HICOX vs. HYD
HICOX (Colorado Bond Shares A Tax Exempt Fund) and HYD (VanEck Vectors High-Yield Municipal Index ETF) are both Municipal Bonds funds. Over the past 10 years, HICOX returned 4.13%/yr vs 1.90%/yr for HYD. At a 0.31 correlation, their price movements are largely independent. HICOX charges 0.55%/yr vs 0.35%/yr for HYD.
Performance
HICOX vs. HYD - Performance Comparison
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Returns By Period
In the year-to-date period, HICOX achieves a 2.68% return, which is significantly higher than HYD's 2.18% return. Over the past 10 years, HICOX has outperformed HYD with an annualized return of 4.13%, while HYD has yielded a comparatively lower 1.90% annualized return.
HICOX
- 1D
- 0.00%
- 1M
- 1.33%
- YTD
- 2.68%
- 6M
- 2.80%
- 1Y
- 6.68%
- 3Y*
- 6.02%
- 5Y*
- 3.11%
- 10Y*
- 4.13%
HYD
- 1D
- -0.15%
- 1M
- 1.39%
- YTD
- 2.18%
- 6M
- 2.28%
- 1Y
- 7.22%
- 3Y*
- 4.19%
- 5Y*
- -0.16%
- 10Y*
- 1.90%
HICOX vs. HYD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
HICOX Colorado Bond Shares A Tax Exempt Fund | 2.68% | 4.36% | 8.64% | 5.10% | -6.14% | 4.44% | 4.69% | 6.42% | 4.64% | 5.63% |
HYD VanEck Vectors High-Yield Municipal Index ETF | 2.18% | 2.83% | 4.94% | 6.52% | -15.97% | 5.05% | 0.17% | 9.34% | 2.19% | 9.78% |
Correlation
The correlation between HICOX and HYD is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.43 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.55 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.54 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.42 |
Correlation (All Time) Calculated using the full available price history since Feb 5, 2009 | 0.31 |
The correlation between HICOX and HYD shifts across timeframes, from 0.31 (all time) to 0.55 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
HICOX vs. HYD — Risk / Return Rank
HICOX
HYD
HICOX vs. HYD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Colorado Bond Shares A Tax Exempt Fund (HICOX) 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.
| HICOX | HYD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.36 | ||
| Sortino ratioReturn per unit of downside risk | +3.16 | ||
| Omega ratioGain probability vs. loss probability | 2.00 | 1.38 | +0.62 |
| Calmar ratioReturn relative to maximum drawdown | 6.39 | 2.26 | +4.13 |
| Martin ratioReturn relative to average drawdown | 24.44 | 7.78 | +16.66 |
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Drawdowns
HICOX vs. HYD - Drawdown Comparison
The maximum HICOX drawdown since its inception was -11.00%, smaller than the maximum HYD drawdown of -35.61%. Use the drawdown chart below to compare losses from any high point for HICOX and HYD.
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Drawdown Indicators
| HICOX | HYD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -11.00% | -35.61% | +24.61% |
Max Drawdown (1Y)Largest decline over 1 year | -1.10% | -3.21% | +2.11% |
Max Drawdown (3Y)Largest decline over 3 years | -4.45% | -7.23% | +2.78% |
Max Drawdown (5Y)Largest decline over 5 years | -9.66% | -20.72% | +11.06% |
Max Drawdown (10Y)Largest decline over 10 years | -9.66% | -35.61% | +25.95% |
Current DrawdownCurrent decline from peak | 0.00% | -1.98% | +1.98% |
Average DrawdownAverage peak-to-trough decline | -2.56% | -4.32% | +1.76% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.28% | 0.93% | -0.65% |
Volatility
HICOX vs. HYD - Volatility Comparison
The current volatility for Colorado Bond Shares A Tax Exempt Fund (HICOX) is 0.62%, while VanEck Vectors High-Yield Municipal Index ETF (HYD) has a volatility of 0.96%. This indicates that HICOX experiences smaller price fluctuations and is considered to be less risky 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
| HICOX | HYD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.62% | 0.96% | -0.34% |
Volatility (6M)Calculated over the trailing 6-month period | 1.64% | 3.04% | -1.40% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.21% | 3.98% | -1.77% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.55% | 6.46% | -2.91% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.09% | 12.61% | -9.52% |
HICOX vs. HYD - Expense Ratio Comparison
HICOX has a 0.55% expense ratio, which is higher than HYD's 0.35% expense ratio.
Dividends
HICOX vs. HYD - Dividend Comparison
HICOX's dividend yield for the trailing twelve months is around 4.29%, which matches HYD's 4.26% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HICOX Colorado Bond Shares A Tax Exempt Fund | 4.29% | 3.98% | 6.34% | 2.53% | 2.85% | 3.60% | 3.64% | 4.11% | 4.54% | 4.56% | 5.49% | 4.32% |
HYD VanEck Vectors High-Yield Municipal Index ETF | 4.26% | 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
HICOX and HYD have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HYD has higher volatility (0.96%) compared to HICOX (0.62%). In terms of maximum drawdown, HICOX dropped -11.00% vs HYD's -35.61%.
HICOX currently has the higher Sharpe Ratio (3.18 vs 1.82), 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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