EVYM vs HYD: Grades, Fees and Holdings Compared

Eaton Vance High Income Municipal ETF

EVYMBNasdaq

VanEck High Yield Muni ETF

HYDACboe

Overlap

0.0%by weight

Expense ratio

HYD −0.08pt a year

EVYM0.40%HYD0.32%

Avg volume · 30D

HYD 116.7×the volume

EVYM13KHYD1.51M

EVYM vs HYD Performance

Oct 31, 2025 – Nov 2, 2026

+1.4%EVYM+1.2%HYD

Expense ratio: EVYM 0.40%; HYD 0.32%, better
Fund size: EVYM $61M; HYD $4.6B
1Y total return: EVYM +1.4%, better; HYD +1.2%
Yield (12M): EVYM 5.08%, better; HYD 4.86%
Holdings: EVYM 120; HYD 2160
Avg volume (30D): EVYM 13K sh; HYD 1.51M sh, better
NAV per share: EVYM $48.13; HYD $49.24
52W range

ETF.net Grade

Pillar letters and Scores for EVYM, HYD, with each pillar’s weight
Pillar	EVYM	HYD
Cost30% weight	C47	A89Higher
Mission25% weight	A96Higher	A93
Risk15% weight	C51	B60Higher
Tradability15% weight	C48	B57Higher
Holdings10% weight	D37	A84Higher
Durability5% weight	D33	A81Higher

Rank among High-Yield Municipal Bonds funds

How we build Categories ›

Same Category. EVYM and HYD are both graded against the same 18 High-Yield Municipal Bonds funds, so their Grades compare head to head.

High-Yield Municipal Bonds⁠

Category · 18 funds

See all 18 ›

HYD ranks 2nd and EVYM 12th of 18 funds in the High-Yield Municipal Bonds Category.

Rank 1ACGHMCapital Group Municipal High-Income ETFScore 80
Rank 2AHYDVanEck High Yield Muni ETFScore 79
Rank 3AFMUBFidelity Municipal Bond Opportunities ETFScore 72
Rank 10BNHYMNuveen High Yield Municipal IncomeScore 61
Rank 12BEVYMEaton Vance High Income Municipal ETFScore 58
Rank 13BFMHIFirst Trust Municipal High Income ETFScore 56

Our read on each fund

ETF.net Research

EVYMBEaton Vance High Income Municipal ETF

HYDAVanEck High Yield Muni ETF

In short

EVYM A 2025 arrival from Eaton Vance that skips the plain-vanilla muni index route and reaches for high current income exempt from regular federal income tax, paid out monthly.

HYD Junk munis with a seatbelt: HYD's index mixes lower-rated and unrated bonds with a slice of investment-grade credit, spread across roughly 1,900 tax-exempt issues. Trading since 2009, priced under the category median.

Stated mandate

EVYM The Fund seeks high current income that is exempt from regular federal income tax.

HYD The fund seeks to track the performance of a broad index of U.S. dollar-denominated, high-yield, long-term tax-exempt municipal bonds.

Why people hold it

EVYM Single clear job: high current income exempt from regular federal income tax. Income shows up monthly rather than quarterly.
The portfolio matches the label. It stays in US municipal bonds, so you get the exposure the name advertises.
Ordinary 1940 Act fund plumbing, not a partnership or a bank note. No exotic wrapper to decode at tax time.

HYD The "crossover" build is the whole idea: lower-rated and unrated munis blended with an investment-grade allocation meant to firm up credit quality and tradability.vaneck.com vaneck.com 2
Costs 0.32% a year, below the high-yield muni median of 0.40% and under index rival HYMB at 0.35%.
Roughly 1,900 bonds, paid out monthly, so no single troubled issuer drives the whole distribution.
Open since 2009 and one of the stronger index implementations in the high-yield muni group.vaneck.com

Worth knowing

EVYM At 0.40% it runs above the 0.30% muni-cohort median, and far above index workhorses like VTEB (0.03%) and MUB (0.05%).
Launched in 2025 and thinly traded, so spreads can be wider than the category giants. Limit orders are the friendly move.
The exemption covers regular federal income tax only. State and local tax treatment depends on where you live and what the fund holds.

HYD High yield means what it says: lower-rated and unrated municipal credit, where defaults and price swings bite harder than in investment-grade munis.vaneck.com
A long-term muni portfolio, so interest-rate moves move the price. The tax-exempt income counts for most in a taxable account.vaneck.com
Munis trade over the counter, not on an exchange, so spreads on the fund can widen when the bond market gets jumpy.vaneck.com

Full EVYM profile⁠

Full HYD profile⁠

EVYM vs HYD Holdings

How EVYM and HYD differ

Overlap by weight

0.0%

Shared holdings make up 0.0% of EVYM and 0.0% of HYD.

Level by level

Holdings0 in both0.0%
Countryby domicile92.7%

Sector

No Sector split for EVYM and HYD.

Country, concentration and asset class

Country by domicile

Country weights in EVYM and HYD, widest gap first
Country	More in EVYMMore in HYD	EVYM	HYD
United States	EVYM +7.3 points	100.0%	92.7%
Puerto Rico	HYD +7.0 points	0.0%	7.0%
Philippines	HYD +0.3 points	0.0%	0.3%

Concentration

Weight in the 10 largest Holdings

EVYM18.7%
HYD10.3%

Securities held

EVYM119
HYD588

Asset class

EVYM: Fixed Income
HYD: Multi-Asset

Holdings

Only in EVYM119
In both0
Only in HYD588

Only in EVYM

119 securities, 100% of EVYM by weight

BlackRock Liquidity Funds2.70%
Puerto Rico 5% 07/582.23%
Public Fin 5.75% 12/652.03%
Public Fin 5.25% 06/451.76%
Washington St 6.25% 01/561.71%
New York Transn 6% 06/551.70%
Fw Tex Str Pub 5% 05/381.68%
Connecticut St Var 07/421.67%
Maine St Hsg Var 11/501.67%
Hampton Roads Var 08/461.67%
Louisiana Pub 5.5% 09/591.67%
Atlanta Ga Dev 5.5% 04/391.64%
South 5.75% 11/541.63%
California Mun 6% 11/431.63%
Lakewood 5.125% 05/461.61%
Vail Home 6% 10/641.61%
California Mun 5% 12/471.60%
New York 5.5% 12/601.59%
Texas Private 5% 06/581.55%
Mobile Cnty 4.75% 12/541.46%
Lavon Tex Spl 5.75% 09/451.43%
Washington St 4.5% 07/551.41%
New York Energy Var 07/561.38%
New Hope 5.5% 10/351.33%
Chicago Ill 5.75% 12/501.33%
Hoover Ala 5.75% 10/491.26%
North Carolina 5.5% 09/441.24%
Maryland St Var 09/331.17%
District 5% 07/491.14%
Niagara N Y 4.75% 11/421.07%
California Pub 5% 11/561.05%
Fort Worth 5.55% 09/460.96%
Lakewood Ranch 5.8% 05/450.95%
Mida Cormont 8.5% 06/550.93%
Cobb Cnty Ga 6.25% 06/550.92%
Public Fin 5.5% 06/550.91%
Public Fin 6.5% 06/600.89%
Florida Loc 6.625% 11/450.88%
Build Nyc 7% 12/300.87%
Stamford Conn 6.25% 10/600.86%
Chicago Ill Go 6% 01/420.86%
Houston Tex 5.25% 07/340.86%
California Mun 6% 01/550.85%
Point Phase 5.875% 03/450.85%
Charlotte 5.125% 10/350.84%
Louisiana Pub 6% 06/450.83%
Capital Projs 6.25% 06/450.83%
National Fin 5.625% 09/570.83%
Ohio Hsg Fin 5.7% 08/430.83%
Sierra Vista 6.5% 06/600.82%

Only in HYD

588 securities, 96.0% of HYD by weight

New York Transportation Development Cor4.75%
Chicago Board Of Education4.62%
Puerto Rico Sales Tax Financing Corp Sa3.74%
Public Finance Authority3.40%
California Municipal Finance Authority2.10%
Florida Development Finance Corp1.91%
City Of Houston Tx Airport System Reven1.68%
California Statewide Communities Develo1.64%
Commonwealth Of Puerto Rico1.57%
Massachusetts Development Finance Agenc1.25%
Black Belt Energy Gas District1.24%
Colorado Health Facilities Authority1.17%
Tobacco Settlement Financing Corp1.07%
Metropolitan Pier & Exposition Authorit1.04%
California Community Choice Financing A1.00%
Pennsylvania Economic Development Finan0.98%
New Hampshire Business Finance Authorit0.97%
Arizona Industrial Development Authorit0.89%
Build Nyc Resource Corp0.88%
New York Liberty Development Corp0.86%
Cscda Community Improvement Authority0.85%
Virginia Small Business Financing Autho0.84%
Metropolitan Washington Airports Author0.84%
Washington State Housing Finance Commis0.77%
Arkansas Development Finance Authority0.76%
North Carolina Medical Care Commission0.76%
Oklahoma Development Finance Authority0.73%
New York State Dormitory Authority0.72%
New Jersey Transportation Trust Fund Au0.72%
Kentucky Public Energy Authority0.70%
California Health Facilities Financing0.68%
Iowa Finance Authority0.67%
New Hope Cultural Education Facilities0.65%
Illinois Finance Authority0.64%
Southeast Energy Authority A Cooperativ0.62%
Maryland Health & Higher Educational Fa0.62%
City Of Chicago Il0.59%
State Of Illinois0.58%
Chicago O'Hare International Airport0.56%
Puerto Rico Commonwealth Aqueduct & Sew0.55%
Ohio Air Quality Development Authority0.54%
Indiana Finance Authority0.51%
Texas Private Activity Bond Surface Tra0.49%
City Of Salt Lake City Ut Airport Reven0.49%
Mission Economic Development Corp0.47%
Connecticut State Health & Educational0.46%
South Carolina Jobs-Economic Developmen0.45%
Baldwin County Industrial Development A0.43%
Allentown Neighborhood Improvement Zone0.42%
New Jersey Economic Development Authori0.42%

Weight gaps

EVYM and HYD share no securities.

All 118 EVYM holdings⁠All 1,940 HYD holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

EVYM vs HYD Cost

Overpaying EVYM vs HYD

$1,548

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

EVYM 0.40%
$8,090
HYD 0.32%
$6,542

Amount$10,000

Years30 years

Cost over time

EVYM 0.40%
HYD 0.32%
Overpaying

Year by year

Year	EVYM	HYD	Overpaying
10	$723	$580	$143
20	$2,793	$2,250	$543
30	$8,090	$6,542	$1,548

Expense ratio

0.40%EVYM
0.32%HYD, cheaper

HYD0.32%EVYM0.40%

0.30%0.70%

Middle half of High-Yield Municipal Bonds funds
Median 0.39%

HYD 2nd cheapest of 18 funds

EVYM 11th cheapest of 18 funds

EVYM vs HYD Dividends

Last 12 months to Nov 2, 2026

Yield (12M): EVYM 5.08%, better; HYD 4.86%
Payout (12M): EVYM $2.45; HYD $2.40
Last payment: EVYM $0.20; HYD $0.18
Ex-dividend: EVYM Oct 30, 2026; HYD Nov 2, 2026
Paid on: EVYM Pays Nov 5, 2026; HYD Pays Nov 5, 2026
Frequency: EVYM Monthly; HYD Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

EVYMMonthly · 20 paymentsAll EVYM payments⁠

HYDMonthly · 46 paymentsAll HYD payments⁠

EVYM vs HYD Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: EVYM 6.8%since Mar 2025HYD 6.6%
Return per unit of riskSharpe ratio, 3 years: EVYM −0.20since Mar 2025HYD 0.20
Worst fallMax drawdown, 5 years: EVYM −7.8%since Feb 2025HYD −20.2%
Market sensitivityBeta, 5 years: EVYM 0.16HYD 1.02; Market = 1

EVYM and HYD in the news

All news⁠

New ETFs
GMO's ETF share class costs more than the fund's $35 million Class III shares
Oct 22, 2026HYD
New ETFs
Nine new bond ETFs match the index fund beside them, or cost more
Oct 5, 2026HYD
New ETFs
Victory's two new municipal ETFs list at fees a waiver is holding down
Oct 5, 2026HYD
New ETFs
MacKay's new muni ETF matches Capital Group's credit rule and waives its fee to 0.34%
Oct 5, 2026HYD
ETF Filings
Morgan Stanley files seven Eaton Vance muni ETFs with the fee left blank
Sep 16, 2026EVYM

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EVYM vs HYD

In short

Stated mandate

Why people hold it