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IGOV vs. MUB
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IGOV vs. MUB

Last updated Jun 4, 2026

IGOV (iShares International Treasury Bond ETF) and MUB (iShares National AMT-Free Muni Bond ETF) are both exchange-traded funds - IGOV is a International Government Bonds fund tracking the S&P/Citigroup International Treasury Bond Index Ex-US, 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, IGOV returned -1.38%/yr vs 2.00%/yr for MUB. At a 0.35 correlation, their price movements are largely independent. IGOV charges 0.35%/yr vs 0.07%/yr for MUB.

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.

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Returns By Period

In the year-to-date period, IGOV achieves a -0.50% return, which is significantly lower than MUB's 1.24% return. Over the past 10 years, IGOV has underperformed MUB with an annualized return of -1.38%, while MUB has yielded a comparatively higher 2.00% annualized return.

IGOV

1D
-0.84%
1M
-0.43%
YTD
-0.50%
6M
-0.39%
1Y
0.56%
3Y*
2.56%
5Y*
-4.47%
10Y*
-1.38%

MUB

1D
-0.08%
1M
0.56%
YTD
1.24%
6M
1.74%
1Y
6.95%
3Y*
3.43%
5Y*
0.86%
10Y*
2.00%
*Multi-year figures are annualized to reflect compound growth (CAGR)

IGOV vs. MUB - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
IGOV
iShares International Treasury Bond ETF		-0.50%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		1.24%3.78%1.26%5.56%-7.34%1.02%5.12%7.06%0.93%4.72%

Correlation

The correlation between IGOV and MUB is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.49

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

0.57

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

0.58

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

0.50

Correlation (All Time)
Calculated using the full available price history since Jan 30, 2009

0.35

The correlation between IGOV and MUB shifts across timeframes, from 0.35 (all time) to 0.58 (5 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.

iShares International Treasury Bond ETF

iShares National AMT-Free Muni Bond ETF

Often compared with IGOV:
IGOV vs. BNDXIGOV vs. BWXIGOV vs. AGGIGOV vs. VCITIGOV vs. BSVIGOV vs. FLIAIGOV vs. BND
Often compared with MUB:
MUB vs. VTEBMUB vs. SUBMUB vs. CMFMUB vs. NYFMUB vs. MUNIMUB vs. HYDMUB vs. VWIUX

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: 99
Overall Rank
IGOV Sharpe Ratio Rank: 99
Sharpe Ratio Rank
IGOV Sortino Ratio Rank: 99
Sortino Ratio Rank
IGOV Omega Ratio Rank: 99
Omega Ratio Rank
IGOV Calmar Ratio Rank: 1010
Calmar Ratio Rank
IGOV Martin Ratio Rank: 99
Martin Ratio Rank
MUB
MUB Risk / Return Rank: 6666
Overall Rank
MUB Sharpe Ratio Rank: 7272
Sharpe Ratio Rank
MUB Sortino Ratio Rank: 7676
Sortino Ratio Rank
MUB Omega Ratio Rank: 8181
Omega Ratio Rank
MUB Calmar Ratio Rank: 5050
Calmar Ratio Rank
MUB Martin Ratio Rank: 5151
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.

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.

IGOVMUBDifference
Sharpe ratioReturn per unit of total volatility
0.07
2.39

-2.32

Sortino ratioReturn per unit of downside risk
0.16
3.49

-3.33

Omega ratioGain probability vs. loss probability

1.02

1.50

-0.48

Calmar ratioReturn relative to maximum drawdown

0.10

2.50

-2.41

Martin ratioReturn relative to average drawdown

0.23

8.85

-8.61

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 0.07, which is lower than the MUB Sharpe Ratio of 2.39. The chart below compares the historical Sharpe Ratios of IGOV 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

IGOVMUBDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.07

2.39

-2.32

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.45

0.21

-0.66

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

-0.16

0.41

-0.57

Sharpe Ratio (All Time)

Calculated using the full available price history

0.02

0.58

-0.57

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.

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Drawdown Indicators

IGOVMUBDifference

Max Drawdown

Largest peak-to-trough decline

-35.88%

-13.68%

-22.20%

Max Drawdown (1Y)

Largest decline over 1 year

-5.70%

-2.79%

-2.91%

Max Drawdown (3Y)

Largest decline over 3 years

-10.65%

-5.34%

-5.31%

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

-24.01%

-0.70%

-23.31%

Average Drawdown

Average peak-to-trough decline

-11.02%

-2.23%

-8.79%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.42%

0.79%

+1.63%

Volatility

IGOV vs. MUB - Volatility Comparison

iShares International Treasury Bond ETF (IGOV) has a higher volatility of 2.80% compared to iShares National AMT-Free Muni Bond ETF (MUB) at 0.97%. 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.

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Volatility by Period

IGOVMUBDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.80%

0.97%

+1.83%

Volatility (6M)

Calculated over the trailing 6-month period

6.19%

2.22%

+3.97%

Volatility (1Y)

Calculated over the trailing 1-year period

8.11%

2.92%

+5.19%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

9.96%

4.06%

+5.90%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

8.59%

4.92%

+3.67%

IGOV vs. MUB - Expense Ratio Comparison

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

Dividends

IGOV vs. MUB - Dividend Comparison

IGOV's dividend yield for the trailing twelve months is around 1.42%, less than MUB's 3.17% yield.

PositionTTM20252024202320222021202020192018201720162015
IGOV
iShares International Treasury Bond ETF		1.42%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		3.17%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

IGOV and MUB have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

IGOV has higher volatility (2.80%) compared to MUB (0.97%). In terms of maximum drawdown, IGOV dropped -35.88% vs MUB's -13.68%.

On 10-year performance, MUB leads with 2.00% vs -1.38% for IGOV. On fees, MUB is cheaper at 0.07% per year. On volatility, MUB has been the lower-risk option at 0.97%. 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 2.00% return vs -1.38%. 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 0.35% for IGOV.

MUB has the higher dividend yield at 3.17%, compared with 1.42% for IGOV.

IGOV is categorized as International Government Bonds, while MUB is Municipal Bonds. IGOV tracks S&P/Citigroup International Treasury Bond Index Ex-US, while MUB tracks S&P National AMT-Free Municipal Bond Index. Their fees differ too: 0.35% for IGOV and 0.07% for MUB.

MUB currently has the higher Sharpe Ratio (2.39 vs 0.07), 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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