FMNY vs HYD: Grades, Fees and Holdings Compared

First Trust New York Municipal High Income ETF

FMNYDNYSE Arca

VanEck High Yield Muni ETF

HYDACboe

Overlap

0.0%by weight

Expense ratio

HYD −0.33pt a year

FMNY0.65%HYD0.32%

Avg volume · 30D

HYD 96.9×the volume

FMNY15.6KHYD1.51M

5Y return · a year

FMNY +0.7pt

FMNY+0.3%HYD−0.4%

FMNY vs HYD Performance

Nov 2, 2021 – Nov 2, 2026

+1.4%FMNY−1.9%HYD

Expense ratio: FMNY 0.65%; HYD 0.32%, better
Fund size: FMNY $24M; HYD $4.6B
1Y total return: FMNY −0.3%; HYD +1.2%, better
Yield (12M): FMNY 3.90%; HYD 4.86%, better
Holdings: FMNY 76; HYD 2160
Avg volume (30D): FMNY 15.6K sh; HYD 1.51M sh, better
NAV per share: FMNY $25.66; HYD $49.24
52W range

ETF.net Grade

Pillar letters and Scores for FMNY, HYD, with each pillar’s weight
Pillar	FMNY	HYD
Cost30% weight	F8	A89Higher
Mission25% weight	A76	A93Higher
Risk15% weight	D33	B60Higher
Tradability15% weight	C43	B57Higher
Holdings10% weight	F22	A84Higher
Durability5% weight	C43	A81Higher

Rank among High-Yield Municipal Bonds funds

How we build Categories ›

Same Category. FMNY 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 FMNY 18th 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 17CMFLXFirst Trust Flexible Municipal High Income ETFScore 40
Rank 18DFMNYFirst Trust New York Municipal High Income ETFScore 37

Our read on each fund

ETF.net Research

FMNYDFirst Trust New York Municipal High Income ETF

HYDAVanEck High Yield Muni ETF

In short

FMNY Most high-yield muni ETFs buy the whole country. FMNY buys New York, actively, hunting income exempt from regular federal, New York State and New York City income taxes across a concentrated book of roughly 80 bonds.

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

FMNY The Fund seeks current income exempt from regular federal and New York income taxes, with long-term capital appreciation as a secondary objective.

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

FMNY At least 80% of net assets goes into bonds paying interest exempt from regular federal, New York State and New York City income taxes. Few ETFs aim at all three.ftportfolios.com
Actively managed with no index to hug: the team ranges across general obligation bonds, revenue bonds, municipal leases and private activity paper, and can shift on credit.businesswire.com ftportfolios.com
Income arrives monthly, and the fund has been running since 2021, so there is a real live record behind the strategy rather than a backtest.

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

FMNY One state, roughly 80 bonds, and a reach for yield means lower-rated issuers: New York credit stress lands here without national diversification to soften it.ftportfolios.com
Costs more than national high-yield muni ETFs such as HYD (0.32%) and HYMB (0.35%), and sits above the median fee in its category.
Small and thinly traded next to the national muni names, so bid-ask spreads can be wider and large orders move the price more.

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 FMNY profile⁠

Full HYD profile⁠

FMNY vs HYD Holdings

How FMNY and HYD differ

Overlap by weight

0.0%

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

Level by level

Holdings0 in both0.0%
Countryby domicile99.4%

Sector

No Sector split for FMNY and HYD.

Country, concentration and asset class

Country by domicile

Country weights in FMNY and HYD, widest gap first
Country	More in FMNYMore in HYD	FMNY	HYD
United States	FMNY +0.6 points	93.3%	92.7%
Other countries (2)	HYD +0.6 points	6.7%	7.3%

Concentration

Weight in the 10 largest Holdings

FMNY24.2%
HYD10.3%

Securities held

FMNY75
HYD588

Asset class

FMNY: Fixed Income
HYD: Multi-Asset

Holdings

Only in FMNY75
In both0
Only in HYD588

Only in FMNY

75 securities, 99.9% of FMNY by weight

NEW YORK ST CONVENTION CENTER DEV CORP 5%, due 11/15/20423.31%
GENESEE CNTY NY FUNDING CORP 5%, due 12/01/20443.02%
HEMPSTEAD TOWN NY LOCAL DEV CORP REV 5%, due 10/01/20452.61%
NASSAU CNTY NY INDL DEV AGY Variable rate, due 01/01/20342.50%
BROOKHAVEN NY LOCAL DEV CORP REV 5%, due 10/01/20502.30%
NEW YORK ST DORM AUTH REVENUES 5%, due 05/01/20382.18%
BUILD NYC RESOURCE CORP NY REV 5.25%, due 06/15/20452.17%
SUFFOLK REGL OFF-TRACK BETTING CORP NY 6%, due 12/01/20532.08%
ALBANY NY CAPITAL RESOURCE CORP 5.25%, due 05/01/20502.07%
NEW YORK ST DORM AUTH REVENUES 5%, due 07/01/20462.00%
NEW YORK ST DORM AUTH REVENUES 5.125%, due 11/15/20501.98%
NEW YORK ST TRANSPRTN DEV CORP N/C, 5%, due 12/01/20301.89%
NEW YORK CITY NY TRANSITIONAL FIN AUTH 5%, due 05/01/20391.73%
NEW YORK CITY NY HSG DEV CORP MF HSG REV 4.75%, due 11/01/20401.65%
PUERTO RICO CMWLTH 4%, due 07/01/20331.63%
PUERTO RICO SALES TAX FING CORP 4.329%, due 07/01/20401.59%
BUFFALO NY SWR AUTH 5%, due 06/15/20431.58%
NEW YORK ST DORM AUTH REVENUES 5%, due 10/01/20461.48%
LONG ISLAND NY PWR AUTH ELEC SYS REV 5%, due 09/01/20481.46%
BATTERY PARK CITY NY AUTH 5%, due 11/01/20441.41%
UTILITY DEBT SECURITIZATION AUTH NY 5%, due 12/15/20411.40%
HEMPSTEAD TOWN NY LOCAL DEV CORP REV 4%, due 07/01/20361.39%
MET TRANSPRTN AUTH NY REVENUE 5%, due 11/15/20371.37%
PORT AUTH OF NEW YORK & NEW JERSEY NY 5%, due 09/01/20401.32%
NEW YORK CITY NY MUNI WTR FIN AUTH 5%, due 06/15/20441.29%
NEW YORK ST THRUWAY AUTH GEN REV 5%, due 01/01/20461.27%
CHAUTAUQUA CNTY NY CAPITAL RESOURCE CORP Variable rate, due 04/01/20421.26%
HUDSON YARDS INFRASTRUCTURE CORP NY 5%, due 02/15/20381.25%
PENNSYLVANIA ST ECON DEV FING AUTH Variable rate, due 04/01/20341.25%
SAN JUAN PR 5.25%, due 07/01/20391.24%
BUILD NYC RESOURCE CORP NY REV 5%, due 07/01/20421.24%
NEW YORK ST TRANSPRTN DEV CORP 4%, due 10/01/20301.24%
NEW YORK ST DORM AUTH REVENUES 5%, due 07/01/20441.23%
NEW YORK ST URBAN DEV CORP SALES TAX REV 5%, due 03/15/20451.20%
NEW YORK NY 5%, due 08/01/20411.19%
BUILD NYC RESOURCE CORP NY REV 5.25%, due 06/15/20511.18%
NEW YORK ST MTGE AGY HOMEOWNER MTGE 4.55%, due 10/01/20451.18%
NORTH BABYLON NY UNION FREE SCH DIST 3%, due 07/01/20351.15%
DUTCHESS CNTY NY LOCAL DEV CORP REV 5.25%, due 07/01/20431.13%
NEW YORK ST THRUWAY AUTH GEN REV 4%, due 01/01/20451.13%
PUERTO RICO INDL TOURIST EDUCTNL ETC FACS 6.50%, due 01/01/20421.12%
BUILD NYC RESOURCE CORP NY REV 4%, due 09/01/20431.11%
RENSSELAER CO NY CAPITAL RESOURCE CORP 5%, due 04/01/20391.11%
GUAM GOVT WTRWKS AUTH WTR & WSTWTR SYS 5.25%, due 07/01/20391.10%
NEW YORK ST DORM AUTH REVENUES 5%, due 07/01/20391.10%
NEW YORK ST TRANSPRTN DEV CORP 6%, due 06/30/20421.10%
NEW YORK ST DORM AUTH ST PERSONAL INC TAX 5.25%, due 03/15/20471.08%
TRIBOROUGH NY BRIDGE & TUNNEL AUTH 5%, due 11/15/20421.08%
AMERICAN SAMOA AS ECON DEV AUTH N/C, 5%, due 09/01/20351.07%
NEW YORK ST ENVRNMNTL FACS CORP Variable rate, due 09/01/20501.07%

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

FMNY and HYD share no securities.

All 75 FMNY 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.

FMNY vs HYD Cost

Overpaying FMNY vs HYD

$6,175

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

FMNY 0.65%
$12,717
HYD 0.32%
$6,542

Amount$10,000

Years30 years

Cost over time

FMNY 0.65%
HYD 0.32%
Overpaying

Year by year

Year	FMNY	HYD	Overpaying
10	$1,163	$580	$583
20	$4,440	$2,250	$2,190
30	$12,717	$6,542	$6,175

Expense ratio

0.65%FMNY
0.32%HYD, cheaper

HYD0.32%FMNY0.65%

0.30%0.70%

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

HYD 2nd cheapest of 18 funds

FMNY 16th cheapest of 18 funds

FMNY vs HYD Dividends

Last 12 months to Nov 2, 2026

Yield (12M): FMNY 3.90%; HYD 4.86%, better
Payout (12M): FMNY $1.00; HYD $2.40
Last payment: FMNY $0.09; HYD $0.18
Ex-dividend: FMNY Oct 21, 2026; HYD Nov 2, 2026
Paid on: FMNY Oct 30, 2026; HYD Pays Nov 5, 2026
Frequency: FMNY Monthly; HYD Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

FMNYMonthly · 46 paymentsAll FMNY payments⁠

HYDMonthly · 46 paymentsAll HYD payments⁠

FMNY vs HYD Risk

Fall from peak · 5 years

FMNY
HYD

Risk facts

VolatilityStd dev, 3 years: FMNY 6.3%, betterHYD 6.6%
Return per unit of riskSharpe ratio, 3 years: FMNY 0.04HYD 0.20, better
Worst fallMax drawdown, 5 years: FMNY −15.6%, betterHYD −20.2%
Market sensitivityBeta, 5 years: FMNY 0.99HYD 1.02; Market = 1

FMNY 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

Popular comparisons

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FMNY vs HYD

In short

Stated mandate

Why people hold it

Worth knowing

How FMNY and HYD differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in FMNY

Only in HYD

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

GMO's ETF share class costs more than the fund's $35 million Class III shares

Nine new bond ETFs match the index fund beside them, or cost more

Victory's two new municipal ETFs list at fees a waiver is holding down

MacKay's new muni ETF matches Capital Group's credit rule and waives its fee to 0.34%

How FMNY and HYD differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in FMNY

Only in HYD

Weight gaps