FTNJ vs. SUB

Last updated Jun 4, 2026

FTNJ (Franklin New Jersey Municipal Income ETF) and SUB (iShares Short-Term National Muni Bond ETF) are both Municipal Bonds funds - FTNJ tracks the Actively Managed while SUB tracks the ICE Short Maturity AMT-Free US National Municipal Index - Benchmark TR Gross. Both are passively managed. A 0.53 correlation means they provide meaningful diversification when combined. FTNJ charges 0.35%/yr vs 0.07%/yr for SUB.

Performance

FTNJ vs. SUB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin New Jersey Municipal Income ETF (FTNJ) and iShares Short-Term National Muni Bond ETF (SUB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FTNJ achieves a 1.80% return, which is significantly higher than SUB's 0.79% return.

FTNJ

• 1D: -0.06%
• 1M: 0.63%
• YTD: 1.80%
• 6M: 2.23%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

SUB

• 1D: 0.01%
• 1M: 0.32%
• YTD: 0.79%
• 6M: 1.15%
• 1Y: 3.18%
• 3Y*: 3.19%
• 5Y*: 1.46%
• 10Y*: 1.49%

*Multi-year figures are annualized to reflect compound growth (CAGR)

FTNJ vs. SUB - Yearly Performance Comparison

	2026 (YTD)	2025
FTNJ Franklin New Jersey Municipal Income ETF	1.80%	0.34%
SUB iShares Short-Term National Muni Bond ETF	0.79%	0.71%

Correlation

The correlation between FTNJ and SUB is 0.53, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 11, 2025	0.53

Return for Risk

FTNJ vs. SUB — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

SUB

SUB Risk / Return Rank: 83
SUB Sharpe Ratio Rank: 90
SUB Sortino Ratio Rank: 92
SUB Omega Ratio Rank: 95
SUB Calmar Ratio Rank: 77
SUB Martin Ratio Rank: 62

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

FTNJ vs. SUB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin New Jersey Municipal Income ETF (FTNJ) and iShares Short-Term National Muni Bond ETF (SUB). 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	FTNJ	SUB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	3.20	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.90	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.57	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.17	0.42	+0.74

Drawdowns

FTNJ vs. SUB - Drawdown Comparison

The maximum FTNJ drawdown since its inception was -2.72%, smaller than the maximum SUB drawdown of -9.46%. Use the drawdown chart below to compare losses from any high point for FTNJ and SUB.

Drawdown Indicators

	FTNJ	SUB	Difference
Max Drawdown Largest peak-to-trough decline	-2.72%	-9.46%	+6.74%
Max Drawdown (1Y) Largest decline over 1 year	—	-0.81%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-1.23%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-4.35%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-9.46%	—
Current Drawdown Current decline from peak	-0.20%	-0.11%	-0.09%
Average Drawdown Average peak-to-trough decline	-0.61%	-0.92%	+0.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.28%	—

Volatility

Volatility by Period

	FTNJ	SUB	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.28%	—
Volatility (6M) Calculated over the trailing 6-month period	—	0.79%	—
Volatility (1Y) Calculated over the trailing 1-year period	3.35%	1.00%	+2.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.35%	1.64%	+1.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.35%	2.60%	+0.75%

FTNJ vs. SUB - Expense Ratio Comparison

FTNJ has a 0.35% expense ratio, which is higher than SUB's 0.07% expense ratio.

Dividends

FTNJ vs. SUB - Dividend Comparison

FTNJ's dividend yield for the trailing twelve months is around 1.98%, less than SUB's 2.53% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FTNJ Franklin New Jersey Municipal Income ETF	1.98%	0.54%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SUB iShares Short-Term National Muni Bond ETF	2.53%	2.42%	2.10%	1.73%	0.86%	0.72%	1.23%	1.58%	1.32%	0.95%	0.75%	0.77%

Frequently Asked Questions

Can I hold both FTNJ and SUB in my portfolio?

FTNJ and SUB have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, FTNJ or SUB?

On fees, SUB is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FTNJ or SUB?

SUB is cheaper with a 0.07% expense ratio, compared with 0.35% for FTNJ.

Which ETF pays a higher dividend yield, FTNJ or SUB?

SUB has the higher dividend yield at 2.53%, compared with 1.98% for FTNJ.

What is the main difference between FTNJ and SUB?

FTNJ tracks Actively Managed, while SUB tracks ICE Short Maturity AMT-Free US National Municipal Index - Benchmark TR Gross. They also come from different issuers: Franklin Templeton and iShares. Their fees differ too: 0.35% for FTNJ and 0.07% for SUB.