HIMU vs. HYD
HIMU (iShares High Yield Muni Active ETF) and HYD (VanEck High Yield Muni ETF) are both exchange-traded funds - HIMU is a High Yield Muni fund actively managed by iShares, while HYD is a Municipal Bonds fund tracking the ICE Broad High Yield Crossover Municipal Index. HIMU is actively managed, while HYD is passively managed. Over the past year, HIMU returned 6.84% vs 5.79% for HYD. Their 0.63 correlation means they have sometimes moved together and sometimes differently. HIMU charges 0.42%/yr vs 0.35%/yr for HYD.
Performance
HIMU vs. HYD - Performance Comparison
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Returns By Period
In the year-to-date period, HIMU achieves a 2.34% return, which is significantly higher than HYD's 0.41% return.
HIMU
- 1D
- -0.10%
- 1M
- -2.16%
- 6M
- 1.49%
- YTD
- 2.34%
- 1Y
- 6.84%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 2.61%
HYD
- 1D
- -0.10%
- 1M
- -2.66%
- 6M
- 0.43%
- YTD
- 0.41%
- 1Y
- 5.79%
- 3Y*
- 3.85%
- 5Y*
- -0.72%
- 10Y*
- 1.64%
- ALL TIME*
- 4.72%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $15.56M | $15.88M | $18.31M | |
| $56.49M | $44.56M | $39.95M |
HIMU vs. HYD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
HIMU iShares High Yield Muni Active ETF | 2.34% | 1.48% |
HYD VanEck High Yield Muni ETF | 0.41% | 2.27% |
Correlation
The correlation between HIMU and HYD is 0.67, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.67 |
Correlation (All Time) Calculated using the full available price history since Feb 10, 2025 | 0.63 |
The correlation between HIMU and HYD has been stable across timeframes, ranging from 0.63 to 0.67 - a consistent structural relationship.
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Return for Risk
HIMU vs. HYD — Risk / Return Rank
HIMU
HYD
HIMU vs. HYD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares High Yield Muni Active ETF (HIMU) and VanEck High Yield Muni 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.
| HIMU | HYD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.12 | ||
| Sortino ratioReturn per unit of downside risk | +0.14 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 1.35 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 2.34 | 2.11 | +0.22 |
| Martin ratioReturn relative to average drawdown | 8.96 | 8.26 | +0.69 |
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Drawdowns
HIMU vs. HYD - Drawdown Comparison
The maximum HIMU drawdown since its inception was -8.01%, smaller than the maximum HYD drawdown of -35.61%. Use the drawdown chart below to compare losses from any high point for HIMU and HYD.
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Drawdown Indicators
| HIMU | HYD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -8.01% | -35.61% | +27.60% |
Max Drawdown (1Y)Largest decline over 1 year | -3.29% | -3.21% | -0.08% |
Max Drawdown (3Y)Largest decline over 3 years | — | -5.94% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -20.63% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -35.61% | — |
Current DrawdownCurrent decline from peak | -2.20% | -3.68% | +1.48% |
Average DrawdownAverage peak-to-trough decline | -1.63% | -4.30% | +2.67% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.86% | 0.82% | +0.04% |
Volatility
HIMU vs. HYD - Volatility Comparison
iShares High Yield Muni Active ETF (HIMU) and VanEck High Yield Muni ETF (HYD) have volatilities of 1.09% and 1.09%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HIMU | HYD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.09% | 1.09% | 0.00% |
Volatility (6M)Calculated over the trailing 6-month period | 3.35% | 3.21% | +0.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.25% | 3.99% | +0.26% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.12% | 6.48% | +0.64% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.12% | 12.61% | -5.49% |
HIMU vs. HYD - Expense Ratio Comparison
HIMU has a 0.42% expense ratio, which is higher than HYD's 0.35% expense ratio.
Dividends
HIMU vs. HYD - Dividend Comparison
HIMU's dividend yield for the trailing twelve months is around 5.19%, more than HYD's 4.40% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HIMU iShares High Yield Muni Active ETF | 4.80% | 4.57% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
HYD VanEck High Yield Muni ETF | 4.02% | 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
HIMU and HYD have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HYD has higher volatility (1.09%) compared to HIMU (1.09%). In terms of maximum drawdown, HIMU dropped -8.01% vs HYD's -35.61%.
On 1-year performance, HIMU leads with 6.84% vs 5.79% for HYD. On fees, HYD is cheaper at 0.35% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, HIMU has performed better with a 6.84% return vs 5.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
HYD is cheaper with a 0.35% expense ratio, compared with 0.42% for HIMU.
HIMU has the higher dividend yield at 4.80%, compared with 4.02% for HYD.
HIMU is categorized as High Yield Muni, while HYD is Municipal Bonds. They also come from different issuers: iShares and VanEck. Their fees differ too: 0.42% for HIMU and 0.35% for HYD.
HIMU currently has the higher Sharpe Ratio (1.81 vs 1.70), 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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