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 1.87%/yr vs 2.29%/yr for HYMB. A 0.59 correlation means they provide meaningful diversification when combined. 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 2.51% return, which is significantly lower than HYMB's 3.63% return. Over the past 10 years, HYD has underperformed HYMB with an annualized return of 1.87%, while HYMB has yielded a comparatively higher 2.29% annualized return.
HYD
- 1D
- -0.03%
- 1M
- 0.20%
- 6M
- 2.14%
- YTD
- 2.51%
- 1Y
- 7.84%
- 3Y*
- 4.51%
- 5Y*
- -0.27%
- 10Y*
- 1.87%
HYMB
- 1D
- 0.20%
- 1M
- 0.58%
- 6M
- 3.01%
- YTD
- 3.63%
- 1Y
- 7.89%
- 3Y*
- 5.16%
- 5Y*
- 0.34%
- 10Y*
- 2.29%
HYD vs. HYMB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
HYD VanEck High Yield Muni ETF | 2.51% | 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 | 3.63% | 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 0.78, 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 | 0.78 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.80 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.78 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.66 |
Correlation (All Time) Calculated using the full available price history since Apr 14, 2011 | 0.59 |
The correlation between HYD and HYMB shifts across timeframes, from 0.59 (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 | +0.01 | ||
| Sortino ratioReturn per unit of downside risk | +0.11 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 1.37 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 2.29 | 2.38 | -0.09 |
| Martin ratioReturn relative to average drawdown | 9.98 | 10.13 | -0.15 |
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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 | -7.23% | -7.44% | +0.21% |
Max Drawdown (5Y)Largest decline over 5 years | -20.72% | -20.15% | -0.57% |
Max Drawdown (10Y)Largest decline over 10 years | -35.61% | -29.57% | -6.04% |
Current DrawdownCurrent decline from peak | -1.66% | -0.43% | -1.23% |
Average DrawdownAverage peak-to-trough decline | -4.31% | -3.78% | -0.53% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.81% | 0.82% | -0.01% |
Volatility
HYD vs. HYMB - Volatility Comparison
VanEck High Yield Muni ETF (HYD) has a higher volatility of 1.07% compared to State Street SPDR Nuveen ICE High Yield Municipal Bond ETF (HYMB) at 0.88%. This indicates that HYD's price experiences larger fluctuations and is considered to be riskier 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 | 1.07% | 0.88% | +0.19% |
Volatility (6M)Calculated over the trailing 6-month period | 3.13% | 3.21% | -0.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.00% | 4.05% | -0.05% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.46% | 6.67% | -0.21% |
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 4.31%, less than HYMB's 4.53% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HYD VanEck High Yield Muni ETF | 4.31% | 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 | 4.53% | 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 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HYD has higher volatility (1.07%) compared to HYMB (0.88%). In terms of maximum drawdown, HYD dropped -35.61% vs HYMB's -29.57%.
On 10-year performance, HYMB leads with 2.29% vs 1.87% for HYD. Both ETFs have the same 0.35% expense ratio. On volatility, HYMB has been the lower-risk option at 0.88%. 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 2.29% return vs 1.87%. 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 4.53%, compared with 4.31% 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.
HYD currently has the higher Sharpe Ratio (1.84 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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