HYD vs. NEAR
HYD (VanEck Vectors High-Yield Municipal Index ETF) and NEAR (iShares Short Duration Bond Active ETF) are both exchange-traded funds - HYD is a Municipal Bonds fund tracking the Bloomberg Barclays Municipal Custom High Yield Composite Index, while NEAR is a Short-Term Bond fund actively managed by iShares. HYD is passively managed, while NEAR is actively managed. Over the past 10 years, HYD returned 2.03%/yr vs 2.85%/yr for NEAR. At a 0.29 correlation, their price movements are largely independent. HYD charges 0.35%/yr vs 0.25%/yr for NEAR.
Performance
HYD vs. NEAR - Performance Comparison
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Returns By Period
In the year-to-date period, HYD achieves a 2.27% return, which is significantly higher than NEAR's 0.75% return. Over the past 10 years, HYD has underperformed NEAR with an annualized return of 2.03%, while NEAR has yielded a comparatively higher 2.85% annualized return.
HYD
- 1D
- 0.16%
- 1M
- 1.14%
- YTD
- 2.27%
- 6M
- 3.07%
- 1Y
- 8.07%
- 3Y*
- 4.74%
- 5Y*
- -0.07%
- 10Y*
- 2.03%
NEAR
- 1D
- 0.02%
- 1M
- 0.17%
- YTD
- 0.75%
- 6M
- 1.25%
- 1Y
- 4.14%
- 3Y*
- 5.63%
- 5Y*
- 3.86%
- 10Y*
- 2.85%
HYD vs. NEAR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
HYD VanEck Vectors High-Yield Municipal Index ETF | 2.27% | 2.83% | 4.94% | 6.52% | -15.97% | 5.05% | 0.17% | 9.34% | 2.19% | 9.78% |
NEAR iShares Short Duration Bond Active ETF | 0.75% | 5.90% | 5.09% | 7.42% | 0.41% | 0.32% | 1.39% | 3.55% | 1.71% | 1.41% |
Correlation
The correlation between HYD and NEAR is 0.55, 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 | 0.55 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.56 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.50 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.35 |
Correlation (All Time) Calculated using the full available price history since Sep 27, 2013 | 0.29 |
Over the past year, HYD and NEAR have become more correlated (0.55) than their long-term average of 0.29, meaning their price movements have been converging.
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Return for Risk
HYD vs. NEAR — Risk / Return Rank
HYD
NEAR
HYD vs. NEAR - 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 Short Duration Bond Active ETF (NEAR). 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 | NEAR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.06 | ||
| Sortino ratioReturn per unit of downside risk | -1.92 | ||
| Omega ratioGain probability vs. loss probability | 1.42 | 1.64 | -0.22 |
| Calmar ratioReturn relative to maximum drawdown | 2.53 | 3.67 | -1.14 |
| Martin ratioReturn relative to average drawdown | 8.70 | 16.84 | -8.14 |
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 | NEAR | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.02 | 3.08 | -1.06 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.01 | 2.90 | -2.91 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.16 | 1.15 | -0.98 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.45 | 1.09 | -0.64 |
Drawdowns
HYD vs. NEAR - Drawdown Comparison
The maximum HYD drawdown since its inception was -35.61%, which is greater than NEAR's maximum drawdown of -9.61%. Use the drawdown chart below to compare losses from any high point for HYD and NEAR.
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Drawdown Indicators
| HYD | NEAR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.61% | -9.61% | -26.00% |
Max Drawdown (1Y)Largest decline over 1 year | -3.21% | -1.13% | -2.08% |
Max Drawdown (3Y)Largest decline over 3 years | -7.23% | -1.16% | -6.07% |
Max Drawdown (5Y)Largest decline over 5 years | -20.72% | -1.32% | -19.40% |
Max Drawdown (10Y)Largest decline over 10 years | -35.61% | -9.61% | -26.00% |
Current DrawdownCurrent decline from peak | -1.90% | -0.07% | -1.83% |
Average DrawdownAverage peak-to-trough decline | -4.32% | -0.16% | -4.16% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.93% | 0.25% | +0.68% |
Volatility
HYD vs. NEAR - Volatility Comparison
VanEck Vectors High-Yield Municipal Index ETF (HYD) has a higher volatility of 1.14% compared to iShares Short Duration Bond Active ETF (NEAR) at 0.37%. This indicates that HYD's price experiences larger fluctuations and is considered to be riskier than NEAR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HYD | NEAR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.14% | 0.37% | +0.77% |
Volatility (6M)Calculated over the trailing 6-month period | 2.98% | 0.99% | +1.99% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.02% | 1.36% | +2.66% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.45% | 1.34% | +5.11% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.60% | 2.50% | +10.10% |
HYD vs. NEAR - Expense Ratio Comparison
HYD has a 0.35% expense ratio, which is higher than NEAR's 0.25% expense ratio.
Dividends
HYD vs. NEAR - Dividend Comparison
HYD's dividend yield for the trailing twelve months is around 4.25%, less than NEAR's 4.43% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HYD VanEck Vectors High-Yield Municipal Index ETF | 4.25% | 4.29% | 4.29% | 4.13% | 3.96% | 3.50% | 4.01% | 4.08% | 4.43% | 4.29% | 4.58% | 4.82% |
NEAR iShares Short Duration Bond Active ETF | 4.43% | 4.54% | 5.00% | 4.59% | 1.78% | 0.76% | 1.53% | 2.69% | 2.25% | 1.52% | 1.07% | 0.85% |
Frequently Asked Questions
HYD and NEAR have a correlation of 0.55, 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 NEAR (0.37%). In terms of maximum drawdown, HYD dropped -35.61% vs NEAR's -9.61%.
On 10-year performance, NEAR leads with 2.85% vs 2.03% for HYD. On fees, NEAR is cheaper at 0.25% per year. On volatility, NEAR has been the lower-risk option at 0.37%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, NEAR has performed better with a 2.85% return vs 2.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
NEAR is cheaper with a 0.25% expense ratio, compared with 0.35% for HYD.
NEAR has the higher dividend yield at 4.43%, compared with 4.25% for HYD.
HYD is categorized as Municipal Bonds, while NEAR is Short-Term Bond. They also come from different issuers: VanEck and iShares. Their fees differ too: 0.35% for HYD and 0.25% for NEAR.
NEAR currently has the higher Sharpe Ratio (3.08 vs 2.02), 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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