MUNYvsHYDETF Comparison
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Vanguard New York Tax-Exempt Bond ETF (MUNY) and VanEck High Yield Muni ETF (HYD) belong to the same industry segment: Municipal Bonds. Both ETFs have the same top 1 sector exposures: Municipal. MUNY is less expensive with a Total Expense Ratio (TER) of 0.09%, versus 0.32% for HYD. MUNY is down -1.91% year-to-date (YTD) with +$546M in YTD flows. HYD performs better with -1.57% YTD performance, and +$535M in YTD flows. Run a side-by-side ETF comparison of MUNY and HYD below, and assess how they stack up in performance, liquidity, risk, exposure, holdings, and more, helping you select the best ETF for your investments.
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MUNY vs HYD performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 10/16/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | MUNY HYD | -0.04%-0.86% | -3.31%-3.95% | -1.91%-1.57% | -1.39%-0.91% | n/a+13.01% | n/a-4.06% |
| Flows | MUNY HYD | +$212M+$368M | +$277M+$62M | +$546M+$535M | +$616M+$981M | -+$1.81B | -+$1.62B |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | MUNY HYD | +5.24%+5.81% | +3.32%+3.64% | n/a+4.51% | n/a+4.67% |
| Max drawdown | MUNY HYD | -5.85%-6.17% | -6.60%-6.77% | n/a-6.77% | n/a-19.44% |
| Max drawdown duration | MUNY HYD | 92d92d | 102d102d | n/a102d | n/a1747d |
Trading data
MUNY | HYD | |
Last sale 10/19/2026 at 1:30 PM | $98.64 | $48.55 |
| Previous close 10/16/2026 | $98.68 | $48.74 |
| Consolidated volume 10/16/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
Replication quality
Data as of September 30, 2026
1-year trailing difference
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MUNY | HYD | |
|---|---|---|
| Tracking error | ||
| Tracking difference | ||
| 1 year cumulative return difference | ||
| Best | ||
| Worst | ||
| Daily return difference | ||
| Average | ||
| Worst | ||
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Main metrics
Last update 10/19/2026 at 1:30 PM
Live
Closed
MUNY | HYD | |
|---|---|---|
| Last price | $98.64 | $48.55 |
| 1D performance | -0.04% | -0.39% |
| AuM | $722.39 M | $4.35 B |
| E/R | 0.09% | 0.32% |
Characteristics
MUNY | HYD | |
|---|---|---|
| Management strategy | Passive | Passive |
| Provider | Vanguard | VanEck |
| Benchmark | S&P NewYork AMT-Free Municipal USD10 Million Par Bond Index | ICE Broad High Yield Crossover Municipal Index |
| N° of holdings | 1835 | 714 |
| Asset class | - | - |
| Trailing 12m distribution yield | Join | Join |
| Inception date | May 20, 2025 | February 4, 2009 |
| ESG | No | No |
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Exposure
Countries
MUNY
USA
59.67%
Other
40.33%
HYD
USA
60.08%
Other
39.92%
Sectors
MUNY
Municipal
59.67%
Other
40.33%
HYD
Municipal
60.08%
Other
39.92%
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Diversification
MUNY
Total weight of top 15 holdings out of 15
3.51%
HYD
Total weight of top 15 holdings out of 15
8.65%
Top 15 holdings
Data as of August 31, 2026
MUNY
New York Dormitory Authority, 5.5% 1jul2054, USD (2024A)
0.31%
Hudson Yards Infrastructure Corp., 5% 15feb2042, USD
0.29%
City of New York, FRN 1aug2044, USD
0.27%
Triborough Bridge and Tunnel Authority, 5% 15may2051, USD (2021A)
0.27%
MTA Hudson Rail Yards Trust, 5% 15nov2056, USD (2016A)
0.25%
Triborough Bridge and Tunnel Authority, 5.25% 15may2064, USD (2024A-1)
0.23%
MTA Hudson Rail Yards Trust, 5% 15nov2051, USD (2016A)
0.22%
Triborough Bridge and Tunnel Authority, 5% 15nov2051, USD (2021A)
0.22%
US896035CD29
0.22%
New York Transitional Finance Authority, 5% 1nov2034, USD (2026)
0.21%
US896032BB41
0.21%
Triborough Bridge and Tunnel Authority, 5% 15nov2047, USD (2017A)
0.21%
Monroe Industrial Development Corp., 4% 1jul2050, USD (2020A)
0.20%
US89602HEY99
0.20%
New York Power Authority, 4% 15nov2050, USD
0.19%
HYD
Puerto Rico Sales Tax Financing Corp., 0% 1jul2046, USD (10001D)
1.01%
Chicago Board of Education, 5% 1dec2042, USD (2012A)
0.79%
Tobacco Settlement Financing Corp. (NJ), 5% 1jun2046, USD (2018B)
0.74%
New York Transportation Development Corp., 5% 1jul2046, USD (2016A)
0.63%
Buckeye Tobacco Settlement Financing Authority, 5% 1jun2055, USD (2020B-2)
0.62%
Puerto Rico Sales Tax Financing Corp., 4.75% 1jul2053, USD
0.61%
Chicago Board of Education, 5.25% 1dec2039, USD (2015C)
0.55%
Florida Development Finance Corp., 5% 1jul2044, USD (2024)
0.52%
New York Transportation Development Corp., 5.25% 1jan2050, USD (2016A)
0.48%
Puerto Rico Sales Tax Financing Corp., 5% 1jul2058, USD
0.47%
US442349GA89
0.47%
Arkansas Development Finance Authority, 5.45% 1sep2052, USD (2022)
0.45%
California Municipal Finance Authority, 4% 15jul2029, USD (2019)
0.44%
Iowa Finance Authority, 4.75% 1aug2042, USD (2012)
0.44%
California Statewide Communities Development Authority, 5.25% 1dec2056, USD (2016A)
0.44%
Frequently asked questions about MUNY and HYD
How have the MUNY and HYD ETFs performed in 2026?
As of October 16, 2026, MUNY is down -1.91% year-to-date (YTD), while HYD has lost -1.57%. That puts HYD better performer ahead so far this year.
Which ETF is attracting more investor money: MUNY or HYD?
Year-to-date, the MUNY ETF saw +$546M in flows, compared to +$535M for HYD.
Which ETF is more volatile: MUNY or HYD?
Over the past year, MUNY had a volatility of 3.32%, while HYD experienced 3.64%.
Which ETF is bigger: MUNY or HYD?
As of October 16, 2026, MUNY holds $722.39 M in assets under management (AUM), while HYD manages $4.35 B.
What sectors do the MUNY and HYD ETFs invest in?
MUNY leans toward sectors like Municipal. Meanwhile, HYD focuses on Municipal.
What are the top holdings of the MUNY ETF and HYD ETF?
MUNY top holdings include New York Dormitory Authority, 5.5% 1jul2054, USD (2024A), Hudson Yards Infrastructure Corp., 5% 15feb2042, USD and City of New York, FRN 1aug2044, USD. HYD holds in its top three: Puerto Rico Sales Tax Financing Corp., 0% 1jul2046, USD (10001D), Chicago Board of Education, 5% 1dec2042, USD (2012A) and Tobacco Settlement Financing Corp. (NJ), 5% 1jun2046, USD (2018B).
Which ETF is more diversified: MUNY or HYD?
MUNY holds 3643 securities with 3.51% of its assets in the top 15. HYD has 1443 securities and a top 15 weight of 8.65%.
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