NYF vs. VNQ
NYF (iShares New York Muni Bond ETF) and VNQ (Vanguard Real Estate ETF) are both exchange-traded funds - NYF is a Municipal Bonds fund tracking the S&P New York AMT-Free Municipal Bond Index, while VNQ is a REIT fund tracking the MSCI US Investable Market Real Estate 25/50 Index. Both are passively managed. Over the past 10 years, NYF returned 1.76%/yr vs 5.53%/yr for VNQ. At a 0.11 correlation, their price movements are largely independent. NYF charges 0.25%/yr vs 0.13%/yr for VNQ.
Performance
NYF vs. VNQ - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, NYF achieves a 1.58% return, which is significantly lower than VNQ's 11.49% return. Over the past 10 years, NYF has underperformed VNQ with an annualized return of 1.76%, while VNQ has yielded a comparatively higher 5.53% 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%
VNQ
- 1D
- -0.07%
- 1M
- 0.95%
- YTD
- 11.49%
- 6M
- 11.16%
- 1Y
- 12.43%
- 3Y*
- 10.04%
- 5Y*
- 2.36%
- 10Y*
- 5.53%
NYF vs. VNQ - 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% |
VNQ Vanguard Real Estate ETF | 11.49% | 3.24% | 4.81% | 11.85% | -26.25% | 40.54% | -4.61% | 28.91% | -6.03% | 4.90% |
Correlation
The correlation between NYF and VNQ is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.37 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.33 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.29 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.22 |
Correlation (All Time) Calculated using the full available price history since Oct 11, 2007 | 0.11 |
Over the past year, NYF and VNQ have become more correlated (0.37) than their long-term average of 0.11, meaning their price movements have been converging.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
NYF vs. VNQ — Risk / Return Rank
NYF
VNQ
NYF vs. VNQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares New York Muni Bond ETF (NYF) and Vanguard Real Estate ETF (VNQ). 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 | VNQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.49 | ||
| Sortino ratioReturn per unit of downside risk | +2.11 | ||
| Omega ratioGain probability vs. loss probability | 1.52 | 1.17 | +0.35 |
| Calmar ratioReturn relative to maximum drawdown | 2.41 | 1.50 | +0.92 |
| Martin ratioReturn relative to average drawdown | 8.60 | 4.71 | +3.90 |
Loading charts...
Drawdowns
NYF vs. VNQ - Drawdown Comparison
The maximum NYF drawdown since its inception was -13.12%, smaller than the maximum VNQ drawdown of -73.07%. Use the drawdown chart below to compare losses from any high point for NYF and VNQ.
Loading charts...
Drawdown Indicators
| NYF | VNQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.12% | -73.07% | +59.95% |
Max Drawdown (1Y)Largest decline over 1 year | -2.76% | -8.34% | +5.58% |
Max Drawdown (3Y)Largest decline over 3 years | -5.68% | -17.46% | +11.78% |
Max Drawdown (5Y)Largest decline over 5 years | -12.71% | -34.48% | +21.77% |
Max Drawdown (10Y)Largest decline over 10 years | -13.12% | -42.40% | +29.28% |
Current DrawdownCurrent decline from peak | -0.50% | -0.49% | -0.01% |
Average DrawdownAverage peak-to-trough decline | -2.31% | -13.61% | +11.30% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.77% | 2.65% | -1.88% |
Volatility
NYF vs. VNQ - Volatility Comparison
The current volatility for iShares New York Muni Bond ETF (NYF) is 0.97%, while Vanguard Real Estate ETF (VNQ) has a volatility of 4.74%. This indicates that NYF experiences smaller price fluctuations and is considered to be less risky than VNQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| NYF | VNQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.97% | 4.74% | -3.77% |
Volatility (6M)Calculated over the trailing 6-month period | 2.10% | 9.74% | -7.64% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.76% | 13.52% | -10.76% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.00% | 18.85% | -14.85% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.48% | 20.72% | -16.24% |
NYF vs. VNQ - Expense Ratio Comparison
NYF has a 0.25% expense ratio, which is higher than VNQ's 0.13% 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. VNQ - Dividend Comparison
NYF's dividend yield for the trailing twelve months is around 3.09%, less than VNQ's 3.57% 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% |
VNQ Vanguard Real Estate ETF | 3.57% | 3.92% | 3.85% | 3.95% | 3.91% | 2.56% | 3.93% | 3.39% | 4.74% | 4.23% | 4.82% | 3.92% |
Frequently Asked Questions
NYF and VNQ have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VNQ has higher volatility (4.74%) compared to NYF (0.97%). In terms of maximum drawdown, NYF dropped -13.12% vs VNQ's -73.07%.
On 10-year performance, VNQ leads with 5.53% vs 1.76% for NYF. On fees, VNQ is cheaper at 0.13% per year. On volatility, NYF has been the lower-risk option at 0.97%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, VNQ has performed better with a 5.53% return vs 1.76%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VNQ is cheaper with a 0.13% expense ratio, compared with 0.25% for NYF.
VNQ has the higher dividend yield at 3.57%, compared with 3.09% for NYF.
NYF is categorized as Municipal Bonds, while VNQ is REIT. NYF tracks S&P New York AMT-Free Municipal Bond Index, while VNQ tracks MSCI US Investable Market Real Estate 25/50 Index. They also come from different issuers: iShares and Vanguard. Their fees differ too: 0.25% for NYF and 0.13% for VNQ.
NYF currently has the higher Sharpe Ratio (2.41 vs 0.92), 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.
Find the right allocation for NYF and VNQ
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer