MINO vs. HYMB
MINO (PIMCO Municipal Income Opportunities Active Exchange-Traded Fund) and HYMB (State Street SPDR Nuveen ICE High Yield Municipal Bond ETF) are both Municipal Bonds funds. MINO is actively managed, while HYMB is passively managed. Over the past 3 years, MINO returned 4.16%/yr vs 4.39%/yr for HYMB. Their 0.70 correlation means they have sometimes moved together and sometimes differently. MINO charges 0.39%/yr vs 0.35%/yr for HYMB.
Performance
MINO vs. HYMB - Performance Comparison
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Returns By Period
In the year-to-date period, MINO achieves a 0.87% return, which is significantly lower than HYMB's 2.11% return.
MINO
- 1D
- -0.20%
- 1M
- -1.84%
- 6M
- 0.17%
- YTD
- 0.87%
- 1Y
- 5.64%
- 3Y*
- 4.16%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 1.16%
HYMB
- 1D
- -0.16%
- 1M
- -1.89%
- 6M
- 1.46%
- YTD
- 2.11%
- 1Y
- 6.50%
- 3Y*
- 4.39%
- 5Y*
- 0.00%
- 10Y*
- 2.16%
- ALL TIME*
- 4.31%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $51.30M | $37.83M | $29.23M | |
| $4.84M | $4.61M | $4.86M |
MINO vs. HYMB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
MINO PIMCO Municipal Income Opportunities Active Exchange-Traded Fund | 0.87% | 4.42% | 3.13% | 8.46% | -10.43% | 0.26% |
HYMB State Street SPDR Nuveen ICE High Yield Municipal Bond ETF | 2.11% | 2.04% | 5.52% | 7.73% | -15.54% | 0.10% |
Correlation
The correlation between MINO and HYMB is 0.75, 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. | 0.75 |
Correlation (3Y) Balances recent behavior with more history. | 0.71 |
Correlation (All Time) Calculated using the full available price history since Sep 9, 2021 | 0.70 |
The correlation between MINO and HYMB has been stable across timeframes, ranging from 0.70 to 0.75 - a consistent structural relationship.
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Return for Risk
MINO vs. HYMB — Risk / Return Rank
MINO
HYMB
MINO vs. HYMB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PIMCO Municipal Income Opportunities Active Exchange-Traded Fund (MINO) and State Street SPDR Nuveen ICE High Yield Municipal Bond ETF (HYMB). 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.
| MINO | HYMB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.55 | ||
| Sortino ratioReturn per unit of downside risk | +0.97 | ||
| Omega ratioGain probability vs. loss probability | 1.49 | 1.36 | +0.13 |
| Calmar ratioReturn relative to maximum drawdown | 2.67 | 2.32 | +0.35 |
| Martin ratioReturn relative to average drawdown | 9.12 | 9.52 | -0.40 |
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Drawdowns
MINO vs. HYMB - Drawdown Comparison
The maximum MINO drawdown since its inception was -15.24%, smaller than the maximum HYMB drawdown of -29.57%. Use the drawdown chart below to compare losses from any high point for MINO and HYMB.
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Drawdown Indicators
| MINO | HYMB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.24% | -29.57% | +14.33% |
Max Drawdown (1Y)Largest decline over 1 year | -2.41% | -3.11% | +0.70% |
Max Drawdown (3Y)Largest decline over 3 years | -4.71% | -6.66% | +1.95% |
Max Drawdown (5Y)Largest decline over 5 years | — | -20.10% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -29.57% | — |
Current DrawdownCurrent decline from peak | -1.84% | -1.89% | +0.05% |
Average DrawdownAverage peak-to-trough decline | -4.13% | -3.77% | -0.36% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.70% | 0.76% | -0.06% |
Volatility
MINO vs. HYMB - Volatility Comparison
The current volatility for PIMCO Municipal Income Opportunities Active Exchange-Traded Fund (MINO) is 0.90%, while State Street SPDR Nuveen ICE High Yield Municipal Bond ETF (HYMB) has a volatility of 1.16%. This indicates that MINO experiences smaller price fluctuations and is considered to be less risky than HYMB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MINO | HYMB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.90% | 1.16% | -0.26% |
Volatility (6M)Calculated over the trailing 6-month period | 2.07% | 3.25% | -1.18% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.76% | 4.05% | -1.29% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.49% | 6.68% | -2.19% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.49% | 11.36% | -6.87% |
MINO vs. HYMB - Expense Ratio Comparison
MINO has a 0.39% expense ratio, which is higher than HYMB's 0.35% expense ratio.
Dividends
MINO vs. HYMB - Dividend Comparison
MINO's dividend yield for the trailing twelve months is around 3.95%, less than HYMB's 4.59% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HYMB State Street SPDR Nuveen ICE High Yield Municipal Bond ETF | 4.21% | 4.55% | 4.29% | 4.07% | 3.77% | 3.19% | 3.55% | 3.95% | 4.03% | 3.78% | 4.08% | 4.54% |
MINO PIMCO Municipal Income Opportunities Active Exchange-Traded Fund | 3.64% | 3.71% | 3.91% | 3.78% | 2.87% | 0.29% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
MINO and HYMB have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HYMB has higher volatility (1.16%) compared to MINO (0.90%). In terms of maximum drawdown, MINO dropped -15.24% vs HYMB's -29.57%.
On 3-year performance, HYMB leads with 4.39% vs 4.16% for MINO. On fees, HYMB is cheaper at 0.35% per year. On volatility, MINO has been the lower-risk option at 0.90%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, HYMB has performed better with a 4.39% return vs 4.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
HYMB is cheaper with a 0.35% expense ratio, compared with 0.39% for MINO.
HYMB has the higher dividend yield at 4.21%, compared with 3.64% for MINO.
They also come from different issuers: PIMCO and State Street. Their fees differ too: 0.39% for MINO and 0.35% for HYMB.
MINO currently has the higher Sharpe Ratio (2.33 vs 1.79), 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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