MLN vs. FALN
MLN (VanEck Long Muni ETF) and FALN (iShares Fallen Angels USD Bond ETF) are both exchange-traded funds - MLN is a Municipal Bonds fund tracking the Bloomberg AMT-Free Long Continuous, while FALN is a High Yield Bonds fund tracking the Bloomberg US High Yield Fallen Angel 3% Capped Index. Both are passively managed. Over the past 5 years, MLN returned -1.05%/yr vs 3.78%/yr for FALN. At a 0.23 correlation, their price movements are largely independent. MLN charges 0.24%/yr vs 0.25%/yr for FALN.
Performance
MLN vs. FALN - 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 FALN's 1.56% 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%
FALN
- 1D
- -0.22%
- 1M
- 0.68%
- YTD
- 1.56%
- 6M
- 1.36%
- 1Y
- 8.66%
- 3Y*
- 9.18%
- 5Y*
- 3.78%
- 10Y*
- —
MLN vs. FALN - 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% |
FALN iShares Fallen Angels USD Bond ETF | 1.56% | 8.92% | 7.68% | 13.47% | -13.79% | 5.40% | 14.85% | 17.42% | -4.97% | 8.70% |
Correlation
The correlation between MLN and FALN is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.44 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.48 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.44 |
Correlation (All Time) Calculated using the full available price history since Jun 20, 2016 | 0.23 |
Over the past year, MLN and FALN have become more correlated (0.44) than their long-term average of 0.23, meaning their price movements have been converging.
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Return for Risk
MLN vs. FALN — Risk / Return Rank
MLN
FALN
MLN vs. FALN - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Long Muni ETF (MLN) and iShares Fallen Angels USD Bond ETF (FALN). 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 | FALN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.19 | ||
| Sortino ratioReturn per unit of downside risk | +0.38 | ||
| Omega ratioGain probability vs. loss probability | 1.45 | 1.37 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | 3.66 | 2.20 | +1.47 |
| Martin ratioReturn relative to average drawdown | 12.02 | 9.17 | +2.85 |
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 | FALN | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.11 | 1.91 | +0.19 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.14 | 0.52 | -0.66 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.17 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.32 | 0.74 | -0.42 |
Drawdowns
MLN vs. FALN - Drawdown Comparison
The maximum MLN drawdown since its inception was -28.36%, roughly equal to the maximum FALN drawdown of -29.22%. Use the drawdown chart below to compare losses from any high point for MLN and FALN.
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Drawdown Indicators
| MLN | FALN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -28.36% | -29.22% | +0.86% |
Max Drawdown (1Y)Largest decline over 1 year | -2.56% | -3.96% | +1.40% |
Max Drawdown (3Y)Largest decline over 3 years | -9.84% | -5.92% | -3.92% |
Max Drawdown (5Y)Largest decline over 5 years | -24.46% | -18.78% | -5.68% |
Max Drawdown (10Y)Largest decline over 10 years | -24.46% | — | — |
Current DrawdownCurrent decline from peak | -6.58% | -0.26% | -6.32% |
Average DrawdownAverage peak-to-trough decline | -5.73% | -3.32% | -2.41% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.78% | 0.95% | -0.17% |
Volatility
MLN vs. FALN - Volatility Comparison
VanEck Long Muni ETF (MLN) has a higher volatility of 1.56% compared to iShares Fallen Angels USD Bond ETF (FALN) at 1.38%. This indicates that MLN's price experiences larger fluctuations and is considered to be riskier than FALN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MLN | FALN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.56% | 1.38% | +0.18% |
Volatility (6M)Calculated over the trailing 6-month period | 3.19% | 3.64% | -0.45% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.45% | 4.54% | -0.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.31% | 7.31% | 0.00% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.88% | 8.95% | -0.07% |
MLN vs. FALN - Expense Ratio Comparison
MLN has a 0.24% expense ratio, which is lower than FALN's 0.25% 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
MLN vs. FALN - Dividend Comparison
MLN's dividend yield for the trailing twelve months is around 3.71%, less than FALN's 6.46% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FALN iShares Fallen Angels USD Bond ETF | 6.46% | 6.31% | 6.24% | 5.37% | 5.08% | 3.40% | 5.14% | 5.35% | 5.97% | 6.98% | 3.55% | 0.00% |
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 FALN have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MLN has higher volatility (1.56%) compared to FALN (1.38%). In terms of maximum drawdown, MLN dropped -28.36% vs FALN's -29.22%.
On 5-year performance, FALN leads with 3.78% vs -1.05% for MLN. On fees, MLN is cheaper at 0.24% per year. On volatility, FALN has been the lower-risk option at 1.38%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, FALN has performed better with a 3.78% return vs -1.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
MLN is cheaper with a 0.24% expense ratio, compared with 0.25% for FALN.
FALN has the higher dividend yield at 6.46%, compared with 3.71% for MLN.
MLN is categorized as Municipal Bonds, while FALN is High Yield Bonds. MLN tracks Bloomberg AMT-Free Long Continuous, while FALN tracks Bloomberg US High Yield Fallen Angel 3% Capped Index. They also come from different issuers: VanEck and iShares. Their fees differ too: 0.24% for MLN and 0.25% for FALN.
MLN currently has the higher Sharpe Ratio (2.11 vs 1.91), 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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