HIMU vs HYD: Grades, Fees and Holdings Compared

Ishares High Yield Muni Active ETF

HIMUBCboe

VanEck High Yield Muni ETF

HYDACboe

Overlap

0.0%by weight

Expense ratio

HYD −0.07pt a year

HIMU0.39%HYD0.32%

Avg volume · 30D

HYD 2.2×the volume

HIMU703KHYD1.51M

HIMU vs HYD Performance

Oct 31, 2025 – Nov 2, 2026

+0.8%HIMU+1.2%HYD

Expense ratio: HIMU 0.39%; HYD 0.32%, better
Fund size: HIMU $2.77B; HYD $4.6B
1Y total return: HIMU +0.8%; HYD +1.2%, better
Yield (12M): HIMU 5.88%, better; HYD 4.86%
Holdings: HIMU 1016; HYD 2160
Avg volume (30D): HIMU 703K sh; HYD 1.51M sh, better
NAV per share: HIMU $47.12; HYD $49.24
52W range

ETF.net Grade

Pillar letters and Scores for HIMU, HYD, with each pillar’s weight
Pillar	HIMU	HYD
Cost30% weight	C47	A89Higher
Mission25% weight	A97Higher	A93
Risk15% weight	C51	B60Higher
Tradability15% weight	B69Higher	B57
Holdings10% weight	C52	A84Higher
Durability5% weight	A87Higher	A81

Rank among High-Yield Municipal Bonds funds

How we build Categories ›

Same Category. HIMU 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 HIMU 8th 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 7BTHYMT. Rowe Price High Income Municipal ETFScore 66
Rank 8BHIMUIshares High Yield Muni Active ETFScore 65
Rank 9BSHYMiShares Short Duration High Yield Muni Active ETFScore 62

Our read on each fund

ETF.net Research

HIMUBIshares High Yield Muni Active ETF

HYDAVanEck High Yield Muni ETF

In short

HIMU No data

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

HIMU No data

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

HIMU No data

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

HIMU No data

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 HIMU profile⁠

Full HYD profile⁠

HIMU vs HYD Holdings

How HIMU and HYD differ

Overlap by weight

0.0%

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

Level by level

Holdings0 in both0.0%
Countryby domicile95.8%

Sector

No Sector split for HYD.

Country, concentration and asset class

Country by domicile

Country weights in HIMU and HYD, widest gap first
Country	More in HIMUMore in HYD	HIMU	HYD
Puerto Rico	HIMU +4.2 points	11.2%	7.0%
United States	HYD +4.0 points	88.7%	92.7%
Other countries (2)	HYD +0.2 points	0.1%	0.3%

Concentration

Weight in the 10 largest Holdings

HIMU16.5%
HYD10.3%

Securities held

HIMU987
HYD588

Asset class

HIMU: Fixed Income
HYD: Multi-Asset

Holdings

Only in HIMU987
In both0
Only in HYD588

Only in HIMU

987 securities, 100% of HIMU by weight

BlackRock Liq Municash Class Ins Mmf4.31%
Puerto Rico Comwlth 0.00% 11/01/2051 (Prc)3.63%
Puerto Rico Sales Tax Fing Co (Rst 5.00% 07/01/2058 (Prcgen)1.98%
California Infrastructure & Ec 12.00% 11/02/2026 (Casdev)1.66%
Golden St Tob Securitization C 0.00% 06/01/2066 (Gldgen)1.42%
Puerto Rico Comwlth 4.00% 07/01/2046 (Prc)0.90%
Puerto Rico Sales Tax Fing Co (Rst 0.00% 07/01/2046 (Prcgen)0.88%
Geisinger Auth Pa Health Sys R 4.00% 02/15/2047 (Geimed)0.87%
Port Beaumont Tex Nav Dist Doc 4.00% 01/01/2050 (Ptbtrn)0.83%
Arkansas St Dev Fin Auth Indl 7.38% 07/01/2034 (Arsdev)0.68%
Colorado Health Facs Auth Rev 3.00% 11/15/2051 (Cosmed)0.63%
Miami-Dade Cnty Fla Seaport Re 4.00% 10/01/2045 (Mdctrn)0.63%
Escambia Cnty Fla Health Facs 3.00% 08/15/2050 (Escmed)0.61%
Buckeye Ohio Tob Settlement Fi 0.00% 06/01/2057 (Bucgen)0.60%
Colorado Edl & Cultural Facs A 8.50% 02/01/2059 (Cosedu)0.58%
Public Fin Auth Wis Rev 5.75% 12/01/2054 (Pubgen)0.58%
Oklahoma Dev Fin Auth Rev 7.25% 09/01/2051 (Oksdev)0.55%
Port Portland Ore Arpt Rev 4.00% 07/01/2050 (Ptpapt)0.54%
South Carolina Jobs-Economic D 6.75% 12/01/2060 (Scsdev)0.51%
South Carolina Jobs-Economic D 6.88% 09/01/2035 (Scsdev)0.50%
Central Plains Energy Proj Neb 5.00% 09/01/2042 (Cenpwr)0.49%
Florida Dev Fin Corp Rev 12.00% 07/15/2028 (Flsdev)0.49%
District Columbia Tob Settlement F 0.00% 06/15/2046 (Disgen)0.48%
Midland Tex Indpt Sch Dist 4.00% 02/15/2054 (Midscd)0.47%
Colorado Health Facs Auth Rev 4.00% 05/15/2052 (Cosmed)0.46%
New York Energy Fin Dev Corp E 5.00% 12/01/2033 (Nyefac)0.46%
Pennsylvania Economic Dev Fing 6.88% 09/01/2047 (Pasdev)0.45%
Puerto Rico Sales Tax Fing Cor 4.78% 07/01/2058 (Prcgen)0.44%
Puerto Rico Comwlth 4.00% 07/01/2037 (Prc)0.43%
Energy Southeast Ala Coop Dist Ene 5.00% 11/01/2033 (Esdpwr)0.43%
Mobile Cnty Ala Indl Dev Auth 5.00% 06/01/2054 (Mcaida)0.42%
Maryland St Health & Higher Ed 5.25% 07/01/2052 (Mdsmed)0.41%
New York St Dorm Auth Revs Non 4.00% 07/01/2053 (Nyshgr)0.41%
South Broward Hosp Dist Fla Re 3.00% 05/01/2051 (Soumed)0.41%
New York St Dorm Auth Revs Non 4.00% 07/01/2050 (Nyshgr)0.40%
Triborough Brdg & Tunl Auth Ny 4.00% 11/15/2054 (Trbtrn)0.38%
New Caney Tex Indpt Sch Dist 4.00% 02/15/2054 (Nwcscd)0.38%
New York St Twy Auth St Pers I 4.00% 03/15/2053 (Nystrn)0.37%
Mohegan Tribal Fin Auth Conn 7.00% 02/01/2045 (Mohgen)0.37%
Wisconsin Ctr Dist Wis Tax Rev 0.00% 12/15/2055 (Wisgen)0.36%
Illinois St 5.13% 10/01/2049 (Ils)0.35%
North Dakota St Hsg Fin Agy 4.95% 07/01/2050 (Ndshfa)0.35%
Monongalia Cnty West Va Commn 9.00% 06/01/2053 (Mngdev)0.34%
Florida Dev Fin Corp Solid Was 4.55% 06/01/2046 (Flshsg)0.34%
District Columbia Tob Settlement 0.00% 06/15/2046 (Disgen)0.34%
Florida Dev Fin Corp Rev 5.25% 07/01/2053 (Flsdev)0.34%
California Health Facs Fing Au 4.00% 11/01/2044 (Casmed)0.32%
New York N Y City Transitional 4.00% 11/01/2047 (Nycgen)0.32%
Aurora Crossroads Met Dist No 2 0.00% 12/01/2055 (Aucdev)0.32%
Rhode Island Hsg & Mtg Fin Cor 4.65% 10/01/2050 (Rishsg)0.31%

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

HIMU and HYD share no securities.

All 1,010 HIMU 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.

HIMU vs HYD Cost

Overpaying HIMU vs HYD

$1,356

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

HIMU 0.39%
$7,898
HYD 0.32%
$6,542

Amount$10,000

Years30 years

Cost over time

HIMU 0.39%
HYD 0.32%
Overpaying

Year by year

Year	HIMU	HYD	Overpaying
10	$705	$580	$125
20	$2,725	$2,250	$475
30	$7,898	$6,542	$1,356

Expense ratio

0.39%HIMU
0.32%HYD, cheaper

HYD0.32%HIMU0.39%

0.30%0.70%

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

HYD 2nd cheapest of 18 funds

HIMU 9th cheapest of 18 funds

HIMU vs HYD Dividends

Last 12 months to Nov 2, 2026

Yield (12M): HIMU 5.88%, better; HYD 4.86%
Payout (12M): HIMU $2.76; HYD $2.40
Last payment: HIMU $0.20; HYD $0.18
Ex-dividend: HIMU Nov 2, 2026; HYD Nov 2, 2026
Paid on: HIMU Pays Nov 5, 2026; HYD Pays Nov 5, 2026
Frequency: HIMU Monthly; HYD Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

HIMUMonthly · 21 paymentsAll HIMU payments⁠

HYDMonthly · 46 paymentsAll HYD payments⁠

HIMU vs HYD Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: HIMU 7.3%since Mar 2025HYD 6.6%
Return per unit of riskSharpe ratio, 3 years: HIMU −0.40since Mar 2025HYD 0.20
Worst fallMax drawdown, 5 years: HIMU −8.3%since Feb 2025HYD −20.2%
Market sensitivityBeta, 5 years: HIMU 0.23HYD 1.02; Market = 1

HIMU 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, 2026HIMUHYD
New ETFs
Nine new bond ETFs match the index fund beside them, or cost more
Oct 5, 2026HIMUHYD
New ETFs
MacKay's new muni ETF matches Capital Group's credit rule and waives its fee to 0.34%
Oct 5, 2026HIMUHYD
New ETFs
Victory's two new municipal ETFs list at fees a waiver is holding down
Oct 5, 2026HYD
ETF Filings
Morgan Stanley files seven Eaton Vance muni ETFs with the fee left blank
Sep 16, 2026HIMU

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HIMU vs HYD

In short

Stated mandate

Why people hold it