MUNY vs. MEAR
MUNY (Vanguard New York Tax-Exempt Bond ETF) and MEAR (iShares Short Maturity Municipal Bond ETF) are both Municipal Bonds funds. MUNY is passively managed, while MEAR is actively managed. Over the past year, MUNY returned 6.50% vs 3.12% for MEAR. At a 0.27 correlation, their price movements are largely independent. MUNY charges 0.09%/yr vs 0.25%/yr for MEAR.
Performance
MUNY vs. MEAR - Performance Comparison
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Returns By Period
In the year-to-date period, MUNY achieves a 1.79% return, which is significantly higher than MEAR's 1.22% return.
MUNY
- 1D
- 0.09%
- 1M
- 1.50%
- YTD
- 1.79%
- 6M
- 1.75%
- 1Y
- 6.50%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
MEAR
- 1D
- 0.06%
- 1M
- 0.43%
- YTD
- 1.22%
- 6M
- 1.38%
- 1Y
- 3.12%
- 3Y*
- 3.48%
- 5Y*
- 2.46%
- 10Y*
- 1.78%
MUNY vs. MEAR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
MUNY Vanguard New York Tax-Exempt Bond ETF | 1.79% | 5.60% |
MEAR iShares Short Maturity Municipal Bond ETF | 1.22% | 2.47% |
Correlation
The correlation between MUNY and MEAR is 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.29 |
Correlation (All Time) Calculated using the full available price history since May 22, 2025 | 0.27 |
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Return for Risk
MUNY vs. MEAR — Risk / Return Rank
MUNY
MEAR
MUNY vs. MEAR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard New York Tax-Exempt Bond ETF (MUNY) and iShares Short Maturity Municipal Bond ETF (MEAR). 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.
| MUNY | MEAR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.40 | ||
| Sortino ratioReturn per unit of downside risk | -2.60 | ||
| Omega ratioGain probability vs. loss probability | 1.51 | 1.85 | -0.34 |
| Calmar ratioReturn relative to maximum drawdown | 2.42 | 6.71 | -4.29 |
| Martin ratioReturn relative to average drawdown | 8.11 | 27.49 | -19.37 |
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Drawdowns
MUNY vs. MEAR - Drawdown Comparison
The maximum MUNY drawdown since its inception was -2.70%, roughly equal to the maximum MEAR drawdown of -2.68%. Use the drawdown chart below to compare losses from any high point for MUNY and MEAR.
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Drawdown Indicators
| MUNY | MEAR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -2.70% | -2.68% | -0.02% |
Max Drawdown (1Y)Largest decline over 1 year | -2.70% | -0.47% | -2.23% |
Max Drawdown (3Y)Largest decline over 3 years | — | -0.86% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -1.12% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -2.68% | — |
Current DrawdownCurrent decline from peak | -0.20% | 0.00% | -0.20% |
Average DrawdownAverage peak-to-trough decline | -0.65% | -0.19% | -0.46% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.80% | 0.11% | +0.69% |
Volatility
MUNY vs. MEAR - Volatility Comparison
Vanguard New York Tax-Exempt Bond ETF (MUNY) has a higher volatility of 0.75% compared to iShares Short Maturity Municipal Bond ETF (MEAR) at 0.18%. This indicates that MUNY's price experiences larger fluctuations and is considered to be riskier than MEAR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MUNY | MEAR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.75% | 0.18% | +0.57% |
Volatility (6M)Calculated over the trailing 6-month period | 2.35% | 0.61% | +1.74% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.89% | 0.86% | +2.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.86% | 0.99% | +2.87% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.86% | 1.51% | +2.35% |
MUNY vs. MEAR - Expense Ratio Comparison
MUNY has a 0.09% expense ratio, which is lower than MEAR's 0.25% expense ratio. Despite the difference, 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. MEAR - Dividend Comparison
MUNY's dividend yield for the trailing twelve months is around 3.10%, more than MEAR's 2.84% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MEAR iShares Short Maturity Municipal Bond ETF | 2.84% | 2.95% | 3.44% | 3.30% | 0.88% | 0.30% | 0.90% | 1.57% | 1.36% | 1.01% | 0.81% | 0.53% |
MUNY Vanguard New York Tax-Exempt Bond ETF | 3.10% | 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
MUNY and MEAR have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MUNY has higher volatility (0.75%) compared to MEAR (0.18%). In terms of maximum drawdown, MUNY dropped -2.70% vs MEAR's -2.68%.
On 1-year performance, MUNY leads with 6.50% vs 3.12% for MEAR. On fees, MUNY is cheaper at 0.09% per year. On volatility, MEAR has been the lower-risk option at 0.18%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, MUNY has performed better with a 6.50% return vs 3.12%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
MUNY is cheaper with a 0.09% expense ratio, compared with 0.25% for MEAR.
MUNY has the higher dividend yield at 3.10%, compared with 2.84% for MEAR.
They also come from different issuers: Vanguard and iShares. Their fees differ too: 0.09% for MUNY and 0.25% for MEAR.
MEAR currently has the higher Sharpe Ratio (3.65 vs 2.26), 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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