HYD vs SHYM: Grades, Fees and Holdings Compared

VanEck High Yield Muni ETF

HYDACboe

iShares Short Duration High Yield Muni Active ETF

SHYMBCboe

Overlap

0.0%by weight

Expense ratio

HYD −0.08pt a year

HYD0.32%SHYM0.40%

Avg volume · 30D

HYD 3.4×the volume

HYD1.51MSHYM449K

5Y return · a year

SHYM +1.2pt

HYD−0.3%SHYM+0.9%

HYD vs SHYM Performance

Oct 29, 2021 – Oct 30, 2026

−1.7%HYD+4.7%SHYM

Expense ratio: HYD 0.32%, better; SHYM 0.40%
Fund size: HYD $4.6B; SHYM $917M
1Y total return: HYD +1.4%; SHYM +2.3%, better
Yield (12M): HYD 4.47%, better; SHYM 4.33%
Holdings: HYD 2159; SHYM 547
Avg volume (30D): HYD 1.51M sh, better; SHYM 449K sh
NAV per share: HYD $49.24; SHYM $21.84
52W range

ETF.net Grade

Pillar letters and Scores for HYD, SHYM, with each pillar’s weight
Pillar	HYD	SHYM
Cost30% weight	A89Higher	C47
Mission25% weight	A93Higher	A81
Risk15% weight	B58	B65Higher
Tradability15% weight	B57	B64Higher
Holdings10% weight	A84Higher	C46
Durability5% weight	A81Higher	A71

Rank among High-Yield Municipal Bonds funds

How we build Categories ›

Same Category. HYD and SHYM 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 SHYM 9th 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 8BHIMUIshares High Yield Muni Active ETFScore 65
Rank 9BSHYMiShares Short Duration High Yield Muni Active ETFScore 62
Rank 10BIROCInvesco Rochester High Yield Municipal ETFScore 61

Our read on each fund

ETF.net Research

HYDAVanEck High Yield Muni ETF

SHYMBiShares Short Duration High Yield Muni Active 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.

SHYM High-yield munis on a short leash. iShares runs this one actively instead of tracking an index, aiming at tax-free income first and capital gains second, across roughly 500 bonds, with cash out 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.

SHYM The fund is actively managed to provide exposure to U.S. short-duration, high-yield municipal bonds, seeking higher tax-free income while managing interest-rate risk.

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

SHYM Actively managed, not index-shadowing: the team picks the credits itself, unlike index-based short high-yield muni peers such as SHYD.ishares.com vaneck.com
0.40% net of a waiver through June 30, 2027 (0.42% gross), which lands near the typical fee among high-yield muni ETFs.
Income is paid monthly, and the stated mandate puts tax-free current income first, capital appreciation second.ishares.com
Live since its 2021 launch under the iShares banner, spreading its bets across roughly 500 municipal bonds.

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

SHYM Cheaper options sit in the same aisle: FMUB at 0.30% and SHYD at 0.32%, neither leaning on a waiver.
High yield means below-investment-grade credit. The short-duration tilt dials down interest-rate sensitivity, not default risk.ishares.com
No index to grade the manager against, and the fund sits in the lower half of its high-yield muni peer group on our review.

Full HYD profile⁠

Full SHYM profile⁠

HYD vs SHYM Holdings

How HYD and SHYM differ

Overlap by weight

0.0%

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

Level by level

Holdings0 in both0.0%
Countryby domicile98.3%

Sector

No Sector split for HYD.

Country, concentration and asset class

Country by domicile

Country weights in HYD and SHYM, widest gap first
Country	More in HYDMore in SHYM	HYD	SHYM
United States	SHYM +1.5 points	92.7%	94.2%
Puerto Rico	HYD +1.4 points	7.0%	5.6%
Other countries (2)	HYD +0.1 points	0.3%	0.2%

Concentration

Weight in the 10 largest Holdings

HYD10.0%
SHYM15.9%

Securities held

HYD588
SHYM534

Asset class

HYD: Multi-Asset
SHYM: Fixed Income

Holdings

Only in HYD588
In both0
Only in SHYM534

Only in HYD

588 securities, 96.3% of HYD by weight

New York Transportation Development Cor4.76%
Chicago Board Of Education4.63%
Puerto Rico Sales Tax Financing Corp Sa3.75%
Public Finance Authority3.41%
California Municipal Finance Authority2.11%
Florida Development Finance Corp1.92%
City Of Houston Tx Airport System Reven1.69%
California Statewide Communities Develo1.65%
Commonwealth Of Puerto Rico1.58%
Massachusetts Development Finance Agenc1.25%
Black Belt Energy Gas District1.25%
Colorado Health Facilities Authority1.17%
Tobacco Settlement Financing Corp1.08%
Metropolitan Pier & Exposition Authorit1.04%
California Community Choice Financing A1.01%
Pennsylvania Economic Development Finan0.98%
New Hampshire Business Finance Authorit0.97%
Arizona Industrial Development Authorit0.90%
Build Nyc Resource Corp0.88%
New York Liberty Development Corp0.86%
Cscda Community Improvement Authority0.85%
Virginia Small Business Financing Autho0.85%
Metropolitan Washington Airports Author0.84%
Washington State Housing Finance Commis0.77%
North Carolina Medical Care Commission0.77%
Arkansas Development Finance Authority0.77%
Oklahoma Development Finance Authority0.74%
New York State Dormitory Authority0.73%
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%
State Of Illinois0.59%
City Of Chicago Il0.59%
Chicago O'Hare International Airport0.56%
Puerto Rico Commonwealth Aqueduct & Sew0.56%
Ohio Air Quality Development Authority0.54%
Indiana Finance Authority0.53%
Texas Private Activity Bond Surface Tra0.49%
City Of Salt Lake City Ut Airport Reven0.49%
Mission Economic Development Corp0.48%
Connecticut State Health & Educational0.46%
South Carolina Jobs-Economic Developmen0.46%
Allentown Neighborhood Improvement Zone0.44%
Baldwin County Industrial Development A0.43%
California Infrastructure & Economic De0.42%
New Jersey Economic Development Authori0.42%

Only in SHYM

534 securities, 99.6% of SHYM by weight

BlackRock Liq Municash Class Ins Mmf6.10%
Puerto Rico Comwlth 0.00% 11/01/20511.62%
Denver Colo City & Cnty Spl Fa 5.00% 10/01/20321.30%
Kentucky Inc Ky Pub Energy Aut 5.00% 07/01/20301.11%
Black Belt Energy Gas Dist Ala 5.00% 12/01/20341.11%
California Infrastructure & Ec 12.00% 11/02/20261.07%
Alabama Toll Road Bridge and Tunne 5.00% 10/01/20320.92%
Black Belt Energy Gas Dist 5.00% 01/01/20340.91%
Kentucky Inc Ky Pub Energy Aut 5.00% 12/01/20330.90%
Philadelphia Pa Auth For Indl 5.50% 12/01/20260.89%
New York Transn Dev Corp Spl F 5.25% 08/01/20310.88%
Mission Tex Economic Dev Corp 5.00% 12/01/20640.88%
New York Energy Fin Dev Corp E 5.00% 12/01/20330.83%
St James Parish La Rev 3.70% 08/01/20410.82%
Arkansas St Dev Fin Auth Indl 7.38% 07/01/20340.80%
California Mun Fin Auth Spl Fa 4.00% 07/15/20290.79%
Puerto Rico Sales Tax Fing Co (Rst 0.00% 07/01/20290.78%
Main Str Energy Inc Ga Energy 5.00% 12/01/20330.77%
North Carolina Med Care Commn 5.00% 06/01/20360.76%
New York Transn Dev Corp Spl F 5.00% 07/01/20460.75%
Puerto Rico Comwlth 4.00% 07/01/20370.73%
Sales Tax Securitization Corp 5.25% 01/01/20360.71%
California Cmnty Choice Fing A 5.00% 11/01/20320.67%
Las Vegas Vy Nev Wtr Dist 4.00% 06/01/20360.67%
Baldwin Cnty Ala Indl Dev Auth 4.30% 03/01/20330.66%
Newnan Ga Hsg Auth Multifamily 6.00% 07/08/20300.66%
Southeast Energy Auth Coop Dis 5.00% 06/01/20350.66%
Public Fin Auth Wis Tax Increm 5.00% 06/01/20410.65%
National Fin Auth N H Spl Rev 0.00% 12/15/20340.63%
Idaho Housing and Finance Associat 5.75% 02/01/20300.62%
Chandler Ariz Indl Dev Auth In 4.00% 06/01/20290.62%
Atlanta Ga (City Of) 5.00% 11/01/20320.61%
Florida Dev Fin Corp Solid Was 4.55% 06/01/20460.59%
Indianapolis Ind Loc Pub Impt 5.00% 01/01/20320.58%
Chicago Ill Brd Ed 6.00% 12/01/20380.57%
Lancaster Port Auth Ohio Gas’s 5.00% 08/01/20300.57%
California Hsg Fin Agy Ltd Obl 3.60% 12/01/20260.56%
Baldwin Cnty Ala Indl Dev Auth 5.00% 06/01/20320.56%
Vermont Economic Dev Auth Soli 5.00% 06/01/20270.56%
Atlanta Ga Arpt Passenger Fac 4.00% 07/01/20390.55%
Illinois St Toll Hwy Auth Toll 5.00% 01/01/20380.55%
Miami-Dade Cnty Fla Sch Dist 01/07/20270.55%
New York N Y City Transitional 4.00% 11/01/20360.55%
Public Fin Auth Wis Rev 5.00% 12/01/20340.55%
California Mun Fin Auth Rev 5.00% 12/31/20380.55%
Whiting Ind 4.00% 06/10/20330.54%
Philadelphia Pa Hosps & Higher 5.00% 07/01/20330.54%
National Fin Auth N H Affordab 4.50% 03/01/20360.52%
Louisiana Pub Facs Auth Solid 4.38% 10/02/20280.52%
California Statewide Cmntys De 7.50% 01/01/20370.51%

Weight gaps

HYD and SHYM share no securities.

All 1,940 HYD holdings⁠All 542 SHYM 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 SHYM Cost

Overpaying SHYM vs HYD

$1,548

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

HYD 0.32%
$6,542
SHYM 0.40%
$8,090

Amount$10,000

Years30 years

Cost over time

HYD 0.32%
SHYM 0.40%
Overpaying

Year by year

Year	HYD	SHYM	Overpaying
10	$580	$723	$143
20	$2,250	$2,793	$543
30	$6,542	$8,090	$1,548

Expense ratio

0.32%HYD, cheaper
0.40%SHYM

HYD0.32%SHYM0.40%

0.30%0.70%

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

HYD 2nd cheapest of 18 funds

SHYM 11th cheapest of 18 funds

HYD vs SHYM Dividends

Last 12 months to Oct 30, 2026

Yield (12M): HYD 4.47%, better; SHYM 4.33%
Payout (12M): HYD $2.22; SHYM $0.95
Last payment: HYD $0.18; SHYM $0.08
Ex-dividend: HYD Oct 1, 2026; SHYM Oct 1, 2026
Paid on: HYD Oct 6, 2026; SHYM Oct 6, 2026
Frequency: HYD Monthly; SHYM Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

HYDMonthly · 45 paymentsAll HYD payments⁠

SHYMMonthly · 45 paymentsAll SHYM payments⁠

HYD vs SHYM Risk

Fall from peak · 5 years

HYD
SHYM

Risk facts

VolatilityStd dev, 3 years: HYD 6.6%SHYM 6.6%
Return per unit of riskSharpe ratio, 3 years: HYD 0.20SHYM 0.51, better
Worst fallMax drawdown, 5 years: HYD −20.2%, betterSHYM −21.6%
Market sensitivityBeta, 5 years: HYD 1.02SHYM 0.42; Market = 1

HYD and SHYM 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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HYD vs SHYM

In short

Stated mandate

Why people hold it

Worth knowing

How HYD and SHYM differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in HYD

Only in SHYM

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 SHYM differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in HYD

Only in SHYM

Weight gaps