MUNY vs. NYF

Last updated Apr 15, 2026

MUNY (Vanguard New York Tax-Exempt Bond ETF) and NYF (iShares New York Muni Bond ETF) are both Municipal Bonds funds — MUNY tracks the S&P New York AMT-Free Municipal USD10 Million Par Bond Index while NYF tracks the S&P New York AMT-Free Municipal Bond Index. Both are passively managed. Their correlation of 0.83 suggests significant overlap in exposure. MUNY charges 0.09%/yr vs 0.25%/yr for NYF.

Performance

MUNY vs. NYF - Performance Comparison

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

Returns By Period

The year-to-date returns for both investments are quite close, with MUNY having a 0.88% return and NYF slightly higher at 0.91%.

MUNY

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

NYF

• 1D: 0.03%
• 1M: 0.25%
• YTD: 0.91%
• 6M: 1.73%
• 1Y: 7.06%
• 3Y*: 2.69%
• 5Y*: 0.81%
• 10Y*: 1.83%

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

MUNY vs. NYF - Yearly Performance Comparison

	2026 (YTD)	2025
MUNY Vanguard New York Tax-Exempt Bond ETF	0.88%	5.54%
NYF iShares New York Muni Bond ETF	0.91%	5.39%

Correlation

The correlation between MUNY and NYF is 0.83, indicating a strong positive relationship between their price movements. Combining them offers limited diversification — they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since May 23, 2025	0.83

Return for Risk

MUNY vs. NYF — Risk / Return Rank

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

NYF

NYF Risk / Return Rank: 60
NYF Sharpe Ratio Rank: 64
NYF Sortino Ratio Rank: 67
NYF Omega Ratio Rank: 76
NYF Calmar Ratio Rank: 41
NYF Martin Ratio Rank: 51

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. NYF - 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 New York Muni Bond ETF (NYF). 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	NYF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.38	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.21	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.41	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.81	0.47	+1.34

Drawdowns

MUNY vs. NYF - Drawdown Comparison

The maximum MUNY drawdown since its inception was -2.70%, smaller than the maximum NYF drawdown of -13.12%. Use the drawdown chart below to compare losses from any high point for MUNY and NYF.

Drawdown Indicators

	MUNY	NYF	Difference
Max Drawdown Largest peak-to-trough decline	-2.70%	-13.12%	+10.42%
Max Drawdown (1Y) Largest decline over 1 year	—	-2.76%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-12.71%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-13.12%	—
Current Drawdown Current decline from peak	-1.10%	-1.15%	+0.05%
Average Drawdown Average peak-to-trough decline	-0.59%	-2.32%	+1.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.66%	—

Volatility

Volatility by Period

	MUNY	NYF	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	1.39%	—
Volatility (6M) Calculated over the trailing 6-month period	—	1.92%	—
Volatility (1Y) Calculated over the trailing 1-year period	4.06%	3.06%	+1.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.06%	3.98%	+0.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.06%	4.48%	-0.42%

MUNY vs. NYF - Expense Ratio Comparison

MUNY has a 0.09% expense ratio, which is lower than NYF'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. NYF - Dividend Comparison

MUNY's dividend yield for the trailing twelve months is around 2.58%, less than NYF's 3.05% 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%
NYF iShares New York Muni Bond ETF	3.05%	2.99%	2.77%	2.36%	2.04%	1.85%	1.98%	2.19%	2.48%	2.46%	2.43%	2.60%