MUNY vs. NNY

Last updated Apr 15, 2026

MUNY (Vanguard New York Tax-Exempt Bond ETF) and NNY (Nuveen New York Municipal Value Fund) are both Municipal Bonds funds. At 0.25, their price movements are largely independent. MUNY charges 0.09%/yr vs 0.03%/yr for NNY.

Performance

MUNY vs. NNY - Performance Comparison

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

Returns By Period

In the year-to-date period, MUNY achieves a 0.88% return, which is significantly lower than NNY's 1.69% return.

MUNY

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

NNY

• 1D: -0.12%
• 1M: 1.17%
• YTD: 1.69%
• 6M: 4.27%
• 1Y: 11.31%
• 3Y*: 4.41%
• 5Y*: 1.21%
• 10Y*: 2.08%

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

MUNY vs. NNY - Yearly Performance Comparison

	2026 (YTD)	2025
MUNY Vanguard New York Tax-Exempt Bond ETF	0.88%	5.54%
NNY Nuveen New York Municipal Value Fund	1.69%	6.95%

Correlation

The correlation between MUNY and NNY is 0.25, 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 May 23, 2025	0.25

Return for Risk

MUNY vs. NNY — Risk / Return Rank

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

NNY

NNY Risk / Return Rank: 12
NNY Sharpe Ratio Rank: 9
NNY Sortino Ratio Rank: 10
NNY Omega Ratio Rank: 9
NNY Calmar Ratio Rank: 16
NNY Martin Ratio Rank: 17

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. 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.

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

Sharpe Ratios by Period

	MUNY	NNY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	1.13	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.11	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.17	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.81	0.24	+1.57

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.

Drawdown Indicators

	MUNY	NNY	Difference
Max Drawdown Largest peak-to-trough decline	-2.70%	-36.62%	+33.92%
Max Drawdown (1Y) Largest decline over 1 year	—	-6.97%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-19.68%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-20.02%	—
Current Drawdown Current decline from peak	-1.10%	-1.77%	+0.67%
Average Drawdown Average peak-to-trough decline	-0.59%	-8.00%	+7.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.93%	—

Volatility

Volatility by Period

	MUNY	NNY	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	4.69%	—
Volatility (6M) Calculated over the trailing 6-month period	—	8.41%	—
Volatility (1Y) Calculated over the trailing 1-year period	4.06%	10.14%	-6.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.06%	10.88%	-6.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.06%	12.27%	-8.21%

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 2.58%, less than NNY's 4.11% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
NNY Nuveen New York Municipal Value Fund	4.11%	4.13%	4.25%	3.99%	3.50%	2.96%	3.29%	3.42%	3.77%	4.00%	4.10%	3.91%