BNDX vs. MUB
BNDX (Vanguard Total International Bond ETF) and MUB (iShares National AMT-Free Muni Bond ETF) are both exchange-traded funds - BNDX is a Global Bonds fund tracking the Bloomberg Global Aggregate ex-USD Float Adjusted RIC Capped Index (USD Hedged), while MUB is a Municipal Bonds fund tracking the S&P National AMT-Free Municipal Bond Index. Both are passively managed. Over the past 10 years, BNDX returned 1.72%/yr vs 1.92%/yr for MUB. A 0.58 correlation means they provide meaningful diversification when combined. Both charge a 0.07% expense ratio.
Performance
BNDX vs. MUB - Performance Comparison
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Returns By Period
In the year-to-date period, BNDX achieves a 1.02% return, which is significantly lower than MUB's 1.28% return. Over the past 10 years, BNDX has underperformed MUB with an annualized return of 1.72%, while MUB has yielded a comparatively higher 1.92% annualized return.
BNDX
- 1D
- 0.17%
- 1M
- 0.85%
- YTD
- 1.02%
- 6M
- 1.22%
- 1Y
- 2.27%
- 3Y*
- 4.32%
- 5Y*
- 0.32%
- 10Y*
- 1.72%
MUB
- 1D
- -0.01%
- 1M
- 0.63%
- YTD
- 1.28%
- 6M
- 1.80%
- 1Y
- 6.40%
- 3Y*
- 3.35%
- 5Y*
- 0.80%
- 10Y*
- 1.92%
BNDX vs. MUB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BNDX Vanguard Total International Bond ETF | 1.02% | 2.86% | 3.57% | 8.77% | -12.76% | -2.29% | 4.65% | 7.87% | 2.81% | 2.40% |
MUB iShares National AMT-Free Muni Bond ETF | 1.28% | 3.78% | 1.26% | 5.56% | -7.34% | 1.02% | 5.12% | 7.06% | 0.93% | 4.72% |
Correlation
The correlation between BNDX and MUB is 0.60, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.60 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.70 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.67 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.61 |
Correlation (All Time) Calculated using the full available price history since Jun 4, 2013 | 0.58 |
The correlation between BNDX and MUB shifts across timeframes, from 0.58 (all time) to 0.70 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
BNDX vs. MUB — Risk / Return Rank
BNDX
MUB
BNDX vs. MUB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Total International Bond ETF (BNDX) and iShares National AMT-Free Muni Bond ETF (MUB). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| BNDX | MUB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.60 | ||
| Sortino ratioReturn per unit of downside risk | -2.31 | ||
| Omega ratioGain probability vs. loss probability | 1.10 | 1.44 | -0.34 |
| Calmar ratioReturn relative to maximum drawdown | 0.66 | 2.22 | -1.56 |
| Martin ratioReturn relative to average drawdown | 1.84 | 7.77 | -5.93 |
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Drawdowns
BNDX vs. MUB - Drawdown Comparison
The maximum BNDX drawdown since its inception was -16.23%, which is greater than MUB's maximum drawdown of -13.68%. Use the drawdown chart below to compare losses from any high point for BNDX and MUB.
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Drawdown Indicators
| BNDX | MUB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.23% | -13.68% | -2.55% |
Max Drawdown (1Y)Largest decline over 1 year | -2.93% | -2.79% | -0.14% |
Max Drawdown (3Y)Largest decline over 3 years | -2.93% | -5.34% | +2.41% |
Max Drawdown (5Y)Largest decline over 5 years | -15.86% | -11.88% | -3.98% |
Max Drawdown (10Y)Largest decline over 10 years | -16.23% | -13.68% | -2.55% |
Current DrawdownCurrent decline from peak | -1.02% | -0.66% | -0.36% |
Average DrawdownAverage peak-to-trough decline | -3.10% | -2.23% | -0.87% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.05% | 0.80% | +0.25% |
Volatility
BNDX vs. MUB - Volatility Comparison
Vanguard Total International Bond ETF (BNDX) has a higher volatility of 1.49% compared to iShares National AMT-Free Muni Bond ETF (MUB) at 1.01%. This indicates that BNDX's price experiences larger fluctuations and is considered to be riskier than MUB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BNDX | MUB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.49% | 1.01% | +0.48% |
Volatility (6M)Calculated over the trailing 6-month period | 2.96% | 2.25% | +0.71% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.47% | 2.90% | +0.57% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.89% | 4.06% | +0.83% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.10% | 4.92% | -0.82% |
BNDX vs. MUB - Expense Ratio Comparison
Both BNDX and MUB have an expense ratio of 0.07%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
BNDX vs. MUB - Dividend Comparison
BNDX's dividend yield for the trailing twelve months is around 4.47%, more than MUB's 3.17% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BNDX Vanguard Total International Bond ETF | 4.47% | 4.39% | 4.18% | 4.42% | 1.51% | 3.74% | 1.11% | 3.40% | 3.01% | 2.23% | 1.89% | 1.63% |
MUB iShares National AMT-Free Muni Bond ETF | 3.17% | 3.14% | 3.01% | 2.65% | 2.11% | 1.81% | 2.11% | 2.42% | 2.46% | 2.26% | 2.21% | 2.51% |
Frequently Asked Questions
BNDX and MUB have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BNDX has higher volatility (1.49%) compared to MUB (1.01%). In terms of maximum drawdown, BNDX dropped -16.23% vs MUB's -13.68%.
On 10-year performance, MUB leads with 1.92% vs 1.72% for BNDX. Both ETFs have the same 0.07% expense ratio. On volatility, MUB has been the lower-risk option at 1.01%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, MUB has performed better with a 1.92% return vs 1.72%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BNDX and MUB have the same expense ratio: 0.07% per year.
BNDX has the higher dividend yield at 4.47%, compared with 3.17% for MUB.
BNDX is categorized as Global Bonds, while MUB is Municipal Bonds. BNDX tracks Bloomberg Global Aggregate ex-USD Float Adjusted RIC Capped Index (USD Hedged), while MUB tracks S&P National AMT-Free Municipal Bond Index. They also come from different issuers: Vanguard and iShares.
MUB currently has the higher Sharpe Ratio (2.16 vs 0.56), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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