EMNT vs. MLN
EMNT (PIMCO Enhanced Short Maturity Active ESG ETF) and MLN (VanEck Long Muni ETF) are both exchange-traded funds - EMNT is a Ultrashort Bond fund actively managed by PIMCO, while MLN is a Municipal Bonds fund tracking the Bloomberg AMT-Free Long Continuous. EMNT is actively managed, while MLN is passively managed. Over the past 5 years, EMNT returned 3.56%/yr vs -1.42%/yr for MLN. Their 0.24 correlation means their historical movements had little consistent relationship. Both charge a 0.24% expense ratio.
Performance
EMNT vs. MLN - Performance Comparison
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Returns By Period
In the year-to-date period, EMNT achieves a 2.37% return, which is significantly higher than MLN's 1.01% return.
EMNT
- 1D
- 0.04%
- 1M
- 0.36%
- 6M
- 2.02%
- YTD
- 2.37%
- 1Y
- 4.23%
- 3Y*
- 5.17%
- 5Y*
- 3.56%
- 10Y*
- —
- ALL TIME*
- 3.05%
MLN
- 1D
- -0.26%
- 1M
- -2.20%
- 6M
- 0.87%
- YTD
- 1.01%
- 1Y
- 7.33%
- 3Y*
- 2.80%
- 5Y*
- -1.42%
- 10Y*
- 1.23%
- ALL TIME*
- 2.84%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $861.03K | $1.51M | $1.07M | |
| $2.96M | $2.78M | $3.87M |
EMNT vs. MLN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
EMNT PIMCO Enhanced Short Maturity Active ESG ETF | 2.37% | 4.74% | 5.79% | 5.84% | -0.57% | 0.11% | 2.08% | 0.06% |
MLN VanEck Long Muni ETF | 1.01% | 1.82% | 1.54% | 8.05% | -17.20% | 2.20% | 6.22% | -0.27% |
Correlation
The correlation between EMNT and MLN is 0.33, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.33 |
Correlation (3Y) Balances recent behavior with more history. | 0.20 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.29 |
Correlation (All Time) Calculated using the full available price history since Dec 12, 2019 | 0.24 |
The correlation between EMNT and MLN shifts across timeframes, from 0.20 (3 years) to 0.33 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
EMNT vs. MLN — Risk / Return Rank
EMNT
MLN
EMNT vs. MLN - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PIMCO Enhanced Short Maturity Active ESG ETF (EMNT) and VanEck Long Muni ETF (MLN). 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.
| EMNT | MLN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +7.21 | ||
| Sortino ratioReturn per unit of downside risk | +14.10 | ||
| Omega ratioGain probability vs. loss probability | 4.49 | 1.40 | +3.09 |
| Calmar ratioReturn relative to maximum drawdown | 32.95 | 3.35 | +29.60 |
| Martin ratioReturn relative to average drawdown | 203.08 | 10.75 | +192.33 |
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Drawdowns
EMNT vs. MLN - Drawdown Comparison
The maximum EMNT drawdown since its inception was -2.28%, smaller than the maximum MLN drawdown of -28.36%. Use the drawdown chart below to compare losses from any high point for EMNT and MLN.
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Drawdown Indicators
| EMNT | MLN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -2.28% | -28.36% | +26.08% |
Max Drawdown (1Y)Largest decline over 1 year | -0.13% | -2.56% | +2.43% |
Max Drawdown (3Y)Largest decline over 3 years | -0.73% | -8.73% | +8.00% |
Max Drawdown (5Y)Largest decline over 5 years | -1.70% | -24.12% | +22.42% |
Max Drawdown (10Y)Largest decline over 10 years | — | -24.46% | — |
Current DrawdownCurrent decline from peak | 0.00% | -7.42% | +7.42% |
Average DrawdownAverage peak-to-trough decline | -0.22% | -5.73% | +5.51% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.02% | 0.80% | -0.78% |
Volatility
EMNT vs. MLN - Volatility Comparison
The current volatility for PIMCO Enhanced Short Maturity Active ESG ETF (EMNT) is 0.14%, while VanEck Long Muni ETF (MLN) has a volatility of 1.28%. This indicates that EMNT experiences smaller price fluctuations and is considered to be less risky than MLN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EMNT | MLN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.14% | 1.28% | -1.14% |
Volatility (6M)Calculated over the trailing 6-month period | 0.41% | 3.28% | -2.87% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.47% | 4.43% | -3.96% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.83% | 7.34% | -6.51% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.86% | 8.88% | -8.02% |
EMNT vs. MLN - Expense Ratio Comparison
Both EMNT and MLN have an expense ratio of 0.24%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
EMNT vs. MLN - Dividend Comparison
EMNT's dividend yield for the trailing twelve months is around 3.93%, more than MLN's 3.85% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EMNT PIMCO Enhanced Short Maturity Active ESG ETF | 3.56% | 4.46% | 5.14% | 4.62% | 2.79% | 0.66% | 1.44% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
MLN VanEck Long Muni ETF | 3.53% | 3.73% | 3.59% | 3.19% | 2.67% | 2.52% | 2.69% | 2.98% | 3.09% | 2.91% | 3.16% | 3.38% |
Frequently Asked Questions
EMNT and MLN have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MLN has higher volatility (1.28%) compared to EMNT (0.14%). In terms of maximum drawdown, EMNT dropped -2.28% vs MLN's -28.36%.
On 5-year performance, EMNT leads with 3.56% vs -1.42% for MLN. Both ETFs have the same 0.24% expense ratio. On volatility, EMNT has been the lower-risk option at 0.14%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, EMNT has performed better with a 3.56% return vs -1.42%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EMNT and MLN have the same expense ratio: 0.24% per year.
EMNT has the higher dividend yield at 3.56%, compared with 3.53% for MLN.
EMNT is categorized as Ultrashort Bond, while MLN is Municipal Bonds. They also come from different issuers: PIMCO and VanEck.
EMNT currently has the higher Sharpe Ratio (9.15 vs 1.94), 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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