HYD vs. RVNU
HYD (VanEck Vectors High-Yield Municipal Index ETF) and RVNU (Xtrackers Municipal Infrastructure Revenue Bond ETF) are both Municipal Bonds funds - HYD tracks the Bloomberg Barclays Municipal Custom High Yield Composite Index while RVNU tracks the Solactive Municipal Infrastructure Revenue Bond Index. Both are passively managed. Over the past 10 years, HYD returned 2.03%/yr vs 1.93%/yr for RVNU. At a 0.41 correlation, their price movements are largely independent. HYD charges 0.35%/yr vs 0.15%/yr for RVNU.
Performance
HYD vs. RVNU - Performance Comparison
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Returns By Period
In the year-to-date period, HYD achieves a 2.27% return, which is significantly lower than RVNU's 3.90% return. Both investments have delivered pretty close results over the past 10 years, with HYD having a 2.03% annualized return and RVNU not far behind at 1.93%.
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%
RVNU
- 1D
- 0.18%
- 1M
- 1.50%
- YTD
- 3.90%
- 6M
- 3.22%
- 1Y
- 9.36%
- 3Y*
- 3.44%
- 5Y*
- -0.19%
- 10Y*
- 1.93%
HYD vs. RVNU - 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% |
RVNU Xtrackers Municipal Infrastructure Revenue Bond ETF | 3.90% | 0.58% | 1.46% | 11.19% | -16.60% | 2.28% | 6.54% | 10.16% | -0.56% | 8.24% |
Correlation
The correlation between HYD and RVNU is 0.58, 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 | 0.58 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.66 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.67 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.51 |
Correlation (All Time) Calculated using the full available price history since Jun 5, 2013 | 0.41 |
The correlation between HYD and RVNU shifts across timeframes, from 0.41 (all time) to 0.67 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
HYD vs. RVNU — Risk / Return Rank
HYD
RVNU
HYD vs. RVNU - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Vectors High-Yield Municipal Index ETF (HYD) and Xtrackers Municipal Infrastructure Revenue Bond ETF (RVNU). 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 | RVNU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.18 | ||
| Sortino ratioReturn per unit of downside risk | +0.20 | ||
| Omega ratioGain probability vs. loss probability | 1.42 | 1.35 | +0.08 |
| Calmar ratioReturn relative to maximum drawdown | 2.53 | 3.82 | -1.29 |
| Martin ratioReturn relative to average drawdown | 8.70 | 11.40 | -2.71 |
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 | RVNU | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.02 | 1.84 | +0.18 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.01 | -0.03 | +0.02 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.16 | 0.27 | -0.10 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.45 | 0.39 | +0.06 |
Drawdowns
HYD vs. RVNU - Drawdown Comparison
The maximum HYD drawdown since its inception was -35.61%, which is greater than RVNU's maximum drawdown of -23.51%. Use the drawdown chart below to compare losses from any high point for HYD and RVNU.
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Drawdown Indicators
| HYD | RVNU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.61% | -23.51% | -12.10% |
Max Drawdown (1Y)Largest decline over 1 year | -3.21% | -2.46% | -0.75% |
Max Drawdown (3Y)Largest decline over 3 years | -7.23% | -10.35% | +3.12% |
Max Drawdown (5Y)Largest decline over 5 years | -20.72% | -23.51% | +2.79% |
Max Drawdown (10Y)Largest decline over 10 years | -35.61% | -23.51% | -12.10% |
Current DrawdownCurrent decline from peak | -1.90% | -2.63% | +0.73% |
Average DrawdownAverage peak-to-trough decline | -4.32% | -4.98% | +0.66% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.93% | 0.83% | +0.10% |
Volatility
HYD vs. RVNU - Volatility Comparison
The current volatility for VanEck Vectors High-Yield Municipal Index ETF (HYD) is 1.14%, while Xtrackers Municipal Infrastructure Revenue Bond ETF (RVNU) has a volatility of 1.43%. This indicates that HYD experiences smaller price fluctuations and is considered to be less risky than RVNU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HYD | RVNU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.14% | 1.43% | -0.29% |
Volatility (6M)Calculated over the trailing 6-month period | 2.98% | 3.41% | -0.43% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.02% | 5.12% | -1.10% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.45% | 7.19% | -0.74% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.60% | 7.27% | +5.33% |
HYD vs. RVNU - Expense Ratio Comparison
HYD has a 0.35% expense ratio, which is higher than RVNU's 0.15% expense ratio.
Dividends
HYD vs. RVNU - Dividend Comparison
HYD's dividend yield for the trailing twelve months is around 4.25%, more than RVNU's 3.51% 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% |
RVNU Xtrackers Municipal Infrastructure Revenue Bond ETF | 3.51% | 3.46% | 3.06% | 2.79% | 2.81% | 2.18% | 2.43% | 2.75% | 2.76% | 2.49% | 2.72% | 3.01% |
Frequently Asked Questions
HYD and RVNU have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
RVNU has higher volatility (1.43%) compared to HYD (1.14%). In terms of maximum drawdown, HYD dropped -35.61% vs RVNU's -23.51%.
On 10-year performance, HYD leads with 2.03% vs 1.93% for RVNU. On fees, RVNU is cheaper at 0.15% 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 2.03% return vs 1.93%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
RVNU is cheaper with a 0.15% expense ratio, compared with 0.35% for HYD.
HYD has the higher dividend yield at 4.25%, compared with 3.51% for RVNU.
HYD tracks Bloomberg Barclays Municipal Custom High Yield Composite Index, while RVNU tracks Solactive Municipal Infrastructure Revenue Bond Index. They also come from different issuers: VanEck and Deutsche Bank. Their fees differ too: 0.35% for HYD and 0.15% for RVNU.
HYD currently has the higher Sharpe Ratio (2.02 vs 1.84), 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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