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HYD vs. PZT
Performance
Return for Risk
Drawdowns
Volatility
Dividends

HYD vs. PZT

Last updated Jun 4, 2026

HYD (VanEck Vectors High-Yield Municipal Index ETF) and PZT (Invesco New York AMT-Free Municipal Bond ETF) are both Municipal Bonds funds - HYD tracks the Bloomberg Barclays Municipal Custom High Yield Composite Index while PZT tracks the ICE BofA New York Long-Term Core Plus Muni. Both are passively managed. Over the past 10 years, HYD returned 2.00%/yr vs 1.90%/yr for PZT. At a 0.38 correlation, their price movements are largely independent. HYD charges 0.35%/yr vs 0.28%/yr for PZT.

Performance

HYD vs. PZT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Vectors High-Yield Municipal Index ETF (HYD) and Invesco New York AMT-Free Municipal Bond ETF (PZT). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, HYD achieves a 2.11% return, which is significantly lower than PZT's 2.87% return. Over the past 10 years, HYD has outperformed PZT with an annualized return of 2.00%, while PZT has yielded a comparatively lower 1.90% annualized return.

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%

PZT

1D
-0.31%
1M
1.38%
YTD
2.87%
6M
3.17%
1Y
9.52%
3Y*
3.35%
5Y*
-0.03%
10Y*
1.90%
*Multi-year figures are annualized to reflect compound growth (CAGR)

HYD vs. PZT - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
HYD
VanEck Vectors High-Yield Municipal Index ETF		2.11%2.83%4.94%6.52%-15.97%5.05%0.17%9.34%2.19%9.78%
PZT
Invesco New York AMT-Free Municipal Bond ETF		2.87%1.76%1.17%7.57%-13.04%2.67%5.89%9.52%-0.55%6.21%

Correlation

The correlation between HYD and PZT is 0.60, 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

0.60

Correlation (3Y)
Calculated over the trailing 3-year period

0.65

Correlation (5Y)
Calculated over the trailing 5-year period

0.65

Correlation (10Y)
Calculated over the trailing 10-year period

0.47

Correlation (All Time)
Calculated using the full available price history since Feb 6, 2009

0.38

Over the past year, HYD and PZT have become more correlated (0.60) than their long-term average of 0.38, meaning their price movements have been converging.

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VanEck Vectors High-Yield Municipal Index ETF

Invesco New York AMT-Free Municipal Bond ETF

Often compared with HYD:
HYD vs. HYMBHYD vs. VTEBHYD vs. MUBHYD vs. VWALXHYD vs. HYGHYD vs. VWEAXHYD vs. HIMU
Often compared with PZT:
PZT vs. NYFPZT vs. MINOPZT vs. FMNYPZT vs. VNYUXPZT vs. FLIAPZT vs. FTABXPZT vs. DGRO

Return for Risk

HYD vs. PZT — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
HYD
HYD Risk / Return Rank: 5959
Overall Rank
HYD Sharpe Ratio Rank: 6060
Sharpe Ratio Rank
HYD Sortino Ratio Rank: 6363
Sortino Ratio Rank
HYD Omega Ratio Rank: 7171
Omega Ratio Rank
HYD Calmar Ratio Rank: 5151
Calmar Ratio Rank
HYD Martin Ratio Rank: 5252
Martin Ratio Rank
PZT
PZT Risk / Return Rank: 6161
Overall Rank
PZT Sharpe Ratio Rank: 6060
Sharpe Ratio Rank
PZT Sortino Ratio Rank: 6060
Sortino Ratio Rank
PZT Omega Ratio Rank: 6666
Omega Ratio Rank
PZT Calmar Ratio Rank: 6161
Calmar Ratio Rank
PZT Martin Ratio Rank: 5858
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

HYD vs. PZT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Vectors High-Yield Municipal Index ETF (HYD) and Invesco New York AMT-Free Municipal Bond ETF (PZT). 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.

HYDPZTDifference

Sharpe ratio

Return per unit of total volatility

2.06

2.02

+0.04

Sortino ratio

Return per unit of downside risk

3.01

2.82

+0.19

Omega ratio

Gain probability vs. loss probability

1.43

1.40

+0.03

Calmar ratio

Return relative to maximum drawdown

2.58

3.02

-0.44

Martin ratio

Return relative to average drawdown

8.87

10.29

-1.42

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HYD vs. PZT - Sharpe Ratio Comparison

The current HYD Sharpe Ratio is 2.06, which is comparable to the PZT Sharpe Ratio of 2.02. The chart below compares the historical Sharpe Ratios of HYD and PZT, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

HYDPZTDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.06

2.02

+0.04

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.02

-0.00

-0.01

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.16

0.27

-0.12

Sharpe Ratio (All Time)

Calculated using the full available price history

0.45

0.37

+0.08

Drawdowns

HYD vs. PZT - Drawdown Comparison

The maximum HYD drawdown since its inception was -35.61%, which is greater than PZT's maximum drawdown of -22.73%. Use the drawdown chart below to compare losses from any high point for HYD and PZT.

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Drawdown Indicators

HYDPZTDifference

Max Drawdown

Largest peak-to-trough decline

-35.61%

-22.73%

-12.88%

Max Drawdown (1Y)

Largest decline over 1 year

-3.21%

-3.17%

-0.04%

Max Drawdown (3Y)

Largest decline over 3 years

-7.23%

-9.00%

+1.77%

Max Drawdown (5Y)

Largest decline over 5 years

-20.72%

-19.13%

-1.59%

Max Drawdown (10Y)

Largest decline over 10 years

-35.61%

-19.13%

-16.48%

Current Drawdown

Current decline from peak

-2.05%

-1.42%

-0.63%

Average Drawdown

Average peak-to-trough decline

-4.32%

-3.91%

-0.41%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.93%

0.93%

0.00%

Volatility

HYD vs. PZT - Volatility Comparison

The current volatility for VanEck Vectors High-Yield Municipal Index ETF (HYD) is 1.14%, while Invesco New York AMT-Free Municipal Bond ETF (PZT) has a volatility of 2.10%. This indicates that HYD experiences smaller price fluctuations and is considered to be less risky than PZT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

HYDPZTDifference

Volatility (1M)

Calculated over the trailing 1-month period

1.14%

2.10%

-0.96%

Volatility (6M)

Calculated over the trailing 6-month period

2.99%

3.45%

-0.46%

Volatility (1Y)

Calculated over the trailing 1-year period

4.02%

4.75%

-0.73%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

6.45%

6.62%

-0.17%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

12.60%

6.96%

+5.64%

HYD vs. PZT - Expense Ratio Comparison

HYD has a 0.35% expense ratio, which is higher than PZT's 0.28% expense ratio.

Dividends

HYD vs. PZT - Dividend Comparison

HYD's dividend yield for the trailing twelve months is around 4.26%, more than PZT's 3.58% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
PZT
Invesco New York AMT-Free Municipal Bond ETF		3.58%3.43%3.04%2.82%2.66%2.77%2.55%2.73%3.01%2.94%3.36%3.40%

Frequently Asked Questions

HYD and PZT have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

PZT has higher volatility (2.10%) compared to HYD (1.14%). In terms of maximum drawdown, HYD dropped -35.61% vs PZT's -22.73%.

On 10-year performance, HYD leads with 2.00% vs 1.90% for PZT. On fees, PZT is cheaper at 0.28% per year. On volatility, HYD has been the lower-risk option at 1.14%. 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 2.00% return vs 1.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

PZT is cheaper with a 0.28% expense ratio, compared with 0.35% for HYD.

HYD has the higher dividend yield at 4.26%, compared with 3.58% for PZT.

HYD tracks Bloomberg Barclays Municipal Custom High Yield Composite Index, while PZT tracks ICE BofA New York Long-Term Core Plus Muni. They also come from different issuers: VanEck and Invesco. Their fees differ too: 0.35% for HYD and 0.28% for PZT.

HYD currently has the higher Sharpe Ratio (2.06 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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