SHYD vs. MISHX

Last updated Jun 4, 2026

SHYD (VanEck Short High Yield Muni ETF) and MISHX (AB Municipal Income Shares) are both funds - SHYD is a Municipal Bonds fund tracking the Bloomberg Municipal High Yield Short Duration, while MISHX is a High Yield Muni fund managed by AllianceBernstein. Over the past 10 years, SHYD returned 2.02%/yr vs 3.68%/yr for MISHX. At a 0.32 correlation, their price movements are largely independent. SHYD charges 0.35%/yr vs 0.00%/yr for MISHX.

Performance

SHYD vs. MISHX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Short High Yield Muni ETF (SHYD) and AB Municipal Income Shares (MISHX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SHYD achieves a 0.74% return, which is significantly lower than MISHX's 2.13% return. Over the past 10 years, SHYD has underperformed MISHX with an annualized return of 2.02%, while MISHX has yielded a comparatively higher 3.68% annualized return.

SHYD

• 1D: -0.09%
• 1M: 0.48%
• YTD: 0.74%
• 6M: 1.44%
• 1Y: 5.37%
• 3Y*: 4.40%
• 5Y*: 0.93%
• 10Y*: 2.02%

MISHX

• 1D: 0.27%
• 1M: 0.96%
• YTD: 2.13%
• 6M: 2.54%
• 1Y: 8.27%
• 3Y*: 5.91%
• 5Y*: 1.63%
• 10Y*: 3.68%

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

SHYD vs. MISHX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SHYD VanEck Short High Yield Muni ETF	0.74%	5.58%	4.85%	2.39%	-9.11%	4.04%	1.56%	7.55%	3.26%	4.89%
MISHX AB Municipal Income Shares	2.13%	6.41%	5.29%	6.24%	-12.77%	6.81%	6.22%	11.52%	0.80%	9.59%

Correlation

The correlation between SHYD and MISHX is 0.52, 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	0.52
Correlation (3Y) Calculated over the trailing 3-year period	0.43
Correlation (5Y) Calculated over the trailing 5-year period	0.42
Correlation (10Y) Calculated over the trailing 10-year period	0.35
Correlation (All Time) Calculated using the full available price history since Jan 15, 2014	0.32

The correlation between SHYD and MISHX shifts across timeframes, from 0.32 (all time) to 0.52 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

SHYD vs. MISHX — Risk / Return Rank

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

SHYD

SHYD Risk / Return Rank: 53
SHYD Sharpe Ratio Rank: 52
SHYD Sortino Ratio Rank: 56
SHYD Omega Ratio Rank: 59
SHYD Calmar Ratio Rank: 50
SHYD Martin Ratio Rank: 48

MISHX

MISHX Risk / Return Rank: 69
MISHX Sharpe Ratio Rank: 76
MISHX Sortino Ratio Rank: 87
MISHX Omega Ratio Rank: 89
MISHX Calmar Ratio Rank: 50
MISHX Martin Ratio Rank: 46

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.

SHYD vs. MISHX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Short High Yield Muni ETF (SHYD) and AB Municipal Income Shares (MISHX). 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.

	SHYD	MISHX	Difference
Sharpe ratio: Return per unit of total volatility	1.80	2.52	-0.73
Sortino ratio: Return per unit of downside risk	2.71	4.11	-1.41
Omega ratio: Gain probability vs. loss probability	1.37	1.64	-0.27
Calmar ratio: Return relative to maximum drawdown	2.48	2.69	-0.20
Martin ratio: Return relative to average drawdown	8.17	9.57	-1.40
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SHYD vs. MISHX - Sharpe Ratio Comparison

The current SHYD Sharpe Ratio is 1.80, which is comparable to the MISHX Sharpe Ratio of 2.52. The chart below compares the historical Sharpe Ratios of SHYD and MISHX, 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

	SHYD	MISHX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.80	2.52	-0.73
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.17	0.33	-0.15
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.21	0.71	-0.50
Sharpe Ratio (All Time) Calculated using the full available price history	0.26	0.93	-0.68

Drawdowns

SHYD vs. MISHX - Drawdown Comparison

The maximum SHYD drawdown since its inception was -31.22%, which is greater than MISHX's maximum drawdown of -19.03%. Use the drawdown chart below to compare losses from any high point for SHYD and MISHX.

Drawdown Indicators

	SHYD	MISHX	Difference
Max Drawdown Largest peak-to-trough decline	-31.22%	-19.03%	-12.19%
Max Drawdown (1Y) Largest decline over 1 year	-2.17%	-3.09%	+0.92%
Max Drawdown (3Y) Largest decline over 3 years	-4.17%	-7.89%	+3.72%
Max Drawdown (5Y) Largest decline over 5 years	-13.32%	-18.20%	+4.88%
Max Drawdown (10Y) Largest decline over 10 years	-31.22%	-19.03%	-12.19%
Current Drawdown Current decline from peak	-0.39%	-0.12%	-0.27%
Average Drawdown Average peak-to-trough decline	-3.03%	-3.41%	+0.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.66%	0.87%	-0.21%

Volatility

SHYD vs. MISHX - Volatility Comparison

The current volatility for VanEck Short High Yield Muni ETF (SHYD) is 0.84%, while AB Municipal Income Shares (MISHX) has a volatility of 1.34%. This indicates that SHYD experiences smaller price fluctuations and is considered to be less risky than MISHX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SHYD	MISHX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.84%	1.34%	-0.50%
Volatility (6M) Calculated over the trailing 6-month period	1.93%	2.48%	-0.55%
Volatility (1Y) Calculated over the trailing 1-year period	3.00%	3.32%	-0.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.37%	5.00%	+0.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.69%	5.19%	+4.50%

SHYD vs. MISHX - Expense Ratio Comparison

SHYD has a 0.35% expense ratio, which is higher than MISHX's 0.00% expense ratio.

Dividends

SHYD vs. MISHX - Dividend Comparison

SHYD's dividend yield for the trailing twelve months is around 3.51%, less than MISHX's 4.81% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MISHX AB Municipal Income Shares	4.81%	6.23%	4.80%	3.23%	3.75%	2.77%	3.56%	3.98%	3.77%	3.78%	4.25%	4.38%
SHYD VanEck Short High Yield Muni ETF	3.51%	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

Can I hold both SHYD and MISHX in my portfolio?

SHYD and MISHX have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SHYD or MISHX?

MISHX has higher volatility (1.34%) compared to SHYD (0.84%). In terms of maximum drawdown, SHYD dropped -31.22% vs MISHX's -19.03%.

Which has better risk-adjusted returns?

MISHX currently has the higher Sharpe Ratio (2.52 vs 1.80), 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.