HYMB vs. AIRR

Last updated Jun 13, 2026

HYMB (SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF) and AIRR (First Trust RBA American Industrial Renaissance ETF) are both exchange-traded funds - HYMB is a Municipal Bonds fund tracking the Bloomberg Municipal Yield, while AIRR is a Building & Construction fund tracking the Richard Bernstein Advisors American Industrial Renaissance Index. Both are passively managed. Over the past 10 years, HYMB returned 2.35%/yr vs 22.05%/yr for AIRR. At a 0.03 correlation, their price movements are largely independent. HYMB charges 0.35%/yr vs 0.69%/yr for AIRR.

Performance

HYMB vs. AIRR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF (HYMB) and First Trust RBA American Industrial Renaissance ETF (AIRR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HYMB achieves a 3.03% return, which is significantly lower than AIRR's 31.74% return. Over the past 10 years, HYMB has underperformed AIRR with an annualized return of 2.35%, while AIRR has yielded a comparatively higher 22.05% annualized return.

HYMB

• 1D: 0.04%
• 1M: 1.10%
• YTD: 3.03%
• 6M: 3.18%
• 1Y: 6.86%
• 3Y*: 5.26%
• 5Y*: 0.33%
• 10Y*: 2.35%

AIRR

• 1D: 0.83%
• 1M: -0.02%
• YTD: 31.74%
• 6M: 28.77%
• 1Y: 65.25%
• 3Y*: 35.29%
• 5Y*: 25.46%
• 10Y*: 22.05%

*Multi-year figures are annualized to reflect compound growth (CAGR)

HYMB vs. AIRR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HYMB SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF	3.03%	2.04%	5.52%	7.73%	-15.54%	5.16%	3.74%	9.51%	4.91%	3.22%
AIRR First Trust RBA American Industrial Renaissance ETF	31.74%	27.92%	33.45%	31.43%	-2.08%	33.01%	17.17%	33.97%	-20.57%	16.28%

Correlation

The correlation between HYMB and AIRR is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.26
Correlation (3Y) Calculated over the trailing 3-year period	0.16
Correlation (5Y) Calculated over the trailing 5-year period	0.16
Correlation (10Y) Calculated over the trailing 10-year period	0.06
Correlation (All Time) Calculated using the full available price history since Mar 11, 2014	0.03

Over the past year, HYMB and AIRR have become more correlated (0.26) than their long-term average of 0.03, meaning their price movements have been converging.

HYMB vs. AIRR - Sectors Allocation Comparison

Sectors	HYMB	AIRR
Utilities	100.0%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	3.8%
Financial Services	-	9.6%
Healthcare	-	-
Industrials	-	84.6%
Real Estate	-	-
Technology	-	0.5%

Return for Risk

HYMB vs. AIRR — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

HYMB

HYMB Risk / Return Rank: 57
HYMB Sharpe Ratio Rank: 58
HYMB Sortino Ratio Rank: 59
HYMB Omega Ratio Rank: 67
HYMB Calmar Ratio Rank: 50
HYMB Martin Ratio Rank: 52

AIRR

AIRR Risk / Return Rank: 86
AIRR Sharpe Ratio Rank: 88
AIRR Sortino Ratio Rank: 83
AIRR Omega Ratio Rank: 78
AIRR Calmar Ratio Rank: 91
AIRR Martin Ratio Rank: 90

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

HYMB vs. AIRR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF (HYMB) and First Trust RBA American Industrial Renaissance ETF (AIRR). 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	AIRR	Difference
Sharpe ratio: Return per unit of total volatility	1.71	2.50	-0.80
Sortino ratio: Return per unit of downside risk	2.44	3.22	-0.78
Omega ratio: Gain probability vs. loss probability	1.34	1.40	-0.05
Calmar ratio: Return relative to maximum drawdown	2.22	5.01	-2.79
Martin ratio: Return relative to average drawdown	7.86	18.33	-10.47

HYMB vs. AIRR - Sharpe Ratio Comparison

The current HYMB Sharpe Ratio is 1.71, which is lower than the AIRR Sharpe Ratio of 2.50. The chart below compares the historical Sharpe Ratios of HYMB and AIRR, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

HYMB vs. AIRR - Drawdown Comparison

The maximum HYMB drawdown since its inception was -29.57%, smaller than the maximum AIRR drawdown of -42.37%. Use the drawdown chart below to compare losses from any high point for HYMB and AIRR.

Drawdown Indicators

	HYMB	AIRR	Difference
Max Drawdown Largest peak-to-trough decline	-29.57%	-42.37%	+12.80%
Max Drawdown (1Y) Largest decline over 1 year	-3.11%	-13.09%	+9.98%
Max Drawdown (3Y) Largest decline over 3 years	-7.44%	-27.95%	+20.51%
Max Drawdown (5Y) Largest decline over 5 years	-20.15%	-27.95%	+7.80%
Max Drawdown (10Y) Largest decline over 10 years	-29.57%	-42.37%	+12.80%
Current Drawdown Current decline from peak	-0.04%	-1.89%	+1.85%
Average Drawdown Average peak-to-trough decline	-3.80%	-7.48%	+3.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.88%	3.57%	-2.69%

Volatility

HYMB vs. AIRR - Volatility Comparison

The current volatility for SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF (HYMB) is 1.36%, while First Trust RBA American Industrial Renaissance ETF (AIRR) has a volatility of 9.32%. This indicates that HYMB experiences smaller price fluctuations and is considered to be less risky than AIRR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HYMB	AIRR	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.36%	9.32%	-7.96%
Volatility (6M) Calculated over the trailing 6-month period	3.16%	20.81%	-17.65%
Volatility (1Y) Calculated over the trailing 1-year period	4.04%	26.19%	-22.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.66%	25.45%	-18.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.35%	26.36%	-15.01%

HYMB vs. AIRR - Expense Ratio Comparison

HYMB has a 0.35% expense ratio, which is lower than AIRR's 0.69% expense ratio.

Dividends

HYMB vs. AIRR - Dividend Comparison

HYMB's dividend yield for the trailing twelve months is around 4.54%, more than AIRR's 0.13% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AIRR First Trust RBA American Industrial Renaissance ETF	0.13%	0.19%	0.18%	0.23%	0.12%	0.05%	0.10%	0.20%	0.43%	0.30%	0.08%	0.47%
HYMB SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF	4.54%	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

Can I hold both HYMB and AIRR in my portfolio?

HYMB and AIRR have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HYMB or AIRR?

AIRR has higher volatility (9.32%) compared to HYMB (1.36%). In terms of maximum drawdown, HYMB dropped -29.57% vs AIRR's -42.37%.

Which ETF is better, HYMB or AIRR?

On 10-year performance, AIRR leads with 22.05% vs 2.35% for HYMB. On fees, HYMB is cheaper at 0.35% per year. On volatility, HYMB has been the lower-risk option at 1.36%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HYMB or AIRR?

Over the 10-year period, AIRR has performed better with a 22.05% return vs 2.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HYMB or AIRR?

HYMB is cheaper with a 0.35% expense ratio, compared with 0.69% for AIRR.

Which ETF pays a higher dividend yield, HYMB or AIRR?

HYMB has the higher dividend yield at 4.54%, compared with 0.13% for AIRR.

What is the main difference between HYMB and AIRR?

HYMB is categorized as Municipal Bonds, while AIRR is Building & Construction. HYMB tracks Bloomberg Municipal Yield, while AIRR tracks Richard Bernstein Advisors American Industrial Renaissance Index. They also come from different issuers: State Street and First Trust. Their fees differ too: 0.35% for HYMB and 0.69% for AIRR.

Which has better risk-adjusted returns?

AIRR currently has the higher Sharpe Ratio (2.50 vs 1.71), 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.