HYMB vs. HYD
HYMB (SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF) and HYD (VanEck Vectors High-Yield Municipal Index ETF) are both Municipal Bonds funds - HYMB tracks the Bloomberg Municipal Yield while HYD tracks the Bloomberg Barclays Municipal Custom High Yield Composite Index. Both are passively managed. Over the past 10 years, HYMB returned 2.34%/yr vs 1.91%/yr for HYD. A 0.59 correlation means they provide meaningful diversification when combined. Both charge a 0.35% expense ratio.
Performance
HYMB vs. HYD - Performance Comparison
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Returns By Period
In the year-to-date period, HYMB achieves a 3.44% return, which is significantly higher than HYD's 2.33% return. Over the past 10 years, HYMB has outperformed HYD with an annualized return of 2.34%, while HYD has yielded a comparatively lower 1.91% annualized return.
HYMB
- 1D
- 0.00%
- 1M
- 1.79%
- YTD
- 3.44%
- 6M
- 3.36%
- 1Y
- 7.33%
- 3Y*
- 4.88%
- 5Y*
- 0.44%
- 10Y*
- 2.34%
HYD
- 1D
- -0.19%
- 1M
- 1.54%
- YTD
- 2.33%
- 6M
- 2.54%
- 1Y
- 7.42%
- 3Y*
- 4.24%
- 5Y*
- -0.12%
- 10Y*
- 1.91%
HYMB vs. HYD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
HYMB SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF | 3.44% | 2.04% | 5.52% | 7.73% | -15.54% | 5.16% | 3.74% | 9.51% | 4.91% | 3.22% |
HYD VanEck Vectors High-Yield Municipal Index ETF | 2.33% | 2.83% | 4.94% | 6.52% | -15.97% | 5.05% | 0.17% | 9.34% | 2.19% | 9.78% |
Correlation
The correlation between HYMB and HYD is 0.78, 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 | 0.78 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.80 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.79 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.66 |
Correlation (All Time) Calculated using the full available price history since Apr 14, 2011 | 0.59 |
The correlation between HYMB and HYD shifts across timeframes, from 0.59 (all time) to 0.80 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
HYMB vs. HYD — Risk / Return Rank
HYMB
HYD
HYMB vs. HYD - 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 VanEck Vectors High-Yield Municipal Index ETF (HYD). 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 | HYD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.05 | ||
| Sortino ratioReturn per unit of downside risk | -0.13 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 1.39 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 2.37 | 2.33 | +0.04 |
| Martin ratioReturn relative to average drawdown | 8.40 | 8.00 | +0.40 |
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Drawdowns
HYMB vs. HYD - Drawdown Comparison
The maximum HYMB drawdown since its inception was -29.57%, smaller than the maximum HYD drawdown of -35.61%. Use the drawdown chart below to compare losses from any high point for HYMB and HYD.
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Drawdown Indicators
| HYMB | HYD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -29.57% | -35.61% | +6.04% |
Max Drawdown (1Y)Largest decline over 1 year | -3.11% | -3.21% | +0.10% |
Max Drawdown (3Y)Largest decline over 3 years | -7.44% | -7.23% | -0.21% |
Max Drawdown (5Y)Largest decline over 5 years | -20.15% | -20.72% | +0.57% |
Max Drawdown (10Y)Largest decline over 10 years | -29.57% | -35.61% | +6.04% |
Current DrawdownCurrent decline from peak | 0.00% | -1.84% | +1.84% |
Average DrawdownAverage peak-to-trough decline | -3.79% | -4.32% | +0.53% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.88% | 0.93% | -0.05% |
Volatility
HYMB vs. HYD - Volatility Comparison
The current volatility for SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF (HYMB) is 0.85%, while VanEck Vectors High-Yield Municipal Index ETF (HYD) has a volatility of 0.95%. This indicates that HYMB experiences smaller price fluctuations and is considered to be less risky than HYD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HYMB | HYD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.85% | 0.95% | -0.10% |
Volatility (6M)Calculated over the trailing 6-month period | 3.18% | 3.04% | +0.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.04% | 3.98% | +0.06% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.67% | 6.46% | +0.21% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.36% | 12.61% | -1.25% |
HYMB vs. HYD - Expense Ratio Comparison
Both HYMB and HYD have an expense ratio of 0.35%.
Dividends
HYMB vs. HYD - Dividend Comparison
HYMB's dividend yield for the trailing twelve months is around 4.52%, more than HYD's 4.25% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HYD VanEck Vectors High-Yield Municipal Index ETF | 4.25% | 4.29% | 4.29% | 4.13% | 3.96% | 3.50% | 4.01% | 4.08% | 4.43% | 4.29% | 4.58% | 4.82% |
HYMB SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF | 4.52% | 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 HYD have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HYD has higher volatility (0.95%) compared to HYMB (0.85%). In terms of maximum drawdown, HYMB dropped -29.57% vs HYD's -35.61%.
On 10-year performance, HYMB leads with 2.34% vs 1.91% for HYD. Both ETFs have the same 0.35% expense ratio. 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 2.34% return vs 1.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
HYMB and HYD have the same expense ratio: 0.35% per year.
HYMB has the higher dividend yield at 4.52%, compared with 4.25% for HYD.
HYMB tracks Bloomberg Municipal Yield, while HYD tracks Bloomberg Barclays Municipal Custom High Yield Composite Index. They also come from different issuers: State Street and VanEck.
HYD currently has the higher Sharpe Ratio (1.87 vs 1.82), 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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