HYD vs NHYM: Grades, Fees and Holdings Compared

VanEck High Yield Muni ETF

HYDACboe

Nuveen High Yield Municipal Income

NHYMBNYSE Arca

Overlap

0.0%by weight

Expense ratio

HYD −0.03pt a year

HYD0.32%NHYM0.35%

Avg volume · 30D

HYD 57.7×the volume

HYD1.51MNHYM26.2K

HYD vs NHYM Performance

Oct 31, 2025 – Nov 2, 2026

+1.2%HYD+0.3%NHYM

Expense ratio: HYD 0.32%, better; NHYM 0.35%
Fund size: HYD $4.6B; NHYM $145M
1Y total return: HYD +1.2%, better; NHYM +0.3%
Yield (12M): HYD 4.86%; NHYM 5.08%, better
Holdings: HYD 2160; NHYM 278
Avg volume (30D): HYD 1.51M sh, better; NHYM 26.2K sh
NAV per share: HYD $49.24; NHYM $23.95
52W range

ETF.net Grade

Pillar letters and Scores for HYD, NHYM, with each pillar’s weight
Pillar	HYD	NHYM
Cost30% weight	A89Higher	B67
Mission25% weight	A93Higher	A84
Risk15% weight	B60Higher	D37
Tradability15% weight	B57Higher	C46
Holdings10% weight	A84Higher	B65
Durability5% weight	A81Higher	D25

Rank among High-Yield Municipal Bonds funds

How we build Categories ›

Same Category. HYD and NHYM 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 NHYM 10th 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 10BIROCInvesco Rochester High Yield Municipal ETFScore 61
Rank 10BNHYMNuveen High Yield Municipal IncomeScore 61
Rank 12BEVYMEaton Vance High Income Municipal ETFScore 58

Our read on each fund

ETF.net Research

HYDAVanEck High Yield Muni ETF

NHYMBNuveen High Yield Municipal Income

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.

NHYM Most muni ETFs track an index of investment-grade paper. NHYM goes the other way: an actively run portfolio built mainly from non-investment-grade and unrated munis, reaching for tax-free income in the corner indexers skip.

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.

NHYM The Fund seeks high current income that is exempt from regular federal income tax. Capital appreciation is secondary when consistent with that primary aim.

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

NHYM Active out of necessity. Unrated munis have no clean index to copy, so the portfolio is built bond by bond by Nuveen's own credit analysts, the fund's stated edge.nuveen.com
Pays monthly, and the stated primary objective is high current income exempt from regular federal income tax, with capital appreciation a secondary aim.nuveen.com
About 300 positions spread the credit work across many small issuers rather than betting the portfolio on a handful of names.

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

NHYM The issuer flags what the mandate implies: non-investment-grade and unrated bonds with long maturities carry credit risk and real interest-rate sensitivity.nuveen.com
0.35% a year sits a touch above the muni cohort's median fee. That's the toll for active credit selection instead of index replication.
Launched in 2025 and still far smaller and thinner-traded than the muni index heavyweights (VTEB, MUB), which can show up as wider bid-ask spreads.

Full HYD profile⁠

Full NHYM profile⁠

HYD vs NHYM Holdings

How HYD and NHYM differ

Overlap by weight

0.0%

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

Level by level

Holdings0 in both0.0%
Countryby domicile96.6%

Sector

No Sector split for HYD and NHYM.

Country, concentration and asset class

Country by domicile

Country weights in HYD and NHYM, widest gap first
Country	More in HYDMore in NHYM	HYD	NHYM
United States	NHYM +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%
NHYM12.3%

Securities held

HYD588
NHYM274

Asset class

HYD: Multi-Asset
NHYM: Fixed Income

Holdings

Only in HYD588
In both0
Only in NHYM274

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 NHYM

274 securities, 99.8% of NHYM by weight

Ca Stwd C 5.25% 12/01/562.09%
Ny Libert 5.% 11/15/441.75%
Nc Dept T 5.% 06/30/541.29%
Tulsa Mun 6.25% 12/01/351.16%
Met Pier 5.% 06/15/501.11%
New York 5.% 07/01/461.02%
Ny Transp 5.125% 06/30/601.00%
Chicago-E 5.% 01/01/600.99%
Washingto 5.% 07/01/580.98%
Miami Co 5.% 08/01/490.95%
State Street Institution0.90%
Black Bel Vrn 11/01/560.90%
Chandler Vrn 06/01/490.87%
Vi Hotel 6.% 12/01/550.83%
Pr Sales 5.% 07/01/580.81%
Buckeye O 5.% 06/01/550.81%
St James 6.35% 07/01/400.78%
Allentown 6.% 05/01/420.75%
Greater O 5.25% 11/01/340.72%
Houston-B 5.25% 07/15/340.72%
West Virg 5.% 01/01/430.72%
Pub Fin A 5.4% 06/20/440.72%
Ca Cmnty 5.% 03/01/360.71%
Md Hlth & 6.25% 01/01/610.71%
Arkansas 5.7% 05/01/530.71%
Arkansas 5.45% 09/01/520.70%
Pub Fin A 5.75% 12/31/650.70%
Tobacco’s 5.25% 06/01/460.69%
Guam Port 5.% 07/01/480.69%
New York 5.25% 01/01/500.69%
Denver Ci 5.% 12/01/480.68%
Ga Muni E 5.% 01/01/490.68%
Granby Ra 5.5% 12/01/520.68%
Texas St 5.% 08/01/570.68%
Ga Muni E 5.% 07/01/600.67%
Washingto 5.25% 07/01/640.67%
Californi 5.00% 03/01/480.67%
Ma Dev Fi 5.% 01/01/470.66%
Duluth Ec 5.% 02/15/530.66%
Californi 5.% 10/15/470.66%
Minneap 5% 11/15/490.66%
Indepen 5.375% 12/01/540.66%
Va Small 5.% 12/31/520.65%
Texas Pri 5.% 06/30/580.65%
Maricopa 5.% 07/01/520.64%
Restructu 4.784% 07/01/580.63%
Pub Fin A 5.% 02/01/620.63%
Florida D 5.25% 06/01/540.63%
Commonwealth 4% 07/01/410.62%
Mobile Co 4.75% 12/01/540.61%

Weight gaps

HYD and NHYM share no securities.

All 1,940 HYD holdings⁠All 268 NHYM 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 NHYM Cost

Overpaying NHYM vs HYD

$584

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

HYD 0.32%
$6,542
NHYM 0.35%
$7,126

Amount$10,000

Years30 years

Cost over time

HYD 0.32%
NHYM 0.35%
Overpaying

Year by year

Year	HYD	NHYM	Overpaying
10	$580	$634	$54
20	$2,250	$2,454	$204
30	$6,542	$7,126	$584

Expense ratio

0.32%HYD, cheaper
0.35%NHYM

HYD0.32%NHYM0.35%

0.30%0.70%

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

HYD 2nd cheapest of 18 funds

NHYM 6th cheapest of 18 funds

HYD vs NHYM Dividends

Last 12 months to Nov 2, 2026

Yield (12M): HYD 4.86%; NHYM 5.08%, better
Payout (12M): HYD $2.40; NHYM $1.21
Last payment: HYD $0.18; NHYM $0.09
Ex-dividend: HYD Nov 2, 2026; NHYM Nov 2, 2026
Paid on: HYD Pays Nov 5, 2026; NHYM Pays Nov 3, 2026
Frequency: HYD Monthly; NHYM Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

HYDMonthly · 46 paymentsAll HYD payments⁠

NHYMMonthly · 21 paymentsAll NHYM payments⁠

HYD vs NHYM 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%NHYM 7.7%since Feb 2025
Return per unit of riskSharpe ratio, 3 years: HYD 0.20NHYM −0.28since Feb 2025
Worst fallMax drawdown, 5 years: HYD −20.2%NHYM −7.8%since Jan 2025
Market sensitivityBeta, 5 years: HYD 1.02NHYM 0.17; Market = 1

HYD and NHYM 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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Category

HYD vs NHYM

In short

Stated mandate

Why people hold it

Worth knowing

How HYD and NHYM differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in HYD

Only in NHYM

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 NHYM differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in HYD

Only in NHYM

Weight gaps