GAIN vs. MUB
GAIN (Gladstone Investment Corporation) is a stock, while MUB (iShares National AMT-Free Muni Bond ETF) is Municipal Bonds fund tracking the S&P National AMT-Free Municipal Bond Index. Over the past 10 years, GAIN returned 19.50%/yr vs 2.01%/yr for MUB. At a 0.02 correlation, their price movements are largely independent.
Performance
GAIN vs. MUB - Performance Comparison
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Returns By Period
In the year-to-date period, GAIN achieves a 16.29% return, which is significantly higher than MUB's 1.41% return. Over the past 10 years, GAIN has outperformed MUB with an annualized return of 19.50%, while MUB has yielded a comparatively lower 2.01% annualized return.
GAIN
- 1D
- 1.61%
- 1M
- -6.54%
- YTD
- 16.29%
- 6M
- 16.96%
- 1Y
- 17.51%
- 3Y*
- 21.30%
- 5Y*
- 13.66%
- 10Y*
- 19.50%
MUB
- 1D
- 0.17%
- 1M
- 0.66%
- YTD
- 1.41%
- 6M
- 1.92%
- 1Y
- 6.87%
- 3Y*
- 3.41%
- 5Y*
- 0.89%
- 10Y*
- 2.01%
GAIN vs. MUB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GAIN Gladstone Investment Corporation | 16.29% | 17.11% | 5.33% | 31.01% | -17.55% | 82.14% | -16.56% | 53.31% | -9.67% | 44.63% |
MUB iShares National AMT-Free Muni Bond ETF | 1.41% | 3.78% | 1.26% | 5.56% | -7.34% | 1.02% | 5.12% | 7.06% | 0.93% | 4.72% |
Correlation
The correlation between GAIN and MUB is 0.10, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.10 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.17 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.14 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.08 |
Correlation (All Time) Calculated using the full available price history since Sep 11, 2007 | 0.02 |
The correlation between GAIN and MUB shifts across timeframes, from 0.02 (all time) to 0.17 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
GAIN vs. MUB — Risk / Return Rank
GAIN
MUB
GAIN vs. MUB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Gladstone Investment Corporation (GAIN) 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.
| GAIN | MUB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.44 | ||
| Sortino ratioReturn per unit of downside risk | -2.06 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.50 | -0.31 |
| Calmar ratioReturn relative to maximum drawdown | 2.17 | 2.48 | -0.31 |
| Martin ratioReturn relative to average drawdown | 6.75 | 8.74 | -1.99 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| GAIN | MUB | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.93 | 2.37 | -1.44 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.61 | 0.22 | +0.39 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.76 | 0.41 | +0.35 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.25 | 0.59 | -0.34 |
Drawdowns
GAIN vs. MUB - Drawdown Comparison
The maximum GAIN drawdown since its inception was -80.87%, which is greater than MUB's maximum drawdown of -13.68%. Use the drawdown chart below to compare losses from any high point for GAIN and MUB.
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Drawdown Indicators
| GAIN | MUB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -80.87% | -13.68% | -67.19% |
Max Drawdown (1Y)Largest decline over 1 year | -8.12% | -2.79% | -5.33% |
Max Drawdown (3Y)Largest decline over 3 years | -14.76% | -5.34% | -9.42% |
Max Drawdown (5Y)Largest decline over 5 years | -26.26% | -11.88% | -14.38% |
Max Drawdown (10Y)Largest decline over 10 years | -56.28% | -13.68% | -42.60% |
Current DrawdownCurrent decline from peak | -6.54% | -0.53% | -6.01% |
Average DrawdownAverage peak-to-trough decline | -15.91% | -2.23% | -13.68% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.65% | 0.79% | +1.86% |
Volatility
GAIN vs. MUB - Volatility Comparison
Gladstone Investment Corporation (GAIN) has a higher volatility of 11.15% compared to iShares National AMT-Free Muni Bond ETF (MUB) at 0.98%. This indicates that GAIN'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
| GAIN | MUB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.15% | 0.98% | +10.17% |
Volatility (6M)Calculated over the trailing 6-month period | 16.13% | 2.22% | +13.91% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.95% | 2.92% | +16.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.33% | 4.06% | +18.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 25.67% | 4.92% | +20.75% |
Dividends
GAIN vs. MUB - Dividend Comparison
GAIN's dividend yield for the trailing twelve months is around 6.07%, more than MUB's 3.17% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GAIN Gladstone Investment Corporation | 6.07% | 10.74% | 12.53% | 17.24% | 9.88% | 6.06% | 9.22% | 7.06% | 9.24% | 7.94% | 8.87% | 9.68% |
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
GAIN and MUB have a correlation of 0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GAIN has higher volatility (11.15%) compared to MUB (0.98%). In terms of maximum drawdown, GAIN dropped -80.87% vs MUB's -13.68%.
MUB currently has the higher Sharpe Ratio (2.37 vs 0.93), 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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