IAGG vs. MUB
IAGG (iShares Core International Aggregate Bond ETF) and MUB (iShares National AMT-Free Muni Bond ETF) are both exchange-traded funds - IAGG is a Global Bonds fund tracking the Bloomberg Global Aggregate ex USD 10% Issuer Capped (Hedged) Index, while MUB is a Municipal Bonds fund tracking the S&P National AMT-Free Municipal Bond Index. Both are passively managed. Over the past 10 years, IAGG returned 2.12%/yr vs 1.94%/yr for MUB. A 0.57 correlation means they provide meaningful diversification when combined. Both charge a 0.07% expense ratio.
Performance
IAGG vs. MUB - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, IAGG achieves a 0.72% return, which is significantly lower than MUB's 1.17% return. Over the past 10 years, IAGG has outperformed MUB with an annualized return of 2.12%, while MUB has yielded a comparatively lower 1.94% annualized return.
IAGG
- 1D
- -0.14%
- 1M
- -0.18%
- YTD
- 0.72%
- 6M
- 0.87%
- 1Y
- 2.26%
- 3Y*
- 4.55%
- 5Y*
- 1.05%
- 10Y*
- 2.12%
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%
IAGG vs. MUB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IAGG iShares Core International Aggregate Bond ETF | 0.72% | 3.26% | 4.51% | 8.49% | -10.86% | -1.87% | 4.63% | 7.99% | 3.38% | 2.09% |
MUB iShares National AMT-Free Muni Bond ETF | 1.17% | 3.78% | 1.26% | 5.56% | -7.34% | 1.02% | 5.12% | 7.06% | 0.93% | 4.72% |
Correlation
The correlation between IAGG and MUB is 0.62, 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 | 0.62 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.70 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.67 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.59 |
Correlation (All Time) Calculated using the full available price history since Nov 13, 2015 | 0.57 |
The correlation between IAGG and MUB shifts across timeframes, from 0.57 (all time) to 0.70 (3 years), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
IAGG vs. MUB — Risk / Return Rank
IAGG
MUB
IAGG vs. MUB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Core International Aggregate Bond ETF (IAGG) 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.
| IAGG | MUB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.62 | ||
| Sortino ratioReturn per unit of downside risk | -2.37 | ||
| Omega ratioGain probability vs. loss probability | 1.14 | 1.51 | -0.36 |
| Calmar ratioReturn relative to maximum drawdown | 0.98 | 2.52 | -1.54 |
| Martin ratioReturn relative to average drawdown | 2.91 | 8.85 | -5.95 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| IAGG | MUB | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.80 | 2.42 | -1.62 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.23 | 0.19 | +0.04 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.53 | 0.39 | +0.13 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.61 | 0.58 | +0.03 |
Drawdowns
IAGG vs. MUB - Drawdown Comparison
The maximum IAGG drawdown since its inception was -13.88%, roughly equal to the maximum MUB drawdown of -13.68%. Use the drawdown chart below to compare losses from any high point for IAGG and MUB.
Loading charts...
Drawdown Indicators
| IAGG | MUB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.88% | -13.68% | -0.20% |
Max Drawdown (1Y)Largest decline over 1 year | -2.32% | -2.79% | +0.47% |
Max Drawdown (3Y)Largest decline over 3 years | -2.32% | -5.34% | +3.02% |
Max Drawdown (5Y)Largest decline over 5 years | -13.57% | -11.88% | -1.69% |
Max Drawdown (10Y)Largest decline over 10 years | -13.88% | -13.68% | -0.20% |
Current DrawdownCurrent decline from peak | -1.18% | -0.77% | -0.41% |
Average DrawdownAverage peak-to-trough decline | -2.84% | -2.23% | -0.61% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.78% | 0.79% | -0.01% |
Volatility
IAGG vs. MUB - Volatility Comparison
iShares Core International Aggregate Bond ETF (IAGG) has a higher volatility of 1.09% compared to iShares National AMT-Free Muni Bond ETF (MUB) at 0.99%. This indicates that IAGG'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.
Loading charts...
Volatility by Period
| IAGG | MUB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.09% | 0.99% | +0.10% |
Volatility (6M)Calculated over the trailing 6-month period | 2.41% | 2.23% | +0.18% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.84% | 2.90% | -0.06% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.51% | 4.06% | +0.45% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.05% | 4.92% | -0.87% |
IAGG vs. MUB - Expense Ratio Comparison
Both IAGG and MUB have an expense ratio of 0.07%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
IAGG vs. MUB - Dividend Comparison
IAGG's dividend yield for the trailing twelve months is around 3.67%, more than MUB's 3.18% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IAGG iShares Core International Aggregate Bond ETF | 3.67% | 3.08% | 4.28% | 3.55% | 2.27% | 1.16% | 1.95% | 2.82% | 3.02% | 1.74% | 1.56% | 0.13% |
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
IAGG and MUB have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IAGG has higher volatility (1.09%) compared to MUB (0.99%). In terms of maximum drawdown, IAGG dropped -13.88% vs MUB's -13.68%.
On 10-year performance, IAGG leads with 2.12% vs 1.94% for MUB. Both ETFs have the same 0.07% expense ratio. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, IAGG has performed better with a 2.12% return vs 1.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IAGG and MUB have the same expense ratio: 0.07% per year.
IAGG has the higher dividend yield at 3.67%, compared with 3.18% for MUB.
IAGG is categorized as Global Bonds, while MUB is Municipal Bonds. IAGG tracks Bloomberg Global Aggregate ex USD 10% Issuer Capped (Hedged) Index, while MUB tracks S&P National AMT-Free Municipal Bond Index.
MUB currently has the higher Sharpe Ratio (2.42 vs 0.80), 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.
Find the right allocation for IAGG and MUB
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer