HYMB vs. AGG
HYMB (State Street SPDR Nuveen ICE High Yield Municipal Bond ETF) and AGG (iShares Core U.S. Aggregate Bond ETF) are both exchange-traded funds - HYMB is a Municipal Bonds fund tracking the ICE US Select High Yield Crossover Municipal Index, while AGG is a Total Bond Market fund tracking the Bloomberg U.S. Aggregate Bond Index. Both are passively managed. Over the past 10 years, HYMB returned 2.18%/yr vs 1.39%/yr for AGG. Their 0.48 correlation means their historical movements had little consistent relationship. HYMB charges 0.35%/yr vs 0.03%/yr for AGG.
Performance
HYMB vs. AGG - Performance Comparison
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Returns By Period
In the year-to-date period, HYMB achieves a 2.09% return, which is significantly higher than AGG's -0.33% return. Over the past 10 years, HYMB has outperformed AGG with an annualized return of 2.18%, while AGG has yielded a comparatively lower 1.39% annualized return.
HYMB
- 1D
- -0.01%
- 1M
- -1.91%
- 6M
- 1.34%
- YTD
- 2.09%
- 1Y
- 6.49%
- 3Y*
- 4.55%
- 5Y*
- -0.03%
- 10Y*
- 2.18%
- ALL TIME*
- 4.31%
AGG
- 1D
- 0.23%
- 1M
- -1.03%
- 6M
- -0.46%
- YTD
- -0.33%
- 1Y
- 2.07%
- 3Y*
- 4.07%
- 5Y*
- -0.40%
- 10Y*
- 1.39%
- ALL TIME*
- 3.03%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $834.55M | $796.03M | $811.71M | |
| $56.36M | $40.49M | $29.39M |
HYMB vs. AGG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
HYMB State Street SPDR Nuveen ICE High Yield Municipal Bond ETF | 2.09% | 2.04% | 5.52% | 7.73% | -15.54% | 5.16% | 3.74% | 9.51% | 4.91% | 3.22% |
AGG iShares Core U.S. Aggregate Bond ETF | -0.33% | 7.19% | 1.31% | 5.65% | -13.02% | -1.77% | 7.48% | 8.46% | 0.09% | 3.55% |
Correlation
The correlation between HYMB and AGG is 0.67, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.67 |
Correlation (3Y) Balances recent behavior with more history. | 0.69 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.62 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.53 |
Correlation (All Time) Calculated using the full available price history since Apr 14, 2011 | 0.48 |
The correlation between HYMB and AGG shifts across timeframes, from 0.48 (all time) to 0.69 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
HYMB vs. AGG — Risk / Return Rank
HYMB
AGG
HYMB vs. AGG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for State Street SPDR Nuveen ICE High Yield Municipal Bond ETF (HYMB) and iShares Core U.S. Aggregate Bond ETF (AGG). 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.
| HYMB | AGG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.07 | ||
| Sortino ratioReturn per unit of downside risk | +1.50 | ||
| Omega ratioGain probability vs. loss probability | 1.33 | 1.10 | +0.23 |
| Calmar ratioReturn relative to maximum drawdown | 2.10 | 0.75 | +1.34 |
| Martin ratioReturn relative to average drawdown | 8.54 | 1.89 | +6.65 |
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Drawdowns
HYMB vs. AGG - Drawdown Comparison
The maximum HYMB drawdown since its inception was -29.57%, which is greater than AGG's maximum drawdown of -18.43%. Use the drawdown chart below to compare losses from any high point for HYMB and AGG.
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Drawdown Indicators
| HYMB | AGG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -29.57% | -18.43% | -11.14% |
Max Drawdown (1Y)Largest decline over 1 year | -3.11% | -2.76% | -0.35% |
Max Drawdown (3Y)Largest decline over 3 years | -6.66% | -4.98% | -1.68% |
Max Drawdown (5Y)Largest decline over 5 years | -20.04% | -17.73% | -2.31% |
Max Drawdown (10Y)Largest decline over 10 years | -29.57% | -18.43% | -11.14% |
Current DrawdownCurrent decline from peak | -1.91% | -2.71% | +0.80% |
Average DrawdownAverage peak-to-trough decline | -3.77% | -2.70% | -1.07% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.77% | 1.10% | -0.33% |
Volatility
HYMB vs. AGG - Volatility Comparison
State Street SPDR Nuveen ICE High Yield Municipal Bond ETF (HYMB) has a higher volatility of 1.12% compared to iShares Core U.S. Aggregate Bond ETF (AGG) at 1.06%. This indicates that HYMB's price experiences larger fluctuations and is considered to be riskier than AGG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HYMB | AGG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.12% | 1.06% | +0.06% |
Volatility (6M)Calculated over the trailing 6-month period | 3.25% | 2.99% | +0.26% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.00% | 3.70% | +0.30% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.68% | 6.10% | +0.58% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.37% | 5.42% | +5.95% |
HYMB vs. AGG - Expense Ratio Comparison
HYMB has a 0.35% expense ratio, which is higher than AGG's 0.03% expense ratio.
Dividends
HYMB vs. AGG - Dividend Comparison
HYMB's dividend yield for the trailing twelve months is around 4.61%, more than AGG's 4.06% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
AGG iShares Core U.S. Aggregate Bond ETF | 4.06% | 3.89% | 3.74% | 3.13% | 2.39% | 1.77% | 2.14% | 2.70% | 2.72% | 2.32% | 2.39% | 2.45% |
HYMB State Street SPDR Nuveen ICE High Yield Municipal Bond ETF | 4.61% | 4.55% | 4.29% | 4.07% | 3.77% | 3.19% | 3.55% | 3.95% | 4.03% | 3.78% | 4.08% | 4.54% |
Frequently Asked Questions
HYMB and AGG have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HYMB has higher volatility (1.12%) compared to AGG (1.06%). In terms of maximum drawdown, HYMB dropped -29.57% vs AGG's -18.43%.
On 10-year performance, HYMB leads with 2.18% vs 1.39% for AGG. On fees, AGG is cheaper at 0.03% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, HYMB has performed better with a 2.18% return vs 1.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
AGG is cheaper with a 0.03% expense ratio, compared with 0.35% for HYMB.
HYMB has the higher dividend yield at 4.61%, compared with 4.06% for AGG.
HYMB is categorized as Municipal Bonds, while AGG is Total Bond Market. HYMB tracks ICE US Select High Yield Crossover Municipal Index, while AGG tracks Bloomberg U.S. Aggregate Bond Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.35% for HYMB and 0.03% for AGG.
HYMB currently has the higher Sharpe Ratio (1.63 vs 0.56), 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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