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 (HYD) is a municipal bond fund issued by VanEck that currently manages $4.52 billion in assets. Trading at a price of $50.31, the fund carries an expense ratio of 0.32% and offers a dividend yield of 4.24%. In the broader landscape of 458 tracked ETFs, HYD holds an overall rank of #261 and has received an ETFValuer grade of C with a score of 59.0 out of 100. Within its specific Municipal Bonds category, which contains 10 ETFs tracked by the platform, the fund's substantial asset base suggests significant investor adoption relative to the category size. The combination of a moderate expense ratio and a high dividend yield positions the fund as an income-oriented vehicle within the fixed income space. Its current market capitalization of $4.52 billion indicates it is a well-established option compared to smaller peers in the same sector.

Short-term performance data shows a mixed pattern, with the fund gaining +0.20% over one day before declining -1.45% over the week and -1.96% over the month. The three-month return of -0.64% contrasts with a positive six-month return of +0.55%, while year-to-date performance stands at +0.51%. Over longer horizons, the fund demonstrates stronger growth, posting a one-year return of +7.33% and a three-year return of +11.83%. This trajectory indicates a divergence where recent short-term fluctuations have been negative, yet the fund has maintained positive momentum over the past year and three years. The shift from negative monthly returns to positive annual figures suggests a recovery or acceleration in performance following the recent period of decline.

The fund is characterized by a volatility label of Very Low, supported by a beta of 1.02 which suggests its price movements align closely with the broader market. A Sharpe ratio of 0.58 indicates the return generated per unit of risk taken is moderate relative to the volatility experienced. The maximum drawdown of -6.72% represents the largest peak-to-trough decline recorded, highlighting the extent of potential losses during adverse market conditions. This combination of a low volatility label and a beta near 1.0 implies the fund moves in tandem with market trends but with dampened amplitude. The moderate Sharpe ratio alongside the specific drawdown figure suggests that while the fund has experienced notable declines, the risk-adjusted returns have remained within a standard range for its category.

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: 4.71% (as of 2026-07-23) — 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): 18.70 (as of 2026-07-23) — 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 2026-06-01) — 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 2.34% and average daily volume is 736K/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 $4.52B 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