MUNB vs. HYGV

Last updated Jun 7, 2026

MUNB (Northern Trust 2035 Tax-Exempt Distributing Ladder ETF) and HYGV (FlexShares High Yield Value-Scored US Bond Index Fund) are both exchange-traded funds - MUNB is a Municipal Bonds fund actively managed by Northern Trust, while HYGV is a High Yield Bonds fund tracking the Northern Trust High Yield Value-Scored US Corporate Bond Index. MUNB is actively managed, while HYGV is passively managed. At a 0.37 correlation, their price movements are largely independent. MUNB charges 0.18%/yr vs 0.37%/yr for HYGV.

Performance

MUNB vs. HYGV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Northern Trust 2035 Tax-Exempt Distributing Ladder ETF (MUNB) and FlexShares High Yield Value-Scored US Bond Index Fund (HYGV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MUNB achieves a 0.68% return, which is significantly lower than HYGV's 1.13% return.

MUNB

• 1D: -0.06%
• 1M: 0.28%
• YTD: 0.68%
• 6M: 0.95%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

HYGV

• 1D: -0.42%
• 1M: 0.04%
• YTD: 1.13%
• 6M: 1.37%
• 1Y: 6.61%
• 3Y*: 8.27%
• 5Y*: 3.43%
• 10Y*: —

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

MUNB vs. HYGV - Yearly Performance Comparison

	2026 (YTD)	2025
MUNB Northern Trust 2035 Tax-Exempt Distributing Ladder ETF	0.68%	1.91%
HYGV FlexShares High Yield Value-Scored US Bond Index Fund	1.13%	2.99%

Correlation

The correlation between MUNB and HYGV is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Aug 20, 2025	0.37

Return for Risk

MUNB vs. HYGV — Risk / Return Rank

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

HYGV

HYGV Risk / Return Rank: 56
HYGV Sharpe Ratio Rank: 52
HYGV Sortino Ratio Rank: 58
HYGV Omega Ratio Rank: 55
HYGV Calmar Ratio Rank: 52
HYGV Martin Ratio Rank: 62

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.

MUNB vs. HYGV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Northern Trust 2035 Tax-Exempt Distributing Ladder ETF (MUNB) and FlexShares High Yield Value-Scored US Bond Index Fund (HYGV). 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	MUNB	HYGV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	1.72	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.45	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.71	0.54	+1.17

Drawdowns

MUNB vs. HYGV - Drawdown Comparison

The maximum MUNB drawdown since its inception was -2.49%, smaller than the maximum HYGV drawdown of -23.47%. Use the drawdown chart below to compare losses from any high point for MUNB and HYGV.

Drawdown Indicators

	MUNB	HYGV	Difference
Max Drawdown Largest peak-to-trough decline	-2.49%	-23.47%	+20.98%
Max Drawdown (1Y) Largest decline over 1 year	—	-2.68%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-5.56%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-17.12%	—
Current Drawdown Current decline from peak	-1.13%	-0.55%	-0.58%
Average Drawdown Average peak-to-trough decline	-0.58%	-3.32%	+2.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.62%	—

Volatility

Volatility by Period

	MUNB	HYGV	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	1.20%	—
Volatility (6M) Calculated over the trailing 6-month period	—	3.04%	—
Volatility (1Y) Calculated over the trailing 1-year period	1.93%	3.87%	-1.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.93%	7.59%	-5.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.93%	9.20%	-7.27%

MUNB vs. HYGV - Expense Ratio Comparison

MUNB has a 0.18% expense ratio, which is lower than HYGV's 0.37% expense ratio.

Dividends

MUNB vs. HYGV - Dividend Comparison

MUNB's dividend yield for the trailing twelve months is around 1.80%, less than HYGV's 7.43% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
HYGV FlexShares High Yield Value-Scored US Bond Index Fund	7.43%	7.48%	8.20%	8.77%	7.64%	6.07%	6.18%	7.95%	5.63%
MUNB Northern Trust 2035 Tax-Exempt Distributing Ladder ETF	1.80%	0.90%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MUNB and HYGV in my portfolio?

MUNB and HYGV have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, MUNB or HYGV?

On fees, MUNB is cheaper at 0.18% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, MUNB or HYGV?

MUNB is cheaper with a 0.18% expense ratio, compared with 0.37% for HYGV.

Which ETF pays a higher dividend yield, MUNB or HYGV?

HYGV has the higher dividend yield at 7.43%, compared with 1.80% for MUNB.

What is the main difference between MUNB and HYGV?

MUNB is categorized as Municipal Bonds, while HYGV is High Yield Bonds. Their fees differ too: 0.18% for MUNB and 0.37% for HYGV.