HYD vs. LEO
HYD (VanEck Vectors High-Yield Municipal Index ETF) is Municipal Bonds fund tracking the Bloomberg Barclays Municipal Custom High Yield Composite Index, while LEO (BNY Mellon Strategic Municipals, Inc.) is a stock. Over the past 10 years, HYD returned 1.89%/yr vs 1.08%/yr for LEO. At a 0.30 correlation, their price movements are largely independent.
Performance
HYD vs. LEO - Performance Comparison
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Returns By Period
In the year-to-date period, HYD achieves a 2.48% return, which is significantly lower than LEO's 3.93% return. Over the past 10 years, HYD has outperformed LEO with an annualized return of 1.89%, while LEO has yielded a comparatively lower 1.08% annualized return.
HYD
- 1D
- -0.12%
- 1M
- 1.18%
- YTD
- 2.48%
- 6M
- 2.58%
- 1Y
- 7.59%
- 3Y*
- 4.29%
- 5Y*
- -0.12%
- 10Y*
- 1.89%
LEO
- 1D
- 0.16%
- 1M
- 2.21%
- YTD
- 3.93%
- 6M
- 5.92%
- 1Y
- 16.76%
- 3Y*
- 6.07%
- 5Y*
- -2.04%
- 10Y*
- 1.08%
HYD vs. LEO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
HYD VanEck Vectors High-Yield Municipal Index ETF | 2.48% | 2.83% | 4.94% | 6.52% | -15.97% | 5.05% | 0.17% | 9.34% | 2.19% | 9.78% |
LEO BNY Mellon Strategic Municipals, Inc. | 3.93% | 9.85% | 6.94% | 0.07% | -24.13% | 4.53% | 5.03% | 24.76% | -12.13% | 9.07% |
Correlation
The correlation between HYD and LEO is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.42 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.47 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.45 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.39 |
Correlation (All Time) Calculated using the full available price history since Feb 5, 2009 | 0.30 |
The correlation between HYD and LEO shifts across timeframes, from 0.30 (all time) to 0.47 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
HYD vs. LEO — Risk / Return Rank
HYD
LEO
HYD vs. LEO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Vectors High-Yield Municipal Index ETF (HYD) and BNY Mellon Strategic Municipals, Inc. (LEO). 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 | LEO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.32 | ||
| Sortino ratioReturn per unit of downside risk | +0.32 | ||
| Omega ratioGain probability vs. loss probability | 1.40 | 1.31 | +0.09 |
| Calmar ratioReturn relative to maximum drawdown | 2.38 | 2.47 | -0.09 |
| Martin ratioReturn relative to average drawdown | 8.17 | 9.25 | -1.07 |
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Drawdowns
HYD vs. LEO - Drawdown Comparison
The maximum HYD drawdown since its inception was -35.61%, smaller than the maximum LEO drawdown of -47.35%. Use the drawdown chart below to compare losses from any high point for HYD and LEO.
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Drawdown Indicators
| HYD | LEO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.61% | -47.35% | +11.74% |
Max Drawdown (1Y)Largest decline over 1 year | -3.21% | -6.81% | +3.60% |
Max Drawdown (3Y)Largest decline over 3 years | -7.23% | -18.72% | +11.49% |
Max Drawdown (5Y)Largest decline over 5 years | -20.72% | -41.53% | +20.81% |
Max Drawdown (10Y)Largest decline over 10 years | -35.61% | -41.53% | +5.92% |
Current DrawdownCurrent decline from peak | -1.69% | -15.93% | +14.24% |
Average DrawdownAverage peak-to-trough decline | -4.31% | -9.80% | +5.49% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.93% | 1.82% | -0.89% |
Volatility
HYD vs. LEO - Volatility Comparison
The current volatility for VanEck Vectors High-Yield Municipal Index ETF (HYD) is 0.93%, while BNY Mellon Strategic Municipals, Inc. (LEO) has a volatility of 2.79%. This indicates that HYD experiences smaller price fluctuations and is considered to be less risky than LEO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HYD | LEO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.93% | 2.79% | -1.86% |
Volatility (6M)Calculated over the trailing 6-month period | 3.07% | 8.40% | -5.33% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.00% | 10.59% | -6.59% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.46% | 12.44% | -5.98% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.61% | 13.92% | -1.31% |
Dividends
HYD vs. LEO - Dividend Comparison
HYD's dividend yield for the trailing twelve months is around 4.24%, less than LEO's 4.57% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HYD VanEck Vectors High-Yield Municipal Index ETF | 4.24% | 4.29% | 4.29% | 4.13% | 3.96% | 3.50% | 4.01% | 4.08% | 4.43% | 4.29% | 4.58% | 4.82% |
LEO BNY Mellon Strategic Municipals, Inc. | 4.57% | 4.03% | 3.77% | 4.37% | 5.66% | 4.84% | 4.95% | 4.94% | 5.96% | 5.97% | 6.14% | 6.04% |
Frequently Asked Questions
HYD and LEO have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
LEO has higher volatility (2.79%) compared to HYD (0.93%). In terms of maximum drawdown, HYD dropped -35.61% vs LEO's -47.35%.
HYD currently has the higher Sharpe Ratio (1.91 vs 1.59), 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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