ISHYX vs. MUB
ISHYX (Invesco Short Duration High Yield Municipal Fund) and MUB (iShares National AMT-Free Muni Bond ETF) are both funds - ISHYX is a High Yield Muni fund managed by Invesco, while MUB is a Municipal Bonds fund tracking the S&P National AMT-Free Municipal Bond Index. Over the past 10 years, ISHYX returned 2.79%/yr vs 1.90%/yr for MUB. A 0.54 correlation means they provide meaningful diversification when combined. ISHYX charges 0.59%/yr vs 0.07%/yr for MUB.
Performance
ISHYX vs. MUB - Performance Comparison
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Returns By Period
In the year-to-date period, ISHYX achieves a 2.50% return, which is significantly higher than MUB's 1.53% return. Over the past 10 years, ISHYX has outperformed MUB with an annualized return of 2.79%, while MUB has yielded a comparatively lower 1.90% annualized return.
ISHYX
- 1D
- 0.11%
- 1M
- 1.35%
- YTD
- 2.50%
- 6M
- 3.01%
- 1Y
- 6.83%
- 3Y*
- 4.92%
- 5Y*
- 1.69%
- 10Y*
- 2.79%
MUB
- 1D
- -0.01%
- 1M
- 1.35%
- YTD
- 1.53%
- 6M
- 1.89%
- 1Y
- 6.58%
- 3Y*
- 3.21%
- 5Y*
- 0.96%
- 10Y*
- 1.90%
ISHYX vs. MUB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ISHYX Invesco Short Duration High Yield Municipal Fund | 2.50% | 3.92% | 6.43% | 3.58% | -8.99% | 5.96% | -0.31% | 7.84% | 2.27% | 8.04% |
MUB iShares National AMT-Free Muni Bond ETF | 1.53% | 3.78% | 1.26% | 5.56% | -7.34% | 1.02% | 5.12% | 7.06% | 0.93% | 4.72% |
Correlation
The correlation between ISHYX and MUB is 0.59, 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 | 0.59 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.64 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.61 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.54 |
Correlation (All Time) Calculated using the full available price history since Jan 4, 2016 | 0.54 |
The correlation between ISHYX and MUB has been stable across timeframes, ranging from 0.54 to 0.64 - a consistent structural relationship.
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Return for Risk
ISHYX vs. MUB — Risk / Return Rank
ISHYX
MUB
ISHYX vs. MUB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Short Duration High Yield Municipal Fund (ISHYX) 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.
| ISHYX | MUB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.71 | ||
| Sortino ratioReturn per unit of downside risk | +2.17 | ||
| Omega ratioGain probability vs. loss probability | 1.83 | 1.48 | +0.35 |
| Calmar ratioReturn relative to maximum drawdown | 3.64 | 2.37 | +1.27 |
| Martin ratioReturn relative to average drawdown | 13.71 | 8.25 | +5.46 |
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Drawdowns
ISHYX vs. MUB - Drawdown Comparison
The maximum ISHYX drawdown since its inception was -13.64%, roughly equal to the maximum MUB drawdown of -13.68%. Use the drawdown chart below to compare losses from any high point for ISHYX and MUB.
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Drawdown Indicators
| ISHYX | MUB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.64% | -13.68% | +0.04% |
Max Drawdown (1Y)Largest decline over 1 year | -1.89% | -2.79% | +0.90% |
Max Drawdown (3Y)Largest decline over 3 years | -4.03% | -5.34% | +1.31% |
Max Drawdown (5Y)Largest decline over 5 years | -12.03% | -11.88% | -0.15% |
Max Drawdown (10Y)Largest decline over 10 years | -13.64% | -13.68% | +0.04% |
Current DrawdownCurrent decline from peak | 0.00% | -0.41% | +0.41% |
Average DrawdownAverage peak-to-trough decline | -2.63% | -2.23% | -0.40% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.50% | 0.80% | -0.30% |
Volatility
ISHYX vs. MUB - Volatility Comparison
The current volatility for Invesco Short Duration High Yield Municipal Fund (ISHYX) is 0.65%, while iShares National AMT-Free Muni Bond ETF (MUB) has a volatility of 0.76%. This indicates that ISHYX experiences smaller price fluctuations and is considered to be less risky 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
| ISHYX | MUB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.65% | 0.76% | -0.11% |
Volatility (6M)Calculated over the trailing 6-month period | 1.71% | 2.27% | -0.56% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.29% | 2.89% | -0.60% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.10% | 4.07% | -0.97% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.33% | 4.93% | -1.60% |
ISHYX vs. MUB - Expense Ratio Comparison
ISHYX has a 0.59% expense ratio, which is higher than MUB's 0.07% expense ratio.
Dividends
ISHYX vs. MUB - Dividend Comparison
ISHYX's dividend yield for the trailing twelve months is around 4.63%, more than MUB's 3.17% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ISHYX Invesco Short Duration High Yield Municipal Fund | 4.63% | 4.65% | 4.40% | 3.38% | 3.99% | 3.58% | 3.58% | 3.45% | 3.59% | 3.51% | 3.60% | 0.00% |
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
ISHYX and MUB have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MUB has higher volatility (0.76%) compared to ISHYX (0.65%). In terms of maximum drawdown, ISHYX dropped -13.64% vs MUB's -13.68%.
ISHYX currently has the higher Sharpe Ratio (3.00 vs 2.29), 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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