HYD vs. HYMB
HYD (VanEck High Yield Muni ETF) and HYMB (State Street SPDR Nuveen ICE High Yield Municipal Bond ETF) are both Municipal Bonds funds - HYD tracks the ICE Broad High Yield Crossover Municipal Index while HYMB tracks the ICE US Select High Yield Crossover Municipal Index. Both are passively managed. Over the past 10 years, HYD returned 1.64%/yr vs 2.16%/yr for HYMB. Their 0.60 correlation means they have sometimes moved together and sometimes differently. Both charge a 0.35% expense ratio.
Performance
HYD vs. HYMB - Performance Comparison
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Returns By Period
In the year-to-date period, HYD achieves a 0.41% return, which is significantly lower than HYMB's 2.11% return. Over the past 10 years, HYD has underperformed HYMB with an annualized return of 1.64%, while HYMB has yielded a comparatively higher 2.16% annualized return.
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%
HYMB
- 1D
- -0.16%
- 1M
- -1.89%
- 6M
- 1.46%
- YTD
- 2.11%
- 1Y
- 6.50%
- 3Y*
- 4.39%
- 5Y*
- 0.00%
- 10Y*
- 2.16%
- ALL TIME*
- 4.31%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $56.49M | $44.56M | $39.95M | |
| $51.30M | $37.83M | $29.23M |
HYD vs. HYMB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
HYD VanEck High Yield Muni ETF | 0.41% | 2.83% | 4.94% | 6.52% | -15.97% | 5.05% | 0.17% | 9.34% | 2.19% | 9.78% |
HYMB State Street SPDR Nuveen ICE High Yield Municipal Bond ETF | 2.11% | 2.04% | 5.52% | 7.73% | -15.54% | 5.16% | 3.74% | 9.51% | 4.91% | 3.22% |
Correlation
The correlation between HYD and HYMB is 0.79, 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. | 0.79 |
Correlation (3Y) Balances recent behavior with more history. | 0.80 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.79 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.67 |
Correlation (All Time) Calculated using the full available price history since Apr 14, 2011 | 0.60 |
The correlation between HYD and HYMB shifts across timeframes, from 0.60 (all time) to 0.80 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
HYD vs. HYMB — Risk / Return Rank
HYD
HYMB
HYD vs. HYMB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck High Yield Muni ETF (HYD) and State Street SPDR Nuveen ICE High Yield Municipal Bond ETF (HYMB). 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 | HYMB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.09 | ||
| Sortino ratioReturn per unit of downside risk | -0.08 | ||
| Omega ratioGain probability vs. loss probability | 1.35 | 1.36 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 2.11 | 2.32 | -0.21 |
| Martin ratioReturn relative to average drawdown | 8.26 | 9.52 | -1.26 |
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Drawdowns
HYD vs. HYMB - Drawdown Comparison
The maximum HYD drawdown since its inception was -35.61%, which is greater than HYMB's maximum drawdown of -29.57%. Use the drawdown chart below to compare losses from any high point for HYD and HYMB.
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Drawdown Indicators
| HYD | HYMB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.61% | -29.57% | -6.04% |
Max Drawdown (1Y)Largest decline over 1 year | -3.21% | -3.11% | -0.10% |
Max Drawdown (3Y)Largest decline over 3 years | -5.94% | -6.66% | +0.72% |
Max Drawdown (5Y)Largest decline over 5 years | -20.72% | -20.10% | -0.62% |
Max Drawdown (10Y)Largest decline over 10 years | -35.61% | -29.57% | -6.04% |
Current DrawdownCurrent decline from peak | -3.68% | -1.89% | -1.79% |
Average DrawdownAverage peak-to-trough decline | -4.30% | -3.77% | -0.53% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.82% | 0.76% | +0.06% |
Volatility
HYD vs. HYMB - Volatility Comparison
The current volatility for VanEck High Yield Muni ETF (HYD) is 1.09%, while State Street SPDR Nuveen ICE High Yield Municipal Bond ETF (HYMB) has a volatility of 1.16%. This indicates that HYD experiences smaller price fluctuations and is considered to be less risky than HYMB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HYD | HYMB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.09% | 1.16% | -0.07% |
Volatility (6M)Calculated over the trailing 6-month period | 3.21% | 3.25% | -0.04% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.99% | 4.05% | -0.06% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.48% | 6.68% | -0.20% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.61% | 11.36% | +1.25% |
HYD vs. HYMB - Expense Ratio Comparison
Both HYD and HYMB have an expense ratio of 0.35%.
Dividends
HYD vs. HYMB - Dividend Comparison
HYD's dividend yield for the trailing twelve months is around 4.40%, less than HYMB's 4.59% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
HYMB State Street SPDR Nuveen ICE High Yield Municipal Bond ETF | 4.21% | 4.55% | 4.29% | 4.07% | 3.77% | 3.19% | 3.55% | 3.95% | 4.03% | 3.78% | 4.08% | 4.54% |
Frequently Asked Questions
HYD and HYMB have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HYMB has higher volatility (1.16%) compared to HYD (1.09%). In terms of maximum drawdown, HYD dropped -35.61% vs HYMB's -29.57%.
On 10-year performance, HYMB leads with 2.16% vs 1.64% for HYD. Both ETFs have the same 0.35% expense ratio. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, HYMB has performed better with a 2.16% return vs 1.64%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
HYD and HYMB have the same expense ratio: 0.35% per year.
HYMB has the higher dividend yield at 4.21%, compared with 4.02% for HYD.
HYD tracks ICE Broad High Yield Crossover Municipal Index, while HYMB tracks ICE US Select High Yield Crossover Municipal Index. They also come from different issuers: VanEck and State Street.
HYMB currently has the higher Sharpe Ratio (1.79 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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