SHYD vs. MUB
SHYD (VanEck Short High Yield Muni ETF) and MUB (iShares National AMT-Free Muni Bond ETF) are both Municipal Bonds funds - SHYD tracks the Bloomberg Municipal High Yield Short Duration while MUB tracks the S&P National AMT-Free Municipal Bond Index. Both are passively managed. Over the past 10 years, SHYD returned 2.01%/yr vs 1.90%/yr for MUB. At a 0.40 correlation, their price movements are largely independent. SHYD charges 0.35%/yr vs 0.07%/yr for MUB.
Performance
SHYD vs. MUB - Performance Comparison
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Returns By Period
In the year-to-date period, SHYD achieves a 1.32% return, which is significantly lower than MUB's 1.53% return. Over the past 10 years, SHYD has outperformed MUB with an annualized return of 2.01%, while MUB has yielded a comparatively lower 1.90% 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%
MUB
- 1D
- -0.01%
- 1M
- 1.35%
- YTD
- 1.53%
- 6M
- 1.89%
- 1Y
- 6.58%
- 3Y*
- 3.21%
- 5Y*
- 0.96%
- 10Y*
- 1.90%
SHYD vs. MUB - 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% |
MUB iShares National AMT-Free Muni Bond ETF | 1.53% | 3.78% | 1.26% | 5.56% | -7.34% | 1.02% | 5.12% | 7.06% | 0.93% | 4.72% |
Correlation
The correlation between SHYD and MUB is 0.54, 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 | 0.54 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.47 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.49 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.42 |
Correlation (All Time) Calculated using the full available price history since Jan 14, 2014 | 0.40 |
The correlation between SHYD and MUB shifts across timeframes, from 0.40 (all time) to 0.54 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
SHYD vs. MUB — Risk / Return Rank
SHYD
MUB
SHYD vs. MUB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Short High Yield Muni ETF (SHYD) and iShares National AMT-Free Muni Bond ETF (MUB). 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 | MUB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.62 | ||
| Sortino ratioReturn per unit of downside risk | -0.84 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 1.48 | -0.14 |
| Calmar ratioReturn relative to maximum drawdown | 2.29 | 2.37 | -0.09 |
| Martin ratioReturn relative to average drawdown | 7.51 | 8.25 | -0.74 |
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Drawdowns
SHYD vs. MUB - Drawdown Comparison
The maximum SHYD drawdown since its inception was -31.22%, which is greater than MUB's maximum drawdown of -13.68%. Use the drawdown chart below to compare losses from any high point for SHYD and MUB.
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Drawdown Indicators
| SHYD | MUB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -31.22% | -13.68% | -17.54% |
Max Drawdown (1Y)Largest decline over 1 year | -2.17% | -2.79% | +0.62% |
Max Drawdown (3Y)Largest decline over 3 years | -4.17% | -5.34% | +1.17% |
Max Drawdown (5Y)Largest decline over 5 years | -13.32% | -11.88% | -1.44% |
Max Drawdown (10Y)Largest decline over 10 years | -31.22% | -13.68% | -17.54% |
Current DrawdownCurrent decline from peak | 0.00% | -0.41% | +0.41% |
Average DrawdownAverage peak-to-trough decline | -3.02% | -2.23% | -0.79% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.66% | 0.80% | -0.14% |
Volatility
SHYD vs. MUB - Volatility Comparison
VanEck Short High Yield Muni ETF (SHYD) and iShares National AMT-Free Muni Bond ETF (MUB) have volatilities of 0.76% and 0.76%, 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.
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Volatility by Period
| SHYD | MUB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.76% | 0.76% | 0.00% |
Volatility (6M)Calculated over the trailing 6-month period | 1.97% | 2.27% | -0.30% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.96% | 2.89% | +0.07% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.38% | 4.07% | +1.31% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.70% | 4.93% | +4.77% |
SHYD vs. MUB - Expense Ratio Comparison
SHYD has a 0.35% expense ratio, which is higher than MUB's 0.07% expense ratio.
Dividends
SHYD vs. MUB - Dividend Comparison
SHYD's dividend yield for the trailing twelve months is around 3.49%, more than MUB's 3.17% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MUB iShares National AMT-Free Muni Bond ETF | 3.17% | 3.14% | 3.01% | 2.65% | 2.11% | 1.81% | 2.11% | 2.42% | 2.46% | 2.26% | 2.21% | 2.51% |
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 MUB have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MUB has higher volatility (0.76%) compared to SHYD (0.76%). In terms of maximum drawdown, SHYD dropped -31.22% vs MUB's -13.68%.
On 10-year performance, SHYD leads with 2.01% vs 1.90% for MUB. On fees, MUB is cheaper at 0.07% 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, SHYD has performed better with a 2.01% return vs 1.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
MUB is cheaper with a 0.07% expense ratio, compared with 0.35% for SHYD.
SHYD has the higher dividend yield at 3.49%, compared with 3.17% for MUB.
SHYD tracks Bloomberg Municipal High Yield Short Duration, while MUB tracks S&P National AMT-Free Municipal Bond Index. They also come from different issuers: VanEck and iShares. Their fees differ too: 0.35% for SHYD and 0.07% for MUB.
MUB currently has the higher Sharpe Ratio (2.29 vs 1.68), 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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