LMUB vs. SLV

Last updated Jun 4, 2026

LMUB (iShares Long-Term National Muni Bond ETF) and SLV (iShares Silver Trust) are both exchange-traded funds - LMUB is a Municipal Bonds fund tracking the ICE AMT-Free US Long National Municipal Index, while SLV is a Silver fund tracking the LBMA Silver Price. Both are passively managed. Over the past year, LMUB returned 9.37% vs 110.59% for SLV. At a 0.03 correlation, their price movements are largely independent. LMUB charges 0.09%/yr vs 0.50%/yr for SLV.

Performance

LMUB vs. SLV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Long-Term National Muni Bond ETF (LMUB) and iShares Silver Trust (SLV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, LMUB achieves a 2.32% return, which is significantly lower than SLV's 2.78% return.

LMUB

• 1D: 0.01%
• 1M: 0.90%
• YTD: 2.32%
• 6M: 2.47%
• 1Y: 9.37%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SLV

• 1D: -2.62%
• 1M: 0.41%
• YTD: 2.78%
• 6M: 24.76%
• 1Y: 110.59%
• 3Y*: 45.06%
• 5Y*: 20.76%
• 10Y*: 15.55%

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

LMUB vs. SLV - Yearly Performance Comparison

	2026 (YTD)	2025
LMUB iShares Long-Term National Muni Bond ETF	2.32%	3.52%
SLV iShares Silver Trust	2.78%	108.82%

Correlation

The correlation between LMUB and SLV is 0.08, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.08
Correlation (All Time) Calculated using the full available price history since Mar 19, 2025	0.03

Return for Risk

LMUB vs. SLV — Risk / Return Rank

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

LMUB

LMUB Risk / Return Rank: 68
LMUB Sharpe Ratio Rank: 69
LMUB Sortino Ratio Rank: 72
LMUB Omega Ratio Rank: 77
LMUB Calmar Ratio Rank: 62
LMUB Martin Ratio Rank: 60

SLV

SLV Risk / Return Rank: 47
SLV Sharpe Ratio Rank: 54
SLV Sortino Ratio Rank: 40
SLV Omega Ratio Rank: 56
SLV Calmar Ratio Rank: 52
SLV Martin Ratio Rank: 36

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.

LMUB vs. SLV - 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 Silver Trust (SLV). 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	SLV	Difference
Sharpe ratio: Return per unit of total volatility	2.24	1.89	+0.35
Sortino ratio: Return per unit of downside risk	3.24	2.07	+1.17
Omega ratio: Gain probability vs. loss probability	1.45	1.35	+0.10
Calmar ratio: Return relative to maximum drawdown	3.02	2.62	+0.40
Martin ratio: Return relative to average drawdown	10.61	5.64	+4.97
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

LMUB vs. SLV - Sharpe Ratio Comparison

The current LMUB Sharpe Ratio is 2.24, which is comparable to the SLV Sharpe Ratio of 1.89. The chart below compares the historical Sharpe Ratios of LMUB and SLV, 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

	LMUB	SLV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.24	1.89	+0.35
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.58	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.49	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.82	0.25	+0.58

Drawdowns

LMUB vs. SLV - Drawdown Comparison

The maximum LMUB drawdown since its inception was -5.51%, smaller than the maximum SLV drawdown of -76.28%. Use the drawdown chart below to compare losses from any high point for LMUB and SLV.

Drawdown Indicators

	LMUB	SLV	Difference
Max Drawdown Largest peak-to-trough decline	-5.51%	-76.28%	+70.77%
Max Drawdown (1Y) Largest decline over 1 year	-3.11%	-42.45%	+39.34%
Max Drawdown (3Y) Largest decline over 3 years	—	-42.45%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-42.45%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-42.81%	—
Current Drawdown Current decline from peak	0.00%	-37.30%	+37.30%
Average Drawdown Average peak-to-trough decline	-1.61%	-44.67%	+43.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.89%	19.67%	-18.78%

Volatility

LMUB vs. SLV - Volatility Comparison

The current volatility for iShares Long-Term National Muni Bond ETF (LMUB) is 1.44%, while iShares Silver Trust (SLV) has a volatility of 16.30%. This indicates that LMUB experiences smaller price fluctuations and is considered to be less risky than SLV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	LMUB	SLV	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.44%	16.30%	-14.86%
Volatility (6M) Calculated over the trailing 6-month period	3.05%	58.31%	-55.26%
Volatility (1Y) Calculated over the trailing 1-year period	4.21%	58.90%	-54.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.97%	36.15%	-30.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.97%	31.84%	-25.87%

LMUB vs. SLV - Expense Ratio Comparison

LMUB has a 0.09% expense ratio, which is lower than SLV's 0.50% expense ratio.

Dividends

LMUB vs. SLV - Dividend Comparison

LMUB's dividend yield for the trailing twelve months is around 3.77%, while SLV has not paid dividends to shareholders.

Position	TTM	2025
LMUB iShares Long-Term National Muni Bond ETF	3.77%	3.14%
SLV iShares Silver Trust	0.00%	0.00%

Frequently Asked Questions

Can I hold both LMUB and SLV in my portfolio?

LMUB and SLV have a correlation of 0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, LMUB or SLV?

SLV has higher volatility (16.30%) compared to LMUB (1.44%). In terms of maximum drawdown, LMUB dropped -5.51% vs SLV's -76.28%.

Which ETF is better, LMUB or SLV?

On 1-year performance, SLV leads with 110.59% vs 9.37% for LMUB. On fees, LMUB is cheaper at 0.09% per year. On volatility, LMUB has been the lower-risk option at 1.44%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, LMUB or SLV?

Over the 1-year period, SLV has performed better with a 110.59% return vs 9.37%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, LMUB or SLV?

LMUB is cheaper with a 0.09% expense ratio, compared with 0.50% for SLV.

Which ETF pays a higher dividend yield, LMUB or SLV?

LMUB has the higher dividend yield at 3.77%, compared with 0.00% for SLV.

What is the main difference between LMUB and SLV?

LMUB is categorized as Municipal Bonds, while SLV is Silver. LMUB tracks ICE AMT-Free US Long National Municipal Index, while SLV tracks LBMA Silver Price. Their fees differ too: 0.09% for LMUB and 0.50% for SLV.

Which has better risk-adjusted returns?

LMUB currently has the higher Sharpe Ratio (2.24 vs 1.89), 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.