MINO vs. MUB
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 4.61%/yr vs 3.19%/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
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Returns By Period
In the year-to-date period, MINO achieves a 2.24% return, which is significantly higher than MUB's 1.48% return.
MINO
- 1D
- -0.04%
- 1M
- 1.62%
- YTD
- 2.24%
- 6M
- 2.29%
- 1Y
- 7.49%
- 3Y*
- 4.61%
- 5Y*
- —
- 10Y*
- —
MUB
- 1D
- -0.06%
- 1M
- 1.29%
- YTD
- 1.48%
- 6M
- 1.78%
- 1Y
- 6.40%
- 3Y*
- 3.19%
- 5Y*
- 0.93%
- 10Y*
- 1.90%
MINO vs. MUB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
MINO PIMCO Municipal Income Opportunities Active Exchange-Traded Fund | 2.24% | 4.42% | 3.13% | 8.46% | -10.43% | 0.26% |
MUB iShares National AMT-Free Muni Bond ETF | 1.48% | 3.78% | 1.26% | 5.56% | -7.34% | 0.02% |
Correlation
The correlation between MINO and MUB is 0.81, 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 | 0.81 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.79 |
Correlation (All Time) Calculated using the full available price history since Sep 9, 2021 | 0.78 |
The correlation between MINO and MUB has been stable across timeframes, ranging from 0.78 to 0.81 - a consistent structural relationship.
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Return for Risk
MINO vs. MUB — Risk / Return Rank
MINO
MUB
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.
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.
| MINO | MUB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.55 | ||
| Sortino ratioReturn per unit of downside risk | +1.04 | ||
| Omega ratioGain probability vs. loss probability | 1.61 | 1.46 | +0.14 |
| Calmar ratioReturn relative to maximum drawdown | 3.12 | 2.31 | +0.81 |
| Martin ratioReturn relative to average drawdown | 11.17 | 8.02 | +3.15 |
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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.
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Drawdown Indicators
| MINO | MUB | Difference | |
|---|---|---|---|
Max DrawdownLargest 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 DrawdownCurrent decline from peak | -0.04% | -0.47% | +0.43% |
Average DrawdownAverage peak-to-trough decline | -4.21% | -2.23% | -1.98% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.67% | 0.80% | -0.13% |
Volatility
MINO vs. MUB - Volatility Comparison
The current volatility for PIMCO Municipal Income Opportunities Active Exchange-Traded Fund (MINO) is 0.72%, while iShares National AMT-Free Muni Bond ETF (MUB) has a volatility of 0.77%. This indicates that MINO experiences smaller price fluctuations and is considered to be less risky 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
| MINO | MUB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.72% | 0.77% | -0.05% |
Volatility (6M)Calculated over the trailing 6-month period | 1.90% | 2.27% | -0.37% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.71% | 2.88% | -0.17% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.52% | 4.07% | +0.45% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.52% | 4.92% | -0.40% |
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 3.88%, 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 | 3.88% | 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
MINO and MUB have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MUB has higher volatility (0.77%) compared to MINO (0.72%). In terms of maximum drawdown, MINO dropped -15.24% vs MUB's -13.68%.
On 3-year performance, MINO leads with 4.61% vs 3.19% 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.
Over the 3-year period, MINO has performed better with a 4.61% return vs 3.19%. 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 0.39% for MINO.
MINO has the higher dividend yield at 3.88%, compared with 3.17% for MUB.
They also come from different issuers: PIMCO and iShares. Their fees differ too: 0.39% for MINO and 0.07% for MUB.
MINO currently has the higher Sharpe Ratio (2.78 vs 2.23), 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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