MLN vs. LKOR
MLN (VanEck Long Muni ETF) and LKOR (FlexShares Credit-Scored U.S. Long Corporate Bond Index Fund) are both exchange-traded funds - MLN is a Municipal Bonds fund tracking the Bloomberg AMT-Free Long Continuous, while LKOR is a Corporate Bonds fund tracking the Northern Trust US Long Corporate Bond Quality Value Index. Both are passively managed. Over the past 10 years, MLN returned 1.37%/yr vs 2.46%/yr for LKOR. At a 0.45 correlation, their price movements are largely independent. MLN charges 0.24%/yr vs 0.22%/yr for LKOR.
Performance
MLN vs. LKOR - 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 LKOR's 1.11% return. Over the past 10 years, MLN has underperformed LKOR with an annualized return of 1.37%, while LKOR has yielded a comparatively higher 2.46% annualized return.
MLN
- 1D
- 0.23%
- 1M
- 2.41%
- YTD
- 2.53%
- 6M
- 2.17%
- 1Y
- 8.81%
- 3Y*
- 3.45%
- 5Y*
- -0.95%
- 10Y*
- 1.37%
LKOR
- 1D
- -0.40%
- 1M
- 1.32%
- YTD
- 1.11%
- 6M
- 1.14%
- 1Y
- 6.27%
- 3Y*
- 4.46%
- 5Y*
- -1.95%
- 10Y*
- 2.46%
MLN vs. LKOR - 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% |
LKOR FlexShares Credit-Scored U.S. Long Corporate Bond Index Fund | 1.11% | 7.04% | -1.02% | 11.64% | -25.55% | -1.51% | 16.00% | 23.97% | -7.61% | 13.87% |
Correlation
The correlation between MLN and LKOR is 0.58, 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 | 0.58 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.67 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.59 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.47 |
Correlation (All Time) Calculated using the full available price history since Sep 24, 2015 | 0.45 |
The correlation between MLN and LKOR shifts across timeframes, from 0.45 (all time) to 0.67 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
MLN vs. LKOR — Risk / Return Rank
MLN
LKOR
MLN vs. LKOR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Long Muni ETF (MLN) and FlexShares Credit-Scored U.S. Long Corporate Bond Index Fund (LKOR). 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 | LKOR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.20 | ||
| Sortino ratioReturn per unit of downside risk | +1.80 | ||
| Omega ratioGain probability vs. loss probability | 1.42 | 1.14 | +0.28 |
| Calmar ratioReturn relative to maximum drawdown | 3.46 | 1.17 | +2.29 |
| Martin ratioReturn relative to average drawdown | 11.36 | 2.79 | +8.57 |
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Drawdowns
MLN vs. LKOR - Drawdown Comparison
The maximum MLN drawdown since its inception was -28.36%, smaller than the maximum LKOR drawdown of -34.78%. Use the drawdown chart below to compare losses from any high point for MLN and LKOR.
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Drawdown Indicators
| MLN | LKOR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -28.36% | -34.78% | +6.42% |
Max Drawdown (1Y)Largest decline over 1 year | -2.56% | -5.39% | +2.83% |
Max Drawdown (3Y)Largest decline over 3 years | -9.84% | -12.74% | +2.90% |
Max Drawdown (5Y)Largest decline over 5 years | -24.46% | -34.78% | +10.32% |
Max Drawdown (10Y)Largest decline over 10 years | -24.46% | -34.78% | +10.32% |
Current DrawdownCurrent decline from peak | -6.02% | -13.31% | +7.29% |
Average DrawdownAverage peak-to-trough decline | -5.73% | -10.37% | +4.64% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.78% | 2.25% | -1.47% |
Volatility
MLN vs. LKOR - Volatility Comparison
The current volatility for VanEck Long Muni ETF (MLN) is 1.28%, while FlexShares Credit-Scored U.S. Long Corporate Bond Index Fund (LKOR) has a volatility of 1.89%. This indicates that MLN experiences smaller price fluctuations and is considered to be less risky than LKOR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MLN | LKOR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.28% | 1.89% | -0.61% |
Volatility (6M)Calculated over the trailing 6-month period | 3.24% | 5.89% | -2.65% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.43% | 7.90% | -3.47% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.32% | 12.89% | -5.57% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.89% | 13.22% | -4.33% |
MLN vs. LKOR - Expense Ratio Comparison
MLN has a 0.24% expense ratio, which is higher than LKOR'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%.
Dividends
MLN vs. LKOR - Dividend Comparison
MLN's dividend yield for the trailing twelve months is around 3.69%, less than LKOR's 5.70% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
LKOR FlexShares Credit-Scored U.S. Long Corporate Bond Index Fund | 5.70% | 5.57% | 5.52% | 4.90% | 4.71% | 4.73% | 6.56% | 3.71% | 4.21% | 3.77% | 5.53% | 1.22% |
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 LKOR have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
LKOR has higher volatility (1.89%) compared to MLN (1.28%). In terms of maximum drawdown, MLN dropped -28.36% vs LKOR's -34.78%.
On 10-year performance, LKOR leads with 2.46% vs 1.37% for MLN. On fees, LKOR is cheaper at 0.22% per year. On volatility, MLN has been the lower-risk option at 1.28%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, LKOR has performed better with a 2.46% return vs 1.37%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
LKOR is cheaper with a 0.22% expense ratio, compared with 0.24% for MLN.
LKOR has the higher dividend yield at 5.70%, compared with 3.69% for MLN.
MLN is categorized as Municipal Bonds, while LKOR is Corporate Bonds. MLN tracks Bloomberg AMT-Free Long Continuous, while LKOR tracks Northern Trust US Long Corporate Bond Quality Value Index. They also come from different issuers: VanEck and Northern Trust. Their fees differ too: 0.24% for MLN and 0.22% for LKOR.
MLN currently has the higher Sharpe Ratio (2.00 vs 0.80), 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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