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MUB vs. HYGI
Performance
Return for Risk
Drawdowns
Volatility
Dividends

MUB vs. HYGI

Last updated Jun 9, 2026

MUB (iShares National AMT-Free Muni Bond ETF) and HYGI (iShares Inflation Hedged High Yield Bond ETF) are both exchange-traded funds - MUB is a Municipal Bonds fund tracking the S&P National AMT-Free Municipal Bond Index, while HYGI is a Inflation-Protected Bonds fund tracking the BlackRock Inflation Hedged High Yield Bond Index - Benchmark TR Gross. Both are passively managed. At a 0.33 correlation, their price movements are largely independent. MUB charges 0.07%/yr vs 0.52%/yr for HYGI.

Performance

MUB vs. HYGI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares National AMT-Free Muni Bond ETF (MUB) and iShares Inflation Hedged High Yield Bond ETF (HYGI). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

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%

HYGI

1D
—
1M
—
YTD
—
6M
—
1Y
—
3Y*
—
5Y*
—
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

MUB vs. HYGI - Yearly Performance Comparison

2026 (YTD)2025202420232022
MUB
iShares National AMT-Free Muni Bond ETF		1.17%3.78%1.26%5.56%1.04%
HYGI
iShares Inflation Hedged High Yield Bond ETF		0.00%6.20%9.16%11.71%0.65%

Correlation

The correlation between MUB and HYGI is 0.07, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.07

Correlation (3Y)
Calculated over the trailing 3-year period

0.35

Correlation (All Time)
Calculated using the full available price history since Jun 24, 2022

0.33

Over the past year, the correlation between MUB and HYGI has dropped to 0.07 - well below their long-term average of 0.33, suggesting their price drivers have been diverging.

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iShares National AMT-Free Muni Bond ETF

iShares Inflation Hedged High Yield Bond ETF

Often compared with MUB:
MUB vs. VTEBMUB vs. SUBMUB vs. CMFMUB vs. NYFMUB vs. MUNIMUB vs. HYDMUB vs. VWIUX
Often compared with HYGI:
HYGI vs. HYGHYGI vs. SHYGHYGI vs. SHVHYGI vs. AGGHYGI vs. FIPDXHYGI vs. SPHYHYGI vs. LNG

Return for Risk

MUB vs. HYGI — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
MUB
MUB Risk / Return Rank: 7474
Overall Rank
MUB Sharpe Ratio Rank: 8383
Sharpe Ratio Rank
MUB Sortino Ratio Rank: 8686
Sortino Ratio Rank
MUB Omega Ratio Rank: 8989
Omega Ratio Rank
MUB Calmar Ratio Rank: 5656
Calmar Ratio Rank
MUB Martin Ratio Rank: 5656
Martin Ratio Rank
HYGI
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. HYGI - 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 Inflation Hedged High Yield Bond ETF (HYGI). 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.

MUBHYGIDifference
Sharpe ratioReturn per unit of total volatility
2.42

—

—

Sortino ratioReturn per unit of downside risk
3.54

—

—

Omega ratioGain probability vs. loss probability

1.51

—

—

Calmar ratioReturn relative to maximum drawdown

2.52

—

—

Martin ratioReturn relative to average drawdown

8.85

—

—

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. HYGI - Sharpe Ratio Comparison

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Sharpe Ratios by Period

MUBHYGIDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.42

—

—

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.19

—

—

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.39

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.58

—

—

Drawdowns

MUB vs. HYGI - Drawdown Comparison

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Drawdown Indicators

MUBHYGIDifference

Max Drawdown

Largest peak-to-trough decline

-13.68%

—

—

Max Drawdown (1Y)

Largest decline over 1 year

-2.79%

—

—

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

-0.77%

—

—

Average Drawdown

Average peak-to-trough decline

-2.23%

—

—

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.79%

—

—

Volatility

MUB vs. HYGI - Volatility Comparison

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Volatility by Period

MUBHYGIDifference

Volatility (1M)

Calculated over the trailing 1-month period

0.99%

—

—

Volatility (6M)

Calculated over the trailing 6-month period

2.23%

—

—

Volatility (1Y)

Calculated over the trailing 1-year period

2.90%

—

—

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

4.06%

—

—

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

4.92%

—

—

MUB vs. HYGI - Expense Ratio Comparison

MUB has a 0.07% expense ratio, which is lower than HYGI's 0.52% expense ratio.

Dividends

MUB vs. HYGI - Dividend Comparison

MUB's dividend yield for the trailing twelve months is around 3.18%, while HYGI has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
HYGI
iShares Inflation Hedged High Yield Bond ETF		0.97%3.41%6.08%6.22%3.19%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
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 HYGI have a correlation of 0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, MUB is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.

MUB is cheaper with a 0.07% expense ratio, compared with 0.52% for HYGI.

MUB has the higher dividend yield at 3.18%, compared with 0.97% for HYGI.

MUB is categorized as Municipal Bonds, while HYGI is Inflation-Protected Bonds. MUB tracks S&P National AMT-Free Municipal Bond Index, while HYGI tracks BlackRock Inflation Hedged High Yield Bond Index - Benchmark TR Gross. Their fees differ too: 0.07% for MUB and 0.52% for HYGI.

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