HYD — VanEck High Yield Muni ETF

HYD Price Performance — Growth of $10,000

Value of a $10,000 investment in HYD over time, compared with SPY. Both lines are rebased to $10,000 on the first shared date. Based on total returns — prices are adjusted for dividends and splits, so this assumes distributions were reinvested. Hover or tap the chart for exact values.

HYD Drawdown

The "underwater" chart: HYD's decline from its highest prior value at each point in time. It shows how deep past losses ran and how long the fund took to recover to break-even.

Overview

The VanEck High Yield Muni ETF is a municipal bond fund issued by VanEck with $4.34 billion in assets under management. It holds an ETFValuer grade of C, reflecting a score of 52.4 out of 100, and ranks 4th among 10 funds in its category. The fund’s 0.32% expense ratio exceeds the category median of 0.19%, while its 4.40% dividend yield significantly outpaces the 3.35% median. Top holdings represent only 6.6% of assets, with the largest position being Puerto Rico Sales Tax Financing Corp Sales Tax Revenue at 1.0%. Overall, it sits at rank 356 of 458 tracked ETFs across all categories.

The fund’s price of $49.45 sits at the very bottom of its 52-week range, which spans from $49.42 to $51.68. Short-term performance shows declines across the one-day, one-week, one-month, and three-month horizons, with the three-month return at -2.43%. In contrast, the longer-term picture is positive, with a one-year return of +3.01% and a three-year return of +11.66%. The one-year return of +3.01% exceeds the category median of +1.85%. The ETFValuer grade has remained unchanged at C for the last 35 tracked days, and price history is available for 3.0 years.

With a beta of 1.02, the fund moves slightly more than the market, accompanied by an annualized volatility of 3.86%, which is labeled as Very Low. The Sharpe ratio of -0.52 indicates that risk-adjusted returns have been negative relative to the risk-free rate. Maximum drawdown has reached -5.94%, highlighting the extent of recent losses. Liquidity is supported by an average daily volume of 870,333 shares and a tight bid-ask spread of 0.04%. These metrics collectively describe a fund with low volatility but negative risk-adjusted performance over the measured period.

AI-generated summary based on the data on this page.

HYD Top Holdings

Holdings as of 2026-04-30 per the fund's most recent SEC N-PORT-P filing. Top 10 holdings make up 6.6% of net assets — a rough gauge of concentration risk (the higher this figure, the more the fund's return depends on a handful of names). To see how HYD's holdings overlap with other ETFs you own or are considering, check the Stock Overlap tool.

Market Backdrop

10-Year Treasury Yield: 4.78% (as of 2026-09-04) — The yield on 10-year US Treasury bonds — the standard "risk-free rate" benchmark used to contextualize this fund’s Sharpe ratio and returns.

CBOE Volatility Index (VIX): 15.30 (as of 2026-09-07) — A real-time gauge of expected S&P 500 volatility over the next 30 days — useful context for this fund’s own volatility label.

Federal Funds Rate: 3.63% (as of 2026-08-01) — The Federal Reserve’s target policy rate, which anchors short-term borrowing costs across the economy.

HYD Liquidity, Domicile & Tax Treatment

Liquidity: Quoted bid/ask spread is 0.04% and average daily volume is 870K/day. Tighter spreads and higher volume mean lower round-trip trading costs; this is a live-market snapshot and can widen during volatile sessions. AUM of $4.34B provides ample scale, supporting tight spreads and issuer commitment to keep the fund open.

Domicile & tax treatment: HYD is a US-domiciled, SEC-registered ('40 Act) exchange-traded fund. Dividends and capital gains distributions are reported to US investors on Form 1099-DIV, and the fund is not subject to the PFIC reporting or UCITS-specific rules that apply to Irish- or Luxembourg-domiciled funds. Non-US investors should note that US-domiciled ETFs are generally subject to 30% US withholding tax on dividends (unless reduced by treaty) and to US estate tax exposure on the position — Irish-domiciled UCITS ETFs tracking the same index often avoid both, which is why non-US residents frequently prefer the UCITS equivalent where one exists. This is general information, not tax advice — consult a tax professional for your situation.

HYD Performance History

How HYD Compares to Other Municipal Bonds ETFs