MINO vs. MUB

Last updated Jun 4, 2026

MINO (PIMCO Municipal Income Opportunities Active Exchange-Traded Fund) and MUB (iShares National AMT-Free Muni Bond ETF) are both Municipal Bonds funds. MINO is actively managed, while MUB is passively managed. Over the past 3 years, MINO returned 4.99%/yr vs 3.43%/yr for MUB. A 0.78 correlation means they provide meaningful diversification when combined. MINO charges 0.39%/yr vs 0.07%/yr for MUB.

Performance

MINO vs. MUB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO Municipal Income Opportunities Active Exchange-Traded Fund (MINO) 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, MINO achieves a 1.96% return, which is significantly higher than MUB's 1.24% return.

MINO

• 1D: -0.08%
• 1M: 0.58%
• YTD: 1.96%
• 6M: 2.19%
• 1Y: 7.93%
• 3Y*: 4.99%
• 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)

MINO vs. MUB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
MINO PIMCO Municipal Income Opportunities Active Exchange-Traded Fund	1.96%	4.42%	3.13%	8.46%	-10.43%	0.28%
MUB iShares National AMT-Free Muni Bond ETF	1.24%	3.78%	1.26%	5.56%	-7.34%	0.02%

Correlation

The correlation between MINO and MUB is 0.80, 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	0.80
Correlation (3Y) Calculated over the trailing 3-year period	0.79
Correlation (All Time) Calculated using the full available price history since Sep 10, 2021	0.78

The correlation between MINO and MUB has been stable across timeframes, ranging from 0.78 to 0.80 - a consistent structural relationship.

Return for Risk

MINO vs. MUB — Risk / Return Rank

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

MINO

MINO Risk / Return Rank: 81
MINO Sharpe Ratio Rank: 87
MINO Sortino Ratio Rank: 92
MINO Omega Ratio Rank: 92
MINO Calmar Ratio Rank: 66
MINO Martin Ratio Rank: 65

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.

MINO vs. MUB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO Municipal Income Opportunities Active Exchange-Traded Fund (MINO) 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.

	MINO	MUB	Difference
Sharpe ratio Return per unit of total volatility	2.92	2.39	+0.52
Sortino ratio Return per unit of downside risk	4.48	3.49	+0.99
Omega ratio Gain probability vs. loss probability	1.63	1.50	+0.13
Calmar ratio Return relative to maximum drawdown	3.30	2.50	+0.80
Martin ratio Return relative to average drawdown	11.84	8.85	+2.99
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MINO vs. MUB - Sharpe Ratio Comparison

The current MINO Sharpe Ratio is 2.92, which is comparable to the MUB Sharpe Ratio of 2.39. The chart below compares the historical Sharpe Ratios of MINO 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

	MINO	MUB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.92	2.39	+0.52
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	0.32	0.58	-0.27

Drawdowns

MINO vs. MUB - Drawdown Comparison

The maximum MINO drawdown since its inception was -15.24%, which is greater than MUB's maximum drawdown of -13.68%. Use the drawdown chart below to compare losses from any high point for MINO and MUB.

Drawdown Indicators

	MINO	MUB	Difference
Max Drawdown Largest peak-to-trough decline	-15.24%	-13.68%	-1.56%
Max Drawdown (1Y) Largest decline over 1 year	-2.41%	-2.79%	+0.38%
Max Drawdown (3Y) Largest decline over 3 years	-5.34%	-5.34%	0.00%
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	-0.22%	-0.70%	+0.48%
Average Drawdown Average peak-to-trough decline	-4.25%	-2.23%	-2.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.67%	0.79%	-0.12%

Volatility

MINO vs. MUB - Volatility Comparison

PIMCO Municipal Income Opportunities Active Exchange-Traded Fund (MINO) has a higher volatility of 1.04% compared to iShares National AMT-Free Muni Bond ETF (MUB) at 0.97%. This indicates that MINO'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.

Volatility by Period

	MINO	MUB	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.04%	0.97%	+0.07%
Volatility (6M) Calculated over the trailing 6-month period	1.90%	2.22%	-0.32%
Volatility (1Y) Calculated over the trailing 1-year period	2.73%	2.92%	-0.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.55%	4.06%	+0.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.55%	4.92%	-0.37%

MINO vs. MUB - Expense Ratio Comparison

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

Dividends

MINO vs. MUB - Dividend Comparison

MINO's dividend yield for the trailing twelve months is around 3.89%, more than MUB's 3.17% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MINO PIMCO Municipal Income Opportunities Active Exchange-Traded Fund	3.89%	3.71%	3.91%	3.78%	2.87%	0.29%	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 MINO and MUB in my portfolio?

MINO and MUB have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MINO or MUB?

MINO has higher volatility (1.04%) compared to MUB (0.97%). In terms of maximum drawdown, MINO dropped -15.24% vs MUB's -13.68%.

Which ETF is better, MINO or MUB?

On 3-year performance, MINO leads with 4.99% vs 3.43% 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, MINO or MUB?

Over the 3-year period, MINO has performed better with a 4.99% return vs 3.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MINO or MUB?

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

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

MINO has the higher dividend yield at 3.89%, compared with 3.17% for MUB.

What is the main difference between MINO and MUB?

They also come from different issuers: PIMCO and iShares. Their fees differ too: 0.39% for MINO and 0.07% for MUB.

Which has better risk-adjusted returns?

MINO currently has the higher Sharpe Ratio (2.92 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.