MUB vs. HYMB
MUB (iShares National AMT-Free Muni Bond ETF) and HYMB (SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF) are both Municipal Bonds funds - MUB tracks the S&P National AMT-Free Municipal Bond Index while HYMB tracks the Bloomberg Municipal Yield. Both are passively managed. Over the past 10 years, MUB returned 2.01%/yr vs 2.47%/yr for HYMB. A 0.55 correlation means they provide meaningful diversification when combined. MUB charges 0.07%/yr vs 0.35%/yr for HYMB.
Performance
MUB vs. HYMB - Performance Comparison
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Returns By Period
In the year-to-date period, MUB achieves a 1.41% return, which is significantly lower than HYMB's 3.07% return. Over the past 10 years, MUB has underperformed HYMB with an annualized return of 2.01%, while HYMB has yielded a comparatively higher 2.47% annualized 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%
HYMB
- 1D
- 0.20%
- 1M
- 1.19%
- YTD
- 3.07%
- 6M
- 3.18%
- 1Y
- 7.38%
- 3Y*
- 5.23%
- 5Y*
- 0.46%
- 10Y*
- 2.47%
MUB vs. HYMB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MUB iShares National AMT-Free Muni Bond ETF | 1.41% | 3.78% | 1.26% | 5.56% | -7.34% | 1.02% | 5.12% | 7.06% | 0.93% | 4.72% |
HYMB SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF | 3.07% | 2.04% | 5.52% | 7.73% | -15.54% | 5.16% | 3.74% | 9.51% | 4.91% | 3.22% |
Correlation
The correlation between MUB and HYMB is 0.82, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.82 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.80 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.76 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.65 |
Correlation (All Time) Calculated using the full available price history since Apr 15, 2011 | 0.55 |
Over the past year, MUB and HYMB have become more correlated (0.82) than their long-term average of 0.55, meaning their price movements have been converging.
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Return for Risk
MUB vs. HYMB — Risk / Return Rank
MUB
HYMB
MUB vs. HYMB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares National AMT-Free Muni Bond ETF (MUB) and SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF (HYMB). 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 | HYMB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.54 | ||
| Sortino ratioReturn per unit of downside risk | +0.84 | ||
| Omega ratioGain probability vs. loss probability | 1.50 | 1.37 | +0.12 |
| Calmar ratioReturn relative to maximum drawdown | 2.48 | 2.39 | +0.09 |
| Martin ratioReturn relative to average drawdown | 8.74 | 8.46 | +0.28 |
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 | HYMB | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.37 | 1.83 | +0.54 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.22 | 0.07 | +0.15 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.41 | 0.22 | +0.19 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.59 | 0.45 | +0.13 |
Drawdowns
MUB vs. HYMB - Drawdown Comparison
The maximum MUB drawdown since its inception was -13.68%, smaller than the maximum HYMB drawdown of -29.57%. Use the drawdown chart below to compare losses from any high point for MUB and HYMB.
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Drawdown Indicators
| MUB | HYMB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.68% | -29.57% | +15.89% |
Max Drawdown (1Y)Largest decline over 1 year | -2.79% | -3.11% | +0.32% |
Max Drawdown (3Y)Largest decline over 3 years | -5.34% | -7.44% | +2.10% |
Max Drawdown (5Y)Largest decline over 5 years | -11.88% | -20.15% | +8.27% |
Max Drawdown (10Y)Largest decline over 10 years | -13.68% | -29.57% | +15.89% |
Current DrawdownCurrent decline from peak | -0.53% | 0.00% | -0.53% |
Average DrawdownAverage peak-to-trough decline | -2.23% | -3.80% | +1.57% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.79% | 0.88% | -0.09% |
Volatility
MUB vs. HYMB - Volatility Comparison
The current volatility for iShares National AMT-Free Muni Bond ETF (MUB) is 0.98%, while SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF (HYMB) has a volatility of 1.35%. This indicates that MUB experiences smaller price fluctuations and is considered to be less risky than HYMB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MUB | HYMB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.98% | 1.35% | -0.37% |
Volatility (6M)Calculated over the trailing 6-month period | 2.22% | 3.14% | -0.92% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.92% | 4.06% | -1.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.06% | 6.66% | -2.60% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.92% | 11.35% | -6.43% |
MUB vs. HYMB - Expense Ratio Comparison
MUB has a 0.07% expense ratio, which is lower than HYMB's 0.35% expense ratio.
Dividends
MUB vs. HYMB - Dividend Comparison
MUB's dividend yield for the trailing twelve months is around 3.17%, less than HYMB's 4.54% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HYMB SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF | 4.54% | 4.55% | 4.29% | 4.07% | 3.77% | 3.19% | 3.55% | 3.95% | 4.03% | 3.78% | 4.08% | 4.54% |
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
MUB and HYMB have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HYMB has higher volatility (1.35%) compared to MUB (0.98%). In terms of maximum drawdown, MUB dropped -13.68% vs HYMB's -29.57%.
On 10-year performance, HYMB leads with 2.47% vs 2.01% for MUB. On fees, MUB is cheaper at 0.07% per year. On volatility, MUB has been the lower-risk option at 0.98%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, HYMB has performed better with a 2.47% return vs 2.01%. 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 HYMB.
HYMB has the higher dividend yield at 4.54%, compared with 3.17% for MUB.
MUB tracks S&P National AMT-Free Municipal Bond Index, while HYMB tracks Bloomberg Municipal Yield. They also come from different issuers: iShares and State Street. Their fees differ too: 0.07% for MUB and 0.35% for HYMB.
MUB currently has the higher Sharpe Ratio (2.37 vs 1.83), 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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