NYF vs. SUB

Last updated Jun 3, 2026

NYF (iShares New York Muni Bond ETF) and SUB (iShares Short-Term National Muni Bond ETF) are both Municipal Bonds funds from iShares - NYF tracks the S&P New York AMT-Free Municipal Bond Index while SUB tracks the ICE Short Maturity AMT-Free US National Municipal Index - Benchmark TR Gross. Both are passively managed. Over the past 10 years, NYF returned 1.81%/yr vs 1.49%/yr for SUB. At a 0.34 correlation, their price movements are largely independent. NYF charges 0.25%/yr vs 0.07%/yr for SUB.

Performance

NYF vs. SUB - Performance Comparison

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

Returns By Period

In the year-to-date period, NYF achieves a 1.55% return, which is significantly higher than SUB's 0.78% return. Over the past 10 years, NYF has outperformed SUB with an annualized return of 1.81%, while SUB has yielded a comparatively lower 1.49% annualized return.

NYF

• 1D: 0.15%
• 1M: 0.57%
• YTD: 1.55%
• 6M: 2.00%
• 1Y: 6.85%
• 3Y*: 3.37%
• 5Y*: 0.85%
• 10Y*: 1.81%

SUB

• 1D: 0.07%
• 1M: 0.29%
• YTD: 0.78%
• 6M: 1.19%
• 1Y: 3.21%
• 3Y*: 3.19%
• 5Y*: 1.46%
• 10Y*: 1.49%

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

NYF vs. SUB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NYF iShares New York Muni Bond ETF	1.55%	3.64%	1.13%	5.76%	-7.75%	1.34%	4.18%	6.49%	0.66%	5.02%
SUB iShares Short-Term National Muni Bond ETF	0.78%	3.64%	2.17%	2.91%	-2.05%	0.03%	2.51%	2.93%	1.85%	0.75%

Correlation

The correlation between NYF and SUB is 0.56, 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	0.56
Correlation (3Y) Calculated over the trailing 3-year period	0.70
Correlation (5Y) Calculated over the trailing 5-year period	0.68
Correlation (10Y) Calculated over the trailing 10-year period	0.56
Correlation (All Time) Calculated using the full available price history since Nov 10, 2008	0.34

Over the past year, NYF and SUB have become more correlated (0.56) than their long-term average of 0.34, meaning their price movements have been converging.

Return for Risk

NYF vs. SUB — Risk / Return Rank

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

NYF

NYF Risk / Return Rank: 67
NYF Sharpe Ratio Rank: 75
NYF Sortino Ratio Rank: 78
NYF Omega Ratio Rank: 86
NYF Calmar Ratio Rank: 48
NYF Martin Ratio Rank: 50

SUB

SUB Risk / Return Rank: 84
SUB Sharpe Ratio Rank: 91
SUB Sortino Ratio Rank: 93
SUB Omega Ratio Rank: 95
SUB Calmar Ratio Rank: 77
SUB Martin Ratio Rank: 62

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.

NYF vs. SUB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares New York Muni Bond ETF (NYF) and iShares Short-Term National Muni Bond ETF (SUB). 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	SUB	Difference
Sharpe ratio Return per unit of total volatility	2.47	3.23	-0.75
Sortino ratio Return per unit of downside risk	3.54	4.68	-1.14
Omega ratio Gain probability vs. loss probability	1.54	1.72	-0.18
Calmar ratio Return relative to maximum drawdown	2.42	3.96	-1.54
Martin ratio Return relative to average drawdown	8.71	11.24	-2.53
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NYF vs. SUB - Sharpe Ratio Comparison

The current NYF Sharpe Ratio is 2.47, which is comparable to the SUB Sharpe Ratio of 3.23. The chart below compares the historical Sharpe Ratios of NYF and SUB, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	NYF	SUB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.47	3.23	-0.75
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.21	0.89	-0.68
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.41	0.57	-0.17
Sharpe Ratio (All Time) Calculated using the full available price history	0.47	0.42	+0.05

Drawdowns

NYF vs. SUB - Drawdown Comparison

The maximum NYF drawdown since its inception was -13.12%, which is greater than SUB's maximum drawdown of -9.46%. Use the drawdown chart below to compare losses from any high point for NYF and SUB.

Drawdown Indicators

	NYF	SUB	Difference
Max Drawdown Largest peak-to-trough decline	-13.12%	-9.46%	-3.66%
Max Drawdown (1Y) Largest decline over 1 year	-2.76%	-0.81%	-1.95%
Max Drawdown (3Y) Largest decline over 3 years	-5.68%	-1.23%	-4.45%
Max Drawdown (5Y) Largest decline over 5 years	-12.71%	-4.35%	-8.36%
Max Drawdown (10Y) Largest decline over 10 years	-13.12%	-9.46%	-3.66%
Current Drawdown Current decline from peak	-0.52%	-0.12%	-0.40%
Average Drawdown Average peak-to-trough decline	-2.31%	-0.92%	-1.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.77%	0.28%	+0.49%

Volatility

NYF vs. SUB - Volatility Comparison

iShares New York Muni Bond ETF (NYF) has a higher volatility of 0.95% compared to iShares Short-Term National Muni Bond ETF (SUB) at 0.28%. This indicates that NYF's price experiences larger fluctuations and is considered to be riskier than SUB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NYF	SUB	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.95%	0.28%	+0.67%
Volatility (6M) Calculated over the trailing 6-month period	2.08%	0.79%	+1.29%
Volatility (1Y) Calculated over the trailing 1-year period	2.79%	1.00%	+1.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.00%	1.64%	+2.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.48%	2.60%	+1.88%

NYF vs. SUB - Expense Ratio Comparison

NYF has a 0.25% expense ratio, which is higher than SUB's 0.07% 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. SUB - Dividend Comparison

NYF's dividend yield for the trailing twelve months is around 3.09%, more than SUB's 2.53% 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%
SUB iShares Short-Term National Muni Bond ETF	2.53%	2.42%	2.10%	1.73%	0.86%	0.72%	1.23%	1.58%	1.32%	0.95%	0.75%	0.77%

Frequently Asked Questions

Can I hold both NYF and SUB in my portfolio?

NYF and SUB have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NYF or SUB?

NYF has higher volatility (0.95%) compared to SUB (0.28%). In terms of maximum drawdown, NYF dropped -13.12% vs SUB's -9.46%.

Which ETF is better, NYF or SUB?

On 10-year performance, NYF leads with 1.81% vs 1.49% for SUB. On fees, SUB is cheaper at 0.07% per year. On volatility, SUB has been the lower-risk option at 0.28%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NYF or SUB?

Over the 10-year period, NYF has performed better with a 1.81% return vs 1.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NYF or SUB?

SUB is cheaper with a 0.07% expense ratio, compared with 0.25% for NYF.

Which ETF pays a higher dividend yield, NYF or SUB?

NYF has the higher dividend yield at 3.09%, compared with 2.53% for SUB.

What is the main difference between NYF and SUB?

NYF tracks S&P New York AMT-Free Municipal Bond Index, while SUB tracks ICE Short Maturity AMT-Free US National Municipal Index - Benchmark TR Gross. Their fees differ too: 0.25% for NYF and 0.07% for SUB.

Which has better risk-adjusted returns?

SUB currently has the higher Sharpe Ratio (3.23 vs 2.47), 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.