BMOP vs. BKHY

Last updated Jun 4, 2026

BMOP (BNY Mellon Municipal Opportunities ETF) and BKHY (BNY Mellon High Yield Beta ETF) are both exchange-traded funds - BMOP 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. BMOP is actively managed, while BKHY is passively managed. A 0.62 correlation means they provide meaningful diversification when combined. BMOP charges 0.54%/yr vs 0.22%/yr for BKHY.

Performance

BMOP vs. BKHY - Performance Comparison

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

Returns By Period

BMOP

• 1D: -0.07%
• 1M: 0.84%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

BKHY

• 1D: -0.26%
• 1M: 0.52%
• YTD: 1.73%
• 6M: 1.94%
• 1Y: 7.29%
• 3Y*: 8.83%
• 5Y*: 4.17%
• 10Y*: —

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

BMOP vs. BKHY - Yearly Performance Comparison

	2026 (YTD)
BMOP BNY Mellon Municipal Opportunities ETF	1.37%
BKHY BNY Mellon High Yield Beta ETF	1.31%

Correlation

The correlation between BMOP and BKHY is 0.62, 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	0.62

Return for Risk

BMOP 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: 63
BKHY Sharpe Ratio Rank: 58
BKHY Sortino Ratio Rank: 64
BKHY Omega Ratio Rank: 65
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.

BMOP vs. BKHY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BNY Mellon Municipal Opportunities ETF (BMOP) 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

	BMOP	BKHY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	1.98	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.55	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.96	0.90	+0.06

Drawdowns

BMOP vs. BKHY - Drawdown Comparison

The maximum BMOP drawdown since its inception was -2.80%, smaller than the maximum BKHY drawdown of -15.89%. Use the drawdown chart below to compare losses from any high point for BMOP and BKHY.

Drawdown Indicators

	BMOP	BKHY	Difference
Max Drawdown Largest peak-to-trough decline	-2.80%	-15.89%	+13.09%
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	-0.09%	-0.26%	+0.17%
Average Drawdown Average peak-to-trough decline	-0.82%	-2.97%	+2.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.55%	—

Volatility

Volatility by Period

	BMOP	BKHY	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	1.12%	—
Volatility (6M) Calculated over the trailing 6-month period	—	2.97%	—
Volatility (1Y) Calculated over the trailing 1-year period	3.75%	3.69%	+0.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.75%	7.58%	-3.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.75%	7.37%	-3.62%

BMOP vs. BKHY - Expense Ratio Comparison

BMOP has a 0.54% expense ratio, which is higher than BKHY's 0.22% expense ratio.

Dividends

BMOP vs. BKHY - Dividend Comparison

BMOP's dividend yield for the trailing twelve months is around 1.20%, 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%
BMOP BNY Mellon Municipal Opportunities ETF	1.20%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BMOP and BKHY in my portfolio?

BMOP and BKHY have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, BMOP 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, BMOP or BKHY?

BKHY is cheaper with a 0.22% expense ratio, compared with 0.54% for BMOP.

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

BKHY has the higher dividend yield at 7.46%, compared with 1.20% for BMOP.

What is the main difference between BMOP and BKHY?

BMOP is categorized as Municipal Bonds, while BKHY is High Yield Bonds. Their fees differ too: 0.54% for BMOP and 0.22% for BKHY.