XMPT vs. HYD
XMPT (VanEck CEF Municipal Income ETF) and HYD (VanEck Vectors High-Yield Municipal Index ETF) are both exchange-traded funds - XMPT is a High Yield Muni fund tracking the S-Network Municipal Bond Closed-End Fund Index, while HYD is a Municipal Bonds fund tracking the Bloomberg Barclays Municipal Custom High Yield Composite Index. Both are passively managed. Over the past 10 years, XMPT returned 1.94%/yr vs 2.00%/yr for HYD. At a 0.40 correlation, their price movements are largely independent. XMPT charges 1.97%/yr vs 0.35%/yr for HYD.
Performance
XMPT vs. HYD - Performance Comparison
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Returns By Period
In the year-to-date period, XMPT achieves a 2.34% return, which is significantly higher than HYD's 2.11% return. Both investments have delivered pretty close results over the past 10 years, with XMPT having a 1.94% annualized return and HYD not far ahead at 2.00%.
XMPT
- 1D
- -0.37%
- 1M
- 1.78%
- YTD
- 2.34%
- 6M
- 2.46%
- 1Y
- 11.93%
- 3Y*
- 7.25%
- 5Y*
- -1.17%
- 10Y*
- 1.94%
HYD
- 1D
- -0.06%
- 1M
- 1.05%
- YTD
- 2.11%
- 6M
- 2.99%
- 1Y
- 8.23%
- 3Y*
- 4.73%
- 5Y*
- -0.10%
- 10Y*
- 2.00%
XMPT vs. HYD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
XMPT VanEck CEF Municipal Income ETF | 2.34% | 8.01% | 7.01% | 2.55% | -24.02% | 7.94% | 7.70% | 20.36% | -5.85% | 8.28% |
HYD VanEck Vectors High-Yield Municipal Index ETF | 2.11% | 2.83% | 4.94% | 6.52% | -15.97% | 5.05% | 0.17% | 9.34% | 2.19% | 9.78% |
Correlation
The correlation between XMPT and HYD is 0.54, 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 | 0.54 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.58 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.58 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.48 |
Correlation (All Time) Calculated using the full available price history since Jul 14, 2011 | 0.40 |
The correlation between XMPT and HYD shifts across timeframes, from 0.40 (all time) to 0.58 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
XMPT vs. HYD — Risk / Return Rank
XMPT
HYD
XMPT vs. HYD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck CEF Municipal Income ETF (XMPT) and VanEck Vectors High-Yield Municipal Index 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.
| XMPT | HYD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.40 | ||
| Sortino ratioReturn per unit of downside risk | -0.55 | ||
| Omega ratioGain probability vs. loss probability | 1.33 | 1.43 | -0.10 |
| Calmar ratioReturn relative to maximum drawdown | 1.82 | 2.58 | -0.76 |
| Martin ratioReturn relative to average drawdown | 7.45 | 8.87 | -1.42 |
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
| XMPT | HYD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.66 | 2.06 | -0.40 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.13 | -0.02 | -0.11 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.19 | 0.16 | +0.03 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.42 | 0.45 | -0.03 |
Drawdowns
XMPT vs. HYD - Drawdown Comparison
The maximum XMPT drawdown since its inception was -35.24%, roughly equal to the maximum HYD drawdown of -35.61%. Use the drawdown chart below to compare losses from any high point for XMPT and HYD.
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Drawdown Indicators
| XMPT | HYD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.24% | -35.61% | +0.37% |
Max Drawdown (1Y)Largest decline over 1 year | -6.57% | -3.21% | -3.36% |
Max Drawdown (3Y)Largest decline over 3 years | -15.04% | -7.23% | -7.81% |
Max Drawdown (5Y)Largest decline over 5 years | -35.24% | -20.72% | -14.52% |
Max Drawdown (10Y)Largest decline over 10 years | -35.24% | -35.61% | +0.37% |
Current DrawdownCurrent decline from peak | -8.94% | -2.05% | -6.89% |
Average DrawdownAverage peak-to-trough decline | -8.82% | -4.32% | -4.50% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.60% | 0.93% | +0.67% |
Volatility
XMPT vs. HYD - Volatility Comparison
VanEck CEF Municipal Income ETF (XMPT) has a higher volatility of 2.69% compared to VanEck Vectors High-Yield Municipal Index ETF (HYD) at 1.14%. This indicates that XMPT's price experiences larger fluctuations and is considered to be riskier 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
| XMPT | HYD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.69% | 1.14% | +1.55% |
Volatility (6M)Calculated over the trailing 6-month period | 6.03% | 2.99% | +3.04% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.21% | 4.02% | +3.19% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.35% | 6.45% | +2.90% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 10.36% | 12.60% | -2.24% |
XMPT vs. HYD - Expense Ratio Comparison
XMPT has a 1.97% expense ratio, which is higher than HYD's 0.35% expense ratio.
Dividends
XMPT vs. HYD - Dividend Comparison
XMPT's dividend yield for the trailing twelve months is around 6.34%, more than HYD's 4.26% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HYD VanEck Vectors High-Yield Municipal Index ETF | 4.26% | 4.29% | 4.29% | 4.13% | 3.96% | 3.50% | 4.01% | 4.08% | 4.43% | 4.29% | 4.58% | 4.82% |
XMPT VanEck CEF Municipal Income ETF | 6.34% | 5.87% | 5.35% | 3.81% | 5.12% | 3.74% | 3.79% | 4.08% | 5.05% | 4.84% | 5.35% | 5.24% |
Frequently Asked Questions
XMPT and HYD have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
XMPT has higher volatility (2.69%) compared to HYD (1.14%). In terms of maximum drawdown, XMPT dropped -35.24% vs HYD's -35.61%.
On 10-year performance, HYD leads with 2.00% vs 1.94% for XMPT. On fees, HYD is cheaper at 0.35% per year. On volatility, HYD has been the lower-risk option at 1.14%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, HYD has performed better with a 2.00% return vs 1.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
HYD is cheaper with a 0.35% expense ratio, compared with 1.97% for XMPT.
XMPT has the higher dividend yield at 6.34%, compared with 4.26% for HYD.
XMPT is categorized as High Yield Muni, while HYD is Municipal Bonds. XMPT tracks S-Network Municipal Bond Closed-End Fund Index, while HYD tracks Bloomberg Barclays Municipal Custom High Yield Composite Index. Their fees differ too: 1.97% for XMPT and 0.35% for HYD.
HYD currently has the higher Sharpe Ratio (2.06 vs 1.66), 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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