HYD vs JMHI: Grades, Fees and Holdings Compared

VanEck High Yield Muni ETF

HYDACboe

JPMorgan High Yield Municipal ETF

JMHIBNYSE Arca

Overlap

0.0%by weight

Expense ratio

HYD −0.20pt a year

HYD0.32%JMHI0.52%

Avg volume · 30D

HYD 21.4×the volume

HYD1.51MJMHI70.7K

3Y return · a year

JMHI +0.7pt

HYD+5.2%JMHI+5.9%

HYD vs JMHI Performance

Oct 31, 2025 – Nov 2, 2026

+1.2%HYD0.0%JMHI

Expense ratio: HYD 0.32%, better; JMHI 0.52%
Fund size: HYD $4.6B; JMHI $307M
1Y total return: HYD +1.2%, better; JMHI 0.0%
Yield (12M): HYD 4.86%; JMHI 4.97%, better
Holdings: HYD 2160; JMHI 261
Avg volume (30D): HYD 1.51M sh, better; JMHI 70.7K sh
NAV per share: HYD $49.24; JMHI $48.42
52W range

ETF.net Grade

Pillar letters and Scores for HYD, JMHI, with each pillar’s weight
Pillar	HYD	JMHI
Cost30% weight	A89Higher	F22
Mission25% weight	A93Higher	A92
Risk15% weight	B60Higher	C47
Tradability15% weight	B57Higher	C52
Holdings10% weight	A84Higher	A70
Durability5% weight	A81Higher	A74

Rank among High-Yield Municipal Bonds funds

How we build Categories ›

Same Category. HYD and JMHI 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 JMHI 14th 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 13BFMHIFirst Trust Municipal High Income ETFScore 56
Rank 14BJMHIJPMorgan High Yield Municipal ETFScore 55
Rank 15CHTAXNomura National High-Yield Municipal Bond ETFScore 54

Our read on each fund

ETF.net Research

HYDAVanEck High Yield Muni ETF

JMHIBJPMorgan High Yield Municipal ETF

In short

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.

JMHI A 2007-vintage JPMorgan muni strategy that traded its mutual fund shell for an ETF wrapper in 2023. Actively run, free to lean all the way into below-investment-grade munis, built around federally tax-exempt income paid monthly.

Stated mandate

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.

JMHI The Fund seeks a high level of current income exempt from federal income taxes by investing in tax-exempt municipal securities, with an emphasis on high-yield municipal bonds.

Why people hold it

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

JMHI No index to hug. Managers pick the bonds, and the fund may hold up to 100% in below-investment-grade municipals, the corner of the muni market that carries the higher yields.jpmorgan.com
The mandate is narrow and the fund sticks to it: municipal securities whose income is exempt from federal income tax, with cash paid out monthly.
Credit risk is spread across roughly 300 municipal positions rather than a few concentrated issuer bets.
Not a startup strategy. It ran as a mutual fund from 2007 and converted to an ETF in July 2023, so the approach has a long paper trail behind the ticker.jpmorgan.com

Worth knowing

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

JMHI At 0.52%, with no fee waiver, the cost sits above the category median and above index-based rivals HYD (0.32%) and HYMB (0.35%). Active bond picking is what the premium buys.
Permission to hold up to 100% below-investment-grade munis cuts both ways: default and liquidity risk are real, and the issuer flags the greater degree of risk itself.jpmorgan.com
Trading is moderate rather than heavy for the category, which tends to show up in bid-ask spreads on larger orders.

Full HYD profile⁠

Full JMHI profile⁠

HYD vs JMHI Holdings

How HYD and JMHI differ

Overlap by weight

0.0%

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

Level by level

Holdings0 in both0.0%
Countryby domicile96.6%

Sector

No Sector split for HYD.

Country, concentration and asset class

Country by domicile

Country weights in HYD and JMHI, widest gap first
Country	More in HYDMore in JMHI	HYD	JMHI
United States	JMHI +3.4 points	92.7%	96.1%
Puerto Rico	HYD +3.1 points	7.0%	3.9%
Philippines	HYD +0.3 points	0.3%	0.0%

Concentration

Weight in the 10 largest Holdings

HYD10.3%
JMHI12.6%

Securities held

HYD588
JMHI259

Asset class

HYD: Multi-Asset
JMHI: Fixed Income

Holdings

Only in HYD588
In both0
Only in JMHI259

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%

Only in JMHI

259 securities, 99.9% of JMHI by weight

Jpmi Tax Free Mmktf Im3.00%
Public Fin 5.75% 12/651.30%
New York N Y Var 09/491.24%
Buckeye Ohio Tob 5% 06/551.18%
Black Belt 5.5% 04/361.06%
Louisiana Pub 5.75% 09/641.01%
Golden St Tob Zero 06/660.99%
Black Belt Var 06/510.97%
Puerto Rico Zero 07/460.96%
Monroe Cnty N Y 4% 07/500.94%
Public Fin Auth 4% 11/420.92%
Puerto Rico 4.784% 07/580.91%
Mobile Cnty 4.75% 12/540.86%
Pennsylvania 4% 05/530.83%
Tobacco 5% 06/460.81%
Detroit Mich 5.5% 04/500.81%
Virginia Beach 7% 09/530.80%
Spartanburg’s 5.25% 04/560.73%
New Jersey 5% 01/400.71%
Florida St Right 4% 07/480.70%
Black Belt Var 06/490.68%
Shelby Cnty 5.5% 10/390.68%
Texas Mun Gas 5% 01/360.68%
Tobacco 5% 06/360.66%
Public Fin 5.75% 07/540.66%
Illinois St 5.25% 09/470.66%
Chicago Ill O 5.5% 01/530.66%
Louisiana Pub 5.5% 09/590.65%
Jefferson 5.25% 10/490.65%
California 5.25% 12/560.65%
Main Str Nat Var 06/530.65%
New York 5.25% 01/500.64%
Vancouver 4.25% 02/380.64%
Tsasc Inc N Y 5% 06/480.63%
New York N Y 5.25% 12/310.63%
New York St 5.25% 07/500.63%
California Var 01/650.62%
Golden St Tob 5% 06/510.62%
Harris Cnty Tex 4% 08/490.58%
Colorado Health 4% 05/520.55%
Chicago Ill Go 5% 01/430.55%
Puerto Rico 5% 07/580.54%
Puerto Rico 4% 07/460.54%
Village 5.875% 05/560.54%
Alabama Toll Rd 6% 01/660.53%
Denver Colo City 4% 11/430.53%
Oklahoma Dev 5.5% 08/570.52%
Martin Cnty Fla 4% 01/460.52%
Michigan Fin 5.5% 11/560.50%
Jefferson Cnty Var 12/530.50%

Weight gaps

HYD and JMHI share no securities.

All 1,940 HYD holdings⁠All 260 JMHI 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.

HYD vs JMHI Cost

Overpaying JMHI vs HYD

$3,809

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

HYD 0.32%
$6,542
JMHI 0.52%
$10,351

Amount$10,000

Years30 years

Cost over time

HYD 0.32%
JMHI 0.52%
Overpaying

Year by year

Year	HYD	JMHI	Overpaying
10	$580	$935	$355
20	$2,250	$3,593	$1,343
30	$6,542	$10,351	$3,809

Expense ratio

0.32%HYD, cheaper
0.52%JMHI

HYD0.32%JMHI0.52%

0.30%0.70%

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

HYD 2nd cheapest of 18 funds

JMHI 15th cheapest of 18 funds

HYD vs JMHI Dividends

Last 12 months to Nov 2, 2026

Yield (12M): HYD 4.86%; JMHI 4.97%, better
Payout (12M): HYD $2.40; JMHI $2.40
Last payment: HYD $0.18; JMHI $0.20
Ex-dividend: HYD Nov 2, 2026; JMHI Nov 2, 2026
Paid on: HYD Pays Nov 5, 2026; JMHI Pays Nov 4, 2026
Frequency: HYD Monthly; JMHI Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

HYDMonthly · 46 paymentsAll HYD payments⁠

JMHIMonthly · 40 paymentsAll JMHI payments⁠

HYD vs JMHI Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: HYD 6.6%JMHI 6.2%, better
Return per unit of riskSharpe ratio, 3 years: HYD 0.20JMHI 0.30, better
Worst fallMax drawdown, 5 years: HYD −20.2%JMHI −7.3%since Jul 2023
Market sensitivityBeta, 5 years: HYD 1.02JMHI 0.97; Market = 1

HYD and JMHI 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

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HYD vs JMHI

In short

Stated mandate

Why people hold it

Worth knowing

How HYD and JMHI differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in HYD

Only in JMHI

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 HYD and JMHI differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in HYD

Only in JMHI

Weight gaps