LMUB vs. MUB
LMUB (iShares Long-Term National Muni Bond ETF) and MUB (iShares National AMT-Free Muni Bond ETF) are both Municipal Bonds funds from iShares - LMUB tracks the ICE AMT-Free US Long National Municipal Index while MUB tracks the S&P National AMT-Free Municipal Bond Index. Both are passively managed. Over the past year, LMUB returned 9.37% vs 6.95% for MUB. A 0.66 correlation means they provide meaningful diversification when combined. LMUB charges 0.09%/yr vs 0.07%/yr for MUB.
Performance
LMUB vs. MUB - Performance Comparison
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Returns By Period
In the year-to-date period, LMUB achieves a 2.32% return, which is significantly higher than MUB's 1.24% return.
LMUB
- 1D
- 0.01%
- 1M
- 0.90%
- YTD
- 2.32%
- 6M
- 2.47%
- 1Y
- 9.37%
- 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%
LMUB vs. MUB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
LMUB iShares Long-Term National Muni Bond ETF | 2.32% | 3.52% |
MUB iShares National AMT-Free Muni Bond ETF | 1.24% | 3.83% |
Correlation
The correlation between LMUB and MUB is 0.66, 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 | 0.66 |
Correlation (All Time) Calculated using the full available price history since Mar 19, 2025 | 0.66 |
The correlation between LMUB and MUB has been stable across timeframes, ranging from 0.66 to 0.66 - a consistent structural relationship.
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Return for Risk
LMUB vs. MUB — Risk / Return Rank
LMUB
MUB
LMUB vs. MUB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Long-Term National Muni Bond ETF (LMUB) 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.
| LMUB | MUB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.16 | ||
| Sortino ratioReturn per unit of downside risk | -0.26 | ||
| Omega ratioGain probability vs. loss probability | 1.45 | 1.50 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 3.02 | 2.50 | +0.52 |
| Martin ratioReturn relative to average drawdown | 10.61 | 8.85 | +1.76 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| LMUB | MUB | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.24 | 2.39 | -0.16 |
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 | 0.82 | 0.58 | +0.24 |
Drawdowns
LMUB vs. MUB - Drawdown Comparison
The maximum LMUB drawdown since its inception was -5.51%, smaller than the maximum MUB drawdown of -13.68%. Use the drawdown chart below to compare losses from any high point for LMUB and MUB.
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Drawdown Indicators
| LMUB | MUB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -5.51% | -13.68% | +8.17% |
Max Drawdown (1Y)Largest decline over 1 year | -3.11% | -2.79% | -0.32% |
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 DrawdownCurrent decline from peak | 0.00% | -0.70% | +0.70% |
Average DrawdownAverage peak-to-trough decline | -1.61% | -2.23% | +0.62% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.89% | 0.79% | +0.10% |
Volatility
LMUB vs. MUB - Volatility Comparison
iShares Long-Term National Muni Bond ETF (LMUB) has a higher volatility of 1.44% compared to iShares National AMT-Free Muni Bond ETF (MUB) at 0.97%. This indicates that LMUB'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
| LMUB | MUB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.44% | 0.97% | +0.47% |
Volatility (6M)Calculated over the trailing 6-month period | 3.05% | 2.22% | +0.83% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.21% | 2.92% | +1.29% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.97% | 4.06% | +1.91% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.97% | 4.92% | +1.05% |
LMUB vs. MUB - Expense Ratio Comparison
LMUB 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
LMUB vs. MUB - Dividend Comparison
LMUB's dividend yield for the trailing twelve months is around 3.77%, more than MUB's 3.17% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
LMUB iShares Long-Term National Muni Bond ETF | 3.77% | 3.14% | 0.00% | 0.00% | 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
LMUB and MUB have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
LMUB has higher volatility (1.44%) compared to MUB (0.97%). In terms of maximum drawdown, LMUB dropped -5.51% vs MUB's -13.68%.
On 1-year performance, LMUB leads with 9.37% vs 6.95% for MUB. 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 1-year period, LMUB has performed better with a 9.37% return vs 6.95%. 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 LMUB.
LMUB has the higher dividend yield at 3.77%, compared with 3.17% for MUB.
LMUB tracks ICE AMT-Free US Long National Municipal Index, while MUB tracks S&P National AMT-Free Municipal Bond Index. Their fees differ too: 0.09% for LMUB and 0.07% for MUB.
MUB currently has the higher Sharpe Ratio (2.39 vs 2.24), 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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