MLN vs. BND
MLN (VanEck Long Muni ETF) and BND (Vanguard Total Bond Market ETF) are both exchange-traded funds - MLN is a Municipal Bonds fund tracking the Bloomberg AMT-Free Long Continuous, while BND is a Total Bond Market fund tracking the Bloomberg U.S. Aggregate Float Adjusted Index. Both are passively managed. Over the past 10 years, MLN returned 1.37%/yr vs 1.56%/yr for BND. At a 0.45 correlation, their price movements are largely independent. MLN charges 0.24%/yr vs 0.03%/yr for BND.
Performance
MLN vs. BND - Performance Comparison
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Returns By Period
In the year-to-date period, MLN achieves a 2.53% return, which is significantly higher than BND's 0.49% return. Over the past 10 years, MLN has underperformed BND with an annualized return of 1.37%, while BND has yielded a comparatively higher 1.56% annualized return.
MLN
- 1D
- 0.00%
- 1M
- 2.41%
- YTD
- 2.53%
- 6M
- 2.00%
- 1Y
- 8.68%
- 3Y*
- 3.45%
- 5Y*
- -0.94%
- 10Y*
- 1.37%
BND
- 1D
- 0.11%
- 1M
- 0.64%
- YTD
- 0.49%
- 6M
- 0.57%
- 1Y
- 4.23%
- 3Y*
- 3.96%
- 5Y*
- 0.05%
- 10Y*
- 1.56%
MLN vs. BND - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
BND Vanguard Total Bond Market ETF | 0.49% | 7.08% | 1.38% | 5.65% | -13.11% | -1.86% | 7.71% | 8.84% | -0.12% | 3.57% |
Correlation
The correlation between MLN and BND is 0.59, 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 | 0.59 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.72 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.65 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.56 |
Correlation (All Time) Calculated using the full available price history since Jan 10, 2008 | 0.45 |
The correlation between MLN and BND shifts across timeframes, from 0.45 (all time) to 0.72 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
MLN vs. BND — Risk / Return Rank
MLN
BND
MLN vs. BND - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Long Muni ETF (MLN) and Vanguard Total Bond Market ETF (BND). 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.
| MLN | BND | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.83 | ||
| Sortino ratioReturn per unit of downside risk | +1.24 | ||
| Omega ratioGain probability vs. loss probability | 1.41 | 1.20 | +0.21 |
| Calmar ratioReturn relative to maximum drawdown | 3.41 | 1.59 | +1.82 |
| Martin ratioReturn relative to average drawdown | 11.19 | 4.52 | +6.68 |
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Drawdowns
MLN vs. BND - Drawdown Comparison
The maximum MLN drawdown since its inception was -28.36%, which is greater than BND's maximum drawdown of -18.58%. Use the drawdown chart below to compare losses from any high point for MLN and BND.
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Drawdown Indicators
| MLN | BND | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -28.36% | -18.58% | -9.78% |
Max Drawdown (1Y)Largest decline over 1 year | -2.56% | -2.68% | +0.12% |
Max Drawdown (3Y)Largest decline over 3 years | -9.84% | -5.92% | -3.92% |
Max Drawdown (5Y)Largest decline over 5 years | -24.46% | -17.91% | -6.55% |
Max Drawdown (10Y)Largest decline over 10 years | -24.46% | -18.58% | -5.88% |
Current DrawdownCurrent decline from peak | -6.02% | -2.15% | -3.87% |
Average DrawdownAverage peak-to-trough decline | -5.73% | -3.06% | -2.67% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.78% | 0.94% | -0.16% |
Volatility
MLN vs. BND - Volatility Comparison
VanEck Long Muni ETF (MLN) has a higher volatility of 1.29% compared to Vanguard Total Bond Market ETF (BND) at 1.08%. This indicates that MLN's price experiences larger fluctuations and is considered to be riskier than BND based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MLN | BND | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.29% | 1.08% | +0.21% |
Volatility (6M)Calculated over the trailing 6-month period | 3.24% | 2.77% | +0.47% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.42% | 3.74% | +0.68% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.32% | 6.03% | +1.29% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.88% | 5.53% | +3.35% |
MLN vs. BND - Expense Ratio Comparison
MLN has a 0.24% expense ratio, which is higher than BND'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. BND - Dividend Comparison
MLN's dividend yield for the trailing twelve months is around 3.69%, less than BND's 3.96% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BND Vanguard Total Bond Market ETF | 3.96% | 3.86% | 3.67% | 3.09% | 2.60% | 2.12% | 2.38% | 2.72% | 2.81% | 2.54% | 2.51% | 2.57% |
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
MLN and BND have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MLN has higher volatility (1.29%) compared to BND (1.08%). In terms of maximum drawdown, MLN dropped -28.36% vs BND's -18.58%.
On 10-year performance, BND leads with 1.56% vs 1.37% for MLN. On fees, BND is cheaper at 0.03% per year. On volatility, BND has been the lower-risk option at 1.08%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, BND has performed better with a 1.56% return vs 1.37%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BND is cheaper with a 0.03% expense ratio, compared with 0.24% for MLN.
BND has the higher dividend yield at 3.96%, compared with 3.69% for MLN.
MLN is categorized as Municipal Bonds, while BND is Total Bond Market. MLN tracks Bloomberg AMT-Free Long Continuous, while BND tracks Bloomberg U.S. Aggregate Float Adjusted Index. They also come from different issuers: VanEck and Vanguard. Their fees differ too: 0.24% for MLN and 0.03% for BND.
MLN currently has the higher Sharpe Ratio (1.97 vs 1.14), 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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