NYF vs. HYMB
NYF (iShares New York Muni Bond ETF) and HYMB (SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF) are both Municipal Bonds funds - NYF tracks the S&P New York AMT-Free Municipal Bond Index while HYMB tracks the Bloomberg Municipal Yield. Both are passively managed. Over the past 10 years, NYF returned 1.81%/yr vs 2.46%/yr for HYMB. At a 0.49 correlation, their price movements are largely independent. NYF charges 0.25%/yr vs 0.35%/yr for HYMB.
Performance
NYF vs. HYMB - Performance Comparison
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Returns By Period
In the year-to-date period, NYF achieves a 1.51% return, which is significantly lower than HYMB's 2.87% return. Over the past 10 years, NYF has underperformed HYMB with an annualized return of 1.81%, while HYMB has yielded a comparatively higher 2.46% annualized return.
NYF
- 1D
- -0.04%
- 1M
- 0.58%
- YTD
- 1.51%
- 6M
- 1.91%
- 1Y
- 6.81%
- 3Y*
- 3.36%
- 5Y*
- 0.83%
- 10Y*
- 1.81%
HYMB
- 1D
- -0.04%
- 1M
- 1.19%
- YTD
- 2.87%
- 6M
- 3.18%
- 1Y
- 7.43%
- 3Y*
- 5.09%
- 5Y*
- 0.42%
- 10Y*
- 2.46%
NYF vs. HYMB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
NYF iShares New York Muni Bond ETF | 1.51% | 3.64% | 1.13% | 5.76% | -7.75% | 1.34% | 4.18% | 6.49% | 0.66% | 5.02% |
HYMB SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF | 2.87% | 2.04% | 5.52% | 7.73% | -15.54% | 5.16% | 3.74% | 9.51% | 4.91% | 3.22% |
Correlation
The correlation between NYF and HYMB is 0.78, 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 | 0.78 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.77 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.73 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.61 |
Correlation (All Time) Calculated using the full available price history since Apr 15, 2011 | 0.49 |
Over the past year, NYF and HYMB have become more correlated (0.78) than their long-term average of 0.49, meaning their price movements have been converging.
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Return for Risk
NYF vs. HYMB — Risk / Return Rank
NYF
HYMB
NYF vs. HYMB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares New York Muni Bond ETF (NYF) and SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF (HYMB). 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.
| NYF | HYMB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.62 | ||
| Sortino ratioReturn per unit of downside risk | +0.88 | ||
| Omega ratioGain probability vs. loss probability | 1.53 | 1.37 | +0.16 |
| Calmar ratioReturn relative to maximum drawdown | 2.48 | 2.40 | +0.08 |
| Martin ratioReturn relative to average drawdown | 8.88 | 8.51 | +0.37 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| NYF | HYMB | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.46 | 1.84 | +0.62 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.21 | 0.06 | +0.14 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.40 | 0.22 | +0.19 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.47 | 0.45 | +0.02 |
Drawdowns
NYF vs. HYMB - Drawdown Comparison
The maximum NYF drawdown since its inception was -13.12%, smaller than the maximum HYMB drawdown of -29.57%. Use the drawdown chart below to compare losses from any high point for NYF and HYMB.
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Drawdown Indicators
| NYF | HYMB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.12% | -29.57% | +16.45% |
Max Drawdown (1Y)Largest decline over 1 year | -2.76% | -3.11% | +0.35% |
Max Drawdown (3Y)Largest decline over 3 years | -5.68% | -7.44% | +1.76% |
Max Drawdown (5Y)Largest decline over 5 years | -12.71% | -20.15% | +7.44% |
Max Drawdown (10Y)Largest decline over 10 years | -13.12% | -29.57% | +16.45% |
Current DrawdownCurrent decline from peak | -0.56% | -0.04% | -0.52% |
Average DrawdownAverage peak-to-trough decline | -2.31% | -3.81% | +1.50% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.77% | 0.88% | -0.11% |
Volatility
NYF vs. HYMB - Volatility Comparison
The current volatility for iShares New York Muni Bond ETF (NYF) is 0.95%, while SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF (HYMB) has a volatility of 1.35%. This indicates that NYF experiences smaller price fluctuations and is considered to be less risky than HYMB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NYF | HYMB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.95% | 1.35% | -0.40% |
Volatility (6M)Calculated over the trailing 6-month period | 2.08% | 3.14% | -1.06% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.78% | 4.05% | -1.27% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.00% | 6.66% | -2.66% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.48% | 11.36% | -6.88% |
NYF vs. HYMB - Expense Ratio Comparison
NYF has a 0.25% expense ratio, which is lower than HYMB's 0.35% expense ratio.
Dividends
NYF vs. HYMB - Dividend Comparison
NYF's dividend yield for the trailing twelve months is around 3.09%, less than HYMB's 4.54% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HYMB SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF | 4.54% | 4.55% | 4.29% | 4.07% | 3.77% | 3.19% | 3.55% | 3.95% | 4.03% | 3.78% | 4.08% | 4.54% |
NYF iShares New York Muni Bond ETF | 3.09% | 2.99% | 2.77% | 2.36% | 2.04% | 1.85% | 1.98% | 2.19% | 2.48% | 2.46% | 2.43% | 2.60% |
Frequently Asked Questions
NYF and HYMB have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HYMB has higher volatility (1.35%) compared to NYF (0.95%). In terms of maximum drawdown, NYF dropped -13.12% vs HYMB's -29.57%.
On 10-year performance, HYMB leads with 2.46% vs 1.81% for NYF. On fees, NYF is cheaper at 0.25% per year. On volatility, NYF has been the lower-risk option at 0.95%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, HYMB has performed better with a 2.46% return vs 1.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
NYF is cheaper with a 0.25% expense ratio, compared with 0.35% for HYMB.
HYMB has the higher dividend yield at 4.54%, compared with 3.09% for NYF.
NYF tracks S&P New York AMT-Free Municipal Bond Index, while HYMB tracks Bloomberg Municipal Yield. They also come from different issuers: iShares and State Street. Their fees differ too: 0.25% for NYF and 0.35% for HYMB.
NYF currently has the higher Sharpe Ratio (2.46 vs 1.84), 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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