HYD vs. SHYM
HYD (VanEck High Yield Muni ETF) and SHYM (iShares Short Duration High Yield Muni Active ETF) are both exchange-traded funds - HYD is a Municipal Bonds fund tracking the ICE Broad High Yield Crossover Municipal Index, while SHYM is a High Yield Muni fund actively managed by iShares. HYD is passively managed, while SHYM is actively managed. Over the past 5 years, HYD returned -0.40%/yr vs 0.54%/yr for SHYM. A 0.67 correlation means they provide meaningful diversification when combined. Both charge a 0.35% expense ratio.
Performance
HYD vs. SHYM - Performance Comparison
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Returns By Period
In the year-to-date period, HYD achieves a 2.07% return, which is significantly lower than SHYM's 2.33% return.
HYD
- 1D
- -0.02%
- 1M
- 0.00%
- 6M
- 1.53%
- YTD
- 2.07%
- 1Y
- 8.96%
- 3Y*
- 3.97%
- 5Y*
- -0.40%
- 10Y*
- 1.82%
SHYM
- 1D
- 0.04%
- 1M
- 0.20%
- 6M
- 1.56%
- YTD
- 2.33%
- 1Y
- 5.73%
- 3Y*
- 5.45%
- 5Y*
- 0.54%
- 10Y*
- —
HYD vs. SHYM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
HYD VanEck High Yield Muni ETF | 2.07% | 2.83% | 4.94% | 6.52% | -15.97% | 3.82% |
SHYM iShares Short Duration High Yield Muni Active ETF | 2.33% | 2.58% | 6.99% | 9.67% | -15.96% | 6.71% |
Correlation
The correlation between HYD and SHYM 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 | 0.68 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.68 |
Correlation (All Time) Calculated using the full available price history since Mar 18, 2021 | 0.67 |
The correlation between HYD and SHYM shifts across timeframes, from 0.55 (1 year) to 0.68 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
HYD vs. SHYM — Risk / Return Rank
HYD
SHYM
HYD vs. SHYM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck High Yield Muni ETF (HYD) and iShares Short Duration High Yield Muni Active ETF (SHYM). 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 | SHYM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.19 | ||
| Sortino ratioReturn per unit of downside risk | +0.36 | ||
| Omega ratioGain probability vs. loss probability | 1.50 | 1.44 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | 2.81 | 2.57 | +0.23 |
| Martin ratioReturn relative to average drawdown | 13.07 | 10.44 | +2.64 |
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Drawdowns
HYD vs. SHYM - Drawdown Comparison
The maximum HYD drawdown since its inception was -35.61%, which is greater than SHYM's maximum drawdown of -22.55%. Use the drawdown chart below to compare losses from any high point for HYD and SHYM.
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Drawdown Indicators
| HYD | SHYM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.61% | -22.55% | -13.06% |
Max Drawdown (1Y)Largest decline over 1 year | -3.21% | -2.23% | -0.98% |
Max Drawdown (3Y)Largest decline over 3 years | -7.23% | -8.06% | +0.83% |
Max Drawdown (5Y)Largest decline over 5 years | -20.72% | -22.55% | +1.83% |
Max Drawdown (10Y)Largest decline over 10 years | -35.61% | — | — |
Current DrawdownCurrent decline from peak | -2.09% | -0.58% | -1.51% |
Average DrawdownAverage peak-to-trough decline | -4.31% | -6.61% | +2.30% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.69% | 0.55% | +0.14% |
Volatility
HYD vs. SHYM - Volatility Comparison
VanEck High Yield Muni ETF (HYD) has a higher volatility of 1.06% compared to iShares Short Duration High Yield Muni Active ETF (SHYM) at 0.51%. This indicates that HYD's price experiences larger fluctuations and is considered to be riskier than SHYM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HYD | SHYM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.06% | 0.51% | +0.55% |
Volatility (6M)Calculated over the trailing 6-month period | 3.13% | 1.80% | +1.33% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.93% | 2.73% | +1.20% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.46% | 7.06% | -0.60% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.61% | 6.87% | +5.74% |
HYD vs. SHYM - Expense Ratio Comparison
Both HYD and SHYM have an expense ratio of 0.35%.
Dividends
HYD vs. SHYM - Dividend Comparison
HYD's dividend yield for the trailing twelve months is around 4.33%, which matches SHYM's 4.30% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HYD VanEck High Yield Muni ETF | 4.33% | 4.29% | 4.29% | 4.13% | 3.96% | 3.50% | 4.01% | 4.08% | 4.43% | 4.29% | 4.58% | 4.82% |
SHYM iShares Short Duration High Yield Muni Active ETF | 4.30% | 4.55% | 4.35% | 4.35% | 4.01% | 2.97% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
HYD and SHYM 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 (1.06%) compared to SHYM (0.51%). In terms of maximum drawdown, HYD dropped -35.61% vs SHYM's -22.55%.
On 5-year performance, SHYM leads with 0.54% vs -0.40% for HYD. Both ETFs have the same 0.35% expense ratio. On volatility, SHYM has been the lower-risk option at 0.51%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, SHYM has performed better with a 0.54% return vs -0.40%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
HYD and SHYM have the same expense ratio: 0.35% per year.
HYD has the higher dividend yield at 4.33%, compared with 4.30% for SHYM.
HYD is categorized as Municipal Bonds, while SHYM is High Yield Muni. They also come from different issuers: VanEck and iShares.
HYD currently has the higher Sharpe Ratio (2.31 vs 2.12), 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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