SHYD vs. PZT
SHYD (VanEck Short High Yield Muni ETF) and PZT (Invesco New York AMT-Free Municipal Bond ETF) are both Municipal Bonds funds - SHYD tracks the Bloomberg Municipal High Yield Short Duration while PZT tracks the ICE BofA New York Long-Term Core Plus Muni. Both are passively managed. Over the past 10 years, SHYD returned 2.07%/yr vs 1.94%/yr for PZT. At a 0.29 correlation, their price movements are largely independent. SHYD charges 0.35%/yr vs 0.28%/yr for PZT.
Performance
SHYD vs. PZT - Performance Comparison
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Returns By Period
In the year-to-date period, SHYD achieves a 0.97% return, which is significantly lower than PZT's 3.19% return. Over the past 10 years, SHYD has outperformed PZT with an annualized return of 2.07%, while PZT has yielded a comparatively lower 1.94% annualized return.
SHYD
- 1D
- 0.22%
- 1M
- 0.70%
- YTD
- 0.97%
- 6M
- 1.71%
- 1Y
- 5.18%
- 3Y*
- 4.46%
- 5Y*
- 0.97%
- 10Y*
- 2.07%
PZT
- 1D
- 0.31%
- 1M
- 1.45%
- YTD
- 3.19%
- 6M
- 3.54%
- 1Y
- 9.78%
- 3Y*
- 3.41%
- 5Y*
- 0.03%
- 10Y*
- 1.94%
SHYD vs. PZT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SHYD VanEck Short High Yield Muni ETF | 0.97% | 5.58% | 4.85% | 2.39% | -9.11% | 4.04% | 1.56% | 7.55% | 3.26% | 4.89% |
PZT Invesco New York AMT-Free Municipal Bond ETF | 3.19% | 1.76% | 1.17% | 7.57% | -13.04% | 2.67% | 5.89% | 9.52% | -0.55% | 6.21% |
Correlation
The correlation between SHYD and PZT is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.46 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.40 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.41 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.33 |
Correlation (All Time) Calculated using the full available price history since Jan 15, 2014 | 0.30 |
The correlation between SHYD and PZT shifts across timeframes, from 0.29 (all time) to 0.46 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
SHYD vs. PZT — Risk / Return Rank
SHYD
PZT
SHYD vs. PZT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Short High Yield Muni ETF (SHYD) and Invesco New York AMT-Free Municipal Bond ETF (PZT). 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 | PZT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.33 | ||
| Sortino ratioReturn per unit of downside risk | -0.28 | ||
| Omega ratioGain probability vs. loss probability | 1.35 | 1.41 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | 2.40 | 3.10 | -0.70 |
| Martin ratioReturn relative to average drawdown | 7.88 | 10.57 | -2.70 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SHYD | PZT | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.74 | 2.07 | -0.33 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.18 | 0.00 | +0.18 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.21 | 0.28 | -0.07 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.26 | 0.38 | -0.12 |
Drawdowns
SHYD vs. PZT - Drawdown Comparison
The maximum SHYD drawdown since its inception was -31.22%, which is greater than PZT's maximum drawdown of -22.73%. Use the drawdown chart below to compare losses from any high point for SHYD and PZT.
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Drawdown Indicators
| SHYD | PZT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -31.22% | -22.73% | -8.49% |
Max Drawdown (1Y)Largest decline over 1 year | -2.17% | -3.17% | +1.00% |
Max Drawdown (3Y)Largest decline over 3 years | -4.17% | -9.00% | +4.83% |
Max Drawdown (5Y)Largest decline over 5 years | -13.32% | -19.13% | +5.81% |
Max Drawdown (10Y)Largest decline over 10 years | -31.22% | -19.13% | -12.09% |
Current DrawdownCurrent decline from peak | -0.17% | -1.11% | +0.94% |
Average DrawdownAverage peak-to-trough decline | -3.03% | -3.91% | +0.88% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.66% | 0.93% | -0.27% |
Volatility
SHYD vs. PZT - Volatility Comparison
The current volatility for VanEck Short High Yield Muni ETF (SHYD) is 0.86%, while Invesco New York AMT-Free Municipal Bond ETF (PZT) has a volatility of 2.10%. This indicates that SHYD experiences smaller price fluctuations and is considered to be less risky than PZT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SHYD | PZT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.86% | 2.10% | -1.24% |
Volatility (6M)Calculated over the trailing 6-month period | 1.93% | 3.45% | -1.52% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.00% | 4.74% | -1.74% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.37% | 6.63% | -1.26% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.69% | 6.96% | +2.73% |
SHYD vs. PZT - Expense Ratio Comparison
SHYD has a 0.35% expense ratio, which is higher than PZT's 0.28% expense ratio.
Dividends
SHYD vs. PZT - Dividend Comparison
SHYD's dividend yield for the trailing twelve months is around 3.50%, less than PZT's 3.57% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PZT Invesco New York AMT-Free Municipal Bond ETF | 3.57% | 3.43% | 3.04% | 2.82% | 2.66% | 2.77% | 2.55% | 2.73% | 3.01% | 2.94% | 3.36% | 3.40% |
SHYD VanEck Short High Yield Muni ETF | 3.50% | 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 PZT have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PZT has higher volatility (2.10%) compared to SHYD (0.86%). In terms of maximum drawdown, SHYD dropped -31.22% vs PZT's -22.73%.
On 10-year performance, SHYD leads with 2.07% vs 1.94% for PZT. On fees, PZT is cheaper at 0.28% per year. On volatility, SHYD has been the lower-risk option at 0.86%. 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 2.07% return vs 1.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PZT is cheaper with a 0.28% expense ratio, compared with 0.35% for SHYD.
PZT has the higher dividend yield at 3.57%, compared with 3.50% for SHYD.
SHYD tracks Bloomberg Municipal High Yield Short Duration, while PZT tracks ICE BofA New York Long-Term Core Plus Muni. They also come from different issuers: VanEck and Invesco. Their fees differ too: 0.35% for SHYD and 0.28% for PZT.
PZT currently has the higher Sharpe Ratio (2.07 vs 1.74), 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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