VSDM vs. SHYM

Last updated Apr 2, 2026

Compare and contrast key facts about Vanguard Short Duration Tax-Exempt Bond ETF (VSDM) and iShares Short Duration High Yield Muni Active ETF (SHYM).

VSDM and SHYM are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. VSDM is an actively managed fund by Vanguard. It was launched on Nov 21, 2024. SHYM is an actively managed fund by iShares. It was launched on Mar 16, 2021.

Performance

VSDM vs. SHYM - Performance Comparison

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

VSDM vs. SHYM - Yearly Performance Comparison

	2026 (YTD)	2025	2024
VSDM Vanguard Short Duration Tax-Exempt Bond ETF	0.47%	5.39%	-0.15%
SHYM iShares Short Duration High Yield Muni Active ETF	-0.21%	2.58%	-0.64%

Returns By Period

In the year-to-date period, VSDM achieves a 0.47% return, which is significantly higher than SHYM's -0.21% return.

VSDM

• 1D: 0.17%
• 1M: -0.94%
• YTD: 0.47%
• 6M: 1.20%
• 1Y: 4.31%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SHYM

• 1D: 0.14%
• 1M: -1.63%
• YTD: -0.21%
• 6M: 0.90%
• 1Y: 1.07%
• 3Y*: 5.27%
• 5Y*: 1.35%
• 10Y*: —

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

VSDM vs. SHYM - Expense Ratio Comparison

VSDM has a 0.12% expense ratio, which is lower than SHYM's 0.35% expense ratio.

SHYM

iShares Short Duration High Yield Muni Active ETF

VSDM

Vanguard Short Duration Tax-Exempt Bond ETF

Return for Risk

VSDM vs. SHYM — Risk / Return Rank

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

VSDM

VSDM Risk / Return Rank: 88
VSDM Sharpe Ratio Rank: 91
VSDM Sortino Ratio Rank: 90
VSDM Omega Ratio Rank: 97
VSDM Calmar Ratio Rank: 82
VSDM Martin Ratio Rank: 78

SHYM

SHYM Risk / Return Rank: 18
SHYM Sharpe Ratio Rank: 17
SHYM Sortino Ratio Rank: 15
SHYM Omega Ratio Rank: 19
SHYM Calmar Ratio Rank: 17
SHYM Martin Ratio Rank: 21

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.

VSDM vs. SHYM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Short Duration Tax-Exempt Bond ETF (VSDM) and iShares Short Duration High Yield Muni Active ETF (SHYM). 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.

	VSDM	SHYM	Difference
Sharpe ratio Return per unit of total volatility	2.09	0.20	+1.89
Sortino ratio Return per unit of downside risk	2.62	0.30	+2.31
Omega ratio Gain probability vs. loss probability	1.56	1.07	+0.49
Calmar ratio Return relative to maximum drawdown	2.53	0.26	+2.27
Martin ratio Return relative to average drawdown	9.01	1.30	+7.71
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VSDM vs. SHYM - Sharpe Ratio Comparison

The current VSDM Sharpe Ratio is 2.09, which is higher than the SHYM Sharpe Ratio of 0.20. The chart below compares the historical Sharpe Ratios of VSDM and SHYM, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	VSDM	SHYM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.09	0.20	+1.89
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.19	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.10	0.21	+1.89

Correlation

The correlation between VSDM and SHYM is 0.50, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

VSDM vs. SHYM - Dividend Comparison

VSDM's dividend yield for the trailing twelve months is around 3.11%, less than SHYM's 4.55% yield.

	TTM	2025	2024	2023	2022	2021
VSDM Vanguard Short Duration Tax-Exempt Bond ETF	3.11%	3.06%	0.35%	0.00%	0.00%	0.00%
SHYM iShares Short Duration High Yield Muni Active ETF	4.15%	4.55%	4.35%	4.35%	4.01%	2.97%

Drawdowns

VSDM vs. SHYM - Drawdown Comparison

The maximum VSDM drawdown since its inception was -1.81%, smaller than the maximum SHYM drawdown of -22.55%. Use the drawdown chart below to compare losses from any high point for VSDM and SHYM.

Drawdown Indicators

	VSDM	SHYM	Difference
Max Drawdown Largest peak-to-trough decline	-1.81%	-22.55%	+20.74%
Max Drawdown (1Y) Largest decline over 1 year	-1.81%	-6.78%	+4.97%
Max Drawdown (5Y) Largest decline over 5 years	—	-22.55%	—
Current Drawdown Current decline from peak	-1.08%	-1.88%	+0.80%
Average Drawdown Average peak-to-trough decline	-0.27%	-6.97%	+6.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.51%	1.37%	-0.86%

Volatility

VSDM vs. SHYM - Volatility Comparison

The current volatility for Vanguard Short Duration Tax-Exempt Bond ETF (VSDM) is 0.73%, while iShares Short Duration High Yield Muni Active ETF (SHYM) has a volatility of 1.18%. This indicates that VSDM experiences smaller price fluctuations and is considered to be less risky than SHYM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VSDM	SHYM	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.73%	1.18%	-0.45%
Volatility (6M) Calculated over the trailing 6-month period	1.01%	1.74%	-0.73%
Volatility (1Y) Calculated over the trailing 1-year period	2.09%	7.93%	-5.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.02%	7.07%	-5.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.02%	7.05%	-5.03%