%
• 1Y: 10.68%
• 3Y*: 5.09%
• 5Y*: —
• 10Y*: —

VNYUX

• 1D: 0.00%
• 1M: 0.78%
• YTD: 2.14%
• 6M: 2.55%
• 1Y: 8.50%
• 3Y*: 4.77%
• 5Y*: 1.27%
• 10Y*: 2.54%

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

BMN vs. VNYUX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
BMN Blackrock 2037 Municipal Target Term Trust	-0.18%	7.05%	12.65%	1.89%	-2.55%
VNYUX Vanguard New York Long-Term Tax-Exempt Fund Admiral Shares	2.14%	4.79%	2.58%	8.05%	6.48%

Correlation

The correlation between BMN and VNYUX is 0.15, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.15
Correlation (3Y) Calculated over the trailing 3-year period	0.24
Correlation (All Time) Calculated using the full available price history since Oct 28, 2022	0.20

Return for Risk

BMN vs. VNYUX — Risk / Return Rank

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

BMN

BMN Risk / Return Rank: 13
BMN Sharpe Ratio Rank: 11
BMN Sortino Ratio Rank: 12
BMN Omega Ratio Rank: 11
BMN Calmar Ratio Rank: 15
BMN Martin Ratio Rank: 14

VNYUX

VNYUX Risk / Return Rank: 74
VNYUX Sharpe Ratio Rank: 84
VNYUX Sortino Ratio Rank: 88
VNYUX Omega Ratio Rank: 90
VNYUX Calmar Ratio Rank: 57
VNYUX Martin Ratio Rank: 49

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.

BMN vs. VNYUX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Blackrock 2037 Municipal Target Term Trust (BMN) and Vanguard New York Long-Term Tax-Exempt Fund Admiral Shares (VNYUX). 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.

	BMN	VNYUX	Difference
Sharpe ratio: Return per unit of total volatility	0.83	2.75	-1.92
Sortino ratio: Return per unit of downside risk	1.33	4.33	-3.00
Omega ratio: Gain probability vs. loss probability	1.16	1.66	-0.50
Calmar ratio: Return relative to maximum drawdown	1.31	2.87	-1.56
Martin ratio: Return relative to average drawdown	3.84	10.11	-6.27
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BMN vs. VNYUX - Sharpe Ratio Comparison

The current BMN Sharpe Ratio is 0.83, which is lower than the VNYUX Sharpe Ratio of 2.75. The chart below compares the historical Sharpe Ratios of BMN and VNYUX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	BMN	VNYUX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.83	2.75	-1.92
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.27	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.55	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.48	0.95	-0.47

Drawdowns

BMN vs. VNYUX - Drawdown Comparison

The maximum BMN drawdown since its inception was -13.04%, smaller than the maximum VNYUX drawdown of -16.59%. Use the drawdown chart below to compare losses from any high point for BMN and VNYUX.

Drawdown Indicators

	BMN	VNYUX	Difference
Max Drawdown Largest peak-to-trough decline	-13.04%	-16.59%	+3.55%
Max Drawdown (1Y) Largest decline over 1 year	-8.18%	-3.08%	-5.10%
Max Drawdown (3Y) Largest decline over 3 years	-12.41%	-7.10%	-5.31%
Max Drawdown (5Y) Largest decline over 5 years	—	-16.59%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-16.59%	—
Current Drawdown Current decline from peak	-5.75%	-0.23%	-5.52%
Average Drawdown Average peak-to-trough decline	-2.33%	-2.09%	-0.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.79%	0.87%	+1.92%

Volatility

BMN vs. VNYUX - Volatility Comparison

Blackrock 2037 Municipal Target Term Trust (BMN) has a higher volatility of 3.49% compared to Vanguard New York Long-Term Tax-Exempt Fund Admiral Shares (VNYUX) at 1.26%. This indicates that BMN's price experiences larger fluctuations and is considered to be riskier than VNYUX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BMN	VNYUX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.49%	1.26%	+2.23%
Volatility (6M) Calculated over the trailing 6-month period	10.64%	2.44%	+8.20%
Volatility (1Y) Calculated over the trailing 1-year period	12.90%	3.22%	+9.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.69%	4.78%	+5.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.69%	4.61%	+6.08%

BMN vs. VNYUX - Expense Ratio Comparison

BMN has a 0.93% expense ratio, which is higher than VNYUX's 0.09% expense ratio.

Dividends

BMN vs. VNYUX - Dividend Comparison

BMN's dividend yield for the trailing twelve months is around 4.38%, more than VNYUX's 3.70% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BMN Blackrock 2037 Municipal Target Term Trust	4.38%	4.30%	4.40%	4.74%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
VNYUX Vanguard New York Long-Term Tax-Exempt Fund Admiral Shares	3.70%	4.50%	4.02%	2.89%	2.94%	2.82%	3.51%	3.61%	3.52%	3.73%	3.93%	3.44%

Frequently Asked Questions

Can I hold both BMN and VNYUX in my portfolio?

BMN and VNYUX have a correlation of 0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BMN or VNYUX?

BMN has higher volatility (3.49%) compared to VNYUX (1.26%). In terms of maximum drawdown, BMN dropped -13.04% vs VNYUX's -16.59%.

Which has better risk-adjusted returns?

VNYUX currently has the higher Sharpe Ratio (2.75 vs 0.83), 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.