MUB vs. HYD
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 1.90%/yr vs 1.90%/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
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Returns By Period
In the year-to-date period, MUB achieves a 1.48% return, which is significantly lower than HYD's 2.18% return. Over a longer period, both investments have demonstrated similar performance, with their 10-year annualized returns being quite close: MUB at 1.90% and HYD at 1.90%.
MUB
- 1D
- -0.06%
- 1M
- 1.29%
- YTD
- 1.48%
- 6M
- 1.78%
- 1Y
- 6.40%
- 3Y*
- 3.19%
- 5Y*
- 0.93%
- 10Y*
- 1.90%
HYD
- 1D
- -0.15%
- 1M
- 1.39%
- YTD
- 2.18%
- 6M
- 2.28%
- 1Y
- 7.22%
- 3Y*
- 4.19%
- 5Y*
- -0.16%
- 10Y*
- 1.90%
MUB vs. HYD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MUB iShares National AMT-Free Muni Bond ETF | 1.48% | 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 | 2.18% | 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 0.82, 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 | 0.82 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.85 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.80 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.69 |
Correlation (All Time) Calculated using the full available price history since Feb 5, 2009 | 0.54 |
Over the past year, MUB and HYD have become more correlated (0.82) than their long-term average of 0.54, meaning their price movements have been converging.
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Return for Risk
MUB vs. HYD — Risk / Return Rank
MUB
HYD
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.
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.
| MUB | HYD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.41 | ||
| Sortino ratioReturn per unit of downside risk | +0.58 | ||
| Omega ratioGain probability vs. loss probability | 1.46 | 1.38 | +0.08 |
| Calmar ratioReturn relative to maximum drawdown | 2.31 | 2.26 | +0.04 |
| Martin ratioReturn relative to average drawdown | 8.02 | 7.78 | +0.24 |
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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
| MUB | HYD | Difference | |
|---|---|---|---|
Max DrawdownLargest 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 (3Y)Largest decline over 3 years | -5.34% | -7.23% | +1.89% |
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 DrawdownCurrent decline from peak | -0.47% | -1.98% | +1.51% |
Average DrawdownAverage peak-to-trough decline | -2.23% | -4.32% | +2.09% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.80% | 0.93% | -0.13% |
Volatility
MUB vs. HYD - Volatility Comparison
The current volatility for iShares National AMT-Free Muni Bond ETF (MUB) is 0.77%, while VanEck Vectors High-Yield Municipal Index ETF (HYD) has a volatility of 0.96%. 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
| MUB | HYD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.77% | 0.96% | -0.19% |
Volatility (6M)Calculated over the trailing 6-month period | 2.27% | 3.04% | -0.77% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.88% | 3.98% | -1.10% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.07% | 6.46% | -2.39% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.92% | 12.61% | -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 4.26% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HYD VanEck Vectors High-Yield Municipal Index ETF | 4.26% | 4.29% | 4.29% | 4.13% | 3.96% | 3.50% | 4.01% | 4.08% | 4.43% | 4.29% | 4.58% | 4.82% |
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% |
Frequently Asked Questions
MUB and HYD have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HYD has higher volatility (0.96%) compared to MUB (0.77%). In terms of maximum drawdown, MUB dropped -13.68% vs HYD's -35.61%.
On 10-year performance, HYD leads with 1.90% vs 1.90% for MUB. On fees, MUB is cheaper at 0.07% per year. On volatility, MUB has been the lower-risk option at 0.77%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, HYD has performed better with a 1.90% return vs 1.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
MUB is cheaper with a 0.07% expense ratio, compared with 0.35% for HYD.
HYD has the higher dividend yield at 4.26%, compared with 3.17% for MUB.
MUB tracks S&P National AMT-Free Municipal Bond Index, while HYD tracks Bloomberg Barclays Municipal Custom High Yield Composite Index. They also come from different issuers: iShares and VanEck. Their fees differ too: 0.07% for MUB and 0.35% for HYD.
MUB currently has the higher Sharpe Ratio (2.23 vs 1.82), 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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