MUNY vs. NNY
MUNY (Vanguard New York Tax-Exempt Bond ETF) and NNY (Nuveen New York Municipal Value Fund) are both Municipal Bonds funds. Over the past year, MUNY returned 6.39% vs 13.83% for NNY. At a 0.27 correlation, their price movements are largely independent. MUNY charges 0.09%/yr vs 0.03%/yr for NNY.
Performance
MUNY vs. NNY - Performance Comparison
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Returns By Period
In the year-to-date period, MUNY achieves a 1.71% return, which is significantly lower than NNY's 4.66% return.
MUNY
- 1D
- -0.11%
- 1M
- 1.41%
- YTD
- 1.71%
- 6M
- 1.78%
- 1Y
- 6.39%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
NNY
- 1D
- 1.04%
- 1M
- 4.76%
- YTD
- 4.66%
- 6M
- 4.10%
- 1Y
- 13.83%
- 3Y*
- 5.85%
- 5Y*
- 1.19%
- 10Y*
- 2.09%
MUNY vs. NNY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
MUNY Vanguard New York Tax-Exempt Bond ETF | 1.71% | 5.60% |
NNY Nuveen New York Municipal Value Fund | 4.66% | 6.95% |
Correlation
The correlation between MUNY and NNY is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.28 |
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. NNY — Risk / Return Rank
MUNY
NNY
MUNY vs. NNY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard New York Tax-Exempt Bond ETF (MUNY) and Nuveen New York Municipal Value Fund (NNY). 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 | NNY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.87 | ||
| Sortino ratioReturn per unit of downside risk | +1.11 | ||
| Omega ratioGain probability vs. loss probability | 1.50 | 1.25 | +0.25 |
| Calmar ratioReturn relative to maximum drawdown | 2.38 | 1.99 | +0.38 |
| Martin ratioReturn relative to average drawdown | 7.97 | 7.83 | +0.14 |
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Drawdowns
MUNY vs. NNY - Drawdown Comparison
The maximum MUNY drawdown since its inception was -2.70%, smaller than the maximum NNY drawdown of -36.62%. Use the drawdown chart below to compare losses from any high point for MUNY and NNY.
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Drawdown Indicators
| MUNY | NNY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -2.70% | -36.62% | +33.92% |
Max Drawdown (1Y)Largest decline over 1 year | -2.70% | -6.97% | +4.27% |
Max Drawdown (3Y)Largest decline over 3 years | — | -9.93% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -19.68% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -20.02% | — |
Current DrawdownCurrent decline from peak | -0.29% | 0.00% | -0.29% |
Average DrawdownAverage peak-to-trough decline | -0.65% | -7.97% | +7.32% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.80% | 1.77% | -0.97% |
Volatility
MUNY vs. NNY - Volatility Comparison
The current volatility for Vanguard New York Tax-Exempt Bond ETF (MUNY) is 0.75%, while Nuveen New York Municipal Value Fund (NNY) has a volatility of 2.36%. This indicates that MUNY experiences smaller price fluctuations and is considered to be less risky than NNY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MUNY | NNY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.75% | 2.36% | -1.61% |
Volatility (6M)Calculated over the trailing 6-month period | 2.35% | 8.42% | -6.07% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.90% | 10.27% | -7.37% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.86% | 10.94% | -7.08% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.86% | 12.28% | -8.42% |
MUNY vs. NNY - Expense Ratio Comparison
MUNY has a 0.09% expense ratio, which is higher than NNY'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. NNY - Dividend Comparison
MUNY's dividend yield for the trailing twelve months is around 3.10%, less than NNY's 4.03% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
NNY Nuveen New York Municipal Value Fund | 4.03% | 4.13% | 4.25% | 3.99% | 3.50% | 2.96% | 3.29% | 3.42% | 3.77% | 4.00% | 4.10% | 3.91% |
Frequently Asked Questions
MUNY and NNY have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NNY has higher volatility (2.36%) compared to MUNY (0.75%). In terms of maximum drawdown, MUNY dropped -2.70% vs NNY's -36.62%.
MUNY currently has the higher Sharpe Ratio (2.22 vs 1.35), 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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