LKOR vs. MLN
LKOR (FlexShares Credit-Scored U.S. Long Corporate Bond Index Fund) and MLN (VanEck Long Muni ETF) are both exchange-traded funds - LKOR is a Corporate Bonds fund tracking the Northern Trust US Long Corporate Bond Quality Value Index, while MLN is a Municipal Bonds fund tracking the Bloomberg AMT-Free Long Continuous. Both are passively managed. Over the past 10 years, LKOR returned 2.46%/yr vs 1.37%/yr for MLN. At a 0.45 correlation, their price movements are largely independent. LKOR charges 0.22%/yr vs 0.24%/yr for MLN.
Performance
LKOR vs. MLN - Performance Comparison
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Returns By Period
In the year-to-date period, LKOR achieves a 1.11% return, which is significantly lower than MLN's 2.53% return. Over the past 10 years, LKOR has outperformed MLN with an annualized return of 2.46%, while MLN has yielded a comparatively lower 1.37% annualized return.
LKOR
- 1D
- -0.40%
- 1M
- 1.32%
- YTD
- 1.11%
- 6M
- 1.14%
- 1Y
- 6.27%
- 3Y*
- 4.46%
- 5Y*
- -1.95%
- 10Y*
- 2.46%
MLN
- 1D
- 0.23%
- 1M
- 2.41%
- YTD
- 2.53%
- 6M
- 2.17%
- 1Y
- 8.81%
- 3Y*
- 3.45%
- 5Y*
- -0.95%
- 10Y*
- 1.37%
LKOR vs. MLN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
LKOR FlexShares Credit-Scored U.S. Long Corporate Bond Index Fund | 1.11% | 7.04% | -1.02% | 11.64% | -25.55% | -1.51% | 16.00% | 23.97% | -7.61% | 13.87% |
MLN VanEck Long Muni ETF | 2.53% | 1.82% | 1.54% | 8.05% | -17.20% | 2.20% | 6.22% | 10.72% | -0.77% | 8.19% |
Correlation
The correlation between LKOR and MLN is 0.58, 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 | 0.58 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.67 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.59 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.47 |
Correlation (All Time) Calculated using the full available price history since Sep 24, 2015 | 0.45 |
The correlation between LKOR and MLN shifts across timeframes, from 0.45 (all time) to 0.67 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
LKOR vs. MLN — Risk / Return Rank
LKOR
MLN
LKOR vs. MLN - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for FlexShares Credit-Scored U.S. Long Corporate Bond Index Fund (LKOR) and VanEck Long Muni ETF (MLN). 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.
| LKOR | MLN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.20 | ||
| Sortino ratioReturn per unit of downside risk | -1.80 | ||
| Omega ratioGain probability vs. loss probability | 1.14 | 1.42 | -0.28 |
| Calmar ratioReturn relative to maximum drawdown | 1.17 | 3.46 | -2.29 |
| Martin ratioReturn relative to average drawdown | 2.79 | 11.36 | -8.57 |
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Drawdowns
LKOR vs. MLN - Drawdown Comparison
The maximum LKOR drawdown since its inception was -34.78%, which is greater than MLN's maximum drawdown of -28.36%. Use the drawdown chart below to compare losses from any high point for LKOR and MLN.
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Drawdown Indicators
| LKOR | MLN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.78% | -28.36% | -6.42% |
Max Drawdown (1Y)Largest decline over 1 year | -5.39% | -2.56% | -2.83% |
Max Drawdown (3Y)Largest decline over 3 years | -12.74% | -9.84% | -2.90% |
Max Drawdown (5Y)Largest decline over 5 years | -34.78% | -24.46% | -10.32% |
Max Drawdown (10Y)Largest decline over 10 years | -34.78% | -24.46% | -10.32% |
Current DrawdownCurrent decline from peak | -13.31% | -6.02% | -7.29% |
Average DrawdownAverage peak-to-trough decline | -10.37% | -5.73% | -4.64% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.25% | 0.78% | +1.47% |
Volatility
LKOR vs. MLN - Volatility Comparison
FlexShares Credit-Scored U.S. Long Corporate Bond Index Fund (LKOR) has a higher volatility of 1.89% compared to VanEck Long Muni ETF (MLN) at 1.28%. This indicates that LKOR's price experiences larger fluctuations and is considered to be riskier than MLN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| LKOR | MLN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.89% | 1.28% | +0.61% |
Volatility (6M)Calculated over the trailing 6-month period | 5.89% | 3.24% | +2.65% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.90% | 4.43% | +3.47% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.89% | 7.32% | +5.57% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.22% | 8.89% | +4.33% |
LKOR vs. MLN - Expense Ratio Comparison
LKOR has a 0.22% expense ratio, which is lower than MLN's 0.24% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
LKOR vs. MLN - Dividend Comparison
LKOR's dividend yield for the trailing twelve months is around 5.70%, more than MLN's 3.69% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
LKOR FlexShares Credit-Scored U.S. Long Corporate Bond Index Fund | 5.70% | 5.57% | 5.52% | 4.90% | 4.71% | 4.73% | 6.56% | 3.71% | 4.21% | 3.77% | 5.53% | 1.22% |
MLN VanEck Long Muni ETF | 3.69% | 3.73% | 3.59% | 3.19% | 2.67% | 2.52% | 2.69% | 2.98% | 3.09% | 2.91% | 3.16% | 3.38% |
Frequently Asked Questions
LKOR and MLN have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
LKOR has higher volatility (1.89%) compared to MLN (1.28%). In terms of maximum drawdown, LKOR dropped -34.78% vs MLN's -28.36%.
On 10-year performance, LKOR leads with 2.46% vs 1.37% for MLN. On fees, LKOR is cheaper at 0.22% per year. On volatility, MLN has been the lower-risk option at 1.28%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, LKOR has performed better with a 2.46% return vs 1.37%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
LKOR is cheaper with a 0.22% expense ratio, compared with 0.24% for MLN.
LKOR has the higher dividend yield at 5.70%, compared with 3.69% for MLN.
LKOR is categorized as Corporate Bonds, while MLN is Municipal Bonds. LKOR tracks Northern Trust US Long Corporate Bond Quality Value Index, while MLN tracks Bloomberg AMT-Free Long Continuous. They also come from different issuers: Northern Trust and VanEck. Their fees differ too: 0.22% for LKOR and 0.24% for MLN.
MLN currently has the higher Sharpe Ratio (2.00 vs 0.80), 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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