MLN vs. VCLT
MLN (VanEck Long Muni ETF) and VCLT (Vanguard Long-Term Corporate Bond ETF) are both exchange-traded funds - MLN is a Municipal Bonds fund tracking the Bloomberg AMT-Free Long Continuous, while VCLT is a Corporate Bonds fund tracking the Bloomberg U.S. 10+ Year Corporate Bond Index. Both are passively managed. Over the past 10 years, MLN returned 1.37%/yr vs 2.24%/yr for VCLT. At a 0.46 correlation, their price movements are largely independent. MLN charges 0.24%/yr vs 0.03%/yr for VCLT.
Performance
MLN vs. VCLT - 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 VCLT's 1.27% return. Over the past 10 years, MLN has underperformed VCLT with an annualized return of 1.37%, while VCLT has yielded a comparatively higher 2.24% 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%
VCLT
- 1D
- -0.40%
- 1M
- 1.31%
- YTD
- 1.27%
- 6M
- 1.30%
- 1Y
- 6.37%
- 3Y*
- 4.08%
- 5Y*
- -2.16%
- 10Y*
- 2.24%
MLN vs. VCLT - 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% |
VCLT Vanguard Long-Term Corporate Bond ETF | 1.27% | 7.18% | -1.90% | 11.17% | -25.50% | -1.73% | 13.27% | 23.89% | -7.04% | 11.70% |
Correlation
The correlation between MLN and VCLT 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 | 0.68 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.59 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.50 |
Correlation (All Time) Calculated using the full available price history since Nov 23, 2009 | 0.46 |
The correlation between MLN and VCLT shifts across timeframes, from 0.46 (all time) to 0.68 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
MLN vs. VCLT — Risk / Return Rank
MLN
VCLT
MLN vs. VCLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Long Muni ETF (MLN) and Vanguard Long-Term Corporate Bond ETF (VCLT). 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 | VCLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.18 | ||
| Sortino ratioReturn per unit of downside risk | +1.77 | ||
| Omega ratioGain probability vs. loss probability | 1.42 | 1.14 | +0.28 |
| Calmar ratioReturn relative to maximum drawdown | 3.46 | 1.22 | +2.24 |
| Martin ratioReturn relative to average drawdown | 11.36 | 2.95 | +8.41 |
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Drawdowns
MLN vs. VCLT - Drawdown Comparison
The maximum MLN drawdown since its inception was -28.36%, smaller than the maximum VCLT drawdown of -34.31%. Use the drawdown chart below to compare losses from any high point for MLN and VCLT.
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Drawdown Indicators
| MLN | VCLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -28.36% | -34.31% | +5.95% |
Max Drawdown (1Y)Largest decline over 1 year | -2.56% | -5.25% | +2.69% |
Max Drawdown (3Y)Largest decline over 3 years | -9.84% | -13.03% | +3.19% |
Max Drawdown (5Y)Largest decline over 5 years | -24.46% | -34.31% | +9.85% |
Max Drawdown (10Y)Largest decline over 10 years | -24.46% | -34.31% | +9.85% |
Current DrawdownCurrent decline from peak | -6.02% | -14.12% | +8.10% |
Average DrawdownAverage peak-to-trough decline | -5.73% | -8.17% | +2.44% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.78% | 2.17% | -1.39% |
Volatility
MLN vs. VCLT - Volatility Comparison
The current volatility for VanEck Long Muni ETF (MLN) is 1.28%, while Vanguard Long-Term Corporate Bond ETF (VCLT) has a volatility of 1.91%. This indicates that MLN experiences smaller price fluctuations and is considered to be less risky than VCLT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MLN | VCLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.28% | 1.91% | -0.63% |
Volatility (6M)Calculated over the trailing 6-month period | 3.24% | 5.84% | -2.60% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.43% | 7.84% | -3.41% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.32% | 12.76% | -5.44% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.89% | 12.85% | -3.96% |
MLN vs. VCLT - Expense Ratio Comparison
MLN has a 0.24% expense ratio, which is higher than VCLT'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. VCLT - Dividend Comparison
MLN's dividend yield for the trailing twelve months is around 3.69%, less than VCLT's 5.53% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
VCLT Vanguard Long-Term Corporate Bond ETF | 5.53% | 5.51% | 5.19% | 4.67% | 4.44% | 3.07% | 3.16% | 3.81% | 4.55% | 4.01% | 4.33% | 4.68% |
Frequently Asked Questions
MLN and VCLT 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.
VCLT has higher volatility (1.91%) compared to MLN (1.28%). In terms of maximum drawdown, MLN dropped -28.36% vs VCLT's -34.31%.
On 10-year performance, VCLT leads with 2.24% vs 1.37% for MLN. On fees, VCLT is cheaper at 0.03% 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, VCLT has performed better with a 2.24% return vs 1.37%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VCLT is cheaper with a 0.03% expense ratio, compared with 0.24% for MLN.
VCLT has the higher dividend yield at 5.53%, compared with 3.69% for MLN.
MLN is categorized as Municipal Bonds, while VCLT is Corporate Bonds. MLN tracks Bloomberg AMT-Free Long Continuous, while VCLT tracks Bloomberg U.S. 10+ Year Corporate Bond Index. They also come from different issuers: VanEck and Vanguard. Their fees differ too: 0.24% for MLN and 0.03% for VCLT.
MLN currently has the higher Sharpe Ratio (2.00 vs 0.82), 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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