HYD vs. TAXS
HYD (VanEck Vectors High-Yield Municipal Index ETF) and TAXS (Northern Trust Short-Term Tax-Exempt Bond ETF) are both Municipal Bonds funds - HYD tracks the Bloomberg Barclays Municipal Custom High Yield Composite Index while TAXS tracks the ICE Short Term Focused Municipal Bond Index. Both are passively managed. A 0.58 correlation means they provide meaningful diversification when combined. HYD charges 0.35%/yr vs 0.05%/yr for TAXS.
Performance
HYD vs. TAXS - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, HYD achieves a 2.11% return, which is significantly higher than TAXS's 0.93% 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%
TAXS
- 1D
- 0.06%
- 1M
- 0.38%
- YTD
- 0.93%
- 6M
- 1.33%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
HYD vs. TAXS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
HYD VanEck Vectors High-Yield Municipal Index ETF | 2.11% | 5.75% |
TAXS Northern Trust Short-Term Tax-Exempt Bond ETF | 0.93% | 1.22% |
Correlation
The correlation between HYD and TAXS 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 (All Time) Calculated using the full available price history since Aug 20, 2025 | 0.58 |
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
HYD vs. TAXS — Risk / Return Rank
HYD
TAXS
HYD vs. TAXS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Vectors High-Yield Municipal Index ETF (HYD) and Northern Trust Short-Term Tax-Exempt Bond ETF (TAXS). 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 | TAXS | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 2.06 | — | — |
Sortino ratioReturn per unit of downside risk | 3.01 | — | — |
Omega ratioGain probability vs. loss probability | 1.43 | — | — |
Calmar ratioReturn relative to maximum drawdown | 2.58 | — | — |
Martin ratioReturn relative to average drawdown | 8.87 | — | — |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| HYD | TAXS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.06 | — | — |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.02 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.16 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.45 | 2.78 | -2.33 |
Drawdowns
HYD vs. TAXS - Drawdown Comparison
The maximum HYD drawdown since its inception was -35.61%, which is greater than TAXS's maximum drawdown of -0.84%. Use the drawdown chart below to compare losses from any high point for HYD and TAXS.
Loading charts...
Drawdown Indicators
| HYD | TAXS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.61% | -0.84% | -34.77% |
Max Drawdown (1Y)Largest decline over 1 year | -3.21% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -7.23% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -20.72% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -35.61% | — | — |
Current DrawdownCurrent decline from peak | -2.05% | -0.09% | -1.96% |
Average DrawdownAverage peak-to-trough decline | -4.32% | -0.24% | -4.08% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.93% | — | — |
Volatility
HYD vs. TAXS - Volatility Comparison
Loading charts...
Volatility by Period
| HYD | TAXS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.14% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 2.99% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 4.02% | 1.00% | +3.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.45% | 1.00% | +5.45% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.60% | 1.00% | +11.60% |
HYD vs. TAXS - Expense Ratio Comparison
HYD has a 0.35% expense ratio, which is higher than TAXS's 0.05% expense ratio.
Dividends
HYD vs. TAXS - Dividend Comparison
HYD's dividend yield for the trailing twelve months is around 4.26%, more than TAXS's 1.83% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
TAXS Northern Trust Short-Term Tax-Exempt Bond ETF | 1.83% | 0.74% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
HYD and TAXS 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.
On fees, TAXS is cheaper at 0.05% per year. The better choice depends on whether you care most about return, fees, risk, or income.
TAXS is cheaper with a 0.05% expense ratio, compared with 0.35% for HYD.
HYD has the higher dividend yield at 4.26%, compared with 1.83% for TAXS.
HYD tracks Bloomberg Barclays Municipal Custom High Yield Composite Index, while TAXS tracks ICE Short Term Focused Municipal Bond Index. They also come from different issuers: VanEck and Northern Trust. Their fees differ too: 0.35% for HYD and 0.05% for TAXS.
Find the right allocation for HYD and TAXS
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer