MLN vs SPY
VanEck Long Muni ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, MLN or SPY?
Municipal Bond against Large Cap Blend.
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | MLN | SPY |
|---|---|---|
| Expense Ratio | 0.24% | 0.09%Best |
| AUM | $685M | $804.7B |
| Dividend Yield | 3.89% | 0.98% |
| Holdings | 661 | 505 |
| YTD Return | -4.89% | +12.47%Best |
| 1Y Return | -2.96% | +17.51%Best |
| 3Y Return (annualized) | +1.55% | +21.18%Best |
| 5Y Return (annualized) | -2.45% | +12.88%Best |
| Volatility (annualized) | 41.9% | 15.6%Best |
| Max Drawdown | -62.4% | -52.4%Best |
| $10,000 over 5 years | $8,834 | $18,327Best |
| Fund Family | VanEck | State Street Investment Management |
| Category | Tax Preferred | Equity |
| Style | Municipal Bond | Large Cap Blend |
| Inception | Jan 2, 2008 | Jan 22, 1993 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: Jan 7, 2008 to Sep 11, 2026 (18.7 years).
MLN vs SPY growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 18.7 years both funds cover.
MLN vs SPY Performance
VanEck Long Muni ETF (MLN) is an ETF from VanEck and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year MLN returned -2.96% while SPY returned +17.51%. Year to date, MLN is down 4.89% versus a gain of 12.47% for SPY.
Over three years, MLN compounded at +1.55% per year against +21.18% for SPY; over five years the annualized figures are -2.45% and +12.88% respectively. Across the full 19-year window we track, SPY has the edge at +9.90% annualized vs +2.57%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
MLN has been the more volatile fund, with annualized monthly volatility of 41.9% compared with 15.6% for SPY. 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 -62.4% for MLN and -52.4% for SPY. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.07. They move largely independently of each other.
Fees and Cost Over Time
MLN charges 0.24% per year while SPY charges 0.09%. On a $10,000 position that is $24 vs $9 annually, a gap of $15 per year that compounds over a long holding period. On income, MLN currently yields 3.89% against 0.98% for SPY.
Holdings Overlap
We hold position weights for 358 holdings in MLN and 504 in SPY, totalling 49.0% and 100.0% of the two funds. The two books name no position in common, so there is no overlap percentage to show.
0 positions in common, counted across the 358 positions we hold weights for in MLN and 504 in SPY, against full books of 661 and 505.
You are not choosing between two funds in isolation.
Whichever of MLN and SPY you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, MLN or SPY?
MLN has an expense ratio of 0.24% while SPY charges 0.09%. SPY is the cheaper option, by $15 a year on a $10,000 investment.
Which performed better, MLN or SPY?
Over the past year MLN returned -2.96% vs +17.51% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (19 years), MLN annualized +2.57% vs +9.90% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, MLN or SPY?
MLN has been the more volatile fund at 41.9% annualized versus 15.6% for SPY. Worst drawdown: MLN -62.4% vs SPY -52.4%.
Should I hold both MLN and SPY?
MLN and SPY have a monthly-return correlation of 0.07, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
Which pays a higher dividend, MLN or SPY?
MLN yields 3.89% while SPY yields 0.98%, so MLN currently pays the higher dividend yield.
Is SPY better than MLN?
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. Which one suits a particular account depends on what it is for. This is information, not a recommendation.