MBND vs. IEO
MBND (SPDR Nuveen Municipal Bond ETF) and IEO (iShares U.S. Oil & Gas Exploration & Production ETF) are both exchange-traded funds - MBND is a Municipal Bonds fund actively managed by State Street, while IEO is a Energy Equities fund tracking the Dow Jones U.S. Select Oil Exploration & Production Index. MBND is actively managed, while IEO is passively managed. Over the past 5 years, MBND returned 0.18%/yr vs 23.53%/yr for IEO. Their -0.07 correlation means they have often moved in opposite directions in the past. MBND charges 0.40%/yr vs 0.38%/yr for IEO.
Performance
MBND vs. IEO - Performance Comparison
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Returns By Period
In the year-to-date period, MBND achieves a -0.25% return, which is significantly lower than IEO's 42.54% return.
MBND
- 1D
- -0.16%
- 1M
- -1.70%
- 6M
- -1.05%
- YTD
- -0.25%
- 1Y
- 3.35%
- 3Y*
- 3.02%
- 5Y*
- 0.18%
- 10Y*
- —
- ALL TIME*
- 0.42%
IEO
- 1D
- 1.37%
- 1M
- 14.08%
- 6M
- 29.47%
- YTD
- 42.54%
- 1Y
- 47.44%
- 3Y*
- 12.66%
- 5Y*
- 23.53%
- 10Y*
- 11.48%
- ALL TIME*
- 6.22%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $7.85M | $6.98M | $8.74M | |
| $354.99K | $234.86K | $188.93K |
MBND vs. IEO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
MBND SPDR Nuveen Municipal Bond ETF | -0.25% | 2.90% | 2.75% | 5.62% | -8.61% | 0.49% |
IEO iShares U.S. Oil & Gas Exploration & Production ETF | 42.54% | 2.15% | -1.45% | 3.57% | 57.82% | 55.19% |
Correlation
The correlation between MBND and IEO is -0.28, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.28 |
Correlation (3Y) Balances recent behavior with more history. | -0.10 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.07 |
Correlation (All Time) Calculated using the full available price history since Feb 4, 2021 | -0.07 |
Over the past year, the inverse relationship between MBND and IEO has strengthened: their correlation has moved from -0.07 to -0.28, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
MBND vs. IEO — Risk / Return Rank
MBND
IEO
MBND vs. IEO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Nuveen Municipal Bond ETF (MBND) and iShares U.S. Oil & Gas Exploration & Production ETF (IEO). 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.
| MBND | IEO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.39 | ||
| Sortino ratioReturn per unit of downside risk | -0.37 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 1.27 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 1.44 | 2.64 | -1.20 |
| Martin ratioReturn relative to average drawdown | 4.37 | 6.61 | -2.24 |
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Drawdowns
MBND vs. IEO - Drawdown Comparison
The maximum MBND drawdown since its inception was -13.18%, smaller than the maximum IEO drawdown of -79.17%. Use the drawdown chart below to compare losses from any high point for MBND and IEO.
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Drawdown Indicators
| MBND | IEO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.18% | -79.17% | +65.99% |
Max Drawdown (1Y)Largest decline over 1 year | -2.44% | -16.32% | +13.88% |
Max Drawdown (3Y)Largest decline over 3 years | -4.57% | -31.46% | +26.89% |
Max Drawdown (5Y)Largest decline over 5 years | -13.16% | -31.46% | +18.30% |
Max Drawdown (10Y)Largest decline over 10 years | — | -75.00% | — |
Current DrawdownCurrent decline from peak | -1.97% | -1.83% | -0.14% |
Average DrawdownAverage peak-to-trough decline | -4.09% | -26.14% | +22.05% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.80% | 6.54% | -5.74% |
Volatility
MBND vs. IEO - Volatility Comparison
The current volatility for SPDR Nuveen Municipal Bond ETF (MBND) is 0.92%, while iShares U.S. Oil & Gas Exploration & Production ETF (IEO) has a volatility of 7.46%. This indicates that MBND experiences smaller price fluctuations and is considered to be less risky than IEO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MBND | IEO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.92% | 7.46% | -6.54% |
Volatility (6M)Calculated over the trailing 6-month period | 2.29% | 20.47% | -18.18% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.78% | 25.90% | -23.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.53% | 30.27% | -26.74% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.42% | 34.91% | -31.49% |
MBND vs. IEO - Expense Ratio Comparison
MBND has a 0.40% expense ratio, which is higher than IEO's 0.38% expense ratio.
Dividends
MBND vs. IEO - Dividend Comparison
MBND's dividend yield for the trailing twelve months is around 3.52%, more than IEO's 1.85% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IEO iShares U.S. Oil & Gas Exploration & Production ETF | 1.85% | 2.61% | 2.63% | 3.00% | 3.77% | 2.62% | 3.17% | 1.85% | 1.67% | 0.94% | 0.98% | 2.03% |
MBND SPDR Nuveen Municipal Bond ETF | 3.22% | 3.43% | 2.72% | 2.53% | 1.61% | 1.62% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
MBND and IEO have a correlation of -0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IEO has higher volatility (7.46%) compared to MBND (0.92%). In terms of maximum drawdown, MBND dropped -13.18% vs IEO's -79.17%.
On 5-year performance, IEO leads with 23.53% vs 0.18% for MBND. On fees, IEO is cheaper at 0.38% per year. On volatility, MBND has been the lower-risk option at 0.92%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, IEO has performed better with a 23.53% return vs 0.18%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IEO is cheaper with a 0.38% expense ratio, compared with 0.40% for MBND.
MBND has the higher dividend yield at 3.22%, compared with 1.85% for IEO.
MBND is categorized as Municipal Bonds, while IEO is Energy Equities. They also come from different issuers: State Street and iShares. Their fees differ too: 0.40% for MBND and 0.38% for IEO.
IEO currently has the higher Sharpe Ratio (1.67 vs 1.27), 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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