VNYTX vs. NYF
VNYTX (Vanguard New York Long-Term Tax-Exempt Fund Investor Shares) and NYF (iShares New York Muni Bond ETF) are both Municipal Bonds funds. Over the past 10 years, VNYTX returned 2.46%/yr vs 1.83%/yr for NYF. At a 0.48 correlation, their price movements are largely independent. VNYTX charges 0.17%/yr vs 0.25%/yr for NYF.
Performance
VNYTX vs. NYF - Performance Comparison
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Returns By Period
In the year-to-date period, VNYTX achieves a 2.12% return, which is significantly higher than NYF's 1.63% return. Over the past 10 years, VNYTX has outperformed NYF with an annualized return of 2.46%, while NYF has yielded a comparatively lower 1.83% annualized return.
VNYTX
- 1D
- 0.00%
- 1M
- 0.77%
- YTD
- 2.12%
- 6M
- 2.53%
- 1Y
- 8.45%
- 3Y*
- 4.70%
- 5Y*
- 1.20%
- 10Y*
- 2.46%
NYF
- 1D
- 0.11%
- 1M
- 0.67%
- YTD
- 1.63%
- 6M
- 1.96%
- 1Y
- 6.74%
- 3Y*
- 3.29%
- 5Y*
- 0.85%
- 10Y*
- 1.83%
VNYTX vs. NYF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VNYTX Vanguard New York Long-Term Tax-Exempt Fund Investor Shares | 2.12% | 4.72% | 2.49% | 8.00% | -11.00% | 2.01% | 5.52% | 8.61% | 0.51% | 5.79% |
NYF iShares New York Muni Bond ETF | 1.63% | 3.64% | 1.13% | 5.76% | -7.75% | 1.34% | 4.18% | 6.49% | 0.66% | 5.02% |
Correlation
The correlation between VNYTX and NYF is 0.72, 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 | 0.72 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.76 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.74 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.68 |
Correlation (All Time) Calculated using the full available price history since Oct 12, 2007 | 0.48 |
Over the past year, VNYTX and NYF have become more correlated (0.72) than their long-term average of 0.48, meaning their price movements have been converging.
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Return for Risk
VNYTX vs. NYF — Risk / Return Rank
VNYTX
NYF
VNYTX vs. NYF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard New York Long-Term Tax-Exempt Fund Investor Shares (VNYTX) and iShares New York Muni Bond ETF (NYF). 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.
| VNYTX | NYF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.30 | ||
| Sortino ratioReturn per unit of downside risk | +0.82 | ||
| Omega ratioGain probability vs. loss probability | 1.65 | 1.53 | +0.13 |
| Calmar ratioReturn relative to maximum drawdown | 2.86 | 2.45 | +0.40 |
| Martin ratioReturn relative to average drawdown | 10.03 | 8.79 | +1.24 |
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
| VNYTX | NYF | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.74 | 2.44 | +0.30 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.25 | 0.21 | +0.04 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.54 | 0.41 | +0.13 |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.01 | 0.47 | +0.54 |
Drawdowns
VNYTX vs. NYF - Drawdown Comparison
The maximum VNYTX drawdown since its inception was -21.73%, which is greater than NYF's maximum drawdown of -13.12%. Use the drawdown chart below to compare losses from any high point for VNYTX and NYF.
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Drawdown Indicators
| VNYTX | NYF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.73% | -13.12% | -8.61% |
Max Drawdown (1Y)Largest decline over 1 year | -3.08% | -2.76% | -0.32% |
Max Drawdown (3Y)Largest decline over 3 years | -7.11% | -5.68% | -1.43% |
Max Drawdown (5Y)Largest decline over 5 years | -16.67% | -12.71% | -3.96% |
Max Drawdown (10Y)Largest decline over 10 years | -16.67% | -13.12% | -3.55% |
Current DrawdownCurrent decline from peak | -0.24% | -0.45% | +0.21% |
Average DrawdownAverage peak-to-trough decline | -2.50% | -2.31% | -0.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.88% | 0.77% | +0.11% |
Volatility
VNYTX vs. NYF - Volatility Comparison
Vanguard New York Long-Term Tax-Exempt Fund Investor Shares (VNYTX) has a higher volatility of 1.26% compared to iShares New York Muni Bond ETF (NYF) at 0.96%. This indicates that VNYTX's price experiences larger fluctuations and is considered to be riskier than NYF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VNYTX | NYF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.26% | 0.96% | +0.30% |
Volatility (6M)Calculated over the trailing 6-month period | 2.44% | 2.08% | +0.36% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.21% | 2.78% | +0.43% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.77% | 4.00% | +0.77% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.61% | 4.48% | +0.13% |
VNYTX vs. NYF - Expense Ratio Comparison
VNYTX has a 0.17% expense ratio, which is lower than NYF's 0.25% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
VNYTX vs. NYF - Dividend Comparison
VNYTX's dividend yield for the trailing twelve months is around 3.65%, more than NYF's 3.09% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
NYF iShares New York Muni Bond ETF | 3.09% | 2.99% | 2.77% | 2.36% | 2.04% | 1.85% | 1.98% | 2.19% | 2.48% | 2.46% | 2.43% | 2.60% |
VNYTX Vanguard New York Long-Term Tax-Exempt Fund Investor Shares | 3.65% | 4.44% | 3.93% | 2.85% | 2.86% | 2.75% | 3.43% | 3.52% | 3.44% | 3.64% | 3.82% | 3.36% |
Frequently Asked Questions
VNYTX and NYF have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VNYTX has higher volatility (1.26%) compared to NYF (0.96%). In terms of maximum drawdown, VNYTX dropped -21.73% vs NYF's -13.12%.
VNYTX currently has the higher Sharpe Ratio (2.74 vs 2.44), 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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