Relative Intelligence · Municipal Bonds
How iShares National Muni Bond ETF (MUB) compares with the whole market and its popular alternatives
Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on MUB alone. It places MUB (iShares National Muni Bond ETF) against 20+ popular alternatives, its neighboring categories and the entire market of over 10,000 U.S.-listed stocks and ETFs, and surfaces what has done better on consistent outperformance, return for the risk taken, behavior in real market crashes and diversification. The result is a clearer view of where MUB stands in the market, and of the alternatives worth a closer look.
Period covered: MUB's full trading record, from September 2007 through September 2026. The crash tests reach back to 2000 using older funds and the S&P 500. All returns include reinvested dividends. Data as of October 20, 2026.
Data as of October 20, 2026. Full tables and charts read best on a larger screen.
On this page12 sections
Key findings
- Right nowMUB has gone against the market, falling 3.2% over the past 6 months while the S&P 500 rose 9.1%. That said, both MUB and the S&P 500 are within a few percent of a record high. At a glance ↓
- Fund or market?MUB fell 3.0% over the past 3 months, in line with the US bond market ETF AGG (iShares Core U.S. Aggregate Bond ETF), which fell 1.7%. The S&P 500 rose 3.9%.
- Long termMUB turned $10,000 into $11,800 over the past decade, against $42,100 in the S&P 500. MUB's 10-year return of 17.8% puts it behind 90% of the ETFs with at least $100 million in assets with that much history. The S&P 500 returned 321%. Growth of $10,000 ↓
- In a crashAcross six sell-offs, MUB has typically lost about 22% as much as the S&P 500. The Covid crash took 13.7% off MUB, against 33.7% for the S&P 500. That was more than SUB (iShares Short-Term National Muni Bond ETF, 9.4%) but less than HYD (VanEck High Yield Muni ETF, 35.6%). Crash tests ↓
- DiversificationMUB is some diversification, but not a hedge: a correlation of 0.64 with the S&P 500 over 5 years and 0.65 with the total US market, less closely than 70% of ETFs with at least $100 million in assets. MUB now moves more with the S&P 500: a correlation of 0.64 over the past 5 years, up from 0.11 in the 5 years before. Market capture ↓
- Better options
- Popular alternatives
- BIL (State Street SPDR Bloomberg 1-3 Month T-Bill ETF), SMMU (PIMCO Short Term Municipal Bond Active Exchange-Traded Fund) and SUB (iShares Short-Term National Muni Bond ETF) earned more than MUB with less volatility over the past 5 years. BIL returned 3.7% a year at 0.3% volatility, against 0.3% a year at 4.2%.
- Same exposure, lower fee
- VTEB (Vanguard Tax-Exempt Bond ETF) tracks the same thing for 0.03% a year against MUB's 0.05%, and has kept pace over the past decade: about $20 less in fees on $10,000 over 10 years.
- Nearby categories and themes
- VTIP (Vanguard Short-Term Inflation-Protected Securities ETF, treasury bonds) and BSV (Vanguard Short-Term Bond ETF, short-term bonds) earned more than MUB with less volatility over the past 5 years. VTIP returned 2.7% a year at 2.9% volatility, against 0.3% a year at 4.2%.
How much would $10,000 in MUB have grown?
This chart tracks a hypothetical $10,000 investment in MUB over the past 18 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of MUB over the same span and MUB's popular alternatives, among those that traded for the entire period. A second view covers the past 5 years, the period the better options further down the page are judged on. It shows not only where each investment ended up but also how smooth or uneven the path was.
Note: The chart covers the past 18 years rather than MUB's full 19 years, because most of its popular alternatives have not traded that long.
- $10,000 invested in MUB at the end of September 2008 would have grown to $13,785 by September 2026, less than the $91,104 it would have become in SPY, an S&P 500 fund.
- Six of the eight other investments on the chart ended ahead of MUB, and LQD finished highest, at $22,714.
Choose a period
From the end of September 2008 to the end of September 2026. Hover over a fund in the key to pick out its line. 1,669 of the 1,883 stocks and funds worth at least $500 million that traded the whole period ended ahead of MUB; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.
- SPY (S&P 500)$91,104+811% total · +13.1% a year
- LQD$22,714+127% total · +4.7% a year
- PZA$18,546+85.5% total · +3.5% a year
- ITM$17,776+77.8% total · +3.2% a year
- AGG$16,181+61.8% total · +2.7% a year
- IEF$15,422+54.2% total · +2.4% a year
- SMB$14,221+42.2% total · +2.0% a year
- MUB$13,785+37.9% total · +1.8% a year
- SHM$13,366+33.7% total · +1.6% a year
- BIL$12,513+25.1% total · +1.3% a year
From the end of September 2021 to the end of September 2026. Hover over a fund in the key to pick out its line. 2,531 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of MUB; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.
- SPY (S&P 500)$19,000+90.0% total · +13.7% a year
- BIL$11,965+19.6% total · +3.7% a year
- VTIP$11,376+13.8% total · +2.6% a year
- SMMU$10,866+8.7% total · +1.7% a year
- BSV$10,780+7.8% total · +1.5% a year
- SUB$10,637+6.4% total · +1.2% a year
- MUNI$10,219+2.2% total · +0.4% a year
- SHYD$10,200+2.0% total · +0.4% a year
- MUB$9,978−0.2% total · 0.0% a year
- LQD$9,381−6.2% total · −1.3% a year
MUB at a glance
This section summarizes the key facts about the fund, its returns over periods from one to ten years and the risk it has carried, with dividends reinvested throughout. These figures serve as the baseline for every comparison that follows.
Note: MUB began trading on September 10, 2007, so every figure here, including its worst decline, covers only the time since then. None of them reflect the dot-com bust.
- MUB's deepest decline since it began trading in 2007 was 13.9%, from January to October 2008. It took 11 months from the low to climb back to its old high.
- Over 18 full calendar years, MUB's best was 2011, when it returned 9.2%, and its worst was 2022, when it lost 7.3%. It lost money in five of those years.
- MUB is 4.1% below its all-time high.
The fund
- Issuer
- IShares
- Began trading
- September 2007
- Expense ratio
- 0.05%per year
- Assets
- $51B
- Category
- Bonds
Returns
- Past 1 year
- −1.7%total return
- Past 3 years
- +10.8%+3.5% a year
- Past 5 years
- +1.5%+0.3% a year
- Past 10 years
- +17.8%+1.7% a year
- Best calendar year
- +9.2%2011
- Worst calendar year
- −7.3%2022
- Losing years
- 5 of 18full calendar years
Risk
- Volatility
- 4.2%typical yearly swing, 5 years
- Sharpe ratio
- 0.09return per unit of risk, 5 years
- Worst decline ever
- −13.9%Jan 2008 to Oct 2008
- From its all-time high
- −4.1%below the peak
MUB against the whole market
Where MUB ranks among every stock and fund, and what across the market has done better.
How does MUB rank among all ETFs?
This section ranks MUB on return, volatility, risk-adjusted return and worst decline against every ETF worth at least $100 million with enough history. Where the comparisons with its popular alternatives show how MUB stacks up against its peers, these rankings show where it stands in the market as a whole.
- MUB's worst decline of the past 10 years ranks in the top 5% of the 951 ETFs with at least $100 million in assets, where the top fell the least.
- MUB's 3-year return ranks in the bottom 3% of the 1,949 ETFs with at least $100 million in assets with 3 years of history.
Ranked against U.S.-listed ETFs with at least $100M in assets that have enough history for each measure, so the count changes from row to row; smaller ETFs and leveraged funds are left out. Lower volatility and smaller declines rank higher.
| Measure | MUB | Rank | Standing |
|---|---|---|---|
| 1-year return | −1.7% | 2,117 of 2,485 | bottom 16% |
| 3-year return | +10.8% | 1,884 of 1,949 | bottom 4% |
| 5-year return | +1.5% | 1,344 of 1,560 | bottom 15% |
| 10-year return | +17.8% | 864 of 958 | bottom 11% |
| Volatility, 5 years | 4.2% | 100 of 1,560 | top 6% |
| Sharpe ratio, 5 years | 0.09 | 1,358 of 1,560 | bottom 14% |
| Worst decline, past 10 years | −13.7% | 46 of 951 | top 5% |
What has beaten MUB on both return and risk?
Each dot is an investment, placed by how much it earned a year over the past 5 years (higher is better) and how much its price swung, its volatility (further left is calmer). MUB sits where the dashed lines cross. Anything in the green box above and to the left earned more than MUB with smaller swings, a better trade-off over this period on both counts. Past results are no promise, but a name in the box is worth a closer look.
- 63 ETFs worth at least $500 million sit in the green region: each earned more than MUB over the past 5 years with smaller price swings. That is 2% of the 3,633 screened. Few investments beat it on both counts.
- Among those with at least half MUB's swings, FLRT has the best return for its risk: 6.0% a year at 2.3% volatility, 45% less than MUB's 4.2%, and a Sharpe ratio (return above cash per unit of volatility) of 2.55 against 0.09 for MUB. BALT earned the most, 6.3% a year, while still swinging less than MUB (3.3% against 4.2%).
- Among MUB's popular alternatives, BIL, SMMU and SUB are in the region. BIL earned 3.7% a year against 0.3% a year for MUB, at 0.3% volatility, 94% less than MUB's 4.2%.
Annual return is the annualized total return with dividends reinvested, and volatility the annualized swing in daily prices, both over 5 years. Labeled dots are the strongest picks from the table below and the names called out above, colored by how close they sit to MUB; faint dots are 15 more of the 63 in the green region (the strongest, one per fund family). 3,633 stocks and funds worth at least $500 million were screened. Hover over a dot for its figures.
- Popular alternatives
- Same and neighboring categories, and shared themes
- The whole market
- Others in the green region
- 1 with more than 1.6× MUB's volatility is in the table only
Is there a better investment than MUB?
Investments that beat MUB over the past 5 years on return, volatility, drawdowns, consistency, crash losses or fees, from its popular alternatives out to the whole market.
- Among MUB's popular alternatives, BIL, SMMU and SUB earned more than MUB with less volatility over the past 5 years. BIL returned 3.7% a year at 0.3% volatility, against 0.3% a year at 4.2%.
- VTEB tracks the same thing for 0.03% a year against MUB's 0.05%, and has kept pace over the past decade: about $20 less in fees on $10,000 over 10 years.
- Looking beyond its popular alternatives, VTIP (treasury bonds) and BSV (short-term bonds) earned more than MUB with less volatility over the past 5 years. VTIP returned 2.7% a year at 2.9% volatility, against 0.3% a year at 4.2%.
How this works
The table below lists investments that beat MUB over the past 5 years on at least one of these measures: a higher annual return with lower volatility, a higher annual return at similar volatility, a similar return with lower volatility, a higher Sharpe ratio with a smaller worst decline, a higher total return in most periods from 3 months to 10 years, or smaller losses in recent market crashes, and, for funds, the same exposure at a lower expense ratio. It checks MUB's popular alternatives first, then the rest of its own and neighboring categories, then every stock and fund worth at least $500 million, and shows the strongest few in each group. The full list of those with a higher return and lower volatility than MUB follows the table.
Annual return is the annualized total return with dividends reinvested. Annual return, volatility and the Sharpe ratio cover 5 years; the worst decline covers the past 10 years. Green marks a better figure than MUB's. "On the frontier" means no other option shown or tested earned more with less volatility. Funds that hold the same thing are shown once. Beyond the popular alternatives, nothing with more than 1.5× MUB's volatility counts as better.
These figures cover the past 5 years. Green marks a better figure than MUB's.
| Investment | Why it is better | Past 5 years | Downside | Long run | Fit | ||||
|---|---|---|---|---|---|---|---|---|---|
| Annual return?higher is better | Volatility?lower is calmer | Sharpe?return per unit of risk | Worst decline?past 10 years | 10Y returntotal | Corr. with MUB?lower diversifies more | Expenseper year | |||
| MUBiShares National Muni Bond ETF · this page | +0.3% | 4.2% | 0.09 | −13.7% | +17.8% | 1.00 | 0.05% | ||
 SPYState Street SPDR S&P 500 ETF · S&P 500 | +12.7% | 17.1% | 0.79 | −33.7% | +321% | 0.64 | 0.09% | ||
| Popular alternativesbest 5 shownThe investments people most often weigh against MUB. 8 of 18 passed at least one test. | |||||||||
 BILState Street SPDR Bloomberg 1-3 Month T-Bill ETF · Treasury Bonds | On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +3.7% | 0.3% | 14.05 | −0.2% | +25.8% | 0.21 | 0.14% | |
SMMUPIMCO Short Term Municipal Bond Active Exchange-Traded Fund · Bonds | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +1.9% | 1.7% | 1.10 | −5.1% | +19.9% | 0.94 | 0.35% | |
SUBiShares Short-Term National Muni Bond ETF · Municipal Bonds | Higher return, lower volatility | +1.4% | 1.7% | 0.85 | −9.4% | +15.6% | 0.88 | 0.07% | |
 VTEBVanguard Tax-Exempt Bond ETF · Municipal Bonds | Same exposure, lower expense ratio | +0.3% | 4.1% | 0.09 | −17.0% | +18.6% | 1.00 | 0.03% | |
SMBVanEck Short Muni ETF · Multi-Asset | Similar return, lower volatility | +1.1% | 2.6% | 0.45 | −12.7% | +15.7% | 0.87 | 0.07% | |
| Same and neighboring categories, and shared themesbest 6 shownEverything else in Municipal Bonds and the categories next to it (Investment Grade Bonds, Treasury Bonds, Short-Term Bonds), plus MUB's specific themes. 29 of 50 passed at least one test. | |||||||||
 VTIPVanguard Short-Term Inflation-Protected Securities ETF · Treasury Bonds | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +2.7% | 2.9% | 0.94 | −6.3% | +32.7% | 0.61 | 0.03% | |
 BSVVanguard Short-Term Bond ETF · Short-Term Bonds | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +1.7% | 2.8% | 0.63 | −8.5% | +20.5% | 0.81 | 0.03% | |
SHYiShares 1-3 Year Treasury Bond ETF · Treasury Bonds | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +1.8% | 2.0% | 0.89 | −5.7% | +17.7% | 0.73 | 0.15% | |
SPSBState Street SPDR Portfolio Short Term Corporate Bond ETF · Investment Grade Bonds | Higher return, lower volatilityHigher return in most periods | +2.8% | 2.0% | 1.38 | −11.8% | +29.2% | 0.82 | 0.04% | |
BSCRInvesco BulletShares 2027 Corporate Bond ETF · Investment Grade Bonds | Higher return in most periods | +1.7% | 4.1% | 0.44 | −17.3% | — | 0.81 | 0.10% | |
SCHPSchwab US TIPS ETF · Treasury Bonds | Higher return in most periods | +0.1% | 6.1% | 0.05 | −14.3% | +25.0% | 0.76 | 0.03% | |
| The whole marketbest 6 shownEvery other stock and fund worth at least $500 million. 69 of 3,567 passed at least one test. | |||||||||
JAAAJanus Henderson AAA CLO ETF · CLO Bonds | On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +5.1% | 1.7% | 2.98 | −2.6% | — | 0.25 | 0.20% | |
BALTInnovator Defined Wealth Shield ETF · Crypto | On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +6.3% | 3.3% | 1.85 | −4.9% | — | 0.65 | 0.69% | |
VNLAJanus Henderson Short Duration Income ETF · Bonds | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +4.0% | 1.1% | 3.77 | −4.5% | — | 0.59 | 0.25% | |
TBUXT. Rowe Price Ultra Short-Term Bond ETF · Bonds | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +4.1% | 1.1% | 3.85 | −1.8% | — | 0.59 | 0.17% | |
BKLNInvesco Senior Loan ETF · Bank Loans | Higher return, similar volatilityHigher return in most periods | +5.4% | 4.5% | 1.19 | −24.1% | +50.7% | 0.31 | 0.67% | |
IBTGiShares iBonds Dec 2026 Term Treasury ETF · Bonds | Similar return, lower volatilityHigher return in most periods | +1.2% | 3.2% | 0.40 | −13.6% | — | 0.73 | 0.07% | |
What these numbers mean for MUB
- Annual return
- MUB returned 0.3% a year over the past 5 years with dividends reinvested, against 12.7% a year for the S&P 500. At that pace, $10,000 became about $10,100. Annual return is the steady yearly rate that would produce the same total result, so investments held over the same span compare fairly. Guide: What is performance and return? →
- Volatility
- MUB's volatility over the past 5 years was 4.2%, 25% of the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, MUB's return lands within 4.2% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump. Guide: Understanding and measuring risk (volatility) →
- Sharpe ratio
- MUB's Sharpe ratio over the past 5 years was 0.09, against 0.79 for the S&P 500, so MUB earned less for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings. Guide: Balancing reward with risk (Sharpe ratio) →
- Worst decline
- MUB's worst fall from a peak to a low over the past 10 years was 13.7%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 13.7% fall takes a 15.8% gain. Guide: Market crash risk and tail risk →
- Correlation
- Over the past 5 years, MUB's monthly returns had a correlation of 0.64 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They often move together: some diversification next to an index fund, but not a cushion. In the table, the correlation column measures each option against MUB instead: the lower it is, the more that option would diversify a MUB holding. Guide: Correlation and diversification →
Show all 63 stocks and funds worth at least $500 million that earned more than MUB with less volatility
Out of 3,633 tested over 5 years. The strongest 24 are listed, best first, with funds that hold the same thing listed once.
| # | Investment | Found in | Annual return | Volatility | Sharpe | Worst decline | 10Y return | Corr. with MUB | Expense |
|---|---|---|---|---|---|---|---|---|---|
| 1 | JAAAJanus Henderson AAA CLO ETF · CLO Bonds | Whole market | +5.1% | 1.7% | 2.98 | −2.6% | — | 0.25 | 0.20% |
| 2 |  SGOViShares 0-3 Month Treasury Bond ETF · Treasury Bonds | Same or nearby category | +3.8% | 0.3% | 13.25 | −0.3% | — | 0.26 | 0.09% |
| 3 | BALTInnovator Defined Wealth Shield ETF · Crypto | Whole market | +6.3% | 3.3% | 1.85 | −4.9% | — | 0.65 | 0.69% |
| 4 | VNLAJanus Henderson Short Duration Income ETF · Bonds | Whole market | +4.0% | 1.1% | 3.77 | −4.5% | — | 0.59 | 0.25% |
| 5 | TBUXT. Rowe Price Ultra Short-Term Bond ETF · Bonds | Whole market | +4.1% | 1.1% | 3.85 | −1.8% | — | 0.59 | 0.17% |
| 6 | RAVINorthern Trust Ultra-Short Fixed Income ETF · Bonds | Whole market | +3.8% | 1.4% | 2.61 | −3.7% | +30.8% | 0.48 | 0.26% |
| 7 | USTBVictoryShares Short-Term Bond ETF · Bonds | Whole market | +3.6% | 2.0% | 1.73 | −5.3% | — | 0.79 | 0.34% |
| 8 | MEARiShares Short Maturity Municipal Bond Active ETF · Bonds | Whole market | +2.4% | 1.0% | 2.37 | −2.7% | +19.3% | 0.77 | 0.26% |
| 9 | LMBSFirst Trust Low Duration Opportunities ETF · Mortgage-Backed Securities | Whole market | +3.0% | 2.6% | 1.14 | −6.5% | +25.6% | 0.80 | 0.66% |
| 10 | VTIPVanguard Short-Term Inflation-Protected Securities ETF · Treasury Bonds | Same or nearby category | +2.7% | 2.9% | 0.94 | −6.3% | +32.7% | 0.61 | 0.03% |
| 11 | BSVVanguard Short-Term Bond ETF · Short-Term Bonds | Same or nearby category | +1.7% | 2.8% | 0.63 | −8.5% | +20.5% | 0.81 | 0.03% |
| 12 | FLUDFranklin Ultra Short Bond ETF · Bonds | Whole market | +3.9% | 1.4% | 2.74 | −1.7% | — | 0.41 | 0.15% |
| 13 | SCHOSchwab Short-Term U.S. Treasury ETF · Treasury Bonds | Same or nearby category | +2.0% | 2.0% | 0.96 | −5.7% | +18.9% | 0.71 | 0.03% |
| 14 | LDURPIMCO Enhanced Low Duration Active Exchange-Traded Fund · Bonds | Whole market | +2.4% | 2.1% | 1.13 | −8.7% | +26.7% | 0.69 | 0.54% |
| 15 | STOTState Street DoubleLine Short Duration Total Return Tactical ETF · Bonds | Whole market | +2.9% | 1.7% | 1.65 | −6.1% | +26.0% | 0.71 | 0.45% |
| 16 | VRIGInvesco Variable Rate Investment Grade ETF · Bonds | Whole market | +4.7% | 1.3% | 3.51 | −13.1% | +40.5% | 0.22 | 0.30% |
| 17 | FLRTPacer Aristotle Pacific Floating Rate High Income ETF · Financials | Whole market | +6.0% | 2.3% | 2.55 | −21.0% | +58.0% | 0.37 | 0.60% |
| 18 | FLOTiShares Floating Rate Bond ETF · Floating Rate Bonds | Whole market | +4.5% | 1.8% | 2.48 | −13.5% | +35.9% | 0.20 | 0.15% |
| 19 | FLTRVanEck IG Floating Rate ETF · Multi-Asset | Whole market | +4.8% | 2.1% | 2.20 | −17.8% | +41.8% | 0.16 | 0.14% |
| 20 | FLDRFidelity Low Duration Bond Factor ETF · Bonds | Whole market | +3.9% | 1.2% | 3.09 | −12.2% | — | 0.74 | 0.15% |
| 21 | SRLNState Street Blackstone Senior Loan ETF · Bank Loans | Whole market | +4.7% | 3.9% | 1.18 | −22.3% | +54.2% | 0.30 | 0.70% |
| 22 | SPSBState Street SPDR Portfolio Short Term Corporate Bond ETF · Investment Grade Bonds | Same or nearby category | +2.8% | 2.0% | 1.38 | −11.8% | +29.2% | 0.82 | 0.04% |
| 23 | FTSLFirst Trust Senior Loan Fund · Bonds | Whole market | +5.0% | 3.4% | 1.49 | −22.7% | +52.1% | 0.29 | 0.70% |
| 24 | SUBiShares Short-Term National Muni Bond ETF · Municipal Bonds | Popular alternative | +1.4% | 1.7% | 0.85 | −9.4% | +15.6% | 0.88 | 0.07% |
MUB against its popular alternatives
The investments people most often weigh against MUB, compared period by period and year by year.
How do MUB's risk and return compare with its alternatives?
This map plots each investment's annual return over the past 5 years against its volatility, the size of its typical price swings. Investments toward the upper left earned more for a smoother ride, and those toward the lower right earned less for a rougher one. The dashed lines cross at MUB, which divides the map into what did better or worse on each measure.
- Nine of the 18 popular alternatives earned less than MUB over the past 5 years while swinging more, the weaker corner of the map.
- Seven of the 18 popular alternatives, led by BIL, SMMU and SUB, were both more rewarding and calmer than MUB over the past 5 years, earning a higher annual return with lower volatility.
- Over the past 5 years, MUB returned 0.3% a year, less than the S&P 500's 12.7%, with lower volatility (4.2% against 17.1%).
Green points earned more than MUB with less volatility; red points earned less with more. Hover over a point for its figures. Total returns with dividends reinvested, annualized.
All figures
| Investment | Annual return | Volatility |
|---|---|---|
| SPY S&P 500State Street SPDR S&P 500 ETF | +12.7% | 17.1% |
| BIL State Street SPDR Bloomberg 1-3 Month T-Bill ETF | +3.7% | 0.3% |
| SMMU PIMCO Short Term Municipal Bond Active Exchange-Traded Fund | +1.9% | 1.7% |
| SUB iShares Short-Term National Muni Bond ETF | +1.4% | 1.7% |
| SMB VanEck Short Muni ETF | +1.1% | 2.6% |
| SHYD VanEck Short High Yield Muni ETF | +0.9% | 5.5% |
| MUNI PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund | +0.8% | 3.5% |
| SHM State Street SPDR Nuveen ICE Short Term Municipal Bond ETF | +0.8% | 2.2% |
| JMUB JPMorgan Municipal ETF | +0.6% | 3.5% |
| MUB This pageiShares National Muni Bond ETF | +0.3% | 4.2% |
| VTEB Vanguard Tax-Exempt Bond ETF | +0.3% | 4.1% |
| ITM VanEck Intermediate Muni ETF | −0.1% | 4.5% |
| MUST Columbia Multi-Sector Municipal Income ETF | −0.1% | 5.7% |
| AGG iShares Core U.S. Aggregate Bond ETF | −0.3% | 6.1% |
| HYMB State Street SPDR Nuveen ICE High Yield Municipal Bond ETF | −0.5% | 6.8% |
| HYD VanEck High Yield Muni ETF | −0.7% | 6.6% |
| TFI State Street SPDR Nuveen ICE Municipal Bond ETF | −0.7% | 4.5% |
| LQD iShares iBoxx $ Investment Grade Corporate Bond ETF | −0.9% | 8.7% |
| PZA Invesco National AMT-Free Municipal Bond ETF | −1.2% | 6.2% |
| IEF iShares 7-10 Year Treasury Bond ETF | −1.7% | 7.7% |
Has MUB consistently beaten its popular alternatives?
This section compares MUB with the investments people most often weigh against it, checking each one over eight periods from one month to ten years. Counting how often an alternative earned more than MUB helps separate lasting outperformance from a single strong stretch.
- Four of the 22 popular alternatives, led by BIL, SHYD and SMMU, outperformed MUB in at least 3 of 5 short-term and 2 of 3 long-term timeframes.
- BIL, SHYD and SMMU outperformed MUB in every long-term period and in all but one short-term period, the most consistent record in the group.
- BIL, SMMU and SUB earned more for the risk they took than MUB (a higher Sharpe ratio) and fell less in their worst decline of the past 10 years.
A green cell means the alternative earned more than MUB over that period. "Qualified" marks those that did so in at least 3 of 5 short-term periods and 2 of 3 long-term periods.
| Investment | Periods outperformed | Short term | Long term | Risk · 5 years | Fund | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1M | 3M | 6M | YTD | 1Y | 3Y | 5Y | 10Y | Volatilitylower is calmer | Sharpehigher is better | Worst declinepast 10 years | Expense | Assets | Overlapsame sectors | ||
| MUB iShares National Muni Bond ETF (this page) | — | −0.2% | −3.0% | −3.2% | −2.2% | −1.7% | +10.8% | +1.5% | +17.8% | 4.2% | 0.09 | −13.7% | 0.05% | $51B | — |
| BIL QualifiedState Street SPDR Bloomberg 1-3 Month T-Bill ETF | 5/5 short3/3 longAll-weather | +0.3% | +0.9% | +1.8% | +2.8% | +3.7% | +13.9% | +19.9% | +25.8% | 0.3% | 14.05 | −0.2% | 0.14% | $51B | — |
| SHYD QualifiedVanEck Short High Yield Muni ETF | 5/5 short3/3 longAll-weather | +0.4% | −1.1% | 0.0% | +0.3% | +1.5% | +15.6% | +4.3% | +21.8% | 5.5% | 0.18 | −31.2% | 0.32% | $493M | — |
| SMMU QualifiedPIMCO Short Term Municipal Bond Active Exchange-Traded Fund | 5/5 short3/3 longAll-weather | +0.3% | −0.3% | +0.1% | +0.9% | +1.4% | +11.4% | +9.9% | +19.9% | 1.7% | 1.10 | −5.1% | 0.35% | $1.2B | — |
| MUNI QualifiedPIMCO Intermediate Municipal Bond Active Exchange-Traded Fund | 4/5 short3/3 longAll-weather | 0.0% | −2.4% | −2.5% | −1.5% | −1.0% | +12.6% | +4.1% | +20.4% | 3.5% | 0.25 | −11.2% | 0.35% | $3.1B | — |
| LQD BondsiShares iBoxx $ Investment Grade Corporate Bond ETF | 1/5 short2/3 long | −1.4% | −2.4% | −3.9% | −2.9% | −3.9% | +19.7% | −4.3% | +20.5% | 8.7% | -0.06 | −25.0% | 0.14% | $29B | — |
| HYMB BondsState Street SPDR Nuveen ICE High Yield Municipal Bond ETF | 0/5 short2/3 long | −2.3% | −5.4% | −4.5% | −2.5% | −2.3% | +16.3% | −2.6% | +19.4% | 6.8% | -0.04 | −29.5% | 0.35% | $3.8B | — |
| VTEB BondsVanguard Tax-Exempt Bond ETF | 0/5 short2/3 long | −0.3% | −3.3% | −3.3% | −2.3% | −1.8% | +11.5% | +1.4% | +18.6% | 4.1% | 0.09 | −17.0% | 0.03% | $52B | — |
| JMUB BondsJPMorgan Municipal ETF | 0/5 short2/3 long | −0.3% | −2.9% | −2.8% | −1.9% | −1.4% | +12.3% | +3.2% | — | 3.5% | 0.20 | −12.5% | 0.18% | $8.7B | — |
| SMB Multi-AssetVanEck Short Muni ETF | 4/5 short1/3 long | +0.2% | −0.5% | −0.2% | 0.0% | +0.8% | +10.6% | +5.8% | +15.7% | 2.6% | 0.45 | −12.7% | 0.07% | $371M | — |
| SUB BondsiShares Short-Term National Muni Bond ETF | 4/5 short1/3 long | +0.3% | −0.2% | 0.0% | +0.6% | +1.4% | +9.8% | +7.3% | +15.6% | 1.7% | 0.85 | −9.4% | 0.07% | $13B | — |
| SHM BondsState Street SPDR Nuveen ICE Short Term Municipal Bond ETF | 4/5 short1/3 long | 0.0% | −0.9% | −0.7% | 0.0% | +0.5% | +9.4% | +4.0% | +11.8% | 2.2% | 0.38 | −11.6% | 0.20% | $3.5B | — |
| AGG BondsiShares Core U.S. Aggregate Bond ETF | 3/5 short1/3 long | −0.6% | −1.7% | −2.6% | −1.7% | −1.9% | +16.2% | −1.5% | +13.3% | 6.1% | -0.02 | −18.4% | 0.03% | $139B | — |
| CGMU BondsCapital Group Municipal Income ETF | 3/5 short1/3 long | −0.2% | −2.6% | −2.5% | −1.4% | −0.6% | +14.4% | — | — | — | — | −5.6% | 0.27% | $7.2B | — |
| HYD Multi-AssetVanEck High Yield Muni ETF | 2/5 short1/3 long | −0.1% | −3.4% | −2.9% | −1.7% | −0.6% | +15.7% | −3.4% | +16.7% | 6.6% | -0.07 | −35.6% | 0.32% | $4.3B | — |
| ITM Multi-AssetVanEck Intermediate Muni ETF | 0/5 short1/3 long | 0.0% | −2.8% | −3.3% | −2.9% | −2.0% | +12.1% | −0.4% | +16.6% | 4.5% | 0.00 | −24.7% | 0.18% | $2.2B | — |
| IEF BondsiShares 7-10 Year Treasury Bond ETF | 0/5 short1/3 long | −0.6% | −2.8% | −4.2% | −3.5% | −4.1% | +12.4% | −8.0% | +3.0% | 7.7% | -0.18 | −23.9% | 0.15% | $42B | — |
| VTEI BondsVanguard Intermediate-Term Tax-Exempt Bond ETF | 1/5 short0/3 long | +0.2% | −2.5% | −2.7% | −1.9% | −1.1% | — | — | — | — | — | −6.1% | 0.08% | $1.7B | — |
| PZA BondsInvesco National AMT-Free Municipal Bond ETF | 0/5 short0/3 long | −1.6% | −6.4% | −5.9% | −4.4% | −4.4% | +9.6% | −5.7% | +13.0% | 6.2% | -0.16 | −21.7% | 0.28% | $4.1B | — |
| TFI BondsState Street SPDR Nuveen ICE Municipal Bond ETF | 0/5 short0/3 long | −0.3% | −3.6% | −3.6% | −2.8% | −2.3% | +10.3% | −3.3% | +11.9% | 4.5% | -0.13 | −15.5% | 0.23% | $2.9B | — |
| MUST BondsColumbia Multi-Sector Municipal Income ETF | 0/5 short0/3 long | −0.5% | −3.7% | −4.0% | −3.3% | −2.9% | +11.1% | −0.4% | — | 5.7% | 0.01 | −13.8% | 0.23% | $514M | — |
| SCMB BondsSchwab Municipal Bond ETF | 0/5 short0/3 long | +0.1% | −3.3% | −3.3% | −2.4% | −2.0% | +10.8% | — | — | — | — | −6.7% | 0.03% | $3.7B | — |
| VTEC BondsVanguard California Tax-Exempt Bond ETF | 0/5 short0/3 long | −0.3% | −3.3% | −3.3% | −2.6% | −1.9% | — | — | — | — | — | −6.4% | 0.06% | $3.6B | — |
How did MUB do year by year?
This table shows each investment's total return in every full calendar year since 2008, along with where MUB ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with MUB and how far its good and bad years diverged, detail that multiyear averages tend to smooth over.
Note: MUB began trading on September 10, 2007, so the table starts with 2008, its first full calendar year, and cannot show how it fared during the dot-com bust.
- MUB finished ahead of the S&P 500 in five of its 18 full calendar years, and behind it in each of the last three.
- Among its popular alternatives, HYD came out ahead of MUB most often, in 12 of the 16 years both traded.
- Ranked against its popular alternatives each year, MUB finished in the top quarter in no of 18 years and in the bottom quarter in two. In 2025, it ranked 14 of 20.
Newest year first. Green marks a year in which the fund came out ahead of MUB; gray means the two finished within a fraction of a point. The rank row places MUB among the alternatives that traded the full year; dark green is the top quarter and red the bottom quarter.
| Investment | Years ahead of MUB | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| MUB This pageiShares National Muni Bond ETF | — | +3.8% | +1.3% | +5.6% | −7.3% | +1.0% | +5.1% | +7.0% | +0.9% | +4.7% | −0.2% | +2.3% | +6.4% | −6.2% | +2.2% | +9.2% | −3.5% | +3.2% | −2.1% |
| Rank among alternatives | Top quarter in 0 of 18 | 14 of 20 | 13 of 20 | 13 of 20 | 7 of 19 | 8 of 19 | 8 of 19 | 14 of 19 | 13 of 17 | 9 of 17 | 10 of 17 | 7 of 16 | 8 of 15 | 12 of 15 | 10 of 15 | 7 of 14 | 13 of 13 | 8 of 11 | 8 of 9 |
| SPY S&P 500State Street SPDR S&P 500 ETF | 13 of 18 | +17.7% | +24.9% | +26.2% | −18.2% | +28.7% | +18.3% | +31.2% | −4.6% | +21.7% | +12.0% | +1.2% | +13.5% | +32.3% | +16.0% | +1.9% | +15.1% | +26.4% | −36.8% |
| BIL State Street SPDR Bloomberg 1-3 Month T-Bill ETF | 6 of 18 | +4.1% | +5.2% | +5.0% | +1.4% | −0.1% | +0.4% | +2.0% | +1.7% | +0.7% | +0.1% | −0.1% | −0.1% | −0.1% | −0.1% | 0.0% | −0.1% | +0.3% | +1.6% |
| SHYD VanEck Short High Yield Muni ETF | 5 of 11 | +5.6% | +4.8% | +2.4% | −9.1% | +4.0% | +1.6% | +7.6% | +3.3% | +4.9% | −0.2% | −0.8% | — | — | — | — | — | — | — |
| SMMU PIMCO Short Term Municipal Bond Active Exchange-Traded Fund | 4 of 15 | +4.1% | +2.7% | +4.4% | −2.5% | +0.2% | +2.9% | +3.5% | +1.7% | +2.3% | −0.7% | +1.1% | +0.6% | +0.1% | +0.9% | +2.1% | — | — | — |
| MUNI PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund | 6 of 16 | +4.7% | +1.4% | +6.1% | −6.6% | +0.7% | +4.8% | +7.1% | +1.0% | +4.9% | −0.7% | +2.8% | +5.7% | −2.6% | +4.7% | +8.0% | +3.8% | — | — |
| LQD iShares iBoxx $ Investment Grade Corporate Bond ETF | 13 of 18 | +7.9% | +0.9% | +9.4% | −17.9% | −1.8% | +11.0% | +17.4% | −3.8% | +7.0% | +6.2% | −1.3% | +8.2% | −2.0% | +10.6% | +9.8% | +9.3% | +8.4% | +2.4% |
| HYMB State Street SPDR Nuveen ICE High Yield Municipal Bond ETF | 9 of 14 | +2.0% | +5.5% | +7.7% | −15.5% | +5.1% | +3.7% | +9.5% | +4.9% | +3.1% | +2.1% | +3.5% | +18.3% | −7.5% | +15.7% | — | — | — | — |
| VTEB Vanguard Tax-Exempt Bond ETF | 1 of 10 | +3.7% | +1.3% | +6.1% | −8.0% | +1.1% | +5.2% | +7.3% | +1.0% | +4.9% | +0.2% | — | — | — | — | — | — | — | — |
| JMUB JPMorgan Municipal ETF | 4 of 7 | +4.3% | +1.9% | +6.0% | −7.4% | +1.6% | +5.0% | +8.2% | — | — | — | — | — | — | — | — | — | — | — |
| SMB VanEck Short Muni ETF | 7 of 17 | +4.6% | +2.4% | +3.1% | −4.5% | +0.1% | +3.3% | +4.5% | +1.8% | +1.3% | −0.4% | +1.3% | +1.1% | +0.8% | +1.5% | +5.6% | +1.2% | +7.9% | — |
| SUB iShares Short-Term National Muni Bond ETF | 6 of 17 | +3.6% | +2.2% | +2.9% | −2.1% | 0.0% | +2.5% | +2.9% | +1.8% | +0.8% | −0.1% | +0.8% | +0.5% | +0.8% | +0.5% | +3.9% | +0.4% | +4.2% | — |
| SHM State Street SPDR Nuveen ICE Short Term Municipal Bond ETF | 6 of 18 | +3.9% | +1.2% | +2.9% | −3.8% | −0.4% | +2.7% | +3.6% | +1.6% | +1.0% | −0.6% | +1.2% | +0.9% | +0.9% | +1.3% | +3.9% | +1.0% | +4.2% | +6.0% |
| AGG iShares Core U.S. Aggregate Bond ETF | 8 of 18 | +7.2% | +1.3% | +5.7% | −13.0% | −1.8% | +7.5% | +8.5% | +0.1% | +3.6% | +2.4% | +0.5% | +6.0% | −2.0% | +3.8% | +7.7% | +6.3% | +3.0% | +7.9% |
| CGMU Capital Group Municipal Income ETF | 3 of 3 | +5.2% | +2.6% | +6.8% | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| HYD VanEck High Yield Muni ETF | 12 of 16 | +2.8% | +5.0% | +6.5% | −16.0% | +5.1% | +0.2% | +9.3% | +2.6% | +9.8% | +0.4% | +5.1% | +14.9% | −8.7% | +16.0% | +11.0% | +0.3% | — | — |
| ITM VanEck Intermediate Muni ETF | 12 of 18 | +5.3% | +0.7% | +5.7% | −9.3% | +0.2% | +5.9% | +8.3% | +1.0% | +6.1% | −1.1% | +3.6% | +10.3% | −4.5% | +6.2% | +13.2% | +1.6% | +10.7% | −1.1% |
| IEF iShares 7-10 Year Treasury Bond ETF | 9 of 18 | +8.0% | −0.6% | +3.6% | −15.2% | −3.3% | +10.0% | +8.0% | +1.0% | +2.6% | +1.0% | +1.5% | +9.1% | −6.1% | +3.7% | +15.7% | +9.3% | −6.6% | +17.9% |
| PZA Invesco National AMT-Free Municipal Bond ETF | 11 of 18 | +1.8% | +0.8% | +8.6% | −13.2% | +2.3% | +5.1% | +9.0% | −0.1% | +7.0% | +0.8% | +3.9% | +15.3% | −7.1% | +9.8% | +13.8% | −0.4% | +17.5% | −11.7% |
| TFI State Street SPDR Nuveen ICE Municipal Bond ETF | 10 of 18 | +3.6% | 0.0% | +5.6% | −10.2% | +0.3% | +5.9% | +7.4% | +0.5% | +5.5% | −0.4% | +3.4% | +9.8% | −3.9% | +6.3% | +13.9% | −0.5% | +10.0% | 0.0% |
| MUST Columbia Multi-Sector Municipal Income ETF | 5 of 7 | +4.9% | +0.4% | +6.2% | −8.8% | +1.9% | +6.7% | +8.3% | — | — | — | — | — | — | — | — | — | — | — |
Risk and diversification
How MUB has fallen, how it held up in crashes beside the S&P 500 and its popular alternatives, and what moves independently of it.
What were MUB's worst declines?
A drawdown is the decline from a peak to the lowest point before a new high. This section presents MUB's five deepest drawdowns since it began trading in 2007, alongside the S&P 500's return over the same dates, and how long each took to recover. Together, these figures show how much an investor could have lost and how long it took to get back to even.
Note: MUB began trading on September 10, 2007, so this list cannot include the dot-com bust. The crash tests on this page show how older funds and the S&P 500 fared through those years.
- In four of MUB's five worst declines, the S&P 500 held up better over the same dates.
- The slowest recovery came after MUB fell 11.4% from November 2012 to September 2013; it did not regain that peak until February 2016, two years later.
Green means MUB fell less than the S&P 500 over the same dates. Based on daily closing prices with dividends reinvested.
| During | MUB fell | S&P 500, same dates | Peak | Low | Time to the low | Back at the peak | Time to recover |
|---|---|---|---|---|---|---|---|
| 2008 financial crisis | −13.9% | −31.5% | Jan 2008 | Oct 2008 | 9 months | Sep 2009 | 11 months |
| Covid crash | −13.7% | −12.3% | Mar 2020 | Mar 2020 | Under a month | Jul 2020 | 4 months |
| 2022 bear market | −11.9% | −7.4% | Jul 2021 | Oct 2022 | 15 months | Dec 2024 | 2.2 years |
| No named crash | −11.4% | +18.7% | Nov 2012 | Sep 2013 | 10 months | Feb 2016 | 2.4 years |
| No named crash | −10.2% | +23.4% | Aug 2010 | Jan 2011 | 5 months | Sep 2011 | 8 months |
How did MUB do in stock market crashes?
This section measures how far MUB, the S&P 500 and each alternative fell from peak to trough during every major market crash since 2000. A smaller decline means an investment held up better, and comparing results across crashes shows whether that resilience was consistent or a one-off.
Note: MUB began trading on September 10, 2007, so its row reads "Not yet trading" for the dot-com bust. The older alternatives and the S&P 500 show how those crashes played out.
- MUB fell less than the S&P 500 in all nine crashes it has traded through. The clearest case was the 2008 financial crisis, when MUB fell 13.9% and the S&P 500 fell 55.2%.
- Among its popular alternatives, BIL held up best, falling less than MUB in six of the nine crashes they both traded through.
Newest crash first. Each figure is the fund's deepest fall within the crash window; green means a smaller fall than MUB.
| Investment | Held up better | 2023 regional bank crisisMar 2023 | 2022 bear marketJan 2022 | Covid crashFeb 2020 | Late-2018 sell-offSep 2018 | February 2018 volatility shockFeb 2018 | 2015 China and oil sell-offAug 2015 | 2011 euro debt crisisJul 2011 | 2010 flash crashMay 2010 | 2008 financial crisisOct 2007 | Dot-com bustMar 2000 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| MUB This pageiShares National Muni Bond ETF | — | 0.0% | −10.6% | −13.7% | −1.4% | −0.2% | −0.8% | −1.4% | −0.1% | −13.9% | Not yet trading |
| SPY S&P 500State Street SPDR S&P 500 ETF | 0 of 9 | −3.4% | −24.5% | −33.7% | −19.3% | −6.5% | −12.8% | −17.9% | −1.5% | −55.2% | −47.5% |
| BIL State Street SPDR Bloomberg 1-3 Month T-Bill ETF | 6 of 9 | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | −0.1% | 0.0% | 0.0% | −0.8% | — |
| SHYD VanEck Short High Yield Muni ETF | 0 of 6 | −0.1% | −12.1% | −31.2% | −1.2% | −0.4% | −1.9% | — | — | — | — |
| SMMU PIMCO Short Term Municipal Bond Active Exchange-Traded Fund | 4 of 8 | 0.0% | −4.1% | −5.1% | −0.5% | −0.5% | −0.5% | −0.7% | 0.0% | — | — |
| MUNI PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund | 2 of 8 | 0.0% | −9.8% | −10.8% | −0.9% | −0.2% | −0.8% | −1.1% | 0.0% | — | — |
| LQD iShares iBoxx $ Investment Grade Corporate Bond ETF | 0 of 9 | −0.1% | −21.3% | −21.8% | −2.6% | −1.2% | −2.7% | −3.2% | 0.0% | −21.5% | — |
| HYMB State Street SPDR Nuveen ICE High Yield Municipal Bond ETF | 1 of 7 | 0.0% | −18.3% | −29.5% | −1.3% | −0.3% | −1.4% | −0.6% | — | — | — |
| VTEB Vanguard Tax-Exempt Bond ETF | 0 of 5 | 0.0% | −11.3% | −17.0% | −0.9% | −0.2% | — | — | — | — | — |
| JMUB JPMorgan Municipal ETF | 1 of 3 | 0.0% | −10.7% | −12.5% | — | — | — | — | — | — | — |
| SMB VanEck Short Muni ETF | 3 of 8 | 0.0% | −6.8% | −12.7% | −0.5% | −0.4% | −0.8% | −1.1% | −0.2% | — | — |
| SUB iShares Short-Term National Muni Bond ETF | 3 of 8 | 0.0% | −3.9% | −9.4% | −0.3% | −0.1% | −0.4% | −1.3% | −0.2% | — | — |
| SHM State Street SPDR Nuveen ICE Short Term Municipal Bond ETF | 4 of 8 | 0.0% | −5.9% | −11.6% | −0.4% | −0.2% | −0.4% | −0.8% | −0.1% | — | — |
| AGG iShares Core U.S. Aggregate Bond ETF | 2 of 9 | 0.0% | −14.5% | −9.6% | −1.1% | −0.8% | −1.5% | −1.3% | −0.4% | −12.8% | — |
| CGMU Capital Group Municipal Income ETF | 0 of 1 | 0.0% | — | — | — | — | — | — | — | — | — |
| HYD VanEck High Yield Muni ETF | 0 of 8 | 0.0% | −17.8% | −35.6% | −2.4% | −0.3% | −1.9% | −7.0% | −0.3% | — | — |
| ITM VanEck Intermediate Muni ETF | 0 of 8 | 0.0% | −14.0% | −24.7% | −1.2% | −0.3% | −1.0% | −1.6% | 0.0% | — | — |
| IEF iShares 7-10 Year Treasury Bond ETF | 2 of 9 | 0.0% | −16.1% | −4.7% | −1.2% | −0.8% | −2.9% | −1.9% | −0.3% | −6.2% | — |
| PZA Invesco National AMT-Free Municipal Bond ETF | 0 of 8 | 0.0% | −16.7% | −21.7% | −1.4% | −0.4% | −1.1% | −1.3% | −0.1% | — | — |
| TFI State Street SPDR Nuveen ICE Municipal Bond ETF | 0 of 9 | 0.0% | −13.9% | −15.5% | −1.6% | −0.4% | −1.1% | −2.5% | 0.0% | −15.1% | — |
| MUST Columbia Multi-Sector Municipal Income ETF | 1 of 3 | 0.0% | −12.5% | −12.8% | — | — | — | — | — | — | — |
How closely does MUB move with the S&P 500?
Upside capture measures how much of the S&P 500's gains an investment kept in the months the market rose, and downside capture how much of its losses it took in the months the market fell. An investment that captures more of the gains than the losses has compounded ahead of the market over time. This section compares MUB with its popular alternatives on both measures, and on beta (how strongly each has moved with the market), over the past 10 years.
- Over the past 10 years, MUB captured 14% of the S&P 500's gains in rising months and 18% of its losses in falling months, with a beta of 0.14. Its share of the market's losses was slightly larger than its share of the gains.
- Six of the 15 popular alternatives had a higher capture ratio (upside capture divided by downside capture) than MUB's 0.76, led by SMMU, SUB and SMB.
Monthly total returns over the past 10 years, measured against SPY. 100% capture or a beta of 1.00 means moving in line with the S&P 500. Green marks a better figure than MUB's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.
| Investment | Upside capture | Downside capture | Capture ratio | Beta |
|---|---|---|---|---|
| MUB This pageiShares National Muni Bond ETF | 14% | 18% | 0.76 | 0.14 |
| SMMU PIMCO Short Term Municipal Bond Active Exchange-Traded Fund | 8% | 4% | 1.89 | 0.05 |
| SUB iShares Short-Term National Muni Bond ETF | 7% | 5% | 1.41 | 0.05 |
| SMB VanEck Short Muni ETF | 8% | 8% | 1.07 | 0.08 |
| MUNI PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund | 13% | 15% | 0.85 | 0.13 |
| SHM State Street SPDR Nuveen ICE Short Term Municipal Bond ETF | 8% | 9% | 0.85 | 0.08 |
| SHYD VanEck Short High Yield Muni ETF | 16% | 21% | 0.77 | 0.19 |
| VTEB Vanguard Tax-Exempt Bond ETF | 14% | 19% | 0.76 | 0.15 |
| AGG iShares Core U.S. Aggregate Bond ETF | 12% | 17% | 0.71 | 0.14 |
| ITM VanEck Intermediate Muni ETF | 15% | 22% | 0.69 | 0.17 |
| HYMB State Street SPDR Nuveen ICE High Yield Municipal Bond ETF | 21% | 31% | 0.67 | 0.25 |
| LQD iShares iBoxx $ Investment Grade Corporate Bond ETF | 25% | 39% | 0.64 | 0.33 |
| PZA Invesco National AMT-Free Municipal Bond ETF | 18% | 29% | 0.62 | 0.22 |
| TFI State Street SPDR Nuveen ICE Municipal Bond ETF | 15% | 24% | 0.62 | 0.18 |
| HYD VanEck High Yield Muni ETF | 24% | 40% | 0.60 | 0.35 |
| IEF iShares 7-10 Year Treasury Bond ETF | 7% | 14% | 0.51 | 0.08 |
| BIL State Street SPDR Bloomberg 1-3 Month T-Bill ETF | 5% | -5% | — | 0.00 |
What diversifies MUB?
Correlation measures how closely two investments move together, on a scale from 1 (in lockstep) through 0 (unrelated) to -1 (in opposite directions). This section lists large ETFs and stocks whose returns have had a low correlation with MUB's. Because such investments tend not to fall at the same time, pairing MUB with them can reduce a portfolio's overall swings.
- XLE made money in four of the five calendar years in which MUB lost money.
- Among large ETFs, LVHI, DXJ and EMLP have moved largely independently of MUB over the past 5 years, with correlations of 0.49 or lower, and each still earned a positive 5-year return.
- Moving a fifth of the money in MUB into LVHI would have cut the portfolio's volatility by 1% over the past 5 years and raised its annual return (0.0% for MUB alone, +3.2% for the mix).
Only ETFs with at least $1.0B in assets and stocks worth at least $10B, with a correlation below 0.5 over the past 5 years and a positive return, are included, ranked by Sharpe ratio; funds that hold the same thing are shown once. The year columns are the years in which MUB lost money. The last two columns show a portfolio that is 80% MUB and 20% the other investment, rebalanced monthly.
ETFs
| Investment | Correlation | 5Y return | Sharpe | 2022 | 2016 | 2013 | 2010 | 2008 | 80/20 mix volatility | 80/20 mix annual return |
|---|---|---|---|---|---|---|---|---|---|---|
| MUB iShares National Muni Bond ETF (this page) | 1.00 | +1.5% | 0.09 | −7.3% | −0.2% | −6.2% | −3.5% | −2.1% | 6.0% | 0.0% |
| LVHI InternationalFranklin International Low Volatility High Dividend Index ETF | 0.49 | +119% | 1.48 | +3.8% | — | — | — | — | 6.0% | +3.2% |
| DXJ InternationalWisdomTree Japan Hedged Equity Fund | 0.30 | +225% | 1.34 | +6.0% | +1.1% | +41.3% | −1.8% | −20.8% | 6.1% | +5.0% |
| EMLP Broad MarketFirst Trust North American Energy Infrastructure Fund | 0.45 | +101% | 1.04 | +10.4% | +29.8% | +16.6% | — | — | 6.7% | +3.0% |
| HDV Dividend & IncomeiShares Core High Dividend ETF | 0.45 | +83.3% | 1.00 | +7.1% | +15.9% | +23.8% | — | — | 6.6% | +2.4% |
| GLD CommoditiesSPDR Gold Shares | 0.37 | +126% | 0.96 | −0.8% | +8.0% | −28.3% | +29.3% | +4.9% | 6.9% | +3.6% |
| SPMO Broad MarketInvesco S&P 500 Momentum ETF | 0.45 | +136% | 0.93 | −10.4% | +7.4% | — | — | — | 7.6% | +4.3% |
| XLE EnergyState Street Energy Select Sector SPDR ETF | 0.05 | +177% | 0.93 | +64.4% | +28.0% | +26.3% | +21.9% | −39.0% | 7.3% | +4.8% |
| EUFN InternationaliShares MSCI Europe Financials ETF | 0.49 | +133% | 0.89 | −8.8% | −2.7% | +29.3% | — | — | 7.7% | +4.1% |
Stocks
| Investment | Correlation | 5Y return | Sharpe | 2022 | 2016 | 2013 | 2010 | 2008 | 80/20 mix volatility | 80/20 mix annual return |
|---|---|---|---|---|---|---|---|---|---|---|
| MUB iShares National Muni Bond ETF (this page) | 1.00 | +1.5% | 0.09 | −7.3% | −0.2% | −6.2% | −3.5% | −2.1% | 6.0% | 0.0% |
| CAH Medical - DistributionCardinal Health, Inc. | 0.28 | +479% | 1.55 | +54.1% | −17.5% | +66.0% | +21.4% | −39.6% | 8.1% | +7.2% |
| CLS Hardware, Equipment & PartsCelestica Inc. | 0.17 | +3,143% | 1.47 | +1.3% | +7.4% | +27.6% | +2.8% | −20.5% | 13.4% | +19.0% |
| FIX Engineering & ConstructionComfort Systems USA, Inc. | 0.27 | +1,636% | 1.46 | +17.0% | +18.3% | +61.7% | +8.7% | −15.2% | 11.3% | +15.3% |
| MCK Medical - DistributionMcKesson Corporation | 0.12 | +413% | 1.44 | +51.8% | −28.3% | +67.7% | +13.8% | −40.4% | 7.4% | +6.6% |
| MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation | 0.03 | +690% | 1.41 | +86.6% | +0.7% | +48.6% | — | — | 8.2% | +9.2% |
Common questions
What was MUB's worst drawdown?
MUB's deepest decline since it began trading in 2007 was 13.9%, from January to October 2008. It took 11 months from the low to climb back to its old high. Because MUB launched in September 2007, that record does not include the dot-com bust.
What were MUB's best and worst years?
Over 18 full calendar years, MUB's best year was 2011, when it returned 9.2%. Its worst was 2022, with a return of -7.3%.
Is there a better investment than MUB?
Among MUB's popular alternatives, BIL, SMMU and SUB earned more than MUB with less volatility over the past 5 years. BIL returned 3.7% a year at 0.3% volatility, against 0.3% a year at 4.2%. VTEB tracks the same thing for 0.03% a year against MUB's 0.05%, and has kept pace over the past decade: about $20 less in fees on $10,000 over 10 years.
Is MUB more volatile than the S&P 500?
No. MUB's volatility over the past 5 years was 4.2%, 25% of the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, MUB's return lands within 4.2% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump.
What is MUB's Sharpe ratio?
MUB's Sharpe ratio over the past 5 years was 0.09, against 0.79 for the S&P 500, so MUB earned less for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings.
How correlated is MUB with the S&P 500?
Over the past 5 years, MUB's monthly returns had a correlation of 0.64 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They often move together: some diversification next to an index fund, but not a cushion. In the table, the correlation column measures each option against MUB instead: the lower it is, the more that option would diversify a MUB holding.
What are the best alternatives to MUB?
Of the 22 popular alternatives we compared, four outperformed MUB in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: BIL, SHYD and SMMU.
Did MUB outperform the S&P 500?
MUB finished ahead of the S&P 500 (SPY) in five of 18 full calendar years. In 2025, it returned +3.8%, against +17.7% for the index.
How did MUB do in stock market crashes?
MUB fell less than the S&P 500 (SPY) in nine of the nine major crashes it has traded through, and further in no. The clearest case was the 2008 financial crisis, when MUB fell 13.9% and the S&P 500 fell 55.2%.
What diversifies MUB?
These had a low correlation with MUB over the past 5 years and still earned a positive 5-year return: among large ETFs, LVHI (correlation 0.49), DXJ (correlation 0.30) and EMLP (correlation 0.45); among large stocks, CAH (correlation 0.28), CLS (correlation 0.17) and FIX (correlation 0.27). A correlation near zero means the two have moved largely independently.
How we measure
- Short-term periods are 1M, 3M, 6M, YTD, 1Y; long-term periods are 3Y, 5Y, 10Y. An investment outperformed in a period when its total return, with dividends reinvested, was higher than MUB's. Returns within 0.5 points or 3% of MUB's, whichever is larger, count as a tie.
- "Qualified" means outperforming in at least 3 of 5 short-term periods and 2 of 3 long-term periods. "All-weather" means outperforming in every long-term period and all but one short-term period.
- Popular alternatives are the funds and stocks most often compared with this one. We include only those that trade today, are not leveraged or inverse, and hold at least $200 million.
- Volatility is the annualized standard deviation of daily returns over 5 years, a measure of how much the price typically swings in a year. The Sharpe ratio is the return above cash for each unit of that volatility.
- A decline, or drawdown, runs from a peak to the lowest close before the next high. The worst decline ever uses all the price history we have; comparisons between funds use the past 10 years so that younger funds are judged on the same stretch.
- Sector overlap is the share of assets two funds hold in the same sectors. Correlation and the mixed-portfolio figures use monthly returns.
- Upside and downside capture follow Morningstar's definition: the compound monthly return in the months the S&P 500 rose (or fell), divided by the S&P 500's compound return in those months. Beta measures how strongly monthly returns have moved with the S&P 500. All three use the same window for every investment.
- Figures are computed from daily adjusted prices and update after each trading day. Past performance does not predict future results.
More research
Popular alternatives to MUB
- BILState Street SPDR Bloomberg 1-3 Month T-Bill ETF
- VTEBVanguard Tax-Exempt Bond ETF
AGGiShares Core U.S. Aggregate Bond ETF
IEFiShares 7-10 Year Treasury Bond ETF
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