SHYM vs. HTAX

Last updated Jun 4, 2026

SHYM (iShares Short Duration High Yield Muni Active ETF) and HTAX (Nomura National High-Yield Municipal Bond ETF) are both High Yield Muni funds. Both are actively managed. Over the past year, SHYM returned 5.18% vs 9.34% for HTAX. A 0.62 correlation means they provide meaningful diversification when combined. SHYM charges 0.35%/yr vs 0.49%/yr for HTAX.

Performance

SHYM vs. HTAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Short Duration High Yield Muni Active ETF (SHYM) and Nomura National High-Yield Municipal Bond ETF (HTAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SHYM achieves a 1.93% return, which is significantly lower than HTAX's 3.60% return.

SHYM

• 1D: 0.00%
• 1M: 0.89%
• YTD: 1.93%
• 6M: 2.33%
• 1Y: 5.18%
• 3Y*: 6.00%
• 5Y*: 0.99%
• 10Y*: —

HTAX

• 1D: 0.06%
• 1M: 1.34%
• YTD: 3.60%
• 6M: 3.91%
• 1Y: 9.34%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SHYM vs. HTAX - Yearly Performance Comparison

	2026 (YTD)	2025
SHYM iShares Short Duration High Yield Muni Active ETF	1.93%	0.77%
HTAX Nomura National High-Yield Municipal Bond ETF	3.60%	1.45%

Correlation

The correlation between SHYM and HTAX is 0.57, 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	0.57
Correlation (All Time) Calculated using the full available price history since Mar 7, 2025	0.62

The correlation between SHYM and HTAX has been stable across timeframes, ranging from 0.57 to 0.62 - a consistent structural relationship.

Return for Risk

SHYM vs. HTAX — Risk / Return Rank

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

SHYM

SHYM Risk / Return Rank: 51
SHYM Sharpe Ratio Rank: 50
SHYM Sortino Ratio Rank: 52
SHYM Omega Ratio Rank: 57
SHYM Calmar Ratio Rank: 47
SHYM Martin Ratio Rank: 48

HTAX

HTAX Risk / Return Rank: 61
HTAX Sharpe Ratio Rank: 60
HTAX Sortino Ratio Rank: 64
HTAX Omega Ratio Rank: 67
HTAX Calmar Ratio Rank: 61
HTAX Martin Ratio Rank: 54

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.

SHYM vs. HTAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Short Duration High Yield Muni Active ETF (SHYM) and Nomura National High-Yield Municipal Bond ETF (HTAX). 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.

	SHYM	HTAX	Difference
Sharpe ratio Return per unit of total volatility	1.74	1.99	-0.25
Sortino ratio Return per unit of downside risk	2.54	2.95	-0.42
Omega ratio Gain probability vs. loss probability	1.35	1.40	-0.04
Calmar ratio Return relative to maximum drawdown	2.33	2.99	-0.66
Martin ratio Return relative to average drawdown	7.86	9.11	-1.25
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SHYM vs. HTAX - Sharpe Ratio Comparison

The current SHYM Sharpe Ratio is 1.74, which is comparable to the HTAX Sharpe Ratio of 1.99. The chart below compares the historical Sharpe Ratios of SHYM and HTAX, 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

	SHYM	HTAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.74	1.99	-0.25
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.14	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.27	0.63	-0.37

Drawdowns

SHYM vs. HTAX - Drawdown Comparison

The maximum SHYM drawdown since its inception was -22.55%, which is greater than HTAX's maximum drawdown of -6.10%. Use the drawdown chart below to compare losses from any high point for SHYM and HTAX.

Drawdown Indicators

	SHYM	HTAX	Difference
Max Drawdown Largest peak-to-trough decline	-22.55%	-6.10%	-16.45%
Max Drawdown (1Y) Largest decline over 1 year	-2.23%	-3.14%	+0.91%
Max Drawdown (3Y) Largest decline over 3 years	-8.06%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-22.55%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-6.76%	-1.77%	-4.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.66%	1.03%	-0.37%

Volatility

SHYM vs. HTAX - Volatility Comparison

The current volatility for iShares Short Duration High Yield Muni Active ETF (SHYM) is 0.77%, while Nomura National High-Yield Municipal Bond ETF (HTAX) has a volatility of 1.41%. This indicates that SHYM experiences smaller price fluctuations and is considered to be less risky than HTAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SHYM	HTAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.77%	1.41%	-0.64%
Volatility (6M) Calculated over the trailing 6-month period	1.81%	3.41%	-1.60%
Volatility (1Y) Calculated over the trailing 1-year period	2.99%	4.70%	-1.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.07%	6.47%	+0.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.95%	6.47%	+0.48%

SHYM vs. HTAX - Expense Ratio Comparison

SHYM has a 0.35% expense ratio, which is lower than HTAX's 0.49% expense ratio.

Dividends

SHYM vs. HTAX - Dividend Comparison

SHYM's dividend yield for the trailing twelve months is around 4.30%, less than HTAX's 4.47% yield.

Position	TTM	2025	2024	2023	2022	2021
HTAX Nomura National High-Yield Municipal Bond ETF	4.47%	3.67%	0.00%	0.00%	0.00%	0.00%
SHYM iShares Short Duration High Yield Muni Active ETF	4.30%	4.55%	4.35%	4.35%	4.01%	2.97%

Frequently Asked Questions

Can I hold both SHYM and HTAX in my portfolio?

SHYM and HTAX have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SHYM or HTAX?

HTAX has higher volatility (1.41%) compared to SHYM (0.77%). In terms of maximum drawdown, SHYM dropped -22.55% vs HTAX's -6.10%.

Which ETF is better, SHYM or HTAX?

On 1-year performance, HTAX leads with 9.34% vs 5.18% for SHYM. On fees, SHYM is cheaper at 0.35% per year. On volatility, SHYM has been the lower-risk option at 0.77%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SHYM or HTAX?

Over the 1-year period, HTAX has performed better with a 9.34% return vs 5.18%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SHYM or HTAX?

SHYM is cheaper with a 0.35% expense ratio, compared with 0.49% for HTAX.

Which ETF pays a higher dividend yield, SHYM or HTAX?

HTAX has the higher dividend yield at 4.47%, compared with 4.30% for SHYM.

What is the main difference between SHYM and HTAX?

They also come from different issuers: iShares and Nomura. Their fees differ too: 0.35% for SHYM and 0.49% for HTAX.

Which has better risk-adjusted returns?

HTAX currently has the higher Sharpe Ratio (1.99 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.