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IEMG vs. MUB
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IEMG vs. MUB

Last updated Jun 9, 2026

IEMG (iShares Core MSCI Emerging Markets ETF) and MUB (iShares National AMT-Free Muni Bond ETF) are both exchange-traded funds - IEMG is a Emerging Markets Diversified fund tracking the MSCI Emerging Markets Investable Market Index (USD) (Net), 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, IEMG returned 9.88%/yr vs 1.94%/yr for MUB. At a 0.03 correlation, their price movements are largely independent. IEMG charges 0.09%/yr vs 0.07%/yr for MUB.

Performance

IEMG vs. MUB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Core MSCI Emerging Markets ETF (IEMG) and iShares National AMT-Free Muni Bond ETF (MUB). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, IEMG achieves a 18.97% return, which is significantly higher than MUB's 1.17% return. Over the past 10 years, IEMG has outperformed MUB with an annualized return of 9.88%, while MUB has yielded a comparatively lower 1.94% annualized return.

IEMG

1D
1.70%
1M
-3.66%
YTD
18.97%
6M
20.80%
1Y
40.80%
3Y*
20.51%
5Y*
6.57%
10Y*
9.88%

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)

IEMG vs. MUB - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
IEMG
iShares Core MSCI Emerging Markets ETF		18.97%32.56%6.50%11.52%-19.98%-0.64%17.87%17.81%-14.92%37.38%
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 IEMG and MUB is 0.31, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.31

Correlation (3Y)
Calculated over the trailing 3-year period

0.22

Correlation (5Y)
Calculated over the trailing 5-year period

0.19

Correlation (10Y)
Calculated over the trailing 10-year period

0.08

Correlation (All Time)
Calculated using the full available price history since Oct 24, 2012

0.03

Over the past year, IEMG and MUB have become more correlated (0.31) than their long-term average of 0.03, meaning their price movements have been converging.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares Core MSCI Emerging Markets ETF

iShares National AMT-Free Muni Bond ETF

Often compared with IEMG:
IEMG vs. VWOIEMG vs. EEMIEMG vs. IEFAIEMG vs. EMXCIEMG vs. SCHEIEMG vs. IXUSIEMG vs. SPY
Often compared with MUB:
MUB vs. VTEBMUB vs. SUBMUB vs. CMFMUB vs. NYFMUB vs. MUNIMUB vs. HYDMUB vs. VWIUX

Return for Risk

IEMG vs. MUB — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
IEMG
IEMG Risk / Return Rank: 6767
Overall Rank
IEMG Sharpe Ratio Rank: 6767
Sharpe Ratio Rank
IEMG Sortino Ratio Rank: 6161
Sortino Ratio Rank
IEMG Omega Ratio Rank: 7171
Omega Ratio Rank
IEMG Calmar Ratio Rank: 6868
Calmar Ratio Rank
IEMG Martin Ratio Rank: 6969
Martin Ratio Rank
MUB
MUB Risk / Return Rank: 7474
Overall Rank
MUB Sharpe Ratio Rank: 8383
Sharpe Ratio Rank
MUB Sortino Ratio Rank: 8686
Sortino Ratio Rank
MUB Omega Ratio Rank: 8989
Omega Ratio Rank
MUB Calmar Ratio Rank: 5656
Calmar Ratio Rank
MUB Martin Ratio Rank: 5656
Martin Ratio Rank
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.

IEMG vs. MUB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Core MSCI Emerging Markets ETF (IEMG) 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.

IEMGMUBDifference
Sharpe ratioReturn per unit of total volatility
1.99
2.42

-0.43

Sortino ratioReturn per unit of downside risk
2.58
3.54

-0.96

Omega ratioGain probability vs. loss probability

1.38

1.51

-0.13

Calmar ratioReturn relative to maximum drawdown

3.10

2.52

+0.59

Martin ratioReturn relative to average drawdown

11.68

8.85

+2.83

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IEMG vs. MUB - Sharpe Ratio Comparison

The current IEMG Sharpe Ratio is 1.99, which is comparable to the MUB Sharpe Ratio of 2.42. The chart below compares the historical Sharpe Ratios of IEMG and MUB, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

IEMGMUBDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.99

2.42

-0.43

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.35

0.19

+0.16

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.49

0.39

+0.10

Sharpe Ratio (All Time)

Calculated using the full available price history

0.33

0.58

-0.26

Drawdowns

IEMG vs. MUB - Drawdown Comparison

The maximum IEMG drawdown since its inception was -38.71%, which is greater than MUB's maximum drawdown of -13.68%. Use the drawdown chart below to compare losses from any high point for IEMG and MUB.

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Drawdown Indicators

IEMGMUBDifference

Max Drawdown

Largest peak-to-trough decline

-38.71%

-13.68%

-25.03%

Max Drawdown (1Y)

Largest decline over 1 year

-13.21%

-2.79%

-10.42%

Max Drawdown (3Y)

Largest decline over 3 years

-17.21%

-5.34%

-11.87%

Max Drawdown (5Y)

Largest decline over 5 years

-35.75%

-11.88%

-23.87%

Max Drawdown (10Y)

Largest decline over 10 years

-38.71%

-13.68%

-25.03%

Current Drawdown

Current decline from peak

-7.00%

-0.77%

-6.23%

Average Drawdown

Average peak-to-trough decline

-12.97%

-2.23%

-10.74%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.50%

0.79%

+2.71%

Volatility

IEMG vs. MUB - Volatility Comparison

iShares Core MSCI Emerging Markets ETF (IEMG) has a higher volatility of 10.33% compared to iShares National AMT-Free Muni Bond ETF (MUB) at 0.99%. This indicates that IEMG'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.

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Volatility by Period

IEMGMUBDifference

Volatility (1M)

Calculated over the trailing 1-month period

10.33%

0.99%

+9.34%

Volatility (6M)

Calculated over the trailing 6-month period

18.35%

2.23%

+16.12%

Volatility (1Y)

Calculated over the trailing 1-year period

20.62%

2.90%

+17.72%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

18.62%

4.06%

+14.56%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

20.14%

4.92%

+15.22%

IEMG vs. MUB - Expense Ratio Comparison

IEMG has a 0.09% 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

IEMG vs. MUB - Dividend Comparison

IEMG's dividend yield for the trailing twelve months is around 2.31%, less than MUB's 3.18% yield.

PositionTTM20252024202320222021202020192018201720162015
IEMG
iShares Core MSCI Emerging Markets ETF		2.31%2.75%3.20%2.89%2.71%3.06%1.87%3.15%2.76%2.35%2.28%2.53%
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

IEMG and MUB have a correlation of 0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

IEMG has higher volatility (10.33%) compared to MUB (0.99%). In terms of maximum drawdown, IEMG dropped -38.71% vs MUB's -13.68%.

On 10-year performance, IEMG leads with 9.88% vs 1.94% for MUB. On fees, MUB is cheaper at 0.07% per year. On volatility, MUB has been the lower-risk option at 0.99%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, IEMG has performed better with a 9.88% return vs 1.94%. 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 0.09% for IEMG.

MUB has the higher dividend yield at 3.18%, compared with 2.31% for IEMG.

IEMG is categorized as Emerging Markets Diversified, while MUB is Municipal Bonds. IEMG tracks MSCI Emerging Markets Investable Market Index (USD) (Net), while MUB tracks S&P National AMT-Free Municipal Bond Index. Their fees differ too: 0.09% for IEMG and 0.07% for MUB.

MUB currently has the higher Sharpe Ratio (2.42 vs 1.99), 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.

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