GMUN vs. MUB
GMUN (Goldman Sachs Community Municipal Bond ETF) and MUB (iShares National AMT-Free Muni Bond ETF) are both Municipal Bonds funds - GMUN tracks the Bloomberg Goldman Sachs Community Municipal Index while MUB tracks the S&P National AMT-Free Municipal Bond Index. Both are passively managed. Over the past 3 years, GMUN returned 3.06%/yr vs 3.43%/yr for MUB. Their correlation of 0.88 suggests significant overlap in exposure. GMUN charges 0.15%/yr vs 0.07%/yr for MUB.
Performance
GMUN vs. MUB - Performance Comparison
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Returns By Period
In the year-to-date period, GMUN achieves a -0.34% return, which is significantly lower than MUB's 1.24% return.
GMUN
- 1D
- 0.00%
- 1M
- -0.75%
- YTD
- -0.34%
- 6M
- 0.04%
- 1Y
- 4.92%
- 3Y*
- 3.06%
- 5Y*
- —
- 10Y*
- —
MUB
- 1D
- -0.08%
- 1M
- 0.56%
- YTD
- 1.24%
- 6M
- 1.74%
- 1Y
- 6.95%
- 3Y*
- 3.43%
- 5Y*
- 0.86%
- 10Y*
- 2.00%
GMUN vs. MUB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
GMUN Goldman Sachs Community Municipal Bond ETF | -0.34% | 5.92% | 0.31% | 3.68% |
MUB iShares National AMT-Free Muni Bond ETF | 1.24% | 3.78% | 1.26% | 5.02% |
Correlation
The correlation between GMUN and MUB is 0.80, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.80 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.87 |
Correlation (All Time) Calculated using the full available price history since Mar 10, 2023 | 0.88 |
The correlation between GMUN and MUB has been stable across timeframes, ranging from 0.80 to 0.88 - a consistent structural relationship.
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Return for Risk
GMUN vs. MUB — Risk / Return Rank
GMUN
MUB
GMUN vs. MUB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs Community Municipal Bond ETF (GMUN) 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.
| GMUN | MUB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.35 | ||
| Sortino ratioReturn per unit of downside risk | -0.70 | ||
| Omega ratioGain probability vs. loss probability | 1.49 | 1.50 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 1.75 | 2.50 | -0.76 |
| Martin ratioReturn relative to average drawdown | 5.36 | 8.85 | -3.49 |
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
| GMUN | MUB | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.04 | 2.39 | -0.35 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.21 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.41 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.99 | 0.58 | +0.41 |
Drawdowns
GMUN vs. MUB - Drawdown Comparison
The maximum GMUN drawdown since its inception was -4.35%, smaller than the maximum MUB drawdown of -13.68%. Use the drawdown chart below to compare losses from any high point for GMUN and MUB.
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Drawdown Indicators
| GMUN | MUB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -4.35% | -13.68% | +9.33% |
Max Drawdown (1Y)Largest decline over 1 year | -2.83% | -2.79% | -0.04% |
Max Drawdown (3Y)Largest decline over 3 years | -3.37% | -5.34% | +1.97% |
Max Drawdown (5Y)Largest decline over 5 years | — | -11.88% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -13.68% | — |
Current DrawdownCurrent decline from peak | -2.29% | -0.70% | -1.59% |
Average DrawdownAverage peak-to-trough decline | -1.02% | -2.23% | +1.21% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.92% | 0.79% | +0.13% |
Volatility
GMUN vs. MUB - Volatility Comparison
Goldman Sachs Community Municipal Bond ETF (GMUN) has a higher volatility of 1.09% compared to iShares National AMT-Free Muni Bond ETF (MUB) at 0.97%. This indicates that GMUN'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
| GMUN | MUB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.09% | 0.97% | +0.12% |
Volatility (6M)Calculated over the trailing 6-month period | 2.00% | 2.22% | -0.22% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.42% | 2.92% | -0.50% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.96% | 4.06% | -1.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.96% | 4.92% | -1.96% |
GMUN vs. MUB - Expense Ratio Comparison
GMUN has a 0.15% expense ratio, which is higher than MUB's 0.07% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
GMUN vs. MUB - Dividend Comparison
GMUN's dividend yield for the trailing twelve months is around 3.12%, less than MUB's 3.17% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GMUN Goldman Sachs Community Municipal Bond ETF | 3.12% | 2.94% | 3.22% | 2.20% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
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
GMUN and MUB have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GMUN has higher volatility (1.09%) compared to MUB (0.97%). In terms of maximum drawdown, GMUN dropped -4.35% vs MUB's -13.68%.
On 3-year performance, MUB leads with 3.43% vs 3.06% for GMUN. On fees, MUB is cheaper at 0.07% per year. On volatility, MUB has been the lower-risk option at 0.97%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, MUB has performed better with a 3.43% return vs 3.06%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
MUB is cheaper with a 0.07% expense ratio, compared with 0.15% for GMUN.
MUB has the higher dividend yield at 3.17%, compared with 3.12% for GMUN.
GMUN tracks Bloomberg Goldman Sachs Community Municipal Index, while MUB tracks S&P National AMT-Free Municipal Bond Index. They also come from different issuers: Goldman Sachs and iShares. Their fees differ too: 0.15% for GMUN and 0.07% for MUB.
MUB currently has the higher Sharpe Ratio (2.39 vs 2.04), 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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