NYF vs. VTEB

Last updated Apr 2, 2026

Compare and contrast key facts about iShares New York Muni Bond ETF (NYF) and Vanguard Tax-Exempt Bond ETF (VTEB).

NYF and VTEB are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. NYF is a passively managed fund by iShares that tracks the performance of the S&P New York AMT-Free Municipal Bond Index. It was launched on Oct 4, 2007. VTEB is a passively managed fund by Vanguard that tracks the performance of the S&P National AMT-Free Municipal Bond Index. It was launched on Aug 21, 2015. Both NYF and VTEB are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

NYF vs. VTEB - Performance Comparison

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

NYF vs. VTEB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NYF iShares New York Muni Bond ETF	0.08%	3.64%	1.13%	5.76%	-7.75%	1.34%	4.18%	6.49%	0.66%	5.02%
VTEB Vanguard Tax-Exempt Bond ETF	0.09%	3.72%	1.31%	6.15%	-7.99%	1.14%	5.19%	7.35%	1.04%	4.87%

Returns By Period

In the year-to-date period, NYF achieves a 0.08% return, which is significantly lower than VTEB's 0.09% return. Over the past 10 years, NYF has underperformed VTEB with an annualized return of 1.81%, while VTEB has yielded a comparatively higher 2.09% annualized return.

NYF

• 1D: 0.30%
• 1M: -1.77%
• YTD: 0.08%
• 6M: 1.30%
• 1Y: 3.82%
• 3Y*: 2.67%
• 5Y*: 0.85%
• 10Y*: 1.81%

VTEB

• 1D: 0.32%
• 1M: -1.61%
• YTD: 0.09%
• 6M: 1.54%
• 1Y: 3.92%
• 3Y*: 2.78%
• 5Y*: 0.88%
• 10Y*: 2.09%

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

NYF vs. VTEB - Expense Ratio Comparison

NYF has a 0.25% expense ratio, which is higher than VTEB's 0.05% 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%.

NYF

iShares New York Muni Bond ETF

VTEB

Vanguard Tax-Exempt Bond ETF

Return for Risk

NYF vs. VTEB — Risk / Return Rank

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

NYF

NYF Risk / Return Rank: 47
NYF Sharpe Ratio Rank: 51
NYF Sortino Ratio Rank: 41
NYF Omega Ratio Rank: 56
NYF Calmar Ratio Rank: 47
NYF Martin Ratio Rank: 38

VTEB

VTEB Risk / Return Rank: 48
VTEB Sharpe Ratio Rank: 53
VTEB Sortino Ratio Rank: 43
VTEB Omega Ratio Rank: 59
VTEB Calmar Ratio Rank: 46
VTEB Martin Ratio Rank: 39

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. VTEB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares New York Muni Bond ETF (NYF) and Vanguard Tax-Exempt Bond ETF (VTEB). 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	VTEB	Difference
Sharpe ratio Return per unit of total volatility	0.96	0.99	-0.02
Sortino ratio Return per unit of downside risk	1.21	1.25	-0.04
Omega ratio Gain probability vs. loss probability	1.22	1.23	-0.01
Calmar ratio Return relative to maximum drawdown	1.30	1.25	+0.05
Martin ratio Return relative to average drawdown	3.65	3.69	-0.04
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. VTEB - Sharpe Ratio Comparison

The current NYF Sharpe Ratio is 0.96, which is comparable to the VTEB Sharpe Ratio of 0.99. The chart below compares the historical Sharpe Ratios of NYF and VTEB, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	NYF	VTEB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.96	0.99	-0.02
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.21	0.23	-0.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.41	0.40	+0.01
Sharpe Ratio (All Time) Calculated using the full available price history	0.46	0.45	+0.01

Correlation

The correlation between NYF and VTEB is 0.74, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

NYF vs. VTEB - Dividend Comparison

NYF's dividend yield for the trailing twelve months is around 3.08%, less than VTEB's 3.37% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
VTEB Vanguard Tax-Exempt Bond ETF	3.37%	3.29%	3.14%	2.79%	2.09%	1.64%	1.99%	2.30%	2.25%	1.96%	1.66%	0.58%

Drawdowns

NYF vs. VTEB - Drawdown Comparison

The maximum NYF drawdown since its inception was -13.12%, smaller than the maximum VTEB drawdown of -17.00%. Use the drawdown chart below to compare losses from any high point for NYF and VTEB.

Drawdown Indicators

	NYF	VTEB	Difference
Max Drawdown Largest peak-to-trough decline	-13.12%	-17.00%	+3.88%
Max Drawdown (1Y) Largest decline over 1 year	-3.34%	-3.45%	+0.11%
Max Drawdown (5Y) Largest decline over 5 years	-12.71%	-12.64%	-0.07%
Max Drawdown (10Y) Largest decline over 10 years	-13.12%	-17.00%	+3.88%
Current Drawdown Current decline from peak	-1.97%	-1.86%	-0.11%
Average Drawdown Average peak-to-trough decline	-2.32%	-2.35%	+0.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.19%	1.17%	+0.02%

Volatility

NYF vs. VTEB - Volatility Comparison

iShares New York Muni Bond ETF (NYF) and Vanguard Tax-Exempt Bond ETF (VTEB) have volatilities of 1.41% and 1.37%, 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.

Volatility by Period

	NYF	VTEB	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.41%	1.37%	+0.04%
Volatility (6M) Calculated over the trailing 6-month period	1.90%	1.87%	+0.03%
Volatility (1Y) Calculated over the trailing 1-year period	4.02%	4.00%	+0.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.98%	3.88%	+0.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.48%	5.25%	-0.77%