SHYM vs. HYD
SHYM (iShares Short Duration High Yield Muni Active ETF) and HYD (VanEck High Yield Muni ETF) are both exchange-traded funds - SHYM is a High Yield Muni fund actively managed by iShares, while HYD is a Municipal Bonds fund tracking the ICE Broad High Yield Crossover Municipal Index. SHYM is actively managed, while HYD is passively managed. Over the past 5 years, SHYM returned 0.39%/yr vs -0.72%/yr for HYD. Their 0.67 correlation means they have sometimes moved together and sometimes differently. Both charge a 0.35% expense ratio.
Performance
SHYM vs. HYD - Performance Comparison
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Returns By Period
In the year-to-date period, SHYM achieves a 1.67% return, which is significantly higher than HYD's 0.41% return.
SHYM
- 1D
- -0.05%
- 1M
- -1.14%
- 6M
- 0.76%
- YTD
- 1.67%
- 1Y
- 4.26%
- 3Y*
- 5.36%
- 5Y*
- 0.39%
- 10Y*
- —
- ALL TIME*
- 1.75%
HYD
- 1D
- -0.10%
- 1M
- -2.66%
- 6M
- 0.43%
- YTD
- 0.41%
- 1Y
- 5.79%
- 3Y*
- 3.85%
- 5Y*
- -0.72%
- 10Y*
- 1.64%
- ALL TIME*
- 4.72%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $56.49M | $44.56M | $39.95M | |
| $4.04M | $4.20M | $7.86M |
SHYM vs. HYD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
SHYM iShares Short Duration High Yield Muni Active ETF | 1.67% | 2.58% | 6.99% | 9.67% | -15.96% | 6.71% |
HYD VanEck High Yield Muni ETF | 0.41% | 2.83% | 4.94% | 6.52% | -15.97% | 3.82% |
Correlation
The correlation between SHYM and HYD is 0.58, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.58 |
Correlation (3Y) Balances recent behavior with more history. | 0.68 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.68 |
Correlation (All Time) Calculated using the full available price history since Mar 18, 2021 | 0.67 |
The correlation between SHYM and HYD shifts across timeframes, from 0.58 (1 year) to 0.68 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
SHYM vs. HYD — Risk / Return Rank
SHYM
HYD
SHYM vs. HYD - 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 VanEck High Yield Muni ETF (HYD). 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.
| SHYM | HYD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.09 | ||
| Sortino ratioReturn per unit of downside risk | -0.19 | ||
| Omega ratioGain probability vs. loss probability | 1.33 | 1.35 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 1.99 | 2.11 | -0.13 |
| Martin ratioReturn relative to average drawdown | 7.49 | 8.26 | -0.77 |
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Drawdowns
SHYM vs. HYD - Drawdown Comparison
The maximum SHYM drawdown since its inception was -22.55%, smaller than the maximum HYD drawdown of -35.61%. Use the drawdown chart below to compare losses from any high point for SHYM and HYD.
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Drawdown Indicators
| SHYM | HYD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.55% | -35.61% | +13.06% |
Max Drawdown (1Y)Largest decline over 1 year | -2.23% | -3.21% | +0.98% |
Max Drawdown (3Y)Largest decline over 3 years | -8.06% | -5.94% | -2.12% |
Max Drawdown (5Y)Largest decline over 5 years | -22.30% | -20.63% | -1.67% |
Max Drawdown (10Y)Largest decline over 10 years | — | -35.61% | — |
Current DrawdownCurrent decline from peak | -1.23% | -3.68% | +2.45% |
Average DrawdownAverage peak-to-trough decline | -6.57% | -4.30% | -2.27% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.59% | 0.82% | -0.23% |
Volatility
SHYM vs. HYD - Volatility Comparison
The current volatility for iShares Short Duration High Yield Muni Active ETF (SHYM) is 0.89%, while VanEck High Yield Muni ETF (HYD) has a volatility of 1.09%. This indicates that SHYM experiences smaller price fluctuations and is considered to be less risky than HYD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SHYM | HYD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.89% | 1.09% | -0.20% |
Volatility (6M)Calculated over the trailing 6-month period | 1.96% | 3.21% | -1.25% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.80% | 3.99% | -1.19% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.06% | 6.48% | +0.58% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.85% | 12.61% | -5.76% |
SHYM vs. HYD - Expense Ratio Comparison
Both SHYM and HYD have an expense ratio of 0.35%.
Dividends
SHYM vs. HYD - Dividend Comparison
SHYM's dividend yield for the trailing twelve months is around 4.32%, less than HYD's 4.40% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HYD VanEck High Yield Muni ETF | 4.02% | 4.29% | 4.29% | 4.13% | 3.96% | 3.50% | 4.01% | 4.08% | 4.43% | 4.29% | 4.58% | 4.82% |
SHYM iShares Short Duration High Yield Muni Active ETF | 3.99% | 4.55% | 4.35% | 4.35% | 4.01% | 2.97% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
SHYM and HYD have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HYD has higher volatility (1.09%) compared to SHYM (0.89%). In terms of maximum drawdown, SHYM dropped -22.55% vs HYD's -35.61%.
On 5-year performance, SHYM leads with 0.39% vs -0.72% for HYD. Both ETFs have the same 0.35% expense ratio. On volatility, SHYM has been the lower-risk option at 0.89%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, SHYM has performed better with a 0.39% return vs -0.72%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SHYM and HYD have the same expense ratio: 0.35% per year.
HYD has the higher dividend yield at 4.02%, compared with 3.99% for SHYM.
SHYM is categorized as High Yield Muni, while HYD is Municipal Bonds. They also come from different issuers: iShares and VanEck.
HYD currently has the higher Sharpe Ratio (1.70 vs 1.61), 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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