GMUN vs. SUB

Last updated Jun 4, 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 - Benchmark TR Gross. Both are passively managed. Over the past 3 years, GMUN returned 3.06%/yr vs 3.19%/yr for SUB. A 0.75 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

In the year-to-date period, GMUN achieves a -0.34% return, which is significantly lower than SUB's 0.79% return.

GMUN

• 1D: 0.00%
• 1M: -0.75%
• YTD: -0.34%
• 6M: 0.04%
• 1Y: 4.92%
• 3Y*: 3.06%
• 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)

GMUN vs. SUB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
GMUN Goldman Sachs Community Municipal Bond ETF	-0.34%	5.92%	0.31%	3.68%
SUB iShares Short-Term National Muni Bond ETF	0.79%	3.64%	2.17%	3.12%

Correlation

The correlation between GMUN and SUB is 0.56, 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	0.56
Correlation (3Y) Calculated over the trailing 3-year period	0.73
Correlation (All Time) Calculated using the full available price history since Mar 10, 2023	0.75

The correlation between GMUN and SUB shifts across timeframes, from 0.56 (1 year) to 0.75 (all time), reflecting how their relationship changes across market environments.

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

GMUN Risk / Return Rank: 55
GMUN Sharpe Ratio Rank: 61
GMUN Sortino Ratio Rank: 60
GMUN Omega Ratio Rank: 81
GMUN Calmar Ratio Rank: 36
GMUN Martin Ratio Rank: 35

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.

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.

	GMUN	SUB	Difference
Sharpe ratio: Return per unit of total volatility	2.04	3.20	-1.16
Sortino ratio: Return per unit of downside risk	2.79	4.64	-1.84
Omega ratio: Gain probability vs. loss probability	1.49	1.72	-0.23
Calmar ratio: Return relative to maximum drawdown	1.75	3.97	-2.22
Martin ratio: Return relative to average drawdown	5.36	11.24	-5.88
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GMUN vs. SUB - Sharpe Ratio Comparison

The current GMUN Sharpe Ratio is 2.04, which is lower than the SUB Sharpe Ratio of 3.20. The chart below compares the historical Sharpe Ratios of GMUN and SUB, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	GMUN	SUB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.04	3.20	-1.16
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	0.99	0.42	+0.57

Drawdowns

GMUN vs. SUB - Drawdown Comparison

The maximum GMUN drawdown since its inception was -4.35%, smaller than the maximum SUB drawdown of -9.46%. Use the drawdown chart below to compare losses from any high point for GMUN and SUB.

Drawdown Indicators

	GMUN	SUB	Difference
Max Drawdown Largest peak-to-trough decline	-4.35%	-9.46%	+5.11%
Max Drawdown (1Y) Largest decline over 1 year	-2.83%	-0.81%	-2.02%
Max Drawdown (3Y) Largest decline over 3 years	-3.37%	-1.23%	-2.14%
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	-2.29%	-0.11%	-2.18%
Average Drawdown Average peak-to-trough decline	-1.02%	-0.92%	-0.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.92%	0.28%	+0.64%

Volatility

GMUN vs. SUB - Volatility Comparison

Goldman Sachs Community Municipal Bond ETF (GMUN) has a higher volatility of 1.09% compared to iShares Short-Term National Muni Bond ETF (SUB) at 0.28%. This indicates that GMUN's price experiences larger fluctuations and is considered to be riskier than SUB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GMUN	SUB	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.09%	0.28%	+0.81%
Volatility (6M) Calculated over the trailing 6-month period	2.00%	0.79%	+1.21%
Volatility (1Y) Calculated over the trailing 1-year period	2.42%	1.00%	+1.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.96%	1.64%	+1.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.96%	2.60%	+0.36%

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's dividend yield for the trailing twelve months is around 3.12%, more than SUB's 2.53% 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%
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 GMUN and SUB in my portfolio?

GMUN and SUB have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GMUN or SUB?

GMUN has higher volatility (1.09%) compared to SUB (0.28%). In terms of maximum drawdown, GMUN dropped -4.35% vs SUB's -9.46%.

Which ETF is better, GMUN or SUB?

On 3-year performance, SUB leads with 3.19% vs 3.06% for GMUN. On fees, SUB is cheaper at 0.07% per year. On volatility, SUB has been the lower-risk option at 0.28%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GMUN or SUB?

Over the 3-year period, SUB has performed better with a 3.19% return vs 3.06%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

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 3.12%, compared with 2.53% 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 - Benchmark TR Gross. They also come from different issuers: Goldman Sachs and iShares. Their fees differ too: 0.15% for GMUN and 0.07% for SUB.

Which has better risk-adjusted returns?

SUB currently has the higher Sharpe Ratio (3.20 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.