MLN vs. MUB
MLN (VanEck Long Muni ETF) and MUB (iShares National AMT-Free Muni Bond ETF) are both Municipal Bonds funds - MLN tracks the Bloomberg AMT-Free Long Continuous while MUB tracks the S&P National AMT-Free Municipal Bond Index. Both are passively managed. Over the past 10 years, MLN returned 1.49%/yr vs 2.00%/yr for MUB. A 0.58 correlation means they provide meaningful diversification when combined. MLN charges 0.24%/yr vs 0.07%/yr for MUB.
Performance
MLN vs. MUB - Performance Comparison
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Returns By Period
In the year-to-date period, MLN achieves a 1.92% return, which is significantly higher than MUB's 1.24% return. Over the past 10 years, MLN has underperformed MUB with an annualized return of 1.49%, while MUB has yielded a comparatively higher 2.00% annualized return.
MLN
- 1D
- -0.26%
- 1M
- 0.46%
- YTD
- 1.92%
- 6M
- 2.58%
- 1Y
- 9.33%
- 3Y*
- 3.46%
- 5Y*
- -1.05%
- 10Y*
- 1.49%
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%
MLN vs. MUB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MLN VanEck Long Muni ETF | 1.92% | 1.82% | 1.54% | 8.05% | -17.20% | 2.20% | 6.22% | 10.72% | -0.77% | 8.19% |
MUB iShares National AMT-Free Muni Bond ETF | 1.24% | 3.78% | 1.26% | 5.56% | -7.34% | 1.02% | 5.12% | 7.06% | 0.93% | 4.72% |
Correlation
The correlation between MLN and MUB is 0.76, 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 | 0.76 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.83 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.79 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.72 |
Correlation (All Time) Calculated using the full available price history since Jan 11, 2008 | 0.58 |
The correlation between MLN and MUB shifts across timeframes, from 0.58 (all time) to 0.83 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
MLN vs. MUB — Risk / Return Rank
MLN
MUB
MLN vs. MUB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Long Muni ETF (MLN) 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.
| MLN | MUB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.29 | ||
| Sortino ratioReturn per unit of downside risk | -0.34 | ||
| Omega ratioGain probability vs. loss probability | 1.45 | 1.50 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 3.66 | 2.50 | +1.16 |
| Martin ratioReturn relative to average drawdown | 12.02 | 8.85 | +3.17 |
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
| MLN | MUB | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.11 | 2.39 | -0.29 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.14 | 0.21 | -0.36 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.17 | 0.41 | -0.24 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.32 | 0.58 | -0.26 |
Drawdowns
MLN vs. MUB - Drawdown Comparison
The maximum MLN drawdown since its inception was -28.36%, which is greater than MUB's maximum drawdown of -13.68%. Use the drawdown chart below to compare losses from any high point for MLN and MUB.
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Drawdown Indicators
| MLN | MUB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -28.36% | -13.68% | -14.68% |
Max Drawdown (1Y)Largest decline over 1 year | -2.56% | -2.79% | +0.23% |
Max Drawdown (3Y)Largest decline over 3 years | -9.84% | -5.34% | -4.50% |
Max Drawdown (5Y)Largest decline over 5 years | -24.46% | -11.88% | -12.58% |
Max Drawdown (10Y)Largest decline over 10 years | -24.46% | -13.68% | -10.78% |
Current DrawdownCurrent decline from peak | -6.58% | -0.70% | -5.88% |
Average DrawdownAverage peak-to-trough decline | -5.73% | -2.23% | -3.50% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.78% | 0.79% | -0.01% |
Volatility
MLN vs. MUB - Volatility Comparison
VanEck Long Muni ETF (MLN) has a higher volatility of 1.56% compared to iShares National AMT-Free Muni Bond ETF (MUB) at 0.97%. This indicates that MLN'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
| MLN | MUB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.56% | 0.97% | +0.59% |
Volatility (6M)Calculated over the trailing 6-month period | 3.19% | 2.22% | +0.97% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.45% | 2.92% | +1.53% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.31% | 4.06% | +3.25% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.88% | 4.92% | +3.96% |
MLN vs. MUB - Expense Ratio Comparison
MLN has a 0.24% 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
MLN vs. MUB - Dividend Comparison
MLN's dividend yield for the trailing twelve months is around 3.71%, more than MUB's 3.17% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MLN VanEck Long Muni ETF | 3.71% | 3.73% | 3.59% | 3.19% | 2.67% | 2.52% | 2.69% | 2.98% | 3.09% | 2.91% | 3.16% | 3.38% |
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
MLN and MUB have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MLN has higher volatility (1.56%) compared to MUB (0.97%). In terms of maximum drawdown, MLN dropped -28.36% vs MUB's -13.68%.
On 10-year performance, MUB leads with 2.00% vs 1.49% for MLN. 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 10-year period, MUB has performed better with a 2.00% return vs 1.49%. 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 0.24% for MLN.
MLN has the higher dividend yield at 3.71%, compared with 3.17% for MUB.
MLN tracks Bloomberg AMT-Free Long Continuous, while MUB tracks S&P National AMT-Free Municipal Bond Index. They also come from different issuers: VanEck and iShares. Their fees differ too: 0.24% for MLN and 0.07% for MUB.
MUB currently has the higher Sharpe Ratio (2.39 vs 2.11), 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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