MUB vs. IBMO
MUB (iShares National AMT-Free Muni Bond ETF) and IBMO (iShares iBonds Dec 2026 Term Muni Bond ETF) are both Municipal Bonds funds from iShares - MUB tracks the S&P National AMT-Free Municipal Bond Index while IBMO tracks the S&P AMT-Free Municipal Series Callable-Adjusted Dec 2026 Index. Both are passively managed. Over the past 5 years, MUB returned 0.88%/yr vs 0.67%/yr for IBMO. A 0.57 correlation means they provide meaningful diversification when combined. MUB charges 0.07%/yr vs 0.18%/yr for IBMO.
Performance
MUB vs. IBMO - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, MUB achieves a 1.54% return, which is significantly higher than IBMO's 0.97% return.
MUB
- 1D
- 0.33%
- 1M
- 1.44%
- YTD
- 1.54%
- 6M
- 1.92%
- 1Y
- 6.59%
- 3Y*
- 3.28%
- 5Y*
- 0.88%
- 10Y*
- 1.95%
IBMO
- 1D
- -0.03%
- 1M
- 0.17%
- YTD
- 0.97%
- 6M
- 0.96%
- 1Y
- 2.54%
- 3Y*
- 2.82%
- 5Y*
- 0.67%
- 10Y*
- —
MUB vs. IBMO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
MUB iShares National AMT-Free Muni Bond ETF | 1.54% | 3.78% | 1.26% | 5.56% | -7.34% | 1.02% | 5.12% | 4.78% |
IBMO iShares iBonds Dec 2026 Term Muni Bond ETF | 0.97% | 3.11% | 1.97% | 2.90% | -5.36% | -0.16% | 5.48% | 4.69% |
Correlation
The correlation between MUB and IBMO is 0.14, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.14 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.43 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.56 |
Correlation (All Time) Calculated using the full available price history since Apr 4, 2019 | 0.57 |
Over the past year, the correlation between MUB and IBMO has dropped to 0.14 - well below their long-term average of 0.57, suggesting their price drivers have been diverging.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
MUB vs. IBMO — Risk / Return Rank
MUB
IBMO
MUB vs. IBMO - 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 2026 Term Muni Bond ETF (IBMO). 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| MUB | IBMO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.11 | ||
| Sortino ratioReturn per unit of downside risk | -0.53 | ||
| Omega ratioGain probability vs. loss probability | 1.48 | 1.49 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 2.37 | 7.02 | -4.64 |
| Martin ratioReturn relative to average drawdown | 8.25 | 20.83 | -12.58 |
Loading charts...
Drawdowns
MUB vs. IBMO - Drawdown Comparison
The maximum MUB drawdown since its inception was -13.68%, smaller than the maximum IBMO drawdown of -14.77%. Use the drawdown chart below to compare losses from any high point for MUB and IBMO.
Loading charts...
Drawdown Indicators
| MUB | IBMO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.68% | -14.77% | +1.09% |
Max Drawdown (1Y)Largest decline over 1 year | -2.79% | -0.38% | -2.41% |
Max Drawdown (3Y)Largest decline over 3 years | -5.34% | -1.76% | -3.58% |
Max Drawdown (5Y)Largest decline over 5 years | -11.88% | -8.86% | -3.02% |
Max Drawdown (10Y)Largest decline over 10 years | -13.68% | — | — |
Current DrawdownCurrent decline from peak | -0.40% | -0.05% | -0.35% |
Average DrawdownAverage peak-to-trough decline | -2.23% | -2.31% | +0.08% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.80% | 0.13% | +0.67% |
Volatility
MUB vs. IBMO - Volatility Comparison
iShares National AMT-Free Muni Bond ETF (MUB) has a higher volatility of 0.78% compared to iShares iBonds Dec 2026 Term Muni Bond ETF (IBMO) at 0.22%. This indicates that MUB's price experiences larger fluctuations and is considered to be riskier than IBMO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| MUB | IBMO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.78% | 0.22% | +0.56% |
Volatility (6M)Calculated over the trailing 6-month period | 2.27% | 0.80% | +1.47% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.88% | 1.10% | +1.78% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.07% | 2.14% | +1.93% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.92% | 4.50% | +0.42% |
MUB vs. IBMO - Expense Ratio Comparison
MUB has a 0.07% expense ratio, which is lower than IBMO'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. IBMO - Dividend Comparison
MUB's dividend yield for the trailing twelve months is around 3.17%, more than IBMO's 2.39% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IBMO iShares iBonds Dec 2026 Term Muni Bond ETF | 2.39% | 2.37% | 2.15% | 1.65% | 0.89% | 0.62% | 1.03% | 1.01% | 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
MUB and IBMO have a correlation of 0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MUB has higher volatility (0.78%) compared to IBMO (0.22%). In terms of maximum drawdown, MUB dropped -13.68% vs IBMO's -14.77%.
On 5-year performance, MUB leads with 0.88% vs 0.67% for IBMO. On fees, MUB is cheaper at 0.07% per year. On volatility, IBMO has been the lower-risk option at 0.22%. 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 0.88% return vs 0.67%. 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 IBMO.
MUB has the higher dividend yield at 3.17%, compared with 2.39% for IBMO.
MUB tracks S&P National AMT-Free Municipal Bond Index, while IBMO tracks S&P AMT-Free Municipal Series Callable-Adjusted Dec 2026 Index. Their fees differ too: 0.07% for MUB and 0.18% for IBMO.
IBMO currently has the higher Sharpe Ratio (2.40 vs 2.29), 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.
Find the right allocation for MUB and IBMO
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer