HYD vs SHYD: Grades, Fees and Holdings Compared

VanEck High Yield Muni ETF

HYDACboe

VanEck Short High Yield Muni ETF

SHYDACboe

Overlap

58.8%by weight

Expense ratio

HYD0.32%SHYD0.32%

Avg volume · 30D

HYD 7.9×the volume

HYD1.51MSHYD191K

10Y return · a year

SHYD +0.4pt

HYD+1.7%SHYD+2.1%

HYD vs SHYD Performance

Oct 29, 2021 – Oct 30, 2026

−1.7%HYD+5.9%SHYD

Expense ratio: HYD 0.32%; SHYD 0.32%
Fund size: HYD $4.6B; SHYD $524M
1Y total return: HYD +1.4%; SHYD +2.5%, better
Yield (12M): HYD 4.47%, better; SHYD 3.64%
Holdings: HYD 2159; SHYD 628
Avg volume (30D): HYD 1.51M sh, better; SHYD 191K sh
NAV per share: HYD $49.24; SHYD $22.43
52W range

ETF.net Grade

Pillar letters and Scores for HYD, SHYD, with each pillar’s weight
Pillar	HYD	SHYD
Cost30% weight	A89	A89
Mission25% weight	A93Higher	B65
Risk15% weight	B58	A71Higher
Tradability15% weight	B57Higher	C48
Holdings10% weight	A84Higher	B57
Durability5% weight	A81Higher	A71

Rank among High-Yield Municipal Bonds funds

How we build Categories ›

Same Category. HYD and SHYD 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 SHYD 5th 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 4AHYMBState Street SPDR Nuveen ICE High Yield Municipal Bond ETFScore 71
Rank 5ASHYDVanEck Short High Yield Muni ETFScore 70
Rank 6BFTMHFranklin Municipal High Yield ETFScore 68

Our read on each fund

ETF.net Research

HYDAVanEck High Yield Muni ETF

SHYDAVanEck Short High Yield Muni 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.

SHYD High-yield munis usually mean 30-year paper. SHYD tracks a 'crossover' index capped at 12 years, blending BBB-rated and below-investment-grade tax-exempt bonds, and pays income monthly. Short maturities, spicier credit.

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.

SHYD The fund seeks to track the price and yield performance of the ICE 1-12 Year Broad High Yield Crossover Municipal Index before fees and expenses. That index represents the U.S.-dollar-denominated short-term high-yield tax-exempt municipal bond market.

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

SHYD The maturity ceiling is the whole idea. The index runs 1 to 12 years, skipping the long-dated bonds that drive most high-yield muni funds' rate sensitivity.vaneck.com
'Crossover' is doing work in the name: the index reaches into BBB-rated munis alongside below-investment-grade ones, rather than living only at the deepest end of the credit pool.vaneck.com
Monthly distributions from a spread of roughly 500 bonds, drawn from the tax-exempt municipal market.
Live since 2014, so it carries a real record through multiple rate cycles instead of a backtest.

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

SHYD At 0.32%, it runs slightly above the typical muni ETF and roughly ten times what plain-vanilla index funds like VTEB (0.03%) and MUB (0.05%) charge.
Credit risk is the engine here. Below-investment-grade munis can be thinly traded, and that shows up in pricing when the market gets stressed.
The 12-year cap trims off the longest end of the muni curve, where yields typically sit highest. That's the trade for the shorter profile.

Full HYD profile⁠

Full SHYD profile⁠

HYD vs SHYD Holdings

How HYD and SHYD differ

Overlap by weight

58.8%

Shared holdings make up 94.7% of SHYD and 80.4% of HYD.

Level by level

Holdings226 in both58.8%
Countryby domicile99.7%

Sector

No Sector split for HYD and SHYD.

Country, concentration and asset class

Country by domicile

Country weights in HYD and SHYD, widest gap first
Country	More in HYDMore in SHYD	HYD	SHYD
United States	SHYD +0.1 points	92.7%	92.8%
Puerto Rico	SHYD +0.2 points	7.0%	7.2%
Philippines	HYD +0.3 points	0.3%	0.0%

Concentration

Weight in the 10 largest Holdings

HYD10.0%
SHYD13.1%

Securities held

HYD588
SHYD258

Asset class

HYD: Multi-Asset
SHYD: Multi-Asset

Holdings

Only in HYD362
In both226
Only in SHYD32

Only in HYD

362 securities, 19.9% of HYD by weight

Cscda Community Improvement Authority0.85%
Texas Private Activity Bond Surface Tra0.49%
Buckeye Tobacco Settlement Financing Au0.42%
Salt River Project Agricultural Improve0.34%
Westchester County Local Development Co0.31%
Minneapolis-St Paul Metropolitan Airpor0.30%
California Community Housing Agency0.28%
Austin Independent School District0.26%
Golden State Tobacco Securitization Cor0.26%
City Of Houston Tx Hotel Occupancy Tax0.25%
New Orleans Aviation Board0.25%
Mobile County Industrial Development Au0.24%
Berks County Municipal Authority/The0.23%
State Of Ohio0.20%
Minnesota Agricultural & Economic Devel0.20%
Oregon State Facilities Authority0.20%
Louisville/Jefferson County Metropolita0.20%
Resort Core Public Infrastructure Distr0.20%
Palm Beach County Health Facilities Aut0.20%
Fulton County Residential Care Faciliti0.19%
County Of Lucas Oh0.19%
Development Authority Of Burke County/T0.17%
Children's Trust Fund0.17%
City Of Austin Tx Airport System Revenu0.16%
District Of Columbia Income Tax Revenue0.16%
California School Finance Authority0.16%
Charlotte-Mecklenburg Hospital Authorit0.15%
Savannah Georgia Convention Center Auth0.15%
Omaha Airport Authority0.15%
State Of Maryland Department Of Transpo0.15%
New York Counties Tobacco Trust Iv0.14%
Guam Government Waterworks Authority0.14%
Ohio Housing Finance Agency0.14%
Commonwealth Of Massachusetts0.13%
Chicago Board Of Education Dedicated Ca0.13%
Montgomery County Higher Education And0.13%
District Of Columbia Tobacco Settlement0.13%
Wisconsin Center District0.13%
Florida State Board Of Governors Florid0.12%
Cmfa Special Finance Agency Viii0.12%
Maine Health & Higher Educational Facil0.11%
Triborough Bridge & Tunnel Authority0.11%
Orange County Health Facilities Authori0.11%
New York Counties Tobacco Trust Vi0.11%
Denton Independent School District0.11%
Metropolitan Government Nashville & Dav0.11%
City Of Cleveland Oh0.11%
City Of Roseville Ca0.11%
Hillsborough County Industrial Developm0.11%
Tobacco Settlement Financing Corp/Va0.11%

Only in SHYD

32 securities, 5.8% of SHYD by weight

Patriots Energy Group Financing Agency1.01%
Trust For Cultural Resources Of The Cit0.51%
Southeast Alabama Gas Supply District/T0.49%
New Jersey Health Care Facilities Finan0.44%
City Of Farmington Nm0.29%
Dekalb County Housing Authority0.29%
Great Lakes Water Authority Water Suppl0.21%
North Carolina Municipal Power Agency N0.21%
District Of Columbia Water & Sewer Auth0.21%
Tennessee Energy Acquisition Corp0.20%
Southern California Public Power Author0.20%
Vermont Educational & Health Buildings0.20%
New Memphis Arena Public Building Autho0.15%
Eastern Illinois Economic Development A0.12%
Detroit Regional Convention Facility Au0.12%
Denver Convention Center Hotel Authorit0.12%
Puerto Rico Municipal Finance Agency0.11%
Los Angeles Department Of Water & Power0.11%
Miami Beach Redevelopment Agency0.10%
Michigan State Hospital Finance Authori0.10%
Central Valley Energy Authority0.10%
Plaza At Noah's Ark Community Improveme0.09%
El Centro Financing Authority0.07%
City Of Milwaukee Wi0.06%
Port Of Morrow Or0.05%
Peninsula Town Center Community Develop0.04%
Town Of Ramapo Ny0.04%
Maryland Heights Industrial Development0.04%
Huntington Local Development Corp0.03%
Amherst Industrial Development Authorit0.03%
Sa Energy Acquisition Public Facility C0.02%
Public Authority For Colorado Energy0.02%

Weight gaps

The 100 widest of 226 Holdings in both funds.

Holding weights in HYD and SHYD, widest gap first
Holding	More in HYDMore in SHYD	HYD	SHYD
Puerto Rico Sales Tax Financing Corp Sa	HYD +2.42 points	3.75%	1.33%
City Of Houston Tx Airport System Reven	SHYD +2.31 points	1.69%	4.00%
Public Finance Authority	HYD +2.04 points	3.41%	1.37%
California Community Choice Financing A	SHYD +1.74 points	1.01%	2.75%
Chicago Board Of Education	SHYD +1.69 points	4.63%	6.32%
Florida Development Finance Corp	HYD +1.37 points	1.92%	0.55%
Commonwealth Of Puerto Rico	SHYD +1.23 points	1.58%	2.81%
Mission Economic Development Corp	SHYD +1.15 points	0.48%	1.63%
California Statewide Communities Develo	HYD +1.15 points	1.65%	0.50%
Baldwin County Industrial Development A	SHYD +1.07 points	0.43%	1.50%
New Jersey Economic Development Authori	SHYD +0.94 points	0.42%	1.36%
New Hampshire Business Finance Authorit	SHYD +0.94 points	0.97%	1.91%
Chandler Industrial Development Authori	SHYD +0.92 points	0.29%	1.21%
County Of Miami-Dade Fl Aviation Revenu	SHYD +0.85 points	0.18%	1.03%
New Jersey Transportation Trust Fund Au	SHYD +0.81 points	0.36%	1.17%
Greater Orlando Aviation Authority	SHYD +0.73 points	0.42%	1.15%
Black Belt Energy Gas District	SHYD +0.72 points	1.25%	1.97%
Metropolitan Washington Airports Author	HYD +0.72 points	0.84%	0.12%
California Infrastructure & Economic De	SHYD +0.70 points	0.42%	1.12%
California Municipal Finance Authority	SHYD +0.69 points	2.11%	2.80%
New York Liberty Development Corp	HYD +0.66 points	0.86%	0.20%
New York City Housing Development Corp	SHYD +0.62 points	0.25%	0.87%
Metropolitan Transportation Authority	SHYD +0.62 points	0.17%	0.79%
Iowa Finance Authority	HYD +0.60 points	0.67%	0.07%
Colorado Health Facilities Authority	HYD +0.59 points	1.17%	0.58%
Pennsylvania Economic Development Finan	HYD +0.57 points	0.98%	0.41%
New Hope Cultural Education Facilities	HYD +0.56 points	0.65%	0.09%
Monroe County Industrial Development Co	SHYD +0.55 points	0.09%	0.64%
Oklahoma Development Finance Authority	HYD +0.55 points	0.74%	0.19%
Tobacco Settlement Financing Corp	HYD +0.53 points	1.08%	0.55%
Puerto Rico Electric Power Authority	SHYD +0.52 points	0.14%	0.66%
State Of Illinois	SHYD +0.51 points	0.59%	1.10%
County Of Allen Oh Hospital Facilities	SHYD +0.51 points	0.13%	0.64%
New York State Dormitory Authority	HYD +0.50 points	0.73%	0.23%
Maryland Health & Higher Educational Fa	HYD +0.47 points	0.62%	0.15%
Chicago O'Hare International Airport	HYD +0.46 points	0.56%	0.10%
City & County Of Denver Co	SHYD +0.45 points	0.30%	0.75%
Arkansas Development Finance Authority	HYD +0.44 points	0.77%	0.33%
City Of Los Angeles Department Of Airpo	SHYD +0.43 points	0.04%	0.47%
Massachusetts Development Finance Agenc	HYD +0.44 points	1.25%	0.81%
E-470 Public Highway Authority	SHYD +0.43 points	0.04%	0.47%
Central Plains Energy Project	SHYD +0.43 points	0.24%	0.67%
Kentucky Public Energy Authority	SHYD +0.40 points	0.70%	1.10%
West Virginia Hospital Finance Authorit	SHYD +0.40 points	0.13%	0.53%
Build Nyc Resource Corp	HYD +0.39 points	0.88%	0.49%
California Health Facilities Financing	SHYD +0.39 points	0.68%	1.07%
Washington State Housing Finance Commis	HYD +0.38 points	0.77%	0.39%
Sales Tax Securitization Corp	SHYD +0.38 points	0.04%	0.42%
Territory Of Guam	SHYD +0.36 points	0.31%	0.67%
Arizona Industrial Development Authorit	HYD +0.37 points	0.90%	0.53%
West Virginia Economic Development Auth	SHYD +0.36 points	0.13%	0.49%
Texas Municipal Gas Acquisition & Suppl	SHYD +0.34 points	0.13%	0.47%
Metropolitan Pier & Exposition Authorit	HYD +0.33 points	1.04%	0.71%
Alabama Toll Road Bridge And Tunnel Aut	SHYD +0.32 points	0.29%	0.61%
Indiana Finance Authority	SHYD +0.32 points	0.53%	0.85%
Ohio Air Quality Development Authority	SHYD +0.31 points	0.54%	0.84%
Austin Convention Enterprises Inc	SHYD +0.30 points	0.03%	0.33%
City Of Salt Lake City Ut Airport Reven	HYD +0.29 points	0.49%	0.20%
California Housing Finance Agency	SHYD +0.29 points	0.18%	0.47%
Metropolitan Government Of Nashville &	SHYD +0.27 points	0.05%	0.32%
New York State Housing Finance Agency	SHYD +0.26 points	0.12%	0.38%
Lees Summit Industrial Development Auth	HYD +0.26 points	0.36%	0.10%
New York State Environmental Facilities	SHYD +0.26 points	0.02%	0.28%
Puerto Rico Commonwealth Aqueduct & Sew	SHYD +0.25 points	0.56%	0.81%
County Of Jefferson Al Sewer Revenue	HYD +0.24 points	0.34%	0.10%
South Carolina Public Service Authority	SHYD +0.24 points	0.04%	0.28%
City Of Minneapolis Mn	SHYD +0.24 points	0.08%	0.32%
Glynn-Brunswick Memorial Hospital Autho	SHYD +0.23 points	0.06%	0.29%
City Of Chicago Il	HYD +0.23 points	0.59%	0.36%
Southeast Energy Authority A Cooperativ	HYD +0.22 points	0.62%	0.40%
Wisconsin Health & Educational Faciliti	HYD +0.22 points	0.26%	0.04%
Louisiana Public Facilities Authority	HYD +0.22 points	0.32%	0.10%
Tulsa Municipal Airport Trust Trustees/	SHYD +0.21 points	0.08%	0.29%
Illinois Finance Authority	HYD +0.21 points	0.64%	0.43%
Rhode Island Health And Educational Bui	SHYD +0.20 points	0.11%	0.31%
State Of Wisconsin	SHYD +0.20 points	0.12%	0.32%
Maryland Economic Development Corp	SHYD +0.19 points	0.14%	0.33%
Salt Verde Financial Corp	SHYD +0.20 points	0.18%	0.38%
New York Energy Finance Development Cor	SHYD +0.19 points	0.10%	0.29%
Tsasc Inc/Ny	HYD +0.19 points	0.21%	0.03%
Virginia Beach Development Authority	SHYD +0.18 points	0.22%	0.40%
Vermont Economic Development Authority	SHYD +0.19 points	0.01%	0.20%
City Of Henderson Ky	SHYD +0.18 points	0.07%	0.25%
City Of Chicago Il Waterworks Revenue	SHYD +0.18 points	0.08%	0.26%
City Of Coralville Ia	SHYD +0.18 points	0.02%	0.20%
Guam Power Authority	SHYD +0.18 points	0.01%	0.19%
Brooklyn Arena Local Development Corp	SHYD +0.17 points	0.22%	0.39%
Dutchess County Local Development Corp	HYD +0.16 points	0.27%	0.11%
Escambia County Health Facilities Autho	SHYD +0.16 points	0.14%	0.30%
San Joaquin Valley Clean Energy Authori	SHYD +0.16 points	0.05%	0.21%
Alexandria Industrial Development Autho	SHYD +0.16 points	0.38%	0.54%
Compton Public Finance Authority	SHYD +0.15 points	0.04%	0.19%
San Francisco City & County Airport Com	SHYD +0.15 points	0.23%	0.38%
Industrial Development Authority Of The	HYD +0.16 points	0.34%	0.18%
North Carolina Turnpike Authority	HYD +0.15 points	0.25%	0.10%
Calcasieu Parish Memorial Hospital Serv	SHYD +0.15 points	0.08%	0.23%
Windler Public Improvement Authority	SHYD +0.15 points	0.04%	0.19%
South Carolina Jobs-Economic Developmen	HYD +0.15 points	0.46%	0.31%
County Of Frederick Md	HYD +0.15 points	0.16%	0.01%
Maricopa County Industrial Development	HYD +0.14 points	0.34%	0.20%

All 1,940 HYD holdings⁠All 548 SHYD 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 SHYD Cost

Same expense ratio

$6,542

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

HYD 0.32%
$6,542
SHYD 0.32%
$6,542

Amount$10,000

Years30 years

Cost over time

HYD 0.32%
SHYD 0.32%

Year by year

Year	HYD	SHYD
10	$580	$580
20	$2,250	$2,250
30	$6,542	$6,542

Expense ratio

0.32%HYD
0.32%SHYD

HYD0.32%SHYD0.32%

0.30%0.70%

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

HYD 2nd cheapest of 18 funds

SHYD 2nd cheapest of 18 funds

HYD vs SHYD Dividends

Last 12 months to Oct 30, 2026

Yield (12M): HYD 4.47%, better; SHYD 3.64%
Payout (12M): HYD $2.22; SHYD $0.82
Last payment: HYD $0.18; SHYD $0.06
Ex-dividend: HYD Oct 1, 2026; SHYD Oct 1, 2026
Paid on: HYD Oct 6, 2026; SHYD Oct 6, 2026
Frequency: HYD Monthly; SHYD Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

HYDMonthly · 45 paymentsAll HYD payments⁠

SHYDMonthly · 45 paymentsAll SHYD payments⁠

HYD vs SHYD Risk

Fall from peak · 5 years

HYD
SHYD

Risk facts

VolatilityStd dev, 3 years: HYD 6.6%SHYD 3.9%, better
Return per unit of riskSharpe ratio, 3 years: HYD 0.20SHYD 0.20
Worst fallMax drawdown, 5 years: HYD −20.2%SHYD −13.0%, better
Market sensitivityBeta, 5 years: HYD 1.02SHYD 0.55; Market = 1

HYD and SHYD 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 SHYD

In short

Stated mandate

Why people hold it

Worth knowing

How HYD and SHYD differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in HYD

Only in SHYD

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 SHYD differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in HYD

Only in SHYD

Weight gaps