MUB vs. EUHY
MUB (iShares National AMT-Free Muni Bond ETF) and EUHY (iShares Euro High Yield Corporate Bond USD Hedged ETF) are both exchange-traded funds - MUB is a Municipal Bonds fund tracking the S&P National AMT-Free Municipal Bond Index, while EUHY is a High Yield Bonds fund tracking the BBG Pan-European High Yield (Euro) Total Return 100% USD Hedged Index. Both are passively managed. Over the past 10 years, MUB returned 1.94%/yr vs 3.68%/yr for EUHY. At a 0.17 correlation, their price movements are largely independent. MUB charges 0.07%/yr vs 0.35%/yr for EUHY.
Performance
MUB vs. EUHY - Performance Comparison
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Returns By Period
In the year-to-date period, MUB achieves a 1.17% return, which is significantly lower than EUHY's 1.70% return. Over the past 10 years, MUB has underperformed EUHY with an annualized return of 1.94%, while EUHY has yielded a comparatively higher 3.68% annualized return.
MUB
- 1D
- -0.03%
- 1M
- 0.21%
- YTD
- 1.17%
- 6M
- 1.69%
- 1Y
- 6.99%
- 3Y*
- 3.29%
- 5Y*
- 0.77%
- 10Y*
- 1.94%
EUHY
- 1D
- -0.12%
- 1M
- 0.05%
- YTD
- 1.70%
- 6M
- 2.27%
- 1Y
- 5.47%
- 3Y*
- 9.44%
- 5Y*
- 1.82%
- 10Y*
- 3.68%
MUB vs. EUHY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MUB iShares National AMT-Free Muni Bond ETF | 1.17% | 3.78% | 1.26% | 5.56% | -7.34% | 1.02% | 5.12% | 7.06% | 0.93% | 4.72% |
EUHY iShares Euro High Yield Corporate Bond USD Hedged ETF | 1.70% | 17.41% | -0.55% | 16.06% | -15.59% | -3.78% | 10.69% | 8.60% | -7.71% | 19.68% |
Correlation
The correlation between MUB and EUHY is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.40 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.36 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.34 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.22 |
Correlation (All Time) Calculated using the full available price history since Apr 4, 2012 | 0.17 |
Over the past year, MUB and EUHY have become more correlated (0.40) than their long-term average of 0.17, meaning their price movements have been converging.
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Return for Risk
MUB vs. EUHY — Risk / Return Rank
MUB
EUHY
MUB vs. EUHY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares National AMT-Free Muni Bond ETF (MUB) and iShares Euro High Yield Corporate Bond USD Hedged ETF (EUHY). 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.
| MUB | EUHY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.42 | ||
| Sortino ratioReturn per unit of downside risk | +2.09 | ||
| Omega ratioGain probability vs. loss probability | 1.51 | 1.19 | +0.32 |
| Calmar ratioReturn relative to maximum drawdown | 2.52 | 1.57 | +0.95 |
| Martin ratioReturn relative to average drawdown | 8.85 | 3.75 | +5.10 |
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
| MUB | EUHY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.42 | 1.00 | +1.42 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.19 | 0.18 | +0.01 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.39 | 0.35 | +0.04 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.58 | 0.34 | +0.24 |
Drawdowns
MUB vs. EUHY - Drawdown Comparison
The maximum MUB drawdown since its inception was -13.68%, smaller than the maximum EUHY drawdown of -32.45%. Use the drawdown chart below to compare losses from any high point for MUB and EUHY.
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Drawdown Indicators
| MUB | EUHY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.68% | -32.45% | +18.77% |
Max Drawdown (1Y)Largest decline over 1 year | -2.79% | -3.50% | +0.71% |
Max Drawdown (3Y)Largest decline over 3 years | -5.34% | -8.23% | +2.89% |
Max Drawdown (5Y)Largest decline over 5 years | -11.88% | -32.45% | +20.57% |
Max Drawdown (10Y)Largest decline over 10 years | -13.68% | -32.45% | +18.77% |
Current DrawdownCurrent decline from peak | -0.77% | -0.38% | -0.39% |
Average DrawdownAverage peak-to-trough decline | -2.23% | -8.58% | +6.35% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.79% | 1.46% | -0.67% |
Volatility
MUB vs. EUHY - Volatility Comparison
iShares National AMT-Free Muni Bond ETF (MUB) and iShares Euro High Yield Corporate Bond USD Hedged ETF (EUHY) have volatilities of 0.99% and 1.03%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MUB | EUHY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.99% | 1.03% | -0.04% |
Volatility (6M)Calculated over the trailing 6-month period | 2.23% | 2.89% | -0.66% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.90% | 5.51% | -2.61% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.06% | 10.00% | -5.94% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.92% | 10.42% | -5.50% |
MUB vs. EUHY - Expense Ratio Comparison
MUB has a 0.07% expense ratio, which is lower than EUHY's 0.35% expense ratio.
Dividends
MUB vs. EUHY - Dividend Comparison
MUB's dividend yield for the trailing twelve months is around 3.18%, less than EUHY's 5.35% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EUHY iShares Euro High Yield Corporate Bond USD Hedged ETF | 5.35% | 3.56% | 5.11% | 3.38% | 0.61% | 3.07% | 1.45% | 1.19% | 4.01% | 0.69% | 1.70% | 3.24% |
MUB iShares National AMT-Free Muni Bond ETF | 3.18% | 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
MUB and EUHY have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EUHY has higher volatility (1.03%) compared to MUB (0.99%). In terms of maximum drawdown, MUB dropped -13.68% vs EUHY's -32.45%.
On 10-year performance, EUHY leads with 3.68% vs 1.94% 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 10-year period, EUHY has performed better with a 3.68% return vs 1.94%. 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 0.35% for EUHY.
EUHY has the higher dividend yield at 5.35%, compared with 3.18% for MUB.
MUB is categorized as Municipal Bonds, while EUHY is High Yield Bonds. MUB tracks S&P National AMT-Free Municipal Bond Index, while EUHY tracks BBG Pan-European High Yield (Euro) Total Return 100% USD Hedged Index. Their fees differ too: 0.07% for MUB and 0.35% for EUHY.
MUB currently has the higher Sharpe Ratio (2.42 vs 1.00), 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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