MUNY vs. FTNYX

Last updated Jun 5, 2026

MUNY (Vanguard New York Tax-Exempt Bond ETF) and FTNYX (Delaware Tax-Free New York Fund) are both Municipal Bonds funds. Over the past year, MUNY returned 5.02% vs 7.54% for FTNYX. A 0.70 correlation means they provide meaningful diversification when combined. MUNY charges 0.09%/yr vs 0.80%/yr for FTNYX.

Performance

MUNY vs. FTNYX - Performance Comparison

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

Returns By Period

In the year-to-date period, MUNY achieves a 1.56% return, which is significantly lower than FTNYX's 2.50% return.

MUNY

• 1D: 0.06%
• 1M: 0.76%
• YTD: 1.56%
• 6M: 1.98%
• 1Y: 5.02%
• 3Y*: —
• 5Y*: —
• 10Y*: —

FTNYX

• 1D: 0.00%
• 1M: 1.03%
• YTD: 2.50%
• 6M: 2.75%
• 1Y: 7.54%
• 3Y*: 4.17%
• 5Y*: 0.83%
• 10Y*: 2.36%

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

MUNY vs. FTNYX - Yearly Performance Comparison

	2026 (YTD)	2025
MUNY Vanguard New York Tax-Exempt Bond ETF	1.56%	5.54%
FTNYX Delaware Tax-Free New York Fund	2.50%	5.48%

Correlation

The correlation between MUNY and FTNYX is 0.70, 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	0.70
Correlation (All Time) Calculated using the full available price history since May 23, 2025	0.70

The correlation between MUNY and FTNYX has been stable across timeframes, ranging from 0.70 to 0.70 - a consistent structural relationship.

Return for Risk

MUNY vs. FTNYX — Risk / Return Rank

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

MUNY

MUNY Risk / Return Rank: 43
MUNY Sharpe Ratio Rank: 42
MUNY Sortino Ratio Rank: 36
MUNY Omega Ratio Rank: 58
MUNY Calmar Ratio Rank: 39
MUNY Martin Ratio Rank: 41

FTNYX

FTNYX Risk / Return Rank: 55
FTNYX Sharpe Ratio Rank: 53
FTNYX Sortino Ratio Rank: 63
FTNYX Omega Ratio Rank: 75
FTNYX Calmar Ratio Rank: 44
FTNYX Martin Ratio Rank: 39

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. FTNYX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard New York Tax-Exempt Bond ETF (MUNY) and Delaware Tax-Free New York Fund (FTNYX). 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.

	MUNY	FTNYX	Difference
Sharpe ratio: Return per unit of total volatility	1.47	2.08	-0.61
Sortino ratio: Return per unit of downside risk	1.88	3.23	-1.36
Omega ratio: Gain probability vs. loss probability	1.35	1.48	-0.13
Calmar ratio: Return relative to maximum drawdown	1.87	2.44	-0.58
Martin ratio: Return relative to average drawdown	6.31	8.23	-1.92
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MUNY vs. FTNYX - Sharpe Ratio Comparison

The current MUNY Sharpe Ratio is 1.47, which is comparable to the FTNYX Sharpe Ratio of 2.08. The chart below compares the historical Sharpe Ratios of MUNY and FTNYX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	MUNY	FTNYX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.47	2.08	-0.61
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.16	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.48	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.78	1.11	+0.68

Drawdowns

MUNY vs. FTNYX - Drawdown Comparison

The maximum MUNY drawdown since its inception was -2.70%, smaller than the maximum FTNYX drawdown of -17.11%. Use the drawdown chart below to compare losses from any high point for MUNY and FTNYX.

Drawdown Indicators

	MUNY	FTNYX	Difference
Max Drawdown Largest peak-to-trough decline	-2.70%	-17.11%	+14.41%
Max Drawdown (1Y) Largest decline over 1 year	-2.70%	-3.24%	+0.54%
Max Drawdown (3Y) Largest decline over 3 years	—	-8.54%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-17.11%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-17.11%	—
Current Drawdown Current decline from peak	-0.44%	0.00%	-0.44%
Average Drawdown Average peak-to-trough decline	-0.66%	-1.96%	+1.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.97%	0.96%	+0.01%

Volatility

MUNY vs. FTNYX - Volatility Comparison

The current volatility for Vanguard New York Tax-Exempt Bond ETF (MUNY) is 1.04%, while Delaware Tax-Free New York Fund (FTNYX) has a volatility of 1.49%. This indicates that MUNY experiences smaller price fluctuations and is considered to be less risky than FTNYX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MUNY	FTNYX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.04%	1.49%	-0.45%
Volatility (6M) Calculated over the trailing 6-month period	2.30%	2.80%	-0.50%
Volatility (1Y) Calculated over the trailing 1-year period	3.93%	3.82%	+0.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.92%	5.34%	-1.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.92%	4.91%	-0.99%

MUNY vs. FTNYX - Expense Ratio Comparison

MUNY has a 0.09% expense ratio, which is lower than FTNYX's 0.80% expense ratio.

Dividends

MUNY vs. FTNYX - Dividend Comparison

MUNY's dividend yield for the trailing twelve months is around 3.11%, less than FTNYX's 3.98% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FTNYX Delaware Tax-Free New York Fund	3.98%	5.09%	4.14%	3.13%	3.27%	2.39%	3.50%	3.97%	3.70%	3.81%	3.12%	3.14%
MUNY Vanguard New York Tax-Exempt Bond ETF	3.11%	1.80%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MUNY and FTNYX in my portfolio?

MUNY and FTNYX have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MUNY or FTNYX?

FTNYX has higher volatility (1.49%) compared to MUNY (1.04%). In terms of maximum drawdown, MUNY dropped -2.70% vs FTNYX's -17.11%.

Which has better risk-adjusted returns?

FTNYX currently has the higher Sharpe Ratio (2.08 vs 1.47), 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.