# How iShares National Muni Bond ETF (MUB) compares with the whole market and its popular alternatives

> Source: EasyCompare research, https://easycompare.io/research/mub
> Data as of October 20, 2026. Total returns include reinvested dividends. Past performance does not predict future results; nothing here is investment advice.

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.

## Key findings

- **Right now:** MUB 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.
- **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 term:** MUB 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%.
- **In a crash:** Across 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%).
- **Diversification:** MUB 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.
- **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.

- $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.

## 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.

- 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.

- Type: ETF, Bonds (Asset Management - Bonds)
- Trading since: September 10, 2007
- Assets: $51B
- Expense ratio: 0.05%
- Volatility (5 years): 4.2%; Sharpe ratio: 0.09
- Worst decline ever: −13.9%, from January 17, 2008 to October 15, 2008; back at its high by September 2, 2009

| Period | MUB total return |
| --- | --- |
| 1 month | −0.2% |
| 3 months | −3.0% |
| 6 months | −3.2% |
| year to date | −2.2% |
| 1 year | −1.7% |
| 3 years | +10.8% |
| 5 years | +1.5% |
| 10 years | +17.8% |

## 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.

- 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.

| Measure | MUB | Rank |
| --- | --- | --- |
| 1-year return | −1.7% | 2,117 of 2,485 (top 86%) |
| 3-year return | +10.8% | 1,884 of 1,949 (top 97%) |
| 5-year return | +1.5% | 1,344 of 1,560 (top 87%) |
| 10-year return | +17.8% | 864 of 958 (top 91%) |
| Volatility, 5 years | 4.2% | 100 of 1,560 (top 7%) |
| Sharpe ratio, 5 years | 0.09 | 1,358 of 1,560 (top 88%) |
| 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).

- 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%.

### Is there a better investment than MUB?

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.

- 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%.

The 15 strongest of 63 investments that beat MUB over the past 5 years, out of 3,633 stocks and funds worth at least $500 million.

| Investment | Group | Annual return (5 years) | Volatility | Sharpe | Worst decline (10 years) | 10Y return | Correlation with MUB | Better on |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| MUB: iShares National Muni Bond ETF (this page) |  | +0.3% | 4.2% | 0.09 | −13.7% | +17.8% |  |  |
| JAAA: Janus Henderson AAA CLO ETF | CLO Bonds | +5.1% | 1.7% | 2.98 | −2.6% | — | 0.25 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [SGOV](https://easycompare.io/research/sgov): iShares 0-3 Month Treasury Bond ETF | Treasury Bonds | +3.8% | 0.3% | 13.25 | −0.3% | — | 0.26 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| BALT: Innovator Defined Wealth Shield ETF | Crypto | +6.3% | 3.3% | 1.85 | −4.9% | — | 0.65 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| VNLA: Janus Henderson Short Duration Income ETF | Bonds | +4.0% | 1.1% | 3.77 | −4.5% | — | 0.59 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| TBUX: T. Rowe Price Ultra Short-Term Bond ETF | Bonds | +4.1% | 1.1% | 3.85 | −1.8% | — | 0.59 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| RAVI: Northern Trust Ultra-Short Fixed Income ETF | Bonds | +3.8% | 1.4% | 2.61 | −3.7% | +30.8% | 0.48 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| USTB: VictoryShares Short-Term Bond ETF | Bonds | +3.6% | 2.0% | 1.73 | −5.3% | — | 0.79 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| MEAR: iShares Short Maturity Municipal Bond Active ETF | Bonds | +2.4% | 1.0% | 2.37 | −2.7% | +19.3% | 0.77 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| LMBS: First Trust Low Duration Opportunities ETF | Mortgage-Backed Securities | +3.0% | 2.6% | 1.14 | −6.5% | +25.6% | 0.80 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [VTIP](https://easycompare.io/research/vtip): Vanguard Short-Term Inflation-Protected Securities ETF | Treasury Bonds | +2.7% | 2.9% | 0.94 | −6.3% | +32.7% | 0.61 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [BSV](https://easycompare.io/research/bsv): Vanguard Short-Term Bond ETF | Short-Term Bonds | +1.7% | 2.8% | 0.63 | −8.5% | +20.5% | 0.81 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| FLUD: Franklin Ultra Short Bond ETF | Bonds | +3.9% | 1.4% | 2.74 | −1.7% | — | 0.41 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| SCHO: Schwab Short-Term U.S. Treasury ETF | Treasury Bonds | +2.0% | 2.0% | 0.96 | −5.7% | +18.9% | 0.71 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| LDUR: PIMCO Enhanced Low Duration Active Exchange-Traded Fund | Bonds | +2.4% | 2.1% | 1.13 | −8.7% | +26.7% | 0.69 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| STOT: State Street DoubleLine Short Duration Total Return Tactical ETF | Bonds | +2.9% | 1.7% | 1.65 | −6.1% | +26.0% | 0.71 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |

## 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.

- 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%).

### 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.

- 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.

| Investment | 1Y return | 3Y return | 5Y return | 10Y return | Periods ahead of MUB | Verdict | Sharpe |
| --- | --- | --- | --- | --- | --- | --- | --- |
| MUB: iShares National Muni Bond ETF (this page) | −1.7% | +10.8% | +1.5% | +17.8% |  |  | 0.09 |
| [BIL](https://easycompare.io/research/bil): State Street SPDR Bloomberg 1-3 Month T-Bill ETF | +3.7% | +13.9% | +19.9% | +25.8% | 5/5 short-term, 3/3 long-term | all-weather | 14.05 |
| SHYD: VanEck Short High Yield Muni ETF | +1.5% | +15.6% | +4.3% | +21.8% | 5/5 short-term, 3/3 long-term | all-weather | 0.18 |
| SMMU: PIMCO Short Term Municipal Bond Active Exchange-Traded Fund | +1.4% | +11.4% | +9.9% | +19.9% | 5/5 short-term, 3/3 long-term | all-weather | 1.10 |
| MUNI: PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund | −1.0% | +12.6% | +4.1% | +20.4% | 4/5 short-term, 3/3 long-term | all-weather | 0.25 |
| LQD: iShares iBoxx $ Investment Grade Corporate Bond ETF | −3.9% | +19.7% | −4.3% | +20.5% | 1/5 short-term, 2/3 long-term |  | -0.06 |
| HYMB: State Street SPDR Nuveen ICE High Yield Municipal Bond ETF | −2.3% | +16.3% | −2.6% | +19.4% | 0/5 short-term, 2/3 long-term |  | -0.04 |
| [VTEB](https://easycompare.io/research/vteb): Vanguard Tax-Exempt Bond ETF | −1.8% | +11.5% | +1.4% | +18.6% | 0/5 short-term, 2/3 long-term |  | 0.09 |
| JMUB: JPMorgan Municipal ETF | −1.4% | +12.3% | +3.2% | — | 0/5 short-term, 2/3 long-term |  | 0.20 |
| SMB: VanEck Short Muni ETF | +0.8% | +10.6% | +5.8% | +15.7% | 4/5 short-term, 1/3 long-term |  | 0.45 |
| SUB: iShares Short-Term National Muni Bond ETF | +1.4% | +9.8% | +7.3% | +15.6% | 4/5 short-term, 1/3 long-term |  | 0.85 |
| SHM: State Street SPDR Nuveen ICE Short Term Municipal Bond ETF | +0.5% | +9.4% | +4.0% | +11.8% | 4/5 short-term, 1/3 long-term |  | 0.38 |
| [AGG](https://easycompare.io/research/agg): iShares Core U.S. Aggregate Bond ETF | −1.9% | +16.2% | −1.5% | +13.3% | 3/5 short-term, 1/3 long-term |  | -0.02 |
| CGMU: Capital Group Municipal Income ETF | −0.6% | +14.4% | — | — | 3/5 short-term, 1/3 long-term |  | — |
| HYD: VanEck High Yield Muni ETF | −0.6% | +15.7% | −3.4% | +16.7% | 2/5 short-term, 1/3 long-term |  | -0.07 |
| ITM: VanEck Intermediate Muni ETF | −2.0% | +12.1% | −0.4% | +16.6% | 0/5 short-term, 1/3 long-term |  | 0.00 |
| [IEF](https://easycompare.io/research/ief): iShares 7-10 Year Treasury Bond ETF | −4.1% | +12.4% | −8.0% | +3.0% | 0/5 short-term, 1/3 long-term |  | -0.18 |
| VTEI: Vanguard Intermediate-Term Tax-Exempt Bond ETF | −1.1% | — | — | — | 1/5 short-term, 0/3 long-term |  | — |
| PZA: Invesco National AMT-Free Municipal Bond ETF | −4.4% | +9.6% | −5.7% | +13.0% | 0/5 short-term, 0/3 long-term |  | -0.16 |
| TFI: State Street SPDR Nuveen ICE Municipal Bond ETF | −2.3% | +10.3% | −3.3% | +11.9% | 0/5 short-term, 0/3 long-term |  | -0.13 |
| MUST: Columbia Multi-Sector Municipal Income ETF | −2.9% | +11.1% | −0.4% | — | 0/5 short-term, 0/3 long-term |  | 0.01 |
| SCMB: Schwab Municipal Bond ETF | −2.0% | +10.8% | — | — | 0/5 short-term, 0/3 long-term |  | — |
| VTEC: Vanguard California Tax-Exempt Bond ETF | −1.9% | — | — | — | 0/5 short-term, 0/3 long-term |  | — |

### 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.

- 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.

| Year | MUB | SPY |
| --- | --- | --- |
| 2025 | +3.8% | +17.7% |
| 2024 | +1.3% | +24.9% |
| 2023 | +5.6% | +26.2% |
| 2022 | −7.3% | −18.2% |
| 2021 | +1.0% | +28.7% |
| 2020 | +5.1% | +18.3% |
| 2019 | +7.0% | +31.2% |
| 2018 | +0.9% | −4.6% |
| 2017 | +4.7% | +21.7% |
| 2016 | −0.2% | +12.0% |

## 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.

- 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.

| Decline | Peak | Low | Back at the high | SPY over the same dates | Market event |
| --- | --- | --- | --- | --- | --- |
| −13.9% | January 17, 2008 | October 15, 2008 | September 2, 2009 | −31.5% | 2008 financial crisis |
| −13.7% | March 9, 2020 | March 19, 2020 | July 30, 2020 | −12.3% | Covid crash |
| −11.9% | July 19, 2021 | October 31, 2022 | December 4, 2024 | −7.4% | 2022 bear market |
| −11.4% | November 30, 2012 | September 5, 2013 | February 8, 2016 | +18.7% |  |
| −10.2% | August 25, 2010 | January 14, 2011 | September 23, 2011 | +23.4% |  |

### 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.

- 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.

| Crash | Dates | MUB fall | SPY fall |
| --- | --- | --- | --- |
| Dot-com bust | March 10, 2000 to October 9, 2002 | not trading | −47.5% |
| Global financial crisis | October 9, 2007 to March 9, 2009 | −13.9% | −55.2% |
| Flash crash | May 6, 2010 to May 7, 2010 | −0.1% | −1.5% |
| Euro debt crisis | July 22, 2011 to October 3, 2011 | −1.4% | −17.9% |
| China devaluation & oil rout | August 10, 2015 to February 11, 2016 | −0.8% | −12.8% |
| Volmageddon | February 2, 2018 to February 9, 2018 | −0.2% | −6.5% |
| Q4 2018 selloff | September 21, 2018 to December 24, 2018 | −1.4% | −19.3% |
| COVID crash | February 19, 2020 to March 23, 2020 | −13.7% | −33.7% |
| 2022 bear market | January 4, 2022 to October 12, 2022 | −10.6% | −24.5% |
| SVB / regional bank stress | March 8, 2023 to March 13, 2023 | 0.0% | −3.4% |

### 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.

- 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.

Measured over the past 10 years of monthly returns against SPY.

| Investment | Upside capture | Downside capture | Beta |
| --- | --- | --- | --- |
| MUB: iShares National Muni Bond ETF (this page) | 14.0% | 18.0% | 0.14 |
| [BIL](https://easycompare.io/research/bil): State Street SPDR Bloomberg 1-3 Month T-Bill ETF | 5.0% | −5.0% | 0.00 |
| SHYD: VanEck Short High Yield Muni ETF | 16.0% | 21.0% | 0.19 |
| SMMU: PIMCO Short Term Municipal Bond Active Exchange-Traded Fund | 8.0% | 4.0% | 0.05 |
| MUNI: PIMCO Intermediate Municipal Bond Active Exchange-Traded Fund | 13.0% | 15.0% | 0.13 |
| LQD: iShares iBoxx $ Investment Grade Corporate Bond ETF | 25.0% | 39.0% | 0.33 |
| HYMB: State Street SPDR Nuveen ICE High Yield Municipal Bond ETF | 21.0% | 31.0% | 0.25 |
| [VTEB](https://easycompare.io/research/vteb): Vanguard Tax-Exempt Bond ETF | 14.0% | 19.0% | 0.15 |
| SMB: VanEck Short Muni ETF | 8.0% | 8.0% | 0.08 |
| SUB: iShares Short-Term National Muni Bond ETF | 7.0% | 5.0% | 0.05 |
| SHM: State Street SPDR Nuveen ICE Short Term Municipal Bond ETF | 8.0% | 9.0% | 0.08 |
| [AGG](https://easycompare.io/research/agg): iShares Core U.S. Aggregate Bond ETF | 12.0% | 17.0% | 0.14 |
| HYD: VanEck High Yield Muni ETF | 24.0% | 40.0% | 0.35 |
| ITM: VanEck Intermediate Muni ETF | 15.0% | 22.0% | 0.17 |
| [IEF](https://easycompare.io/research/ief): iShares 7-10 Year Treasury Bond ETF | 7.0% | 14.0% | 0.08 |
| PZA: Invesco National AMT-Free Municipal Bond ETF | 18.0% | 29.0% | 0.22 |
| TFI: State Street SPDR Nuveen ICE Municipal Bond ETF | 15.0% | 24.0% | 0.18 |

### 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).

- 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).

| Investment | Correlation with MUB | 5Y return | Volatility | Sharpe | Rose in MUB's 5 down years |
| --- | --- | --- | --- | --- | --- |
| LVHI: Franklin International Low Volatility High Dividend Index ETF | 0.49 | +119% | 11.1% | 1.48 | 1 of 5 |
| DXJ: WisdomTree Japan Hedged Equity Fund | 0.30 | +225% | 19.1% | 1.34 | 3 of 5 |
| EMLP: First Trust North American Energy Infrastructure Fund | 0.45 | +101% | 14.5% | 1.04 | 3 of 5 |
| HDV: iShares Core High Dividend ETF | 0.45 | +83.3% | 13.0% | 1.00 | 3 of 5 |
| [GLD](https://easycompare.io/research/gld): SPDR Gold Shares | 0.37 | +126% | 18.9% | 0.96 | 3 of 5 |
| SPMO: Invesco S&P 500 Momentum ETF | 0.45 | +136% | 20.8% | 0.93 | 1 of 5 |
| [XLE](https://easycompare.io/research/xle): State Street Energy Select Sector SPDR ETF | 0.05 | +177% | 25.5% | 0.93 | 4 of 5 |
| EUFN: iShares MSCI Europe Financials ETF | 0.49 | +133% | 21.8% | 0.89 | 1 of 5 |

## 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.

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## Explore further

- Full page with charts: https://easycompare.io/research/mub
- All research pages: https://easycompare.io/llms.txt
- Compare the entire market against MUB live: https://betterthanspy.com/?b=MUB&utm_source=easycompare&utm_medium=research