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MUB vs. HYD
Performance
Return for Risk
Drawdowns
Volatility
Dividends

MUB vs. HYD

Last updated Apr 12, 2026

MUB (iShares National AMT-Free Muni Bond ETF) and HYD (VanEck Vectors High-Yield Municipal Index ETF) are both Municipal Bonds funds — MUB tracks the S&P National AMT-Free Municipal Bond Index while HYD tracks the Bloomberg Barclays Municipal Custom High Yield Composite Index. Both are passively managed. Over the past 10 years, MUB returned 1.99%/yr vs 2.13%/yr for HYD. A 0.54 correlation means they provide meaningful diversification when combined. MUB charges 0.07%/yr vs 0.35%/yr for HYD.

Performance

MUB vs. HYD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares National AMT-Free Muni Bond ETF (MUB) and VanEck Vectors High-Yield Municipal Index ETF (HYD). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, MUB achieves a 0.54% return, which is significantly lower than HYD's 0.87% return. Over the past 10 years, MUB has underperformed HYD with an annualized return of 1.99%, while HYD has yielded a comparatively higher 2.13% annualized return.

MUB

1D
-0.15%
1M
0.14%
YTD
0.54%
6M
1.59%
1Y
7.82%
3Y*
2.59%
5Y*
0.92%
10Y*
1.99%

HYD

1D
-0.14%
1M
1.43%
YTD
0.87%
6M
2.65%
1Y
8.14%
3Y*
3.85%
5Y*
0.08%
10Y*
2.13%
*Multi-year figures are annualized to reflect compound growth (CAGR)

MUB vs. HYD - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
MUB
iShares National AMT-Free Muni Bond ETF		0.54%3.78%1.26%5.56%-7.34%1.02%5.12%7.06%0.93%4.72%
HYD
VanEck Vectors High-Yield Municipal Index ETF		0.87%2.83%4.94%6.52%-15.97%5.05%0.17%9.34%2.19%9.78%

Correlation

The correlation between MUB and HYD is 0.83, indicating a strong positive relationship between their price movements. Combining them offers limited diversification — they tend to fall together during downturns.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.83

Correlation (3Y)
Calculated over the trailing 3-year period

0.85

Correlation (5Y)
Calculated over the trailing 5-year period

0.79

Correlation (All Time)
Calculated using the full available price history since Feb 6, 2009

0.54

Over the past year, MUB and HYD have become more correlated (0.83) than their long-term average of 0.54, meaning their price movements have been converging.

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iShares National AMT-Free Muni Bond ETF

VanEck Vectors High-Yield Municipal Index ETF

Often compared with MUB:
MUB vs. VTEBMUB vs. SUBMUB vs. CMFMUB vs. MUNIMUB vs. NYFMUB vs. BNDMUB vs. VWIUX
Often compared with HYD:
HYD vs. HYMBHYD vs. VTEBHYD vs. VWALXHYD vs. HYGHYD vs. VWEAXHYD vs. FLMIHYD vs. BBHY

Return for Risk

MUB vs. HYD — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
MUB
MUB Risk / Return Rank: 5757
Overall Rank
MUB Sharpe Ratio Rank: 5959
Sharpe Ratio Rank
MUB Sortino Ratio Rank: 6464
Sortino Ratio Rank
MUB Omega Ratio Rank: 6868
Omega Ratio Rank
MUB Calmar Ratio Rank: 4242
Calmar Ratio Rank
MUB Martin Ratio Rank: 5151
Martin Ratio Rank
HYD
HYD Risk / Return Rank: 3636
Overall Rank
HYD Sharpe Ratio Rank: 3333
Sharpe Ratio Rank
HYD Sortino Ratio Rank: 3131
Sortino Ratio Rank
HYD Omega Ratio Rank: 3838
Omega Ratio Rank
HYD Calmar Ratio Rank: 4040
Calmar Ratio Rank
HYD Martin Ratio Rank: 3838
Martin Ratio Rank
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.

MUB vs. HYD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares National AMT-Free Muni Bond ETF (MUB) and VanEck Vectors High-Yield Municipal Index ETF (HYD). 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.

MUBHYDDifference

Sharpe ratio

Return per unit of total volatility

2.21

1.53

+0.68

Sortino ratio

Return per unit of downside risk

3.22

2.14

+1.08

Omega ratio

Gain probability vs. loss probability

1.46

1.31

+0.15

Calmar ratio

Return relative to maximum drawdown

2.78

2.66

+0.12

Martin ratio

Return relative to average drawdown

11.67

8.81

+2.86

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MUB vs. HYD - Sharpe Ratio Comparison

The current MUB Sharpe Ratio is 2.21, which is higher than the HYD Sharpe Ratio of 1.53. The chart below compares the historical Sharpe Ratios of MUB and HYD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

MUBHYDDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.21

1.53

+0.68

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.23

0.01

+0.22

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.41

0.17

+0.24

Sharpe Ratio (All Time)

Calculated using the full available price history

0.58

0.44

+0.14

Drawdowns

MUB vs. HYD - Drawdown Comparison

The maximum MUB drawdown since its inception was -13.68%, smaller than the maximum HYD drawdown of -35.61%. Use the drawdown chart below to compare losses from any high point for MUB and HYD.

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Drawdown Indicators

MUBHYDDifference

Max Drawdown

Largest peak-to-trough decline

-13.68%

-35.61%

+21.93%

Max Drawdown (1Y)

Largest decline over 1 year

-2.79%

-3.21%

+0.42%

Max Drawdown (5Y)

Largest decline over 5 years

-11.88%

-20.72%

+8.84%

Max Drawdown (10Y)

Largest decline over 10 years

-13.68%

-35.61%

+21.93%

Current Drawdown

Current decline from peak

-1.38%

-3.24%

+1.86%

Average Drawdown

Average peak-to-trough decline

-2.24%

-4.34%

+2.10%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.66%

0.97%

-0.31%

Volatility

MUB vs. HYD - Volatility Comparison

The current volatility for iShares National AMT-Free Muni Bond ETF (MUB) is 1.59%, while VanEck Vectors High-Yield Municipal Index ETF (HYD) has a volatility of 2.27%. This indicates that MUB experiences smaller price fluctuations and is considered to be less risky than HYD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

MUBHYDDifference

Volatility (1M)

Calculated over the trailing 1-month period

1.59%

2.27%

-0.68%

Volatility (6M)

Calculated over the trailing 6-month period

2.09%

2.89%

-0.80%

Volatility (1Y)

Calculated over the trailing 1-year period

3.29%

4.55%

-1.26%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

4.04%

6.44%

-2.40%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

4.91%

12.60%

-7.69%

MUB vs. HYD - Expense Ratio Comparison

MUB has a 0.07% expense ratio, which is lower than HYD's 0.35% expense ratio.

Dividends

MUB vs. HYD - Dividend Comparison

MUB's dividend yield for the trailing twelve months is around 3.17%, less than HYD's 4.32% yield.

TTM20252024202320222021202020192018201720162015
MUB
iShares National AMT-Free Muni Bond ETF		3.17%3.14%3.01%2.65%2.11%1.81%2.11%2.42%2.46%2.26%2.21%2.51%
HYD
VanEck Vectors High-Yield Municipal Index ETF		4.32%4.29%4.29%4.13%3.96%3.50%4.01%4.08%4.43%4.29%4.58%4.82%