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MUNY vs. BND
Performance
Return for Risk
Drawdowns
Volatility
Dividends

MUNY vs. BND

Last updated Apr 15, 2026

MUNY (Vanguard New York Tax-Exempt Bond ETF) and BND (Vanguard Total Bond Market ETF) are both exchange-traded funds — MUNY is a Municipal Bonds fund tracking the S&P New York AMT-Free Municipal USD10 Million Par Bond Index, while BND is a Total Bond Market fund tracking the Bloomberg U.S. Aggregate Float Adjusted Index. Both are passively managed. A 0.64 correlation means they provide meaningful diversification when combined. MUNY charges 0.09%/yr vs 0.03%/yr for BND.

Performance

MUNY vs. BND - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard New York Tax-Exempt Bond ETF (MUNY) and Vanguard Total Bond Market ETF (BND). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

The year-to-date returns for both stocks are quite close, with MUNY having a 0.88% return and BND slightly lower at 0.86%.

MUNY

1D
-0.05%
1M
0.34%
YTD
0.88%
6M
1.66%
1Y
—
3Y*
—
5Y*
—
10Y*
—

BND

1D
0.24%
1M
0.93%
YTD
0.86%
6M
0.92%
1Y
6.21%
3Y*
3.85%
5Y*
0.25%
10Y*
1.71%
*Multi-year figures are annualized to reflect compound growth (CAGR)

MUNY vs. BND - Yearly Performance Comparison

2026 (YTD)2025
MUNY
Vanguard New York Tax-Exempt Bond ETF		0.88%5.54%
BND
Vanguard Total Bond Market ETF		0.86%5.48%

Correlation

The correlation between MUNY and BND is 0.64, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

Correlation
Correlation (All Time)
Calculated using the full available price history since May 23, 2025

0.64

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Vanguard New York Tax-Exempt Bond ETF

Vanguard Total Bond Market ETF

Often compared with MUNY:
MUNY vs. NNYMUNY vs. MUBMUNY vs. NYFMUNY vs. VTIMUNY vs. VUGMUNY vs. VTEBMUNY vs. IBMP
Often compared with BND:
BND vs. BNDXBND vs. AGGBND vs. FXNAXBND vs. BNDWBND vs. FBNDBND vs. VBTLXBND vs. TLT

Return for Risk

MUNY vs. BND — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
MUNY
BND
BND Risk / Return Rank: 3737
Overall Rank
BND Sharpe Ratio Rank: 3232
Sharpe Ratio Rank
BND Sortino Ratio Rank: 3434
Sortino Ratio Rank
BND Omega Ratio Rank: 3030
Omega Ratio Rank
BND Calmar Ratio Rank: 4646
Calmar Ratio Rank
BND Martin Ratio Rank: 4141
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.

MUNY vs. BND - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard New York Tax-Exempt Bond ETF (MUNY) and Vanguard Total Bond Market ETF (BND). 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.

MUNY vs. BND - Sharpe Ratio Comparison

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Sharpe Ratios by Period

MUNYBNDDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

—

1.59

—

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

—

0.04

—

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.31

—

Sharpe Ratio (All Time)

Calculated using the full available price history

1.81

0.60

+1.22

Drawdowns

MUNY vs. BND - Drawdown Comparison

The maximum MUNY drawdown since its inception was -2.70%, smaller than the maximum BND drawdown of -18.58%. Use the drawdown chart below to compare losses from any high point for MUNY and BND.

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Drawdown Indicators

MUNYBNDDifference

Max Drawdown

Largest peak-to-trough decline

-2.70%

-18.58%

+15.88%

Max Drawdown (1Y)

Largest decline over 1 year

—

-2.44%

—

Max Drawdown (5Y)

Largest decline over 5 years

—

-17.91%

—

Max Drawdown (10Y)

Largest decline over 10 years

—

-18.58%

—

Current Drawdown

Current decline from peak

-1.10%

-1.79%

+0.69%

Average Drawdown

Average peak-to-trough decline

-0.59%

-3.07%

+2.48%

Ulcer Index

Depth and duration of drawdowns from previous peaks

—

0.76%

—

Volatility

MUNY vs. BND - Volatility Comparison

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Volatility by Period

MUNYBNDDifference

Volatility (1M)

Calculated over the trailing 1-month period

—

1.53%

—

Volatility (6M)

Calculated over the trailing 6-month period

—

2.50%

—

Volatility (1Y)

Calculated over the trailing 1-year period

4.06%

3.97%

+0.09%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

4.06%

6.00%

-1.94%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

4.06%

5.52%

-1.46%

MUNY vs. BND - Expense Ratio Comparison

MUNY has a 0.09% expense ratio, which is higher than BND'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

MUNY vs. BND - Dividend Comparison

MUNY's dividend yield for the trailing twelve months is around 2.58%, less than BND's 3.90% yield.

TTM20252024202320222021202020192018201720162015
MUNY
Vanguard New York Tax-Exempt Bond ETF		2.58%1.80%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
BND
Vanguard Total Bond Market ETF		3.90%3.86%3.67%3.09%2.60%2.12%2.38%2.72%2.81%2.54%2.51%2.57%