IVV vs MUNY
iShares Core S&P 500 ETF vs Vanguard New York Tax-Exempt Bond ETF
Quick Verdict
IVV has a lower expense ratio. IVV delivered stronger 1-year returns. IVV offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | IVV | MUNY | Winner |
|---|---|---|---|
| Expense Ratio | 0.03% | 0.09% | |
| AUM | $865.2B | $447M | |
| Dividend Yield | 1.09% | 3.11% | |
| Holdings | 508 | 3,016 | |
| YTD Return | +13.43% | -1.04% | |
| 1Y Return | +22.61% | +3.02% | |
| 3Y Return (annualized) | +21.47% | - | |
| 5Y Return (annualized) | +13.26% | - | |
| Volatility (annualized) | 15.1% | 4.3% | |
| Max Drawdown | -56.5% | -3.2% | |
| Fund Family | iShares by BlackRock (US) | Vanguard (US) | |
| Category | Equity | Tax Preferred | |
| Inception | May 15, 2000 | May 20, 2025 |
IVV vs MUNY Performance
iShares Core S&P 500 ETF (IVV) is a ETF from iShares by BlackRock (US) and Vanguard New York Tax-Exempt Bond ETF (MUNY) is a ETF from Vanguard (US). Over the past year IVV returned +22.61% while MUNY returned +3.02%. Year to date, IVV is up 13.43% versus a loss of 1.04% for MUNY.
Risk: Volatility and Drawdowns
IVV has been the more volatile fund, with annualized monthly volatility of 15.1% compared with 4.3% for MUNY. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -56.5% for IVV and -3.2% for MUNY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.52. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
IVV charges 0.03% per year while MUNY charges 0.09%. On a $10,000 position that is $3 vs $9 annually, a gap of $6 per year that compounds over a long holding period. On income, IVV currently yields 1.09% against 3.11% for MUNY.
Holdings Overlap
IVV and MUNY share 0 holdings out of 855 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, IVV or MUNY?
IVV has an expense ratio of 0.03% while MUNY charges 0.09%. IVV is the cheaper option. On a $10,000 investment, that is $6 per year of difference.
Which performed better, IVV or MUNY?
Over the past year IVV returned +22.61% vs +3.02% for MUNY, so IVV leads on 1-year performance. Over the longest common window we track (1 years), IVV annualized +7.03% vs +3.53% for MUNY. Past performance does not guarantee future results.
Which is riskier, IVV or MUNY?
IVV has been the more volatile fund at 15.1% annualized versus 4.3% for MUNY. Worst drawdown: IVV -56.5% vs MUNY -3.2%.
Should I hold both IVV and MUNY?
IVV and MUNY have a monthly-return correlation of 0.52, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between IVV and MUNY?
IVV and MUNY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 855 unique securities.
Which pays a higher dividend, IVV or MUNY?
IVV yields 1.09% while MUNY yields 3.11%, so MUNY currently pays the higher dividend yield.
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