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NYF vs. VTEB
Performance
Return for Risk
Drawdowns
Volatility
Dividends

NYF vs. VTEB

Last updated Jun 5, 2026

NYF (iShares New York Muni Bond ETF) and VTEB (Vanguard Tax-Exempt Bond ETF) are both Municipal Bonds funds - NYF tracks the S&P New York AMT-Free Municipal Bond Index while VTEB tracks the S&P National AMT-Free Municipal Bond Index. Both are passively managed. Over the past 10 years, NYF returned 1.83%/yr vs 2.12%/yr for VTEB. A 0.75 correlation means they provide meaningful diversification when combined. NYF charges 0.25%/yr vs 0.03%/yr for VTEB.

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.

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Returns By Period

The year-to-date returns for both stocks are quite close, with NYF having a 1.63% return and VTEB slightly lower at 1.60%. Over the past 10 years, NYF has underperformed VTEB with an annualized return of 1.83%, while VTEB has yielded a comparatively higher 2.12% annualized return.

NYF

1D
0.11%
1M
0.67%
YTD
1.63%
6M
1.96%
1Y
6.74%
3Y*
3.29%
5Y*
0.85%
10Y*
1.83%

VTEB

1D
0.14%
1M
0.75%
YTD
1.60%
6M
2.05%
1Y
7.03%
3Y*
3.54%
5Y*
0.91%
10Y*
2.12%
*Multi-year figures are annualized to reflect compound growth (CAGR)

NYF vs. VTEB - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
NYF
iShares New York Muni Bond ETF		1.63%3.64%1.13%5.76%-7.75%1.34%4.18%6.49%0.66%5.02%
VTEB
Vanguard Tax-Exempt Bond ETF		1.60%3.72%1.31%6.15%-7.99%1.14%5.19%7.35%1.04%4.87%

Correlation

The correlation between NYF and VTEB is 0.87, 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

0.87

Correlation (3Y)
Calculated over the trailing 3-year period

0.87

Correlation (5Y)
Calculated over the trailing 5-year period

0.84

Correlation (10Y)
Calculated over the trailing 10-year period

0.76

Correlation (All Time)
Calculated using the full available price history since Aug 26, 2015

0.75

The correlation between NYF and VTEB shifts across timeframes, from 0.75 (all time) to 0.87 (3 years), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares New York Muni Bond ETF

Vanguard Tax-Exempt Bond ETF

Often compared with NYF:
NYF vs. VNYUXNYF vs. MUBNYF vs. VNYTXNYF vs. PZTNYF vs. FTFMXNYF vs. FMNYNYF vs. AGZ
Often compared with VTEB:
VTEB vs. MUBVTEB vs. VTESVTEB vs. BNDVTEB vs. VWIUXVTEB vs. VTEIVTEB vs. VWAHXVTEB vs. VTEAX

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: 6969
Overall Rank
NYF Sharpe Ratio Rank: 7676
Sharpe Ratio Rank
NYF Sortino Ratio Rank: 7979
Sortino Ratio Rank
NYF Omega Ratio Rank: 8787
Omega Ratio Rank
NYF Calmar Ratio Rank: 5050
Calmar Ratio Rank
NYF Martin Ratio Rank: 5353
Martin Ratio Rank
VTEB
VTEB Risk / Return Rank: 7373
Overall Rank
VTEB Sharpe Ratio Rank: 8181
Sharpe Ratio Rank
VTEB Sortino Ratio Rank: 8787
Sortino Ratio Rank
VTEB Omega Ratio Rank: 9090
Omega Ratio Rank
VTEB Calmar Ratio Rank: 5454
Calmar Ratio Rank
VTEB Martin Ratio Rank: 5555
Martin Ratio Rank
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.

NYFVTEBDifference
Sharpe ratioReturn per unit of total volatility
2.44
2.61

-0.17

Sortino ratioReturn per unit of downside risk
3.48
3.86

-0.38

Omega ratioGain probability vs. loss probability

1.53

1.57

-0.04

Calmar ratioReturn relative to maximum drawdown

2.45

2.60

-0.15

Martin ratioReturn relative to average drawdown

8.79

9.25

-0.46

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 2.44, which is comparable to the VTEB Sharpe Ratio of 2.61. The chart below compares the historical Sharpe Ratios of NYF and VTEB, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

NYFVTEBDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.44

2.61

-0.17

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.21

0.23

-0.02

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

0.47

0.48

-0.01

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.

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Drawdown Indicators

NYFVTEBDifference

Max Drawdown

Largest peak-to-trough decline

-13.12%

-17.00%

+3.88%

Max Drawdown (1Y)

Largest decline over 1 year

-2.76%

-2.71%

-0.05%

Max Drawdown (3Y)

Largest decline over 3 years

-5.68%

-5.53%

-0.15%

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

-0.45%

-0.38%

-0.07%

Average Drawdown

Average peak-to-trough decline

-2.31%

-2.33%

+0.02%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.77%

0.76%

+0.01%

Volatility

NYF vs. VTEB - Volatility Comparison

iShares New York Muni Bond ETF (NYF) has a higher volatility of 0.96% compared to Vanguard Tax-Exempt Bond ETF (VTEB) at 0.90%. This indicates that NYF's price experiences larger fluctuations and is considered to be riskier than VTEB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

NYFVTEBDifference

Volatility (1M)

Calculated over the trailing 1-month period

0.96%

0.90%

+0.06%

Volatility (6M)

Calculated over the trailing 6-month period

2.08%

2.01%

+0.07%

Volatility (1Y)

Calculated over the trailing 1-year period

2.78%

2.72%

+0.06%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

4.00%

3.90%

+0.10%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

4.48%

5.26%

-0.78%

NYF vs. VTEB - Expense Ratio Comparison

NYF has a 0.25% expense ratio, which is higher than VTEB's 0.03% 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. VTEB - Dividend Comparison

NYF's dividend yield for the trailing twelve months is around 3.09%, less than VTEB's 3.35% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
VTEB
Vanguard Tax-Exempt Bond ETF		3.35%3.29%3.14%2.79%2.09%1.64%1.99%2.30%2.25%1.96%1.66%0.58%

Frequently Asked Questions

NYF and VTEB have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

NYF has higher volatility (0.96%) compared to VTEB (0.90%). In terms of maximum drawdown, NYF dropped -13.12% vs VTEB's -17.00%.

On 10-year performance, VTEB leads with 2.12% vs 1.83% for NYF. On fees, VTEB is cheaper at 0.03% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, VTEB has performed better with a 2.12% return vs 1.83%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

VTEB is cheaper with a 0.03% expense ratio, compared with 0.25% for NYF.

VTEB has the higher dividend yield at 3.35%, compared with 3.09% for NYF.

NYF tracks S&P New York AMT-Free Municipal Bond Index, while VTEB tracks S&P National AMT-Free Municipal Bond Index. They also come from different issuers: iShares and Vanguard. Their fees differ too: 0.25% for NYF and 0.03% for VTEB.

VTEB currently has the higher Sharpe Ratio (2.61 vs 2.44), 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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