MLN vs. BLV
MLN (VanEck Long Muni ETF) and BLV (Vanguard Long-Term Bond ETF) are both exchange-traded funds - MLN is a Municipal Bonds fund tracking the Bloomberg AMT-Free Long Continuous, while BLV is a Long-Term Bond fund tracking the Bloomberg U.S. Long Government/Credit Float Adjusted Index. Both are passively managed. Over the past 10 years, MLN returned 1.49%/yr vs 0.99%/yr for BLV. At a 0.45 correlation, their price movements are largely independent. MLN charges 0.24%/yr vs 0.03%/yr for BLV.
Performance
MLN vs. BLV - Performance Comparison
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Returns By Period
In the year-to-date period, MLN achieves a 1.92% return, which is significantly higher than BLV's 0.28% return. Over the past 10 years, MLN has outperformed BLV with an annualized return of 1.49%, while BLV has yielded a comparatively lower 0.99% annualized return.
MLN
- 1D
- -0.26%
- 1M
- 0.46%
- YTD
- 1.92%
- 6M
- 2.58%
- 1Y
- 9.33%
- 3Y*
- 3.46%
- 5Y*
- -1.05%
- 10Y*
- 1.49%
BLV
- 1D
- -0.31%
- 1M
- 1.09%
- YTD
- 0.28%
- 6M
- -0.86%
- 1Y
- 6.59%
- 3Y*
- 2.02%
- 5Y*
- -3.33%
- 10Y*
- 0.99%
MLN vs. BLV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MLN VanEck Long Muni ETF | 1.92% | 1.82% | 1.54% | 8.05% | -17.20% | 2.20% | 6.22% | 10.72% | -0.77% | 8.19% |
BLV Vanguard Long-Term Bond ETF | 0.28% | 6.44% | -3.65% | 7.35% | -26.95% | -2.89% | 16.13% | 18.99% | -4.17% | 10.74% |
Correlation
The correlation between MLN and BLV is 0.60, 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 | 0.60 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.69 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.61 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.54 |
Correlation (All Time) Calculated using the full available price history since Jan 11, 2008 | 0.45 |
The correlation between MLN and BLV shifts across timeframes, from 0.45 (all time) to 0.69 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
MLN vs. BLV — Risk / Return Rank
MLN
BLV
MLN vs. BLV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Long Muni ETF (MLN) and Vanguard Long-Term Bond ETF (BLV). 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.
| MLN | BLV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.29 | ||
| Sortino ratioReturn per unit of downside risk | +1.94 | ||
| Omega ratioGain probability vs. loss probability | 1.45 | 1.14 | +0.31 |
| Calmar ratioReturn relative to maximum drawdown | 3.66 | 1.15 | +2.51 |
| Martin ratioReturn relative to average drawdown | 12.02 | 2.92 | +9.10 |
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
| MLN | BLV | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.11 | 0.81 | +1.29 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.14 | -0.26 | +0.11 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.17 | 0.08 | +0.09 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.32 | 0.37 | -0.05 |
Drawdowns
MLN vs. BLV - Drawdown Comparison
The maximum MLN drawdown since its inception was -28.36%, smaller than the maximum BLV drawdown of -38.29%. Use the drawdown chart below to compare losses from any high point for MLN and BLV.
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Drawdown Indicators
| MLN | BLV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -28.36% | -38.29% | +9.93% |
Max Drawdown (1Y)Largest decline over 1 year | -2.56% | -5.73% | +3.17% |
Max Drawdown (3Y)Largest decline over 3 years | -9.84% | -15.16% | +5.32% |
Max Drawdown (5Y)Largest decline over 5 years | -24.46% | -36.27% | +11.81% |
Max Drawdown (10Y)Largest decline over 10 years | -24.46% | -38.29% | +13.83% |
Current DrawdownCurrent decline from peak | -6.58% | -24.14% | +17.56% |
Average DrawdownAverage peak-to-trough decline | -5.73% | -9.51% | +3.78% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.78% | 2.26% | -1.48% |
Volatility
MLN vs. BLV - Volatility Comparison
The current volatility for VanEck Long Muni ETF (MLN) is 1.56%, while Vanguard Long-Term Bond ETF (BLV) has a volatility of 2.50%. This indicates that MLN experiences smaller price fluctuations and is considered to be less risky than BLV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MLN | BLV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.56% | 2.50% | -0.94% |
Volatility (6M)Calculated over the trailing 6-month period | 3.19% | 5.62% | -2.43% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.45% | 8.15% | -3.70% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.31% | 12.97% | -5.66% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.88% | 11.98% | -3.10% |
MLN vs. BLV - Expense Ratio Comparison
MLN has a 0.24% expense ratio, which is higher than BLV's 0.03% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
MLN vs. BLV - Dividend Comparison
MLN's dividend yield for the trailing twelve months is around 3.71%, less than BLV's 4.80% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BLV Vanguard Long-Term Bond ETF | 4.80% | 4.67% | 5.09% | 4.06% | 4.17% | 3.37% | 6.12% | 3.57% | 4.07% | 3.63% | 4.16% | 4.37% |
MLN VanEck Long Muni ETF | 3.71% | 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
MLN and BLV have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BLV has higher volatility (2.50%) compared to MLN (1.56%). In terms of maximum drawdown, MLN dropped -28.36% vs BLV's -38.29%.
On 10-year performance, MLN leads with 1.49% vs 0.99% for BLV. On fees, BLV is cheaper at 0.03% per year. On volatility, MLN has been the lower-risk option at 1.56%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, MLN has performed better with a 1.49% return vs 0.99%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BLV is cheaper with a 0.03% expense ratio, compared with 0.24% for MLN.
BLV has the higher dividend yield at 4.80%, compared with 3.71% for MLN.
MLN is categorized as Municipal Bonds, while BLV is Long-Term Bond. MLN tracks Bloomberg AMT-Free Long Continuous, while BLV tracks Bloomberg U.S. Long Government/Credit Float Adjusted Index. They also come from different issuers: VanEck and Vanguard. Their fees differ too: 0.24% for MLN and 0.03% for BLV.
MLN currently has the higher Sharpe Ratio (2.11 vs 0.81), 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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