MUB vs. GUMI

Last updated Jun 5, 2026

MUB (iShares National AMT-Free Muni Bond ETF) and GUMI (Goldman Sachs Ultra Short Municipal Income ETF) are both Municipal Bonds funds. MUB is passively managed, while GUMI is actively managed. Over the past year, MUB returned 6.87% vs 3.17% for GUMI. At a 0.36 correlation, their price movements are largely independent. MUB charges 0.07%/yr vs 0.16%/yr for GUMI.

Performance

MUB vs. GUMI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares National AMT-Free Muni Bond ETF (MUB) and Goldman Sachs Ultra Short Municipal Income ETF (GUMI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MUB achieves a 1.41% return, which is significantly higher than GUMI's 1.12% return.

MUB

• 1D: 0.17%
• 1M: 0.66%
• YTD: 1.41%
• 6M: 1.92%
• 1Y: 6.87%
• 3Y*: 3.41%
• 5Y*: 0.89%
• 10Y*: 2.01%

GUMI

• 1D: 0.06%
• 1M: 0.25%
• YTD: 1.12%
• 6M: 1.35%
• 1Y: 3.17%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

MUB vs. GUMI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MUB iShares National AMT-Free Muni Bond ETF	1.41%	3.78%	1.03%
GUMI Goldman Sachs Ultra Short Municipal Income ETF	1.12%	3.39%	1.52%

Correlation

The correlation between MUB and GUMI is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.28
Correlation (All Time) Calculated using the full available price history since Jul 26, 2024	0.36

Return for Risk

MUB vs. GUMI — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

MUB

MUB Risk / Return Rank: 68
MUB Sharpe Ratio Rank: 74
MUB Sortino Ratio Rank: 78
MUB Omega Ratio Rank: 83
MUB Calmar Ratio Rank: 51
MUB Martin Ratio Rank: 52

GUMI

GUMI Risk / Return Rank: 93
GUMI Sharpe Ratio Rank: 88
GUMI Sortino Ratio Rank: 94
GUMI Omega Ratio Rank: 93
GUMI Calmar Ratio Rank: 96
GUMI Martin Ratio Rank: 96

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

MUB vs. GUMI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares National AMT-Free Muni Bond ETF (MUB) and Goldman Sachs Ultra Short Municipal Income ETF (GUMI). 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	GUMI	Difference
Sharpe ratio: Return per unit of total volatility	2.37	2.91	-0.54
Sortino ratio: Return per unit of downside risk	3.46	4.68	-1.23
Omega ratio: Gain probability vs. loss probability	1.50	1.64	-0.14
Calmar ratio: Return relative to maximum drawdown	2.48	8.90	-6.43
Martin ratio: Return relative to average drawdown	8.74	37.70	-28.96
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MUB vs. GUMI - Sharpe Ratio Comparison

The current MUB Sharpe Ratio is 2.37, which is comparable to the GUMI Sharpe Ratio of 2.91. The chart below compares the historical Sharpe Ratios of MUB and GUMI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	MUB	GUMI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.37	2.91	-0.54
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.22	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.41	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.59	3.32	-2.73

Drawdowns

MUB vs. GUMI - Drawdown Comparison

The maximum MUB drawdown since its inception was -13.68%, which is greater than GUMI's maximum drawdown of -0.48%. Use the drawdown chart below to compare losses from any high point for MUB and GUMI.

Drawdown Indicators

	MUB	GUMI	Difference
Max Drawdown Largest peak-to-trough decline	-13.68%	-0.48%	-13.20%
Max Drawdown (1Y) Largest decline over 1 year	-2.79%	-0.36%	-2.43%
Max Drawdown (3Y) Largest decline over 3 years	-5.34%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-11.88%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-13.68%	—	—
Current Drawdown Current decline from peak	-0.53%	0.00%	-0.53%
Average Drawdown Average peak-to-trough decline	-2.23%	-0.05%	-2.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.79%	0.08%	+0.71%

Volatility

MUB vs. GUMI - Volatility Comparison

iShares National AMT-Free Muni Bond ETF (MUB) has a higher volatility of 0.98% compared to Goldman Sachs Ultra Short Municipal Income ETF (GUMI) at 0.25%. This indicates that MUB's price experiences larger fluctuations and is considered to be riskier than GUMI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MUB	GUMI	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.98%	0.25%	+0.73%
Volatility (6M) Calculated over the trailing 6-month period	2.22%	0.55%	+1.67%
Volatility (1Y) Calculated over the trailing 1-year period	2.92%	1.10%	+1.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.06%	0.99%	+3.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.92%	0.99%	+3.93%

MUB vs. GUMI - Expense Ratio Comparison

MUB has a 0.07% expense ratio, which is lower than GUMI's 0.16% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

MUB vs. GUMI - Dividend Comparison

MUB's dividend yield for the trailing twelve months is around 3.17%, more than GUMI's 2.77% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GUMI Goldman Sachs Ultra Short Municipal Income ETF	2.77%	2.95%	1.37%	0.00%	0.00%	0.00%	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

Can I hold both MUB and GUMI in my portfolio?

MUB and GUMI have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MUB or GUMI?

MUB has higher volatility (0.98%) compared to GUMI (0.25%). In terms of maximum drawdown, MUB dropped -13.68% vs GUMI's -0.48%.

Which ETF is better, MUB or GUMI?

On 1-year performance, MUB leads with 6.87% vs 3.17% for GUMI. On fees, MUB is cheaper at 0.07% per year. On volatility, GUMI has been the lower-risk option at 0.25%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MUB or GUMI?

Over the 1-year period, MUB has performed better with a 6.87% return vs 3.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MUB or GUMI?

MUB is cheaper with a 0.07% expense ratio, compared with 0.16% for GUMI.

Which ETF pays a higher dividend yield, MUB or GUMI?

MUB has the higher dividend yield at 3.17%, compared with 2.77% for GUMI.

What is the main difference between MUB and GUMI?

They also come from different issuers: iShares and Goldman Sachs. Their fees differ too: 0.07% for MUB and 0.16% for GUMI.

Which has better risk-adjusted returns?

GUMI currently has the higher Sharpe Ratio (2.91 vs 2.37), 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.