JHMU vs. MUB

Last updated Jun 4, 2026

JHMU (John Hancock Dynamic Municipal Bond ETF) and MUB (iShares National AMT-Free Muni Bond ETF) are both Municipal Bonds funds - JHMU tracks the John Hancock Dimensional Utilities Index while MUB tracks the S&P National AMT-Free Municipal Bond Index. Both are passively managed. Over the past year, JHMU returned 7.44% vs 6.95% for MUB. A 0.79 correlation means they provide meaningful diversification when combined. JHMU charges 0.39%/yr vs 0.07%/yr for MUB.

Performance

JHMU vs. MUB - Performance Comparison

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

Returns By Period

In the year-to-date period, JHMU achieves a 1.66% return, which is significantly higher than MUB's 1.24% return.

JHMU

• 1D: -0.08%
• 1M: 0.69%
• YTD: 1.66%
• 6M: 2.16%
• 1Y: 7.44%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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)

JHMU vs. MUB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
JHMU John Hancock Dynamic Municipal Bond ETF	1.66%	5.03%	3.76%	7.77%
MUB iShares National AMT-Free Muni Bond ETF	1.24%	3.78%	1.26%	6.72%

Correlation

The correlation between JHMU and MUB is 0.86, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.86
Correlation (All Time) Calculated using the full available price history since Nov 3, 2023	0.79

The correlation between JHMU and MUB has been stable across timeframes, ranging from 0.79 to 0.86 - a consistent structural relationship.

Return for Risk

JHMU vs. MUB — Risk / Return Rank

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

JHMU

JHMU Risk / Return Rank: 74
JHMU Sharpe Ratio Rank: 82
JHMU Sortino Ratio Rank: 87
JHMU Omega Ratio Rank: 88
JHMU Calmar Ratio Rank: 56
JHMU Martin Ratio Rank: 56

MUB

MUB Risk / Return Rank: 66
MUB Sharpe Ratio Rank: 72
MUB Sortino Ratio Rank: 76
MUB Omega Ratio Rank: 81
MUB Calmar Ratio Rank: 50
MUB Martin Ratio Rank: 51

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.

JHMU vs. MUB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for John Hancock Dynamic Municipal Bond ETF (JHMU) 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.

	JHMU	MUB	Difference
Sharpe ratio Return per unit of total volatility	2.65	2.39	+0.25
Sortino ratio Return per unit of downside risk	3.92	3.49	+0.42
Omega ratio Gain probability vs. loss probability	1.56	1.50	+0.06
Calmar ratio Return relative to maximum drawdown	2.70	2.50	+0.19
Martin ratio Return relative to average drawdown	9.67	8.85	+0.83
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

JHMU vs. MUB - Sharpe Ratio Comparison

The current JHMU Sharpe Ratio is 2.65, which is comparable to the MUB Sharpe Ratio of 2.39. The chart below compares the historical Sharpe Ratios of JHMU 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.

Sharpe Ratios by Period

	JHMU	MUB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.65	2.39	+0.25
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.21	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.41	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.74	0.58	+1.16

Drawdowns

JHMU vs. MUB - Drawdown Comparison

The maximum JHMU drawdown since its inception was -4.48%, smaller than the maximum MUB drawdown of -13.68%. Use the drawdown chart below to compare losses from any high point for JHMU and MUB.

Drawdown Indicators

	JHMU	MUB	Difference
Max Drawdown Largest peak-to-trough decline	-4.48%	-13.68%	+9.20%
Max Drawdown (1Y) Largest decline over 1 year	-2.77%	-2.79%	+0.02%
Max Drawdown (3Y) Largest decline over 3 years	—	-5.34%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-11.88%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-13.68%	—
Current Drawdown Current decline from peak	-0.60%	-0.70%	+0.10%
Average Drawdown Average peak-to-trough decline	-0.84%	-2.23%	+1.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.77%	0.79%	-0.02%

Volatility

JHMU vs. MUB - Volatility Comparison

John Hancock Dynamic Municipal Bond ETF (JHMU) and iShares National AMT-Free Muni Bond ETF (MUB) have volatilities of 0.96% and 0.97%, 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.

Volatility by Period

	JHMU	MUB	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.96%	0.97%	-0.01%
Volatility (6M) Calculated over the trailing 6-month period	2.21%	2.22%	-0.01%
Volatility (1Y) Calculated over the trailing 1-year period	2.82%	2.92%	-0.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.11%	4.06%	+0.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.11%	4.92%	-0.81%

JHMU vs. MUB - Expense Ratio Comparison

JHMU has a 0.39% expense ratio, which is higher than MUB's 0.07% expense ratio.

Dividends

JHMU vs. MUB - Dividend Comparison

JHMU's dividend yield for the trailing twelve months is around 3.72%, more than MUB's 3.17% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
JHMU John Hancock Dynamic Municipal Bond ETF	3.72%	4.36%	7.29%	0.63%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	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

Can I hold both JHMU and MUB in my portfolio?

JHMU and MUB have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JHMU or MUB?

MUB has higher volatility (0.97%) compared to JHMU (0.96%). In terms of maximum drawdown, JHMU dropped -4.48% vs MUB's -13.68%.

Which ETF is better, JHMU or MUB?

On 1-year performance, JHMU leads with 7.44% vs 6.95% for MUB. 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.

Which ETF has performed better, JHMU or MUB?

Over the 1-year period, JHMU has performed better with a 7.44% return vs 6.95%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JHMU or MUB?

MUB is cheaper with a 0.07% expense ratio, compared with 0.39% for JHMU.

Which ETF pays a higher dividend yield, JHMU or MUB?

JHMU has the higher dividend yield at 3.72%, compared with 3.17% for MUB.

What is the main difference between JHMU and MUB?

JHMU tracks John Hancock Dimensional Utilities Index, while MUB tracks S&P National AMT-Free Municipal Bond Index. They also come from different issuers: John Hancock and iShares. Their fees differ too: 0.39% for JHMU and 0.07% for MUB.

Which has better risk-adjusted returns?

JHMU currently has the higher Sharpe Ratio (2.65 vs 2.39), 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.