ITM vs. HYD
Compare and contrast key facts about VanEck Intermediate Muni ETF (ITM) and VanEck Vectors High-Yield Municipal Index ETF (HYD).
ITM and HYD are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. ITM is a passively managed fund by VanEck that tracks the performance of the Bloomberg AMT-Free Intermediate Continuous. It was launched on Dec 4, 2007. HYD is a passively managed fund by VanEck that tracks the performance of the Bloomberg Barclays Municipal Custom High Yield Composite Index. It was launched on Feb 4, 2009. Both ITM and HYD are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
ITM vs. HYD - Performance Comparison
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ITM vs. HYD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ITM VanEck Intermediate Muni ETF | -1.09% | 5.34% | 0.73% | 5.69% | -9.33% | 0.21% | 5.87% | 8.46% | 0.96% | 6.13% |
HYD VanEck Vectors High-Yield Municipal Index ETF | -1.23% | 2.83% | 4.94% | 6.52% | -15.97% | 5.05% | 0.17% | 9.34% | 2.19% | 9.78% |
Returns By Period
In the year-to-date period, ITM achieves a -1.09% return, which is significantly higher than HYD's -1.23% return. Both investments have delivered pretty close results over the past 10 years, with ITM having a 1.92% annualized return and HYD not far ahead at 1.97%.
ITM
- 1D
- 0.28%
- 1M
- -2.99%
- YTD
- -1.09%
- 6M
- 1.07%
- 1Y
- 5.07%
- 3Y*
- 2.74%
- 5Y*
- 0.39%
- 10Y*
- 1.92%
HYD
- 1D
- 0.32%
- 1M
- -2.51%
- YTD
- -1.23%
- 6M
- 0.60%
- 1Y
- 2.30%
- 3Y*
- 3.29%
- 5Y*
- -0.29%
- 10Y*
- 1.97%
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ITM vs. HYD - Expense Ratio Comparison
ITM has a 0.24% expense ratio, which is lower than HYD's 0.35% expense ratio.
Return for Risk
ITM vs. HYD — Risk / Return Rank
ITM
HYD
ITM vs. HYD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Intermediate Muni ETF (ITM) 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.
| ITM | HYD | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.21 | 0.40 | +0.82 |
Sortino ratioReturn per unit of downside risk | 1.51 | 0.51 | +0.99 |
Omega ratioGain probability vs. loss probability | 1.28 | 1.09 | +0.19 |
Calmar ratioReturn relative to maximum drawdown | 1.56 | 0.58 | +0.98 |
Martin ratioReturn relative to average drawdown | 5.33 | 1.41 | +3.92 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| ITM | HYD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.21 | 0.40 | +0.82 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.09 | -0.05 | +0.14 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.27 | 0.16 | +0.11 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.43 | 0.43 | -0.01 |
Correlation
The correlation between ITM and HYD is 0.51, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.
Dividends
ITM vs. HYD - Dividend Comparison
ITM's dividend yield for the trailing twelve months is around 2.93%, less than HYD's 4.36% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ITM VanEck Intermediate Muni ETF | 2.93% | 2.86% | 2.73% | 2.40% | 1.92% | 1.70% | 2.13% | 2.44% | 2.33% | 2.21% | 2.29% | 2.28% |
HYD VanEck Vectors High-Yield Municipal Index ETF | 4.36% | 4.29% | 4.29% | 4.13% | 3.96% | 3.50% | 4.01% | 4.08% | 4.43% | 4.29% | 4.58% | 4.82% |
Drawdowns
ITM vs. HYD - Drawdown Comparison
The maximum ITM drawdown since its inception was -24.75%, smaller than the maximum HYD drawdown of -35.61%. Use the drawdown chart below to compare losses from any high point for ITM and HYD.
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Drawdown Indicators
| ITM | HYD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -24.75% | -35.61% | +10.86% |
Max Drawdown (1Y)Largest decline over 1 year | -3.43% | -4.42% | +0.99% |
Max Drawdown (5Y)Largest decline over 5 years | -15.11% | -20.72% | +5.61% |
Max Drawdown (10Y)Largest decline over 10 years | -24.75% | -35.61% | +10.86% |
Current DrawdownCurrent decline from peak | -2.99% | -5.25% | +2.26% |
Average DrawdownAverage peak-to-trough decline | -2.99% | -4.34% | +1.35% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.00% | 1.83% | -0.83% |
Volatility
ITM vs. HYD - Volatility Comparison
The current volatility for VanEck Intermediate Muni ETF (ITM) is 1.35%, while VanEck Vectors High-Yield Municipal Index ETF (HYD) has a volatility of 2.07%. This indicates that ITM 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
| ITM | HYD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.35% | 2.07% | -0.72% |
Volatility (6M)Calculated over the trailing 6-month period | 1.98% | 2.69% | -0.71% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.21% | 5.84% | -1.63% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.28% | 6.42% | -2.14% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.10% | 12.60% | -5.50% |