IEI vs. MUB
IEI (iShares 3-7 Year Treasury Bond ETF) and MUB (iShares National AMT-Free Muni Bond ETF) are both exchange-traded funds - IEI is a Government Bonds fund tracking the ICE U.S. Treasury 3-7 Year Bond 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, IEI returned 1.24%/yr vs 1.92%/yr for MUB. A 0.54 correlation means they provide meaningful diversification when combined. IEI charges 0.15%/yr vs 0.07%/yr for MUB.
Performance
IEI vs. MUB - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, IEI achieves a -0.30% return, which is significantly lower than MUB's 1.28% return. Over the past 10 years, IEI has underperformed MUB with an annualized return of 1.24%, while MUB has yielded a comparatively higher 1.92% annualized return.
IEI
- 1D
- -0.12%
- 1M
- -0.00%
- YTD
- -0.30%
- 6M
- -0.00%
- 1Y
- 2.97%
- 3Y*
- 3.77%
- 5Y*
- 0.21%
- 10Y*
- 1.24%
MUB
- 1D
- -0.01%
- 1M
- 0.65%
- YTD
- 1.28%
- 6M
- 1.80%
- 1Y
- 6.17%
- 3Y*
- 3.35%
- 5Y*
- 0.80%
- 10Y*
- 1.92%
IEI vs. MUB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IEI iShares 3-7 Year Treasury Bond ETF | -0.30% | 6.96% | 1.81% | 4.42% | -9.51% | -2.54% | 6.95% | 5.71% | 1.36% | 1.22% |
MUB iShares National AMT-Free Muni Bond ETF | 1.28% | 3.78% | 1.26% | 5.56% | -7.34% | 1.02% | 5.12% | 7.06% | 0.93% | 4.72% |
Correlation
The correlation between IEI and MUB is 0.70, 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 | 0.70 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.77 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.73 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.69 |
Correlation (All Time) Calculated using the full available price history since Sep 10, 2007 | 0.54 |
The correlation between IEI and MUB shifts across timeframes, from 0.54 (all time) to 0.77 (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
IEI vs. MUB — Risk / Return Rank
IEI
MUB
IEI vs. MUB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares 3-7 Year Treasury Bond ETF (IEI) 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.
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.
| IEI | MUB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.16 | ||
| Sortino ratioReturn per unit of downside risk | -1.60 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.44 | -0.27 |
| Calmar ratioReturn relative to maximum drawdown | 1.19 | 2.22 | -1.03 |
| Martin ratioReturn relative to average drawdown | 3.35 | 7.77 | -4.42 |
Loading charts...
Drawdowns
IEI vs. MUB - Drawdown Comparison
The maximum IEI drawdown since its inception was -14.60%, which is greater than MUB's maximum drawdown of -13.68%. Use the drawdown chart below to compare losses from any high point for IEI and MUB.
Loading charts...
Drawdown Indicators
| IEI | MUB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.60% | -13.68% | -0.92% |
Max Drawdown (1Y)Largest decline over 1 year | -2.50% | -2.79% | +0.29% |
Max Drawdown (3Y)Largest decline over 3 years | -3.66% | -5.34% | +1.68% |
Max Drawdown (5Y)Largest decline over 5 years | -13.88% | -11.88% | -2.00% |
Max Drawdown (10Y)Largest decline over 10 years | -14.60% | -13.68% | -0.92% |
Current DrawdownCurrent decline from peak | -1.74% | -0.66% | -1.08% |
Average DrawdownAverage peak-to-trough decline | -2.67% | -2.23% | -0.44% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.89% | 0.80% | +0.09% |
Volatility
IEI vs. MUB - Volatility Comparison
iShares 3-7 Year Treasury Bond ETF (IEI) and iShares National AMT-Free Muni Bond ETF (MUB) have volatilities of 0.98% and 1.01%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| IEI | MUB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.98% | 1.01% | -0.03% |
Volatility (6M)Calculated over the trailing 6-month period | 2.18% | 2.25% | -0.07% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.00% | 2.90% | +0.10% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.78% | 4.06% | +0.72% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.93% | 4.92% | -0.99% |
IEI vs. MUB - Expense Ratio Comparison
IEI 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
IEI vs. MUB - Dividend Comparison
IEI's dividend yield for the trailing twelve months is around 3.64%, more than MUB's 3.17% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IEI iShares 3-7 Year Treasury Bond ETF | 3.64% | 3.48% | 3.18% | 2.36% | 1.37% | 0.73% | 1.12% | 2.01% | 1.95% | 1.51% | 1.33% | 1.39% |
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
IEI and MUB have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MUB has higher volatility (1.01%) compared to IEI (0.98%). In terms of maximum drawdown, IEI dropped -14.60% vs MUB's -13.68%.
On 10-year performance, MUB leads with 1.92% vs 1.24% for IEI. On fees, MUB is cheaper at 0.07% per year. 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, MUB has performed better with a 1.92% return vs 1.24%. 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 IEI.
IEI has the higher dividend yield at 3.64%, compared with 3.17% for MUB.
IEI is categorized as Government Bonds, while MUB is Municipal Bonds. IEI tracks ICE U.S. Treasury 3-7 Year Bond Index, while MUB tracks S&P National AMT-Free Municipal Bond Index. Their fees differ too: 0.15% for IEI and 0.07% for MUB.
MUB currently has the higher Sharpe Ratio (2.16 vs 1.00), 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 IEI 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