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iShares Short-Term National Muni Bond ETF (SUB)
Performance
Risk-Adjusted Performance
Dividends
Drawdowns
Volatility

iShares Short-Term National Muni Bond ETF (SUB)

ETF · Currency in USD · Last updated May 20, 2025

SUB is a passive ETF by iShares tracking the investment results of the ICE Short Maturity AMT-Free US National Municipal Index - Benchmark TR Gross. SUB launched on Nov 5, 2008 and has a 0.07% expense ratio.

ETF Info

ISIN

US4642881589

CUSIP

464288158

Issuer

iShares

Inception Date

Nov 5, 2008

Region

North America (U.S.)

Category

Municipal Bonds

Leveraged

1x

Index Tracked

ICE Short Maturity AMT-Free US National Municipal Index - Benchmark TR Gross

Home Page

www.ishares.com

Asset Class

Bond

Expense Ratio

SUB has an expense ratio of 0.07%, which is considered low.

Share Price Chart

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Compare to other instruments

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares Short-Term National Muni Bond ETF

Popular comparisons:
SUB vs. MUB SUB vs. VTEB SUB vs. SMB SUB vs. SHM SUB vs. JMST SUB vs. FUMB SUB vs. VTES SUB vs. FSTFX SUB vs. SGOV SUB vs. FLOT
Popular comparisons:
SUB vs. MUB SUB vs. VTEB SUB vs. SMB SUB vs. SHM SUB vs. JMST SUB vs. FUMB SUB vs. VTES SUB vs. FSTFX SUB vs. SGOV SUB vs. FLOT

Performance

Performance Chart

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S&P 500

Returns By Period

iShares Short-Term National Muni Bond ETF (SUB) returned 0.96% year-to-date (YTD) and 3.26% over the past 12 months. Over the past 10 years, SUB returned 1.30% annually, underperforming the S&P 500 benchmark at 10.86%.

SUB

YTD

0.96%

1M

0.65%

6M

1.28%

1Y

3.26%

3Y*

2.40%

5Y*

1.04%

10Y*

1.30%

^GSPC (Benchmark)

YTD

1.39%

1M

12.89%

6M

1.19%

1Y

12.45%

3Y*

15.19%

5Y*

14.95%

10Y*

10.86%

*Annualized

Monthly Returns

The table below presents the monthly returns of SUB, with color gradation from worst to best to easily spot seasonal factors. Returns are adjusted for dividends.

JanFebMarAprMayJunJulAugSepOctNovDecTotal
20250.45%0.34%-0.29%0.16%0.30%0.96%
2024-0.20%0.02%-0.16%-0.02%-0.19%0.56%0.87%0.70%0.52%-0.45%0.47%0.06%2.18%
20230.67%-1.24%1.27%-0.20%-0.53%0.52%0.07%-0.03%-0.74%0.38%1.92%0.82%2.91%
2022-1.25%-0.19%-1.08%-0.81%1.00%0.06%0.75%-1.12%-1.33%0.02%1.85%0.10%-2.04%
20210.05%-0.38%0.22%0.16%-0.04%0.09%0.23%-0.05%-0.25%-0.12%0.04%0.07%0.03%
20200.53%0.21%-0.95%0.03%1.79%0.01%0.60%-0.20%0.12%-0.33%0.37%0.31%2.51%
20190.21%0.12%0.51%0.06%0.58%0.29%0.54%0.17%-0.32%0.39%0.08%0.27%2.94%
20180.18%-0.07%0.08%-0.41%0.59%0.23%0.36%0.00%-0.30%-0.13%0.56%0.76%1.85%
20170.20%0.49%-0.05%0.17%0.43%-0.21%0.37%0.34%-0.30%-0.14%-0.59%0.05%0.75%
20160.32%0.23%-0.25%0.12%-0.07%0.34%0.28%-0.03%-0.38%-0.04%-1.15%0.56%-0.09%
20150.53%-0.36%-0.13%-0.12%0.04%0.14%0.33%-0.24%0.34%0.29%-0.15%0.13%0.80%
20140.13%0.18%-0.16%0.11%-0.07%0.16%0.08%0.33%-0.30%0.01%0.13%-0.13%0.47%

Risk-Adjusted Performance

Risk-Adjusted Performance Rank

With an overall rank of 93, SUB is among the top 7% of ETFs on our website when it comes to balancing risk and reward. Below is a breakdown of how it compares using common performance measures.

The Risk-Adjusted Performance Rank of SUB is 9393
Overall Rank
The Sharpe Ratio Rank of SUB is 9494
Sharpe Ratio Rank
The Sortino Ratio Rank of SUB is 9191
Sortino Ratio Rank
The Omega Ratio Rank of SUB is 9494
Omega Ratio Rank
The Calmar Ratio Rank of SUB is 9595
Calmar Ratio Rank
The Martin Ratio Rank of SUB is 9191
Martin Ratio Rank
The risk-adjusted ranks indicate the investment's position relative to the market. A rank closer to 100 signifies top-performing investments, while a rank closer to 0 might suggest underperformance, based on the selected ratio. The values are calculated based on the past 12 months of returns.

Risk-Adjusted Performance Indicators

The charts below present risk-adjusted performance metrics for iShares Short-Term National Muni Bond ETF (SUB) and compare them to a chosen benchmark (^GSPC). These indicators evaluate an investment's returns against its associated risks.

The Sharpe ratio helps investors understand how much return they're getting for the level of risk taken. A higher Sharpe ratio indicates better risk-adjusted performance, meaning more reward for each unit of risk.

iShares Short-Term National Muni Bond ETF Sharpe ratios as of May 20, 2025 (values are recalculated daily):

  • 1-Year: 1.80
  • 5-Year: 0.63
  • 10-Year: 0.50
  • All Time: 0.38

These values reflect how efficiently the investment has delivered returns relative to its volatility over different time periods. All figures are annualized and based on daily total returns (including price changes and dividends).

The chart below shows the rolling Sharpe ratio of iShares Short-Term National Muni Bond ETF compared to the selected benchmark. This view highlights how the investment's risk-adjusted performance has changed over time. For deeper analysis or to customize the calculation, use the Sharpe ratio tool.

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Dividends

Dividend History

iShares Short-Term National Muni Bond ETF provided a 2.20% dividend yield over the last twelve months, with an annual payout of $2.33 per share. The fund has been increasing its distributions for 3 consecutive years.

0.80%1.00%1.20%1.40%1.60%1.80%2.00%$0.00$0.50$1.00$1.50$2.0020142015201620172018201920202021202220232024
Dividends
Dividend Yield
PeriodTTM20242023202220212020201920182017201620152014
Dividend$2.33$2.21$1.83$0.90$0.77$1.33$1.69$1.39$0.99$0.79$0.81$0.80

Dividend yield

2.20%2.10%1.73%0.86%0.72%1.23%1.58%1.32%0.95%0.75%0.77%0.76%

Monthly Dividends

The table displays the monthly dividend distributions for iShares Short-Term National Muni Bond ETF. The dividends shown in the table have been adjusted to account for any splits that may have occurred.

JanFebMarAprMayJunJulAugSepOctNovDecTotal
2025$0.00$0.19$0.21$0.21$0.20$0.81
2024$0.00$0.17$0.18$0.17$0.18$0.19$0.18$0.18$0.19$0.20$0.19$0.39$2.21
2023$0.00$0.14$0.16$0.13$0.14$0.14$0.15$0.15$0.16$0.17$0.16$0.33$1.83
2022$0.00$0.04$0.04$0.05$0.07$0.06$0.07$0.07$0.08$0.10$0.10$0.21$0.90
2021$0.00$0.08$0.09$0.08$0.08$0.07$0.07$0.06$0.05$0.05$0.05$0.09$0.77
2020$0.00$0.13$0.13$0.13$0.13$0.12$0.12$0.11$0.10$0.10$0.09$0.17$1.33
2019$0.00$0.14$0.15$0.14$0.14$0.15$0.14$0.14$0.14$0.15$0.14$0.27$1.69
2018$0.00$0.09$0.10$0.09$0.10$0.10$0.11$0.12$0.12$0.13$0.14$0.29$1.39
2017$0.00$0.07$0.08$0.07$0.08$0.07$0.08$0.08$0.08$0.09$0.08$0.21$0.99
2016$0.00$0.06$0.07$0.07$0.07$0.07$0.07$0.07$0.06$0.06$0.06$0.12$0.79
2015$0.00$0.06$0.07$0.07$0.07$0.07$0.07$0.06$0.06$0.06$0.07$0.14$0.81
2014$0.06$0.08$0.07$0.07$0.07$0.07$0.06$0.06$0.07$0.06$0.13$0.80

Drawdowns

Drawdowns Chart

The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.

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Worst Drawdowns

The table below displays the maximum drawdowns of the iShares Short-Term National Muni Bond ETF. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.

The maximum drawdown for the iShares Short-Term National Muni Bond ETF was 9.46%, occurring on Mar 19, 2020. Recovery took 42 trading sessions.

The current iShares Short-Term National Muni Bond ETF drawdown is 0.19%.

Depth

Start

To Bottom

Bottom

To Recover

End

Total

-9.46%Mar 9, 20209Mar 19, 202042May 19, 202051
-6.4%Jan 20, 200927Feb 26, 2009641Sep 12, 2011668
-4.92%Jan 14, 20091Jan 14, 20092Jan 16, 20093
-4.35%Jul 23, 2021297Sep 26, 2022306Dec 13, 2023603
-2.44%Mar 4, 201379Jun 24, 201386Oct 24, 2013165

Volatility

Volatility Chart

The chart below shows the rolling one-month volatility.

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