HYGI vs. MUB

Last updated Jun 9, 2026

HYGI (iShares Inflation Hedged High Yield Bond ETF) and MUB (iShares National AMT-Free Muni Bond ETF) are both exchange-traded funds - HYGI is a Inflation-Protected Bonds fund tracking the BlackRock Inflation Hedged High Yield Bond Index - Benchmark TR Gross, while MUB is a Municipal Bonds fund tracking the S&P National AMT-Free Municipal Bond Index. Both are passively managed. At a 0.33 correlation, their price movements are largely independent. HYGI charges 0.52%/yr vs 0.07%/yr for MUB.

Performance

HYGI vs. MUB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Inflation Hedged High Yield Bond ETF (HYGI) and iShares National AMT-Free Muni Bond ETF (MUB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

HYGI

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

MUB

• 1D: -0.03%
• 1M: 0.21%
• YTD: 1.17%
• 6M: 1.69%
• 1Y: 6.99%
• 3Y*: 3.29%
• 5Y*: 0.77%
• 10Y*: 1.94%

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

HYGI vs. MUB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
HYGI iShares Inflation Hedged High Yield Bond ETF	0.00%	6.20%	9.16%	11.71%	0.65%
MUB iShares National AMT-Free Muni Bond ETF	1.17%	3.78%	1.26%	5.56%	0.94%

Correlation

The correlation between HYGI and MUB is 0.07, 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	0.07
Correlation (3Y) Calculated over the trailing 3-year period	0.35
Correlation (All Time) Calculated using the full available price history since Jun 27, 2022	0.33

Over the past year, the correlation between HYGI and MUB has dropped to 0.07 - well below their long-term average of 0.33, suggesting their price drivers have been diverging.

Return for Risk

HYGI vs. MUB — Risk / Return Rank

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

MUB

MUB Risk / Return Rank: 74
MUB Sharpe Ratio Rank: 83
MUB Sortino Ratio Rank: 86
MUB Omega Ratio Rank: 89
MUB Calmar Ratio Rank: 56
MUB Martin Ratio Rank: 56

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.

HYGI vs. MUB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Inflation Hedged High Yield Bond ETF (HYGI) 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.

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

Sharpe Ratios by Period

	HYGI	MUB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.42	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.19	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.39	—
Sharpe Ratio (All Time) Calculated using the full available price history	—	0.58	—

Drawdowns

Drawdown Indicators

	HYGI	MUB	Difference
Max Drawdown Largest peak-to-trough decline	—	-13.68%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-2.79%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-5.34%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-11.88%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-13.68%	—
Current Drawdown Current decline from peak	—	-0.77%	—
Average Drawdown Average peak-to-trough decline	—	-2.23%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.79%	—

Volatility

Volatility by Period

	HYGI	MUB	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.99%	—
Volatility (6M) Calculated over the trailing 6-month period	—	2.23%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	2.90%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	4.06%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	4.92%	—

HYGI vs. MUB - Expense Ratio Comparison

HYGI has a 0.52% expense ratio, which is higher than MUB's 0.07% expense ratio.

Dividends

HYGI vs. MUB - Dividend Comparison

HYGI has not paid dividends to shareholders, while MUB's dividend yield for the trailing twelve months is around 3.18%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HYGI iShares Inflation Hedged High Yield Bond ETF	0.97%	3.41%	6.08%	6.22%	3.19%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
MUB iShares National AMT-Free Muni Bond ETF	3.18%	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

Can I hold both HYGI and MUB in my portfolio?

HYGI and MUB have a correlation of 0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, HYGI or MUB?

On fees, MUB 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, HYGI or MUB?

MUB is cheaper with a 0.07% expense ratio, compared with 0.52% for HYGI.

Which ETF pays a higher dividend yield, HYGI or MUB?

MUB has the higher dividend yield at 3.18%, compared with 0.97% for HYGI.

What is the main difference between HYGI and MUB?

HYGI is categorized as Inflation-Protected Bonds, while MUB is Municipal Bonds. HYGI tracks BlackRock Inflation Hedged High Yield Bond Index - Benchmark TR Gross, while MUB tracks S&P National AMT-Free Municipal Bond Index. Their fees differ too: 0.52% for HYGI and 0.07% for MUB.