HYD vs. ZMUN
HYD (VanEck Vectors High-Yield Municipal Index ETF) and ZMUN (F/m Ultrashort Tax-Free Municipal ETF) are both Municipal Bonds funds - HYD tracks the Bloomberg Barclays Municipal Custom High Yield Composite Index while ZMUN tracks the Bloomberg Municipal Bond Currently Callable Index. Both are passively managed. At a 0.17 correlation, their price movements are largely independent. HYD charges 0.35%/yr vs 0.30%/yr for ZMUN.
Performance
HYD vs. ZMUN - Performance Comparison
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Returns By Period
In the year-to-date period, HYD achieves a 2.60% return, which is significantly higher than ZMUN's 1.81% return.
HYD
- 1D
- 0.42%
- 1M
- 1.82%
- YTD
- 2.60%
- 6M
- 2.70%
- 1Y
- 7.63%
- 3Y*
- 4.33%
- 5Y*
- -0.09%
- 10Y*
- 1.94%
ZMUN
- 1D
- 0.03%
- 1M
- 0.34%
- YTD
- 1.81%
- 6M
- 1.88%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
HYD vs. ZMUN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
HYD VanEck Vectors High-Yield Municipal Index ETF | 2.60% | 1.87% |
ZMUN F/m Ultrashort Tax-Free Municipal ETF | 1.81% | 0.67% |
Correlation
The correlation between HYD and ZMUN is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Sep 30, 2025 | 0.17 |
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Return for Risk
HYD vs. ZMUN — Risk / Return Rank
HYD
ZMUN
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
HYD vs. ZMUN - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Vectors High-Yield Municipal Index ETF (HYD) and F/m Ultrashort Tax-Free Municipal ETF (ZMUN). 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 | ZMUN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.40 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 2.39 | — | — |
| Martin ratioReturn relative to average drawdown | 8.22 | — | — |
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Drawdowns
HYD vs. ZMUN - Drawdown Comparison
The maximum HYD drawdown since its inception was -35.61%, which is greater than ZMUN's maximum drawdown of -0.10%. Use the drawdown chart below to compare losses from any high point for HYD and ZMUN.
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Drawdown Indicators
| HYD | ZMUN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.61% | -0.10% | -35.51% |
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 | -1.57% | 0.00% | -1.57% |
Average DrawdownAverage peak-to-trough decline | -4.32% | -0.01% | -4.31% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.93% | — | — |
Volatility
HYD vs. ZMUN - Volatility Comparison
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Volatility by Period
| HYD | ZMUN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.02% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 3.07% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 4.00% | 0.54% | +3.46% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.46% | 0.54% | +5.92% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.61% | 0.54% | +12.07% |
HYD vs. ZMUN - Expense Ratio Comparison
HYD has a 0.35% expense ratio, which is higher than ZMUN's 0.30% expense ratio.
Dividends
HYD vs. ZMUN - Dividend Comparison
HYD's dividend yield for the trailing twelve months is around 4.24%, more than ZMUN's 2.28% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HYD VanEck Vectors High-Yield Municipal Index ETF | 4.24% | 4.29% | 4.29% | 4.13% | 3.96% | 3.50% | 4.01% | 4.08% | 4.43% | 4.29% | 4.58% | 4.82% |
ZMUN F/m Ultrashort Tax-Free Municipal ETF | 2.28% | 0.70% | 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 ZMUN have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ZMUN is cheaper at 0.30% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ZMUN is cheaper with a 0.30% expense ratio, compared with 0.35% for HYD.
HYD has the higher dividend yield at 4.24%, compared with 2.28% for ZMUN.
HYD tracks Bloomberg Barclays Municipal Custom High Yield Composite Index, while ZMUN tracks Bloomberg Municipal Bond Currently Callable Index. They also come from different issuers: VanEck and F/m Investments. Their fees differ too: 0.35% for HYD and 0.30% for ZMUN.
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