MLN vs SPY
VanEck Long Muni ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 503 holdings.
Side-by-Side Comparison
| Metric | MLN | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.24% | 0.09% | |
| AUM | $691M | $789.1B | |
| Dividend Yield | 3.66% | 1.01% | |
| Holdings | 682 | 505 | |
| YTD Return | -0.51% | +13.75% | |
| 1Y Return | +5.32% | +22.91% | |
| 3Y Return (annualized) | +2.79% | +21.67% | |
| 5Y Return (annualized) | -1.63% | +13.32% | |
| Volatility (annualized) | 42.0% | 15.3% | |
| Max Drawdown | -62.4% | -56.5% | |
| Fund Family | VanEck | State Street Investment Management | |
| Category | Tax Preferred | Equity | |
| Inception | Jan 2, 2008 | Jan 22, 1993 |
MLN vs SPY Performance
VanEck Long Muni ETF (MLN) is a ETF from VanEck and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year MLN returned +5.32% while SPY returned +22.91%. Year to date, MLN is down 0.51% versus a gain of 13.75% for SPY.
Over three years, MLN compounded at +2.79% per year against +21.67% for SPY; over five years the annualized figures are -1.63% and +13.32% respectively. Across the full 19-year window we track, SPY has the edge at +8.85% annualized vs +2.83%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
MLN has been the more volatile fund, with annualized monthly volatility of 42.0% compared with 15.3% 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 -56.5% for SPY. 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 0.07. They move independently enough that combining them can meaningfully diversify a portfolio.
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 3.66% against 1.01% for SPY.
Holdings Overlap
MLN and SPY share 0 holdings out of 866 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, MLN or SPY?
MLN has an expense ratio of 0.24% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $15 per year of difference.
Which performed better, MLN or SPY?
Over the past year MLN returned +5.32% vs +22.91% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (19 years), MLN annualized +2.83% vs +8.85% for SPY. Past performance does not guarantee future results.
Which is riskier, MLN or SPY?
MLN has been the more volatile fund at 42.0% annualized versus 15.3% for SPY. Worst drawdown: MLN -62.4% vs SPY -56.5%.
Should I hold both MLN and SPY?
MLN and SPY have a monthly-return correlation of 0.07, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between MLN and SPY?
MLN and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 866 unique securities.
Which pays a higher dividend, MLN or SPY?
MLN yields 3.66% while SPY yields 1.01%, so MLN currently pays the higher dividend yield.
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