HYD vs. IBMN
HYD (VanEck Vectors High-Yield Municipal Index ETF) and IBMN (iShares iBonds Dec 2025 Term Muni Bond ETF) are both Municipal Bonds funds - HYD tracks the Bloomberg Barclays Municipal Custom High Yield Composite Index while IBMN tracks the S&P AMT-Free Municipal Series Dec 2025 Index. Both are passively managed. Over the past 5 years, HYD returned -0.10%/yr vs 0.47%/yr for IBMN. At a 0.36 correlation, their price movements are largely independent. HYD charges 0.35%/yr vs 0.18%/yr for IBMN.
Performance
HYD vs. IBMN - Performance Comparison
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Returns By Period
HYD
- 1D
- -0.06%
- 1M
- 1.05%
- YTD
- 2.11%
- 6M
- 2.99%
- 1Y
- 8.23%
- 3Y*
- 4.73%
- 5Y*
- -0.10%
- 10Y*
- 2.00%
IBMN
- 1D
- 0.00%
- 1M
- 0.00%
- YTD
- 0.00%
- 6M
- 0.00%
- 1Y
- 1.20%
- 3Y*
- 2.44%
- 5Y*
- 0.47%
- 10Y*
- —
HYD vs. IBMN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
HYD VanEck Vectors High-Yield Municipal Index ETF | 2.11% | 2.83% | 4.94% | 6.52% | -15.97% | 5.05% | 0.17% | 9.34% | 1.82% |
IBMN iShares iBonds Dec 2025 Term Muni Bond ETF | 0.00% | 2.49% | 2.33% | 2.42% | -4.43% | -0.41% | 4.83% | 6.87% | 2.91% |
Correlation
The correlation between HYD and IBMN is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.17 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.33 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.40 |
Correlation (All Time) Calculated using the full available price history since Nov 16, 2018 | 0.36 |
The correlation between HYD and IBMN shifts across timeframes, from 0.17 (1 year) to 0.40 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
HYD vs. IBMN — Risk / Return Rank
HYD
IBMN
HYD vs. IBMN - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Vectors High-Yield Municipal Index ETF (HYD) and iShares iBonds Dec 2025 Term Muni Bond ETF (IBMN). 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.
| HYD | IBMN | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 2.06 | 2.12 | -0.06 |
Sortino ratioReturn per unit of downside risk | 3.01 | 3.51 | -0.50 |
Omega ratioGain probability vs. loss probability | 1.43 | 1.66 | -0.23 |
Calmar ratioReturn relative to maximum drawdown | 2.58 | 6.02 | -3.44 |
Martin ratioReturn relative to average drawdown | 8.87 | 24.21 | -15.35 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| HYD | IBMN | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.06 | 2.12 | -0.06 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.02 | 0.28 | -0.29 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.16 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.45 | 0.58 | -0.14 |
Drawdowns
HYD vs. IBMN - Drawdown Comparison
The maximum HYD drawdown since its inception was -35.61%, which is greater than IBMN's maximum drawdown of -12.40%. Use the drawdown chart below to compare losses from any high point for HYD and IBMN.
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Drawdown Indicators
| HYD | IBMN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.61% | -12.40% | -23.21% |
Max Drawdown (1Y)Largest decline over 1 year | -3.21% | -0.25% | -2.96% |
Max Drawdown (3Y)Largest decline over 3 years | -7.23% | -1.10% | -6.13% |
Max Drawdown (5Y)Largest decline over 5 years | -20.72% | -7.36% | -13.36% |
Max Drawdown (10Y)Largest decline over 10 years | -35.61% | — | — |
Current DrawdownCurrent decline from peak | -2.05% | -0.05% | -2.00% |
Average DrawdownAverage peak-to-trough decline | -4.32% | -1.81% | -2.51% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.93% | 0.10% | +0.83% |
Volatility
HYD vs. IBMN - Volatility Comparison
VanEck Vectors High-Yield Municipal Index ETF (HYD) has a higher volatility of 1.14% compared to iShares iBonds Dec 2025 Term Muni Bond ETF (IBMN) at 0.00%. This indicates that HYD's price experiences larger fluctuations and is considered to be riskier than IBMN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HYD | IBMN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.14% | 0.00% | +1.14% |
Volatility (6M)Calculated over the trailing 6-month period | 2.99% | 0.50% | +2.49% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.02% | 0.71% | +3.31% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.45% | 1.80% | +4.65% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.60% | 3.89% | +8.71% |
HYD vs. IBMN - Expense Ratio Comparison
HYD has a 0.35% expense ratio, which is higher than IBMN's 0.18% expense ratio.
Dividends
HYD vs. IBMN - Dividend Comparison
HYD's dividend yield for the trailing twelve months is around 4.26%, more than IBMN's 1.14% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
IBMN iShares iBonds Dec 2025 Term Muni Bond ETF | 1.14% | 2.03% | 2.03% | 1.72% | 0.97% | 0.70% | 1.11% | 1.65% | 0.23% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
HYD and IBMN have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HYD has higher volatility (1.14%) compared to IBMN (0.00%). In terms of maximum drawdown, HYD dropped -35.61% vs IBMN's -12.40%.
On 5-year performance, IBMN leads with 0.47% vs -0.10% for HYD. On fees, IBMN is cheaper at 0.18% per year. On volatility, IBMN has been the lower-risk option at 0.00%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, IBMN has performed better with a 0.47% return vs -0.10%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IBMN is cheaper with a 0.18% expense ratio, compared with 0.35% for HYD.
HYD has the higher dividend yield at 4.26%, compared with 1.14% for IBMN.
HYD tracks Bloomberg Barclays Municipal Custom High Yield Composite Index, while IBMN tracks S&P AMT-Free Municipal Series Dec 2025 Index. They also come from different issuers: VanEck and iShares. Their fees differ too: 0.35% for HYD and 0.18% for IBMN.
IBMN currently has the higher Sharpe Ratio (2.12 vs 2.06), 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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