IGOV vs. MUB

Last updated Apr 1, 2026

Compare and contrast key facts about iShares International Treasury Bond ETF (IGOV) and iShares National AMT-Free Muni Bond ETF (MUB).

IGOV and MUB are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. IGOV is a passively managed fund by iShares that tracks the performance of the S&P/Citigroup International Treasury Bond Index Ex-US. It was launched on Jan 21, 2009. MUB is a passively managed fund by iShares that tracks the performance of the S&P National AMT-Free Municipal Bond Index. It was launched on Sep 7, 2007. Both IGOV and MUB are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

IGOV vs. MUB - Performance Comparison

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

IGOV vs. MUB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IGOV iShares International Treasury Bond ETF	-1.44%	9.96%	-6.50%	5.57%	-22.07%	-9.25%	10.88%	3.76%	-2.60%	11.38%
MUB iShares National AMT-Free Muni Bond ETF	-0.37%	3.78%	1.26%	5.56%	-7.34%	1.02%	5.12%	7.06%	0.93%	4.72%

Returns By Period

In the year-to-date period, IGOV achieves a -1.44% return, which is significantly lower than MUB's -0.37% return. Over the past 10 years, IGOV has underperformed MUB with an annualized return of -1.34%, while MUB has yielded a comparatively higher 1.96% annualized return.

IGOV

• 1D: 1.23%
• 1M: -4.49%
• YTD: -1.44%
• 6M: -2.25%
• 1Y: 5.63%
• 3Y*: 1.37%
• 5Y*: -4.22%
• 10Y*: -1.34%

MUB

• 1D: 0.19%
• 1M: -2.28%
• YTD: -0.37%
• 6M: 1.28%
• 1Y: 3.94%
• 3Y*: 2.53%
• 5Y*: 0.79%
• 10Y*: 1.96%

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

IGOV vs. MUB - Expense Ratio Comparison

IGOV has a 0.35% expense ratio, which is higher than MUB's 0.07% expense ratio.

IGOV

iShares International Treasury Bond ETF

MUB

iShares National AMT-Free Muni Bond ETF

Return for Risk

IGOV vs. MUB — Risk / Return Rank

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

IGOV

IGOV Risk / Return Rank: 35
IGOV Sharpe Ratio Rank: 36
IGOV Sortino Ratio Rank: 36
IGOV Omega Ratio Rank: 31
IGOV Calmar Ratio Rank: 40
IGOV Martin Ratio Rank: 31

MUB

MUB Risk / Return Rank: 54
MUB Sharpe Ratio Rank: 58
MUB Sortino Ratio Rank: 49
MUB Omega Ratio Rank: 60
MUB Calmar Ratio Rank: 55
MUB Martin Ratio Rank: 45

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.

IGOV vs. MUB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares International Treasury Bond ETF (IGOV) 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.

	IGOV	MUB	Difference
Sharpe ratio Return per unit of total volatility	0.63	0.96	-0.33
Sortino ratio Return per unit of downside risk	0.98	1.25	-0.27
Omega ratio Gain probability vs. loss probability	1.12	1.21	-0.09
Calmar ratio Return relative to maximum drawdown	0.96	1.27	-0.32
Martin ratio Return relative to average drawdown	2.56	4.07	-1.52
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IGOV vs. MUB - Sharpe Ratio Comparison

The current IGOV Sharpe Ratio is 0.63, which is lower than the MUB Sharpe Ratio of 0.96. The chart below compares the historical Sharpe Ratios of IGOV and MUB, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	IGOV	MUB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.63	0.96	-0.33
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.43	0.20	-0.63
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.16	0.40	-0.56
Sharpe Ratio (All Time) Calculated using the full available price history	0.01	0.57	-0.56

Correlation

The correlation between IGOV and MUB is 0.35, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

IGOV vs. MUB - Dividend Comparison

IGOV's dividend yield for the trailing twelve months is around 1.43%, less than MUB's 3.19% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IGOV iShares International Treasury Bond ETF	1.43%	1.41%	0.59%	0.00%	0.11%	0.39%	0.00%	0.24%	0.31%	0.19%	0.69%	0.12%
MUB iShares National AMT-Free Muni Bond ETF	3.19%	3.14%	3.01%	2.65%	2.11%	1.81%	2.11%	2.42%	2.46%	2.26%	2.21%	2.51%

Drawdowns

IGOV vs. MUB - Drawdown Comparison

The maximum IGOV drawdown since its inception was -35.88%, which is greater than MUB's maximum drawdown of -13.68%. Use the drawdown chart below to compare losses from any high point for IGOV and MUB.

Drawdown Indicators

	IGOV	MUB	Difference
Max Drawdown Largest peak-to-trough decline	-35.88%	-13.68%	-22.20%
Max Drawdown (1Y) Largest decline over 1 year	-5.70%	-3.30%	-2.40%
Max Drawdown (5Y) Largest decline over 5 years	-33.17%	-11.88%	-21.29%
Max Drawdown (10Y) Largest decline over 10 years	-35.88%	-13.68%	-22.20%
Current Drawdown Current decline from peak	-24.72%	-2.28%	-22.44%
Average Drawdown Average peak-to-trough decline	-10.89%	-2.24%	-8.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.13%	1.03%	+1.10%

Volatility

IGOV vs. MUB - Volatility Comparison

iShares International Treasury Bond ETF (IGOV) has a higher volatility of 3.63% compared to iShares National AMT-Free Muni Bond ETF (MUB) at 1.53%. This indicates that IGOV'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.

Volatility by Period

	IGOV	MUB	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.63%	1.53%	+2.10%
Volatility (6M) Calculated over the trailing 6-month period	5.29%	2.03%	+3.26%
Volatility (1Y) Calculated over the trailing 1-year period	9.04%	4.14%	+4.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.88%	4.04%	+5.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.58%	4.91%	+3.67%