HYD vs. BBHY
HYD (VanEck Vectors High-Yield Municipal Index ETF) and BBHY (JPMorgan BetaBuilders USD High Yield Corporate Bond ETF) are both exchange-traded funds - HYD is a Municipal Bonds fund tracking the Bloomberg Barclays Municipal Custom High Yield Composite Index, while BBHY is a High Yield Bonds fund tracking the ICE BofA US High Yield Index. Both are passively managed. Over the past 5 years, HYD returned -0.12%/yr vs 4.05%/yr for BBHY. At a 0.34 correlation, their price movements are largely independent. HYD charges 0.35%/yr vs 0.15%/yr for BBHY.
Performance
HYD vs. BBHY - Performance Comparison
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Returns By Period
In the year-to-date period, HYD achieves a 2.33% return, which is significantly higher than BBHY's 1.89% return.
HYD
- 1D
- -0.19%
- 1M
- 1.54%
- YTD
- 2.33%
- 6M
- 2.54%
- 1Y
- 7.42%
- 3Y*
- 4.24%
- 5Y*
- -0.12%
- 10Y*
- 1.91%
BBHY
- 1D
- -0.08%
- 1M
- 0.64%
- YTD
- 1.89%
- 6M
- 2.20%
- 1Y
- 6.68%
- 3Y*
- 8.90%
- 5Y*
- 4.05%
- 10Y*
- —
HYD vs. BBHY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
HYD VanEck Vectors High-Yield Municipal Index ETF | 2.33% | 2.83% | 4.94% | 6.52% | -15.97% | 5.05% | 0.17% | 9.34% | 2.19% | 9.78% |
BBHY JPMorgan BetaBuilders USD High Yield Corporate Bond ETF | 1.89% | 8.51% | 7.81% | 11.98% | -10.37% | 3.88% | 5.36% | 14.35% | -2.50% | 6.57% |
Correlation
The correlation between HYD and BBHY is 0.50, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.50 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.52 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.52 |
Correlation (All Time) Calculated using the full available price history since Sep 15, 2016 | 0.34 |
The correlation between HYD and BBHY shifts across timeframes, from 0.34 (all time) to 0.52 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
HYD vs. BBHY — Risk / Return Rank
HYD
BBHY
HYD vs. BBHY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Vectors High-Yield Municipal Index ETF (HYD) and JPMorgan BetaBuilders USD High Yield Corporate Bond ETF (BBHY). 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.
| HYD | BBHY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.05 | ||
| Sortino ratioReturn per unit of downside risk | -0.03 | ||
| Omega ratioGain probability vs. loss probability | 1.39 | 1.36 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 2.33 | 2.83 | -0.50 |
| Martin ratioReturn relative to average drawdown | 8.00 | 12.61 | -4.61 |
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Drawdowns
HYD vs. BBHY - Drawdown Comparison
The maximum HYD drawdown since its inception was -35.61%, which is greater than BBHY's maximum drawdown of -24.98%. Use the drawdown chart below to compare losses from any high point for HYD and BBHY.
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Drawdown Indicators
| HYD | BBHY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.61% | -24.98% | -10.63% |
Max Drawdown (1Y)Largest decline over 1 year | -3.21% | -2.37% | -0.84% |
Max Drawdown (3Y)Largest decline over 3 years | -7.23% | -5.00% | -2.23% |
Max Drawdown (5Y)Largest decline over 5 years | -20.72% | -15.32% | -5.40% |
Max Drawdown (10Y)Largest decline over 10 years | -35.61% | — | — |
Current DrawdownCurrent decline from peak | -1.84% | -0.14% | -1.70% |
Average DrawdownAverage peak-to-trough decline | -4.32% | -2.36% | -1.96% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.93% | 0.53% | +0.40% |
Volatility
HYD vs. BBHY - Volatility Comparison
The current volatility for VanEck Vectors High-Yield Municipal Index ETF (HYD) is 0.95%, while JPMorgan BetaBuilders USD High Yield Corporate Bond ETF (BBHY) has a volatility of 1.04%. This indicates that HYD experiences smaller price fluctuations and is considered to be less risky than BBHY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HYD | BBHY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.95% | 1.04% | -0.09% |
Volatility (6M)Calculated over the trailing 6-month period | 3.04% | 2.94% | +0.10% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.98% | 3.68% | +0.30% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.46% | 7.28% | -0.82% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.61% | 7.52% | +5.09% |
HYD vs. BBHY - Expense Ratio Comparison
HYD has a 0.35% expense ratio, which is higher than BBHY's 0.15% expense ratio.
Dividends
HYD vs. BBHY - Dividend Comparison
HYD's dividend yield for the trailing twelve months is around 4.25%, less than BBHY's 6.92% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BBHY JPMorgan BetaBuilders USD High Yield Corporate Bond ETF | 6.92% | 7.24% | 7.18% | 6.49% | 5.92% | 4.06% | 4.73% | 4.99% | 5.02% | 4.81% | 1.42% | 0.00% |
HYD VanEck Vectors High-Yield Municipal Index ETF | 4.25% | 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
HYD and BBHY have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BBHY has higher volatility (1.04%) compared to HYD (0.95%). In terms of maximum drawdown, HYD dropped -35.61% vs BBHY's -24.98%.
On 5-year performance, BBHY leads with 4.05% vs -0.12% for HYD. On fees, BBHY is cheaper at 0.15% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, BBHY has performed better with a 4.05% return vs -0.12%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BBHY is cheaper with a 0.15% expense ratio, compared with 0.35% for HYD.
BBHY has the higher dividend yield at 6.92%, compared with 4.25% for HYD.
HYD is categorized as Municipal Bonds, while BBHY is High Yield Bonds. HYD tracks Bloomberg Barclays Municipal Custom High Yield Composite Index, while BBHY tracks ICE BofA US High Yield Index. They also come from different issuers: VanEck and JPMorgan. Their fees differ too: 0.35% for HYD and 0.15% for BBHY.
HYD currently has the higher Sharpe Ratio (1.87 vs 1.83), 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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