GMUN vs. SUB

Last updated Jul 18, 2026

GMUN (Goldman Sachs Community Municipal Bond ETF) and SUB (iShares Short-Term National Muni Bond ETF) are both Municipal Bonds funds - GMUN tracks the Bloomberg Goldman Sachs Community Municipal Index while SUB tracks the ICE Short Maturity AMT-Free US National Municipal Index. Both are passively managed. A 0.74 correlation means they provide meaningful diversification when combined. GMUN charges 0.15%/yr vs 0.07%/yr for SUB.

Performance

GMUN vs. SUB - Performance Comparison

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

Returns By Period

GMUN

• 1D: —
• 1M: —
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

SUB

• 1D: -0.01%
• 1M: 0.01%
• 6M: 0.39%
• YTD: 0.82%
• 1Y: 2.37%
• 3Y*: 2.93%
• 5Y*: 1.44%
• 10Y*: 1.45%

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

GMUN vs. SUB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
GMUN Goldman Sachs Community Municipal Bond ETF	-0.34%	5.92%	0.31%	3.69%
SUB iShares Short-Term National Muni Bond ETF	0.82%	3.64%	2.17%	3.08%

Correlation

The correlation between GMUN and SUB is 0.51, 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	0.51
Correlation (3Y) Calculated over the trailing 3-year period	0.72
Correlation (All Time) Calculated using the full available price history since Mar 9, 2023	0.74

Over the past year, the correlation between GMUN and SUB has dropped to 0.51 - well below their long-term average of 0.74, suggesting their price drivers have been diverging.

Return for Risk

GMUN vs. SUB — Risk / Return Rank

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

GMUN

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

SUB

SUB Risk / Return Rank: 81
SUB Sharpe Ratio Rank: 88
SUB Sortino Ratio Rank: 89
SUB Omega Ratio Rank: 91
SUB Calmar Ratio Rank: 74
SUB Martin Ratio Rank: 61

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.

GMUN vs. SUB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs Community Municipal Bond ETF (GMUN) 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.

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.

	GMUN	SUB	Difference
Sharpe ratio: Return per unit of total volatility	—	2.32	—
Sortino ratio: Return per unit of downside risk	—	3.31	—
Omega ratio: Gain probability vs. loss probability	—	1.48	—
Calmar ratio: Return relative to maximum drawdown	—	2.96	—
Martin ratio: Return relative to average drawdown	—	8.32	—

Drawdowns

Drawdown Indicators

	GMUN	SUB	Difference
Max Drawdown Largest peak-to-trough decline	—	-9.46%	—
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	—	-0.14%	—
Average Drawdown Average peak-to-trough decline	—	-0.91%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.29%	—

Volatility

Volatility by Period

	GMUN	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	—	1.03%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	1.64%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	2.59%	—

GMUN vs. SUB - Expense Ratio Comparison

GMUN has a 0.15% expense ratio, which is higher than SUB'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. SUB - Dividend Comparison

GMUN has not paid dividends to shareholders, while SUB's dividend yield for the trailing twelve months is around 2.54%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GMUN Goldman Sachs Community Municipal Bond ETF	2.87%	2.94%	3.22%	2.20%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SUB iShares Short-Term National Muni Bond ETF	2.54%	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 GMUN and SUB in my portfolio?

GMUN and SUB have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, GMUN 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, GMUN or SUB?

SUB is cheaper with a 0.07% expense ratio, compared with 0.15% for GMUN.

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

GMUN has the higher dividend yield at 2.87%, compared with 2.54% for SUB.

What is the main difference between GMUN and SUB?

GMUN tracks Bloomberg Goldman Sachs Community Municipal Index, while SUB tracks ICE Short Maturity AMT-Free US National Municipal Index. They also come from different issuers: Goldman Sachs and iShares. Their fees differ too: 0.15% for GMUN and 0.07% for SUB.