MMIN vs. MUB
MMIN (IQ MacKay Municipal Insured ETF) and MUB (iShares National AMT-Free Muni Bond ETF) are both Municipal Bonds funds - MMIN tracks the Bloomberg Barclays Municipal All Insured Bond Index while MUB tracks the S&P National AMT-Free Municipal Bond Index. Both are passively managed. Over the past 5 years, MMIN returned 0.74%/yr vs 0.86%/yr for MUB. A 0.71 correlation means they provide meaningful diversification when combined. MMIN charges 0.31%/yr vs 0.07%/yr for MUB.
Performance
MMIN vs. MUB - Performance Comparison
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Returns By Period
In the year-to-date period, MMIN achieves a 2.32% return, which is significantly higher than MUB's 1.24% return.
MMIN
- 1D
- 0.00%
- 1M
- 0.85%
- YTD
- 2.32%
- 6M
- 2.74%
- 1Y
- 9.31%
- 3Y*
- 4.21%
- 5Y*
- 0.74%
- 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%
MMIN vs. MUB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MMIN IQ MacKay Municipal Insured ETF | 2.32% | 4.65% | 0.93% | 7.45% | -11.20% | 1.35% | 7.47% | 8.08% | 1.97% | 1.20% |
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% | 0.13% |
Correlation
The correlation between MMIN and MUB is 0.68, 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 | 0.68 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.80 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.81 |
Correlation (All Time) Calculated using the full available price history since Oct 19, 2017 | 0.71 |
The correlation between MMIN and MUB shifts across timeframes, from 0.68 (1 year) to 0.81 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
MMIN vs. MUB — Risk / Return Rank
MMIN
MUB
MMIN vs. MUB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for IQ MacKay Municipal Insured ETF (MMIN) 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.
| MMIN | MUB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.06 | ||
| Sortino ratioReturn per unit of downside risk | +0.16 | ||
| Omega ratioGain probability vs. loss probability | 1.49 | 1.50 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 3.25 | 2.50 | +0.75 |
| Martin ratioReturn relative to average drawdown | 11.93 | 8.85 | +3.08 |
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
| MMIN | MUB | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.46 | 2.39 | +0.06 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.15 | 0.21 | -0.06 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.41 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.38 | 0.58 | -0.20 |
Drawdowns
MMIN vs. MUB - Drawdown Comparison
The maximum MMIN drawdown since its inception was -16.87%, which is greater than MUB's maximum drawdown of -13.68%. Use the drawdown chart below to compare losses from any high point for MMIN and MUB.
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Drawdown Indicators
| MMIN | MUB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.87% | -13.68% | -3.19% |
Max Drawdown (1Y)Largest decline over 1 year | -2.87% | -2.79% | -0.08% |
Max Drawdown (3Y)Largest decline over 3 years | -7.22% | -5.34% | -1.88% |
Max Drawdown (5Y)Largest decline over 5 years | -16.87% | -11.88% | -4.99% |
Max Drawdown (10Y)Largest decline over 10 years | — | -13.68% | — |
Current DrawdownCurrent decline from peak | -0.08% | -0.70% | +0.62% |
Average DrawdownAverage peak-to-trough decline | -4.32% | -2.23% | -2.09% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.78% | 0.79% | -0.01% |
Volatility
MMIN vs. MUB - Volatility Comparison
IQ MacKay Municipal Insured ETF (MMIN) has a higher volatility of 1.16% compared to iShares National AMT-Free Muni Bond ETF (MUB) at 0.97%. This indicates that MMIN'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
| MMIN | MUB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.16% | 0.97% | +0.19% |
Volatility (6M)Calculated over the trailing 6-month period | 2.49% | 2.22% | +0.27% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.81% | 2.92% | +0.89% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.02% | 4.06% | +0.96% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.97% | 4.92% | +2.05% |
MMIN vs. MUB - Expense Ratio Comparison
MMIN has a 0.31% expense ratio, which is higher than MUB's 0.07% expense ratio.
Dividends
MMIN vs. MUB - Dividend Comparison
MMIN's dividend yield for the trailing twelve months is around 4.12%, more than MUB's 3.17% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MMIN IQ MacKay Municipal Insured ETF | 4.12% | 4.07% | 3.96% | 3.73% | 2.93% | 1.72% | 2.21% | 2.75% | 2.78% | 0.47% | 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
MMIN and MUB have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MMIN has higher volatility (1.16%) compared to MUB (0.97%). In terms of maximum drawdown, MMIN dropped -16.87% vs MUB's -13.68%.
On 5-year performance, MUB leads with 0.86% vs 0.74% for MMIN. 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 5-year period, MUB has performed better with a 0.86% return vs 0.74%. 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 0.31% for MMIN.
MMIN has the higher dividend yield at 4.12%, compared with 3.17% for MUB.
MMIN tracks Bloomberg Barclays Municipal All Insured Bond Index, while MUB tracks S&P National AMT-Free Municipal Bond Index. They also come from different issuers: New York Life and iShares. Their fees differ too: 0.31% for MMIN and 0.07% for MUB.
MMIN currently has the higher Sharpe Ratio (2.46 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.
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