MUB vs. IBMN
MUB (iShares National AMT-Free Muni Bond ETF) and IBMN (iShares iBonds Dec 2025 Term Muni Bond ETF) are both Municipal Bonds funds from iShares - MUB tracks the S&P National AMT-Free Municipal Bond Index while IBMN tracks the S&P AMT-Free Municipal Series Dec 2025 Index. Both are passively managed. Over the past 5 years, MUB returned 0.89%/yr vs 0.47%/yr for IBMN. A 0.51 correlation means they provide meaningful diversification when combined. MUB charges 0.07%/yr vs 0.18%/yr for IBMN.
Performance
MUB vs. IBMN - Performance Comparison
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Returns By Period
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%
IBMN
- 1D
- 0.00%
- 1M
- 0.00%
- YTD
- 0.00%
- 6M
- 0.00%
- 1Y
- 1.20%
- 3Y*
- 2.40%
- 5Y*
- 0.47%
- 10Y*
- —
MUB vs. IBMN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
MUB iShares National AMT-Free Muni Bond ETF | 1.41% | 3.78% | 1.26% | 5.56% | -7.34% | 1.02% | 5.12% | 7.06% | 2.11% |
IBMN iShares iBonds Dec 2025 Term Muni Bond ETF | 0.00% | 2.49% | 2.33% | 2.42% | -4.43% | -0.41% | 4.83% | 6.87% | 2.91% |
Correlation
The correlation between MUB and IBMN is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.21 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.38 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.50 |
Correlation (All Time) Calculated using the full available price history since Nov 16, 2018 | 0.51 |
Over the past year, the correlation between MUB and IBMN has dropped to 0.21 - well below their long-term average of 0.51, suggesting their price drivers have been diverging.
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Return for Risk
MUB vs. IBMN — Risk / Return Rank
MUB
IBMN
MUB vs. IBMN - 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 iBonds Dec 2025 Term Muni Bond ETF (IBMN). 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 | IBMN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.25 | ||
| Sortino ratioReturn per unit of downside risk | -0.05 | ||
| Omega ratioGain probability vs. loss probability | 1.50 | 1.66 | -0.17 |
| Calmar ratioReturn relative to maximum drawdown | 2.48 | 6.02 | -3.54 |
| Martin ratioReturn relative to average drawdown | 8.74 | 24.18 | -15.44 |
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 | IBMN | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.37 | 2.12 | +0.25 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.22 | 0.28 | -0.05 |
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 | 0.58 | 0.00 |
Drawdowns
MUB vs. IBMN - Drawdown Comparison
The maximum MUB drawdown since its inception was -13.68%, which is greater than IBMN's maximum drawdown of -12.40%. Use the drawdown chart below to compare losses from any high point for MUB and IBMN.
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Drawdown Indicators
| MUB | IBMN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.68% | -12.40% | -1.28% |
Max Drawdown (1Y)Largest decline over 1 year | -2.79% | -0.25% | -2.54% |
Max Drawdown (3Y)Largest decline over 3 years | -5.34% | -1.10% | -4.24% |
Max Drawdown (5Y)Largest decline over 5 years | -11.88% | -7.36% | -4.52% |
Max Drawdown (10Y)Largest decline over 10 years | -13.68% | — | — |
Current DrawdownCurrent decline from peak | -0.53% | -0.05% | -0.48% |
Average DrawdownAverage peak-to-trough decline | -2.23% | -1.81% | -0.42% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.79% | 0.10% | +0.69% |
Volatility
MUB vs. IBMN - Volatility Comparison
iShares National AMT-Free Muni Bond ETF (MUB) has a higher volatility of 0.98% compared to iShares iBonds Dec 2025 Term Muni Bond ETF (IBMN) at 0.00%. This indicates that MUB's price experiences larger fluctuations and is considered to be riskier than IBMN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MUB | IBMN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.98% | 0.00% | +0.98% |
Volatility (6M)Calculated over the trailing 6-month period | 2.22% | 0.50% | +1.72% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.92% | 0.71% | +2.21% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.06% | 1.79% | +2.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.92% | 3.89% | +1.03% |
MUB vs. IBMN - Expense Ratio Comparison
MUB has a 0.07% expense ratio, which is lower than IBMN's 0.18% 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. IBMN - Dividend Comparison
MUB's dividend yield for the trailing twelve months is around 3.17%, more than IBMN's 1.14% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IBMN iShares iBonds Dec 2025 Term Muni Bond ETF | 1.14% | 2.03% | 2.03% | 1.72% | 0.97% | 0.70% | 1.11% | 1.65% | 0.23% | 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
MUB and IBMN have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MUB has higher volatility (0.98%) compared to IBMN (0.00%). In terms of maximum drawdown, MUB dropped -13.68% vs IBMN's -12.40%.
On 5-year performance, MUB leads with 0.89% vs 0.47% for IBMN. On fees, MUB is cheaper at 0.07% per year. On volatility, IBMN has been the lower-risk option at 0.00%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, MUB has performed better with a 0.89% return vs 0.47%. 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 0.18% for IBMN.
MUB has the higher dividend yield at 3.17%, compared with 1.14% for IBMN.
MUB tracks S&P National AMT-Free Municipal Bond Index, while IBMN tracks S&P AMT-Free Municipal Series Dec 2025 Index. Their fees differ too: 0.07% for MUB and 0.18% for IBMN.
MUB currently has the higher Sharpe Ratio (2.37 vs 2.12), 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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