HIMU vs. HYD

Last updated Jun 3, 2026

HIMU (iShares High Yield Muni Active ETF) and HYD (VanEck Vectors High-Yield Municipal Index 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 Bloomberg Barclays Municipal Custom High Yield Composite Index. HIMU is actively managed, while HYD is passively managed. Over the past year, HIMU returned 7.07% vs 8.10% for HYD. A 0.62 correlation means they provide meaningful diversification when combined. HIMU charges 0.42%/yr vs 0.35%/yr for HYD.

Performance

HIMU vs. HYD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares High Yield Muni Active ETF (HIMU) and VanEck Vectors High-Yield Municipal Index ETF (HYD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HIMU achieves a 2.68% return, which is significantly higher than HYD's 2.17% return.

HIMU

• 1D: 0.31%
• 1M: 1.03%
• YTD: 2.68%
• 6M: 2.74%
• 1Y: 7.07%
• 3Y*: —
• 5Y*: —
• 10Y*: —

HYD

• 1D: 0.12%
• 1M: 0.97%
• YTD: 2.17%
• 6M: 3.15%
• 1Y: 8.10%
• 3Y*: 4.75%
• 5Y*: -0.07%
• 10Y*: 2.01%

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

HIMU vs. HYD - Yearly Performance Comparison

	2026 (YTD)	2025
HIMU iShares High Yield Muni Active ETF	2.68%	1.14%
HYD VanEck Vectors High-Yield Municipal Index ETF	2.17%	2.25%

Correlation

The correlation between HIMU and HYD is 0.67, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.67
Correlation (All Time) Calculated using the full available price history since Feb 11, 2025	0.62

The correlation between HIMU and HYD has been stable across timeframes, ranging from 0.62 to 0.67 - a consistent structural relationship.

Return for Risk

HIMU vs. HYD — Risk / Return Rank

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

HIMU

HIMU Risk / Return Rank: 44
HIMU Sharpe Ratio Rank: 43
HIMU Sortino Ratio Rank: 44
HIMU Omega Ratio Rank: 46
HIMU Calmar Ratio Rank: 44
HIMU Martin Ratio Rank: 43

HYD

HYD Risk / Return Rank: 58
HYD Sharpe Ratio Rank: 59
HYD Sortino Ratio Rank: 63
HYD Omega Ratio Rank: 70
HYD Calmar Ratio Rank: 48
HYD 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.

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 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.

	HIMU	HYD	Difference
Sharpe ratio Return per unit of total volatility	1.54	2.02	-0.49
Sortino ratio Return per unit of downside risk	2.20	2.96	-0.76
Omega ratio Gain probability vs. loss probability	1.30	1.42	-0.12
Calmar ratio Return relative to maximum drawdown	2.23	2.39	-0.16
Martin ratio Return relative to average drawdown	7.00	8.22	-1.22
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HIMU vs. HYD - Sharpe Ratio Comparison

The current HIMU Sharpe Ratio is 1.54, which is comparable to the HYD Sharpe Ratio of 2.02. The chart below compares the historical Sharpe Ratios of HIMU and HYD, 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

	HIMU	HYD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.54	2.02	-0.49
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	-0.01	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.16	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.40	0.45	-0.05

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.

Drawdown Indicators

	HIMU	HYD	Difference
Max Drawdown Largest 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	—	-7.23%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-20.72%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-35.61%	—
Current Drawdown Current decline from peak	0.00%	-1.99%	+1.99%
Average Drawdown Average peak-to-trough decline	-1.76%	-4.32%	+2.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.05%	0.93%	+0.12%

Volatility

HIMU vs. HYD - Volatility Comparison

iShares High Yield Muni Active ETF (HIMU) has a higher volatility of 1.27% compared to VanEck Vectors High-Yield Municipal Index ETF (HYD) at 1.15%. This indicates that HIMU's price experiences larger fluctuations and is considered to be riskier than HYD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HIMU	HYD	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.27%	1.15%	+0.12%
Volatility (6M) Calculated over the trailing 6-month period	3.16%	3.01%	+0.15%
Volatility (1Y) Calculated over the trailing 1-year period	4.62%	4.04%	+0.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.44%	6.45%	+0.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.44%	12.61%	-5.17%

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 5.15%, more than HYD's 4.26% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HIMU iShares High Yield Muni Active ETF	5.15%	4.57%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
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

Can I hold both HIMU and HYD in my portfolio?

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.

Which is riskier, HIMU or HYD?

HIMU has higher volatility (1.27%) compared to HYD (1.15%). In terms of maximum drawdown, HIMU dropped -8.01% vs HYD's -35.61%.

Which ETF is better, HIMU or HYD?

On 1-year performance, HYD leads with 8.10% vs 7.07% for HIMU. On fees, HYD is cheaper at 0.35% per year. On volatility, HYD has been the lower-risk option at 1.15%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HIMU or HYD?

Over the 1-year period, HYD has performed better with a 8.10% return vs 7.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HIMU or HYD?

HYD is cheaper with a 0.35% expense ratio, compared with 0.42% for HIMU.

Which ETF pays a higher dividend yield, HIMU or HYD?

HIMU has the higher dividend yield at 5.15%, compared with 4.26% for HYD.

What is the main difference between HIMU and 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.

Which has better risk-adjusted returns?

HYD currently has the higher Sharpe Ratio (2.02 vs 1.54), 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.