MUB vs. FMB
Compare and contrast key facts about iShares National AMT-Free Muni Bond ETF (MUB) and First Trust Managed Municipal ETF (FMB).
MUB and FMB are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. MUB is a passively managed fund by iShares that tracks the performance of the S&P National AMT-Free Municipal Bond Index. It was launched on Sep 7, 2007. FMB is an actively managed fund by First Trust. It was launched on May 13, 2014.
Performance
MUB vs. FMB - Performance Comparison
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MUB vs. FMB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MUB iShares National AMT-Free Muni Bond ETF | -0.37% | 3.78% | 1.26% | 5.56% | -7.34% | 1.02% | 5.12% | 7.06% | 0.93% | 4.72% |
FMB First Trust Managed Municipal ETF | -0.03% | 3.73% | 1.94% | 6.31% | -9.91% | 2.43% | 4.44% | 8.25% | 0.89% | 7.22% |
Returns By Period
In the year-to-date period, MUB achieves a -0.37% return, which is significantly lower than FMB's -0.03% return. Over the past 10 years, MUB has underperformed FMB with an annualized return of 1.96%, while FMB has yielded a comparatively higher 2.30% annualized return.
MUB
- 1D
- 0.19%
- 1M
- -2.28%
- YTD
- -0.37%
- 6M
- 1.28%
- 1Y
- 3.94%
- 3Y*
- 2.53%
- 5Y*
- 0.79%
- 10Y*
- 1.96%
FMB
- 1D
- 0.16%
- 1M
- -2.26%
- YTD
- -0.03%
- 6M
- 1.70%
- 1Y
- 4.05%
- 3Y*
- 3.14%
- 5Y*
- 0.70%
- 10Y*
- 2.30%
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MUB vs. FMB - Expense Ratio Comparison
MUB has a 0.07% expense ratio, which is lower than FMB's 0.50% expense ratio.
Return for Risk
MUB vs. FMB — Risk / Return Rank
MUB
FMB
MUB vs. FMB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares National AMT-Free Muni Bond ETF (MUB) and First Trust Managed Municipal ETF (FMB). 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 | FMB | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.96 | 1.05 | -0.09 |
Sortino ratioReturn per unit of downside risk | 1.25 | 1.33 | -0.09 |
Omega ratioGain probability vs. loss probability | 1.21 | 1.24 | -0.03 |
Calmar ratioReturn relative to maximum drawdown | 1.27 | 1.17 | +0.10 |
Martin ratioReturn relative to average drawdown | 4.07 | 3.23 | +0.84 |
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 | FMB | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.96 | 1.05 | -0.09 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.20 | 0.19 | +0.01 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.40 | 0.51 | -0.11 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.57 | 0.64 | -0.07 |
Correlation
The correlation between MUB and FMB is 0.68, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.
Dividends
MUB vs. FMB - Dividend Comparison
MUB's dividend yield for the trailing twelve months is around 3.19%, less than FMB's 3.48% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MUB iShares National AMT-Free Muni Bond ETF | 3.19% | 3.14% | 3.01% | 2.65% | 2.11% | 1.81% | 2.11% | 2.42% | 2.46% | 2.26% | 2.21% | 2.51% |
FMB First Trust Managed Municipal ETF | 3.48% | 3.37% | 3.22% | 2.98% | 2.47% | 1.96% | 2.19% | 2.47% | 2.58% | 2.49% | 2.93% | 3.07% |
Drawdowns
MUB vs. FMB - Drawdown Comparison
The maximum MUB drawdown since its inception was -13.68%, roughly equal to the maximum FMB drawdown of -14.16%. Use the drawdown chart below to compare losses from any high point for MUB and FMB.
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Drawdown Indicators
| MUB | FMB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.68% | -14.16% | +0.48% |
Max Drawdown (1Y)Largest decline over 1 year | -3.30% | -3.55% | +0.25% |
Max Drawdown (5Y)Largest decline over 5 years | -11.88% | -14.16% | +2.28% |
Max Drawdown (10Y)Largest decline over 10 years | -13.68% | -14.16% | +0.48% |
Current DrawdownCurrent decline from peak | -2.28% | -2.26% | -0.02% |
Average DrawdownAverage peak-to-trough decline | -2.24% | -2.63% | +0.39% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.03% | 1.29% | -0.26% |
Volatility
MUB vs. FMB - Volatility Comparison
iShares National AMT-Free Muni Bond ETF (MUB) has a higher volatility of 1.53% compared to First Trust Managed Municipal ETF (FMB) at 1.31%. This indicates that MUB's price experiences larger fluctuations and is considered to be riskier than FMB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MUB | FMB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.53% | 1.31% | +0.22% |
Volatility (6M)Calculated over the trailing 6-month period | 2.03% | 1.79% | +0.24% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.14% | 3.87% | +0.27% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.04% | 3.69% | +0.35% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.91% | 4.55% | +0.36% |