HYD vs. MUB
HYD (VanEck Vectors High-Yield Municipal Index ETF) and MUB (iShares National AMT-Free Muni Bond ETF) are both Municipal Bonds funds - HYD tracks the Bloomberg Barclays Municipal Custom High Yield Composite Index while MUB tracks the S&P National AMT-Free Municipal Bond Index. Both are passively managed. Over the past 10 years, HYD returned 1.99%/yr vs 1.95%/yr for MUB. A 0.54 correlation means they provide meaningful diversification when combined. HYD charges 0.35%/yr vs 0.07%/yr for MUB.
Performance
HYD vs. MUB - Performance Comparison
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Returns By Period
In the year-to-date period, HYD achieves a 2.52% return, which is significantly higher than MUB's 1.54% return. Both investments have delivered pretty close results over the past 10 years, with HYD having a 1.99% annualized return and MUB not far behind at 1.95%.
HYD
- 1D
- 0.45%
- 1M
- 1.90%
- YTD
- 2.52%
- 6M
- 2.85%
- 1Y
- 7.63%
- 3Y*
- 4.40%
- 5Y*
- -0.14%
- 10Y*
- 1.99%
MUB
- 1D
- 0.33%
- 1M
- 1.44%
- YTD
- 1.54%
- 6M
- 1.92%
- 1Y
- 6.59%
- 3Y*
- 3.28%
- 5Y*
- 0.88%
- 10Y*
- 1.95%
HYD vs. MUB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
HYD VanEck Vectors High-Yield Municipal Index ETF | 2.52% | 2.83% | 4.94% | 6.52% | -15.97% | 5.05% | 0.17% | 9.34% | 2.19% | 9.78% |
MUB iShares National AMT-Free Muni Bond ETF | 1.54% | 3.78% | 1.26% | 5.56% | -7.34% | 1.02% | 5.12% | 7.06% | 0.93% | 4.72% |
Correlation
The correlation between HYD and MUB is 0.81, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.81 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.85 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.80 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.68 |
Correlation (All Time) Calculated using the full available price history since Feb 5, 2009 | 0.54 |
Over the past year, HYD and MUB have become more correlated (0.81) than their long-term average of 0.54, meaning their price movements have been converging.
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Return for Risk
HYD vs. MUB — Risk / Return Rank
HYD
MUB
HYD vs. MUB - 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 National AMT-Free Muni Bond ETF (MUB). 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 | MUB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.31 | ||
| Sortino ratioReturn per unit of downside risk | -0.43 | ||
| Omega ratioGain probability vs. loss probability | 1.42 | 1.48 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | 2.46 | 2.37 | +0.09 |
| Martin ratioReturn relative to average drawdown | 8.47 | 8.25 | +0.21 |
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Drawdowns
HYD vs. MUB - Drawdown Comparison
The maximum HYD drawdown since its inception was -35.61%, which is greater than MUB's maximum drawdown of -13.68%. Use the drawdown chart below to compare losses from any high point for HYD and MUB.
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Drawdown Indicators
| HYD | MUB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.61% | -13.68% | -21.93% |
Max Drawdown (1Y)Largest decline over 1 year | -3.21% | -2.79% | -0.42% |
Max Drawdown (3Y)Largest decline over 3 years | -7.23% | -5.34% | -1.89% |
Max Drawdown (5Y)Largest decline over 5 years | -20.72% | -11.88% | -8.84% |
Max Drawdown (10Y)Largest decline over 10 years | -35.61% | -13.68% | -21.93% |
Current DrawdownCurrent decline from peak | -1.65% | -0.40% | -1.25% |
Average DrawdownAverage peak-to-trough decline | -4.32% | -2.23% | -2.09% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.93% | 0.80% | +0.13% |
Volatility
HYD vs. MUB - Volatility Comparison
VanEck Vectors High-Yield Municipal Index ETF (HYD) has a higher volatility of 0.90% compared to iShares National AMT-Free Muni Bond ETF (MUB) at 0.78%. This indicates that HYD's price experiences larger fluctuations and is considered to be riskier than MUB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HYD | MUB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.90% | 0.78% | +0.12% |
Volatility (6M)Calculated over the trailing 6-month period | 3.03% | 2.27% | +0.76% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.97% | 2.88% | +1.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.46% | 4.07% | +2.39% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.60% | 4.92% | +7.68% |
HYD vs. MUB - Expense Ratio Comparison
HYD has a 0.35% expense ratio, which is higher than MUB's 0.07% expense ratio.
Dividends
HYD vs. MUB - Dividend Comparison
HYD's dividend yield for the trailing twelve months is around 4.24%, more than MUB's 3.17% 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% |
MUB iShares National AMT-Free Muni Bond ETF | 3.17% | 3.14% | 3.01% | 2.65% | 2.11% | 1.81% | 2.11% | 2.42% | 2.46% | 2.26% | 2.21% | 2.51% |
Frequently Asked Questions
HYD and MUB have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HYD has higher volatility (0.90%) compared to MUB (0.78%). In terms of maximum drawdown, HYD dropped -35.61% vs MUB's -13.68%.
On 10-year performance, HYD leads with 1.99% vs 1.95% for MUB. On fees, MUB is cheaper at 0.07% per year. On volatility, MUB has been the lower-risk option at 0.78%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, HYD has performed better with a 1.99% return vs 1.95%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
MUB is cheaper with a 0.07% expense ratio, compared with 0.35% for HYD.
HYD has the higher dividend yield at 4.24%, compared with 3.17% for MUB.
HYD tracks Bloomberg Barclays Municipal Custom High Yield Composite Index, while MUB tracks S&P National AMT-Free Municipal Bond Index. They also come from different issuers: VanEck and iShares. Their fees differ too: 0.35% for HYD and 0.07% for MUB.
MUB currently has the higher Sharpe Ratio (2.29 vs 1.99), 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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