NYF vs. SHV
NYF (iShares New York Muni Bond ETF) and SHV (iShares 0-1 Year Treasury Bond ETF) are both exchange-traded funds - NYF is a Municipal Bonds fund tracking the S&P New York AMT-Free Municipal Bond Index, while SHV is a Government Bonds fund tracking the ICE Short US Treasury Securities Index. Both are passively managed. Over the past 10 years, NYF returned 1.76%/yr vs 2.23%/yr for SHV. At a 0.10 correlation, their price movements are largely independent. NYF charges 0.25%/yr vs 0.15%/yr for SHV.
Performance
NYF vs. SHV - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with NYF having a 1.58% return and SHV slightly lower at 1.51%. Over the past 10 years, NYF has underperformed SHV with an annualized return of 1.76%, while SHV has yielded a comparatively higher 2.23% annualized return.
NYF
- 1D
- 0.17%
- 1M
- 0.63%
- YTD
- 1.58%
- 6M
- 1.84%
- 1Y
- 6.63%
- 3Y*
- 3.28%
- 5Y*
- 0.76%
- 10Y*
- 1.76%
SHV
- 1D
- 0.02%
- 1M
- 0.28%
- YTD
- 1.51%
- 6M
- 1.73%
- 1Y
- 3.89%
- 3Y*
- 4.63%
- 5Y*
- 3.34%
- 10Y*
- 2.23%
NYF vs. SHV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
NYF iShares New York Muni Bond ETF | 1.58% | 3.64% | 1.13% | 5.76% | -7.75% | 1.34% | 4.18% | 6.49% | 0.66% | 5.02% |
SHV iShares 0-1 Year Treasury Bond ETF | 1.51% | 4.21% | 5.12% | 5.04% | 0.94% | -0.10% | 0.81% | 2.36% | 1.72% | 0.67% |
Correlation
The correlation between NYF and SHV is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.18 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.19 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.27 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.20 |
Correlation (All Time) Calculated using the full available price history since Oct 11, 2007 | 0.10 |
The correlation between NYF and SHV shifts across timeframes, from 0.10 (all time) to 0.27 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
NYF vs. SHV — Risk / Return Rank
NYF
SHV
NYF vs. SHV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares New York Muni Bond ETF (NYF) and iShares 0-1 Year Treasury Bond ETF (SHV). 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 | SHV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -17.06 | ||
| Sortino ratioReturn per unit of downside risk | -145.74 | ||
| Omega ratioGain probability vs. loss probability | 1.52 | 53.64 | -52.12 |
| Calmar ratioReturn relative to maximum drawdown | 2.41 | 430.34 | -427.93 |
| Martin ratioReturn relative to average drawdown | 8.60 | 2,413.95 | -2,405.34 |
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Drawdowns
NYF vs. SHV - Drawdown Comparison
The maximum NYF drawdown since its inception was -13.12%, which is greater than SHV's maximum drawdown of -0.45%. Use the drawdown chart below to compare losses from any high point for NYF and SHV.
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Drawdown Indicators
| NYF | SHV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.12% | -0.45% | -12.67% |
Max Drawdown (1Y)Largest decline over 1 year | -2.76% | -0.01% | -2.75% |
Max Drawdown (3Y)Largest decline over 3 years | -5.68% | -0.03% | -5.65% |
Max Drawdown (5Y)Largest decline over 5 years | -12.71% | -0.39% | -12.32% |
Max Drawdown (10Y)Largest decline over 10 years | -13.12% | -0.45% | -12.67% |
Current DrawdownCurrent decline from peak | -0.50% | 0.00% | -0.50% |
Average DrawdownAverage peak-to-trough decline | -2.31% | -0.03% | -2.28% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.77% | 0.00% | +0.77% |
Volatility
NYF vs. SHV - Volatility Comparison
iShares New York Muni Bond ETF (NYF) has a higher volatility of 0.97% compared to iShares 0-1 Year Treasury Bond ETF (SHV) at 0.04%. This indicates that NYF's price experiences larger fluctuations and is considered to be riskier than SHV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NYF | SHV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.97% | 0.04% | +0.93% |
Volatility (6M)Calculated over the trailing 6-month period | 2.10% | 0.12% | +1.98% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.76% | 0.20% | +2.56% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.00% | 0.29% | +3.71% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.48% | 0.28% | +4.20% |
NYF vs. SHV - Expense Ratio Comparison
NYF has a 0.25% expense ratio, which is higher than SHV's 0.15% 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. SHV - Dividend Comparison
NYF's dividend yield for the trailing twelve months is around 3.09%, less than SHV's 3.83% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
SHV iShares 0-1 Year Treasury Bond ETF | 3.83% | 4.09% | 5.02% | 4.73% | 1.39% | 0.00% | 0.74% | 2.19% | 1.66% | 0.72% | 0.34% | 0.03% |
Frequently Asked Questions
NYF and SHV have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NYF has higher volatility (0.97%) compared to SHV (0.04%). In terms of maximum drawdown, NYF dropped -13.12% vs SHV's -0.45%.
On 10-year performance, SHV leads with 2.23% vs 1.76% for NYF. On fees, SHV is cheaper at 0.15% per year. On volatility, SHV has been the lower-risk option at 0.04%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SHV has performed better with a 2.23% return vs 1.76%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SHV is cheaper with a 0.15% expense ratio, compared with 0.25% for NYF.
SHV has the higher dividend yield at 3.83%, compared with 3.09% for NYF.
NYF is categorized as Municipal Bonds, while SHV is Government Bonds. NYF tracks S&P New York AMT-Free Municipal Bond Index, while SHV tracks ICE Short US Treasury Securities Index. Their fees differ too: 0.25% for NYF and 0.15% for SHV.
SHV currently has the higher Sharpe Ratio (19.48 vs 2.41), 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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