SHYD vs. BKLN
SHYD (VanEck Short High Yield Muni ETF) and BKLN (Invesco Senior Loan ETF) are both exchange-traded funds - SHYD is a Municipal Bonds fund tracking the Bloomberg Municipal High Yield Short Duration, while BKLN is a Bank Loan fund tracking the Morningstar LSTA US Leveraged Loan 100 Index. Both are passively managed. Over the past 10 years, SHYD returned 2.01%/yr vs 4.33%/yr for BKLN. At a 0.10 correlation, their price movements are largely independent. SHYD charges 0.35%/yr vs 0.65%/yr for BKLN.
Performance
SHYD vs. BKLN - Performance Comparison
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Returns By Period
In the year-to-date period, SHYD achieves a 1.32% return, which is significantly higher than BKLN's -0.03% return. Over the past 10 years, SHYD has underperformed BKLN with an annualized return of 2.01%, while BKLN has yielded a comparatively higher 4.33% annualized return.
SHYD
- 1D
- 0.35%
- 1M
- 1.59%
- YTD
- 1.32%
- 6M
- 1.40%
- 1Y
- 4.94%
- 3Y*
- 4.61%
- 5Y*
- 0.93%
- 10Y*
- 2.01%
BKLN
- 1D
- 0.01%
- 1M
- -0.04%
- YTD
- -0.03%
- 6M
- 0.26%
- 1Y
- 4.45%
- 3Y*
- 7.23%
- 5Y*
- 5.17%
- 10Y*
- 4.33%
SHYD vs. BKLN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SHYD VanEck Short High Yield Muni ETF | 1.32% | 5.58% | 4.85% | 2.39% | -9.11% | 4.04% | 1.56% | 7.55% | 3.26% | 4.89% |
BKLN Invesco Senior Loan ETF | -0.03% | 6.88% | 8.21% | 12.53% | -2.51% | 2.32% | 1.32% | 10.03% | -1.32% | 2.13% |
Correlation
The correlation between SHYD and BKLN is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.22 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.10 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.17 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.13 |
Correlation (All Time) Calculated using the full available price history since Jan 14, 2014 | 0.10 |
The correlation between SHYD and BKLN shifts across timeframes, from 0.10 (3 years) to 0.22 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
SHYD vs. BKLN — Risk / Return Rank
SHYD
BKLN
SHYD vs. BKLN - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Short High Yield Muni ETF (SHYD) and Invesco Senior Loan ETF (BKLN). 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.
| SHYD | BKLN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.06 | ||
| Sortino ratioReturn per unit of downside risk | +0.11 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 1.37 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 2.29 | 1.45 | +0.83 |
| Martin ratioReturn relative to average drawdown | 7.51 | 5.68 | +1.83 |
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Drawdowns
SHYD vs. BKLN - Drawdown Comparison
The maximum SHYD drawdown since its inception was -31.22%, which is greater than BKLN's maximum drawdown of -24.17%. Use the drawdown chart below to compare losses from any high point for SHYD and BKLN.
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Drawdown Indicators
| SHYD | BKLN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -31.22% | -24.17% | -7.05% |
Max Drawdown (1Y)Largest decline over 1 year | -2.17% | -3.07% | +0.90% |
Max Drawdown (3Y)Largest decline over 3 years | -4.17% | -3.55% | -0.62% |
Max Drawdown (5Y)Largest decline over 5 years | -13.32% | -7.31% | -6.01% |
Max Drawdown (10Y)Largest decline over 10 years | -31.22% | -24.17% | -7.05% |
Current DrawdownCurrent decline from peak | 0.00% | -0.47% | +0.47% |
Average DrawdownAverage peak-to-trough decline | -3.02% | -1.09% | -1.93% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.66% | 0.78% | -0.12% |
Volatility
SHYD vs. BKLN - Volatility Comparison
VanEck Short High Yield Muni ETF (SHYD) has a higher volatility of 0.76% compared to Invesco Senior Loan ETF (BKLN) at 0.53%. This indicates that SHYD's price experiences larger fluctuations and is considered to be riskier than BKLN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SHYD | BKLN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.76% | 0.53% | +0.23% |
Volatility (6M)Calculated over the trailing 6-month period | 1.97% | 2.54% | -0.57% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.96% | 2.77% | +0.19% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.38% | 4.48% | +0.90% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.70% | 6.43% | +3.27% |
SHYD vs. BKLN - Expense Ratio Comparison
SHYD has a 0.35% expense ratio, which is lower than BKLN's 0.65% expense ratio.
Dividends
SHYD vs. BKLN - Dividend Comparison
SHYD's dividend yield for the trailing twelve months is around 3.49%, less than BKLN's 7.16% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BKLN Invesco Senior Loan ETF | 7.16% | 6.95% | 8.41% | 8.59% | 4.93% | 3.11% | 3.56% | 4.86% | 4.52% | 3.50% | 4.54% | 4.12% |
SHYD VanEck Short High Yield Muni ETF | 3.49% | 3.50% | 3.16% | 2.99% | 2.66% | 2.56% | 3.05% | 3.19% | 3.17% | 3.11% | 2.97% | 3.26% |
Frequently Asked Questions
SHYD and BKLN have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SHYD has higher volatility (0.76%) compared to BKLN (0.53%). In terms of maximum drawdown, SHYD dropped -31.22% vs BKLN's -24.17%.
On 10-year performance, BKLN leads with 4.33% vs 2.01% for SHYD. On fees, SHYD is cheaper at 0.35% per year. On volatility, BKLN has been the lower-risk option at 0.53%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, BKLN has performed better with a 4.33% return vs 2.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SHYD is cheaper with a 0.35% expense ratio, compared with 0.65% for BKLN.
BKLN has the higher dividend yield at 7.16%, compared with 3.49% for SHYD.
SHYD is categorized as Municipal Bonds, while BKLN is Bank Loan. SHYD tracks Bloomberg Municipal High Yield Short Duration, while BKLN tracks Morningstar LSTA US Leveraged Loan 100 Index. They also come from different issuers: VanEck and Invesco. Their fees differ too: 0.35% for SHYD and 0.65% for BKLN.
SHYD currently has the higher Sharpe Ratio (1.68 vs 1.62), 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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