MLN vs. LKOR

Last updated Apr 1, 2026

Compare and contrast key facts about VanEck Long Muni ETF (MLN) and FlexShares Credit-Scored U.S. Long Corporate Bond Index Fund (LKOR).

MLN and LKOR 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. LKOR is a passively managed fund by Northern Trust that tracks the performance of the Northern Trust US Long Corporate Bond Quality Value Index. It was launched on Sep 24, 2015. Both MLN and LKOR are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

MLN vs. LKOR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Long Muni ETF (MLN) and FlexShares Credit-Scored U.S. Long Corporate Bond Index Fund (LKOR). The values are adjusted to include any dividend payments, if applicable.

MLN vs. LKOR - 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%
LKOR FlexShares Credit-Scored U.S. Long Corporate Bond Index Fund	-0.80%	7.04%	-1.02%	11.64%	-25.55%	-1.51%	16.00%	23.97%	-7.61%	13.87%

Returns By Period

In the year-to-date period, MLN achieves a 0.10% return, which is significantly higher than LKOR's -0.80% return. Over the past 10 years, MLN has underperformed LKOR with an annualized return of 1.55%, while LKOR has yielded a comparatively higher 2.68% 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%

LKOR

• 1D: 0.89%
• 1M: -2.86%
• YTD: -0.80%
• 6M: -1.40%
• 1Y: 3.88%
• 3Y*: 3.42%
• 5Y*: -1.50%
• 10Y*: 2.68%

*Multi-year figures are annualized to reflect compound growth (CAGR)

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%.

MLN

VanEck Long Muni ETF

LKOR

FlexShares Credit-Scored U.S. Long Corporate Bond Index Fund

Return for Risk

MLN vs. LKOR — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

MLN

MLN Risk / Return Rank: 31
MLN Sharpe Ratio Rank: 34
MLN Sortino Ratio Rank: 28
MLN Omega Ratio Rank: 37
MLN Calmar Ratio Rank: 32
MLN Martin Ratio Rank: 26

LKOR

LKOR Risk / Return Rank: 24
LKOR Sharpe Ratio Rank: 23
LKOR Sortino Ratio Rank: 21
LKOR Omega Ratio Rank: 21
LKOR Calmar Ratio Rank: 32
LKOR Martin Ratio Rank: 25

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

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.

	MLN	LKOR	Difference
Sharpe ratio Return per unit of total volatility	0.62	0.38	+0.24
Sortino ratio Return per unit of downside risk	0.82	0.57	+0.25
Omega ratio Gain probability vs. loss probability	1.15	1.08	+0.07
Calmar ratio Return relative to maximum drawdown	0.78	0.77	+0.02
Martin ratio Return relative to average drawdown	2.06	1.81	+0.25
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MLN vs. LKOR - Sharpe Ratio Comparison

The current MLN Sharpe Ratio is 0.62, which is higher than the LKOR Sharpe Ratio of 0.38. The chart below compares the historical Sharpe Ratios of MLN and LKOR, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	MLN	LKOR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.62	0.38	+0.24
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.13	-0.12	-0.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.18	0.20	-0.03
Sharpe Ratio (All Time) Calculated using the full available price history	0.31	0.24	+0.07

Correlation

The correlation between MLN and LKOR is 0.45, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

MLN vs. LKOR - Dividend Comparison

MLN's dividend yield for the trailing twelve months is around 3.78%, less than LKOR's 5.72% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MLN VanEck Long Muni ETF	3.78%	3.73%	3.59%	3.19%	2.67%	2.52%	2.69%	2.98%	3.09%	2.91%	3.16%	3.38%
LKOR FlexShares Credit-Scored U.S. Long Corporate Bond Index Fund	5.72%	5.57%	5.52%	4.90%	4.71%	4.73%	6.56%	3.71%	4.21%	3.77%	5.53%	1.22%

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.

Drawdown Indicators

	MLN	LKOR	Difference
Max Drawdown Largest peak-to-trough decline	-28.36%	-34.78%	+6.42%
Max Drawdown (1Y) Largest decline over 1 year	-5.88%	-5.63%	-0.25%
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 Drawdown Current decline from peak	-8.25%	-14.96%	+6.71%
Average Drawdown Average peak-to-trough decline	-5.71%	-10.30%	+4.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.24%	2.39%	-0.15%

Volatility

MLN vs. LKOR - Volatility Comparison

The current volatility for VanEck Long Muni ETF (MLN) is 1.95%, while FlexShares Credit-Scored U.S. Long Corporate Bond Index Fund (LKOR) has a volatility of 3.92%. 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.

Volatility by Period

	MLN	LKOR	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.95%	3.92%	-1.97%
Volatility (6M) Calculated over the trailing 6-month period	2.81%	5.56%	-2.75%
Volatility (1Y) Calculated over the trailing 1-year period	6.83%	10.30%	-3.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.28%	12.91%	-5.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.88%	13.22%	-4.34%