NYF vs. MUNY
NYF (iShares New York Muni Bond ETF) and MUNY (Vanguard New York Tax-Exempt Bond ETF) are both Municipal Bonds funds - NYF tracks the S&P New York AMT-Free Municipal Bond Index while MUNY tracks the S&P New York AMT-Free Municipal USD10 Million Par Bond Index. Both are passively managed. Over the past year, NYF returned 6.71% vs 6.50% for MUNY. Their correlation of 0.84 suggests significant overlap in exposure. NYF charges 0.25%/yr vs 0.09%/yr for MUNY.
Performance
NYF vs. MUNY - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with NYF having a 1.86% return and MUNY slightly lower at 1.79%.
NYF
- 1D
- 0.06%
- 1M
- 1.52%
- YTD
- 1.86%
- 6M
- 1.86%
- 1Y
- 6.71%
- 3Y*
- 3.17%
- 5Y*
- 0.88%
- 10Y*
- 1.73%
MUNY
- 1D
- 0.09%
- 1M
- 1.50%
- YTD
- 1.79%
- 6M
- 1.75%
- 1Y
- 6.50%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
NYF vs. MUNY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
NYF iShares New York Muni Bond ETF | 1.86% | 5.37% |
MUNY Vanguard New York Tax-Exempt Bond ETF | 1.79% | 5.60% |
Correlation
The correlation between NYF and MUNY is 0.84, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.84 |
Correlation (All Time) Calculated using the full available price history since May 22, 2025 | 0.84 |
The correlation between NYF and MUNY has been stable across timeframes, ranging from 0.84 to 0.84 - a consistent structural relationship.
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Return for Risk
NYF vs. MUNY — Risk / Return Rank
NYF
MUNY
NYF vs. MUNY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares New York Muni Bond ETF (NYF) and Vanguard New York Tax-Exempt Bond ETF (MUNY). 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.
| NYF | MUNY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.20 | ||
| Sortino ratioReturn per unit of downside risk | +0.29 | ||
| Omega ratioGain probability vs. loss probability | 1.53 | 1.51 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 2.44 | 2.42 | +0.03 |
| Martin ratioReturn relative to average drawdown | 8.69 | 8.11 | +0.57 |
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Drawdowns
NYF vs. MUNY - Drawdown Comparison
The maximum NYF drawdown since its inception was -13.12%, which is greater than MUNY's maximum drawdown of -2.70%. Use the drawdown chart below to compare losses from any high point for NYF and MUNY.
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Drawdown Indicators
| NYF | MUNY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.12% | -2.70% | -10.42% |
Max Drawdown (1Y)Largest decline over 1 year | -2.76% | -2.70% | -0.06% |
Max Drawdown (3Y)Largest decline over 3 years | -5.68% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -12.71% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -13.12% | — | — |
Current DrawdownCurrent decline from peak | -0.23% | -0.20% | -0.03% |
Average DrawdownAverage peak-to-trough decline | -2.30% | -0.65% | -1.65% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.77% | 0.80% | -0.03% |
Volatility
NYF vs. MUNY - Volatility Comparison
iShares New York Muni Bond ETF (NYF) and Vanguard New York Tax-Exempt Bond ETF (MUNY) have volatilities of 0.72% and 0.75%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NYF | MUNY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.72% | 0.75% | -0.03% |
Volatility (6M)Calculated over the trailing 6-month period | 2.13% | 2.35% | -0.22% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.74% | 2.89% | -0.15% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.00% | 3.86% | +0.14% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.48% | 3.86% | +0.62% |
NYF vs. MUNY - Expense Ratio Comparison
NYF has a 0.25% expense ratio, which is higher than MUNY's 0.09% 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
NYF vs. MUNY - Dividend Comparison
NYF's dividend yield for the trailing twelve months is around 3.08%, which matches MUNY's 3.10% 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% |
NYF iShares New York Muni Bond ETF | 3.08% | 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 MUNY have a correlation of 0.84, 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 NYF (0.72%). In terms of maximum drawdown, NYF dropped -13.12% vs MUNY's -2.70%.
On 1-year performance, NYF leads with 6.71% vs 6.50% for MUNY. On fees, MUNY is cheaper at 0.09% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, NYF has performed better with a 6.71% return vs 6.50%. 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 NYF.
MUNY has the higher dividend yield at 3.10%, compared with 3.08% for NYF.
NYF tracks S&P New York AMT-Free Municipal Bond Index, while MUNY tracks S&P New York AMT-Free Municipal USD10 Million Par Bond Index. They also come from different issuers: iShares and Vanguard. Their fees differ too: 0.25% for NYF and 0.09% for MUNY.
NYF currently has the higher Sharpe Ratio (2.46 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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