MLN vs. GSY
Compare and contrast key facts about VanEck Long Muni ETF (MLN) and Invesco Ultra Short Duration ETF (GSY).
MLN and GSY are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. MLN is a passively managed fund by VanEck that tracks the performance of the Bloomberg AMT-Free Long Continuous. It was launched on Jan 2, 2008. GSY is an actively managed fund by Invesco. It was launched on Feb 12, 2008.
Performance
MLN vs. GSY - Performance Comparison
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MLN vs. GSY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MLN VanEck Long Muni ETF | 0.10% | 1.82% | 1.54% | 8.05% | -17.20% | 2.20% | 6.22% | 10.72% | -0.77% | 8.19% |
GSY Invesco Ultra Short Duration ETF | 0.80% | 4.96% | 5.95% | 5.99% | 0.01% | 0.03% | 1.88% | 3.39% | 2.18% | 1.86% |
Returns By Period
In the year-to-date period, MLN achieves a 0.10% return, which is significantly lower than GSY's 0.80% return. Over the past 10 years, MLN has underperformed GSY with an annualized return of 1.55%, while GSY has yielded a comparatively higher 2.84% annualized return.
MLN
- 1D
- 0.35%
- 1M
- -1.74%
- YTD
- 0.10%
- 6M
- 1.65%
- 1Y
- 4.19%
- 3Y*
- 2.56%
- 5Y*
- -0.92%
- 10Y*
- 1.55%
GSY
- 1D
- 0.04%
- 1M
- 0.08%
- YTD
- 0.80%
- 6M
- 1.92%
- 1Y
- 4.52%
- 3Y*
- 5.49%
- 5Y*
- 3.51%
- 10Y*
- 2.84%
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MLN vs. GSY - Expense Ratio Comparison
MLN has a 0.24% expense ratio, which is higher than GSY's 0.22% 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%.
Return for Risk
MLN vs. GSY — Risk / Return Rank
MLN
GSY
MLN vs. GSY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Long Muni ETF (MLN) and Invesco Ultra Short Duration ETF (GSY). 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 | GSY | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.62 | 10.64 | -10.02 |
Sortino ratioReturn per unit of downside risk | 0.82 | 24.03 | -23.21 |
Omega ratioGain probability vs. loss probability | 1.15 | 6.27 | -5.13 |
Calmar ratioReturn relative to maximum drawdown | 0.78 | 25.29 | -24.51 |
Martin ratioReturn relative to average drawdown | 2.06 | 176.75 | -174.69 |
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 | GSY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.62 | 10.64 | -10.02 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.13 | 6.07 | -6.19 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.18 | 2.33 | -2.16 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.31 | 0.45 | -0.14 |
Correlation
The correlation between MLN and GSY is 0.14, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Dividends
MLN vs. GSY - Dividend Comparison
MLN's dividend yield for the trailing twelve months is around 3.78%, less than GSY's 4.43% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MLN VanEck Long Muni ETF | 3.44% | 3.73% | 3.59% | 3.19% | 2.67% | 2.52% | 2.69% | 2.98% | 3.09% | 2.91% | 3.16% | 3.38% |
GSY Invesco Ultra Short Duration ETF | 4.43% | 4.56% | 5.31% | 4.95% | 1.70% | 0.58% | 1.45% | 2.71% | 2.30% | 1.80% | 1.21% | 1.17% |
Drawdowns
MLN vs. GSY - Drawdown Comparison
The maximum MLN drawdown since its inception was -28.36%, which is greater than GSY's maximum drawdown of -12.14%. Use the drawdown chart below to compare losses from any high point for MLN and GSY.
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Drawdown Indicators
| MLN | GSY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -28.36% | -12.14% | -16.22% |
Max Drawdown (1Y)Largest decline over 1 year | -5.88% | -0.18% | -5.70% |
Max Drawdown (5Y)Largest decline over 5 years | -24.46% | -1.48% | -22.98% |
Max Drawdown (10Y)Largest decline over 10 years | -24.46% | -5.25% | -19.21% |
Current DrawdownCurrent decline from peak | -8.25% | 0.00% | -8.25% |
Average DrawdownAverage peak-to-trough decline | -5.71% | -2.41% | -3.30% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.24% | 0.03% | +2.21% |
Volatility
MLN vs. GSY - Volatility Comparison
VanEck Long Muni ETF (MLN) has a higher volatility of 1.95% compared to Invesco Ultra Short Duration ETF (GSY) at 0.15%. This indicates that MLN's price experiences larger fluctuations and is considered to be riskier than GSY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MLN | GSY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.95% | 0.15% | +1.80% |
Volatility (6M)Calculated over the trailing 6-month period | 2.81% | 0.28% | +2.53% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.83% | 0.43% | +6.40% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.28% | 0.58% | +6.70% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.88% | 1.22% | +7.66% |