MUB vs. MUNI
MUB (iShares National AMT-Free Muni Bond ETF) and MUNI (PIMCO Intermediate Municipal Bond Active ETF) are both Municipal Bonds funds. MUB is passively managed, while MUNI is actively managed. Over the past 10 years, MUB returned 1.95%/yr vs 2.12%/yr for MUNI. A 0.60 correlation means they provide meaningful diversification when combined. MUB charges 0.07%/yr vs 0.35%/yr for MUNI.
Performance
MUB vs. MUNI - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with MUB having a 1.54% return and MUNI slightly lower at 1.51%. Over the past 10 years, MUB has underperformed MUNI with an annualized return of 1.95%, while MUNI has yielded a comparatively higher 2.12% annualized return.
MUB
- 1D
- 0.33%
- 1M
- 1.84%
- YTD
- 1.54%
- 6M
- 1.90%
- 1Y
- 6.58%
- 3Y*
- 3.28%
- 5Y*
- 0.88%
- 10Y*
- 1.95%
MUNI
- 1D
- 0.13%
- 1M
- 1.43%
- YTD
- 1.51%
- 6M
- 1.65%
- 1Y
- 6.12%
- 3Y*
- 3.91%
- 5Y*
- 1.29%
- 10Y*
- 2.12%
MUB vs. MUNI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MUB iShares National AMT-Free Muni Bond ETF | 1.54% | 3.78% | 1.26% | 5.56% | -7.34% | 1.02% | 5.12% | 7.06% | 0.93% | 4.72% |
MUNI PIMCO Intermediate Municipal Bond Active ETF | 1.51% | 4.72% | 1.43% | 6.07% | -6.62% | 0.67% | 4.83% | 7.09% | 0.84% | 4.86% |
Correlation
The correlation between MUB and MUNI is 0.84, 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 | 0.84 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.87 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.82 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.71 |
Correlation (All Time) Calculated using the full available price history since Dec 15, 2009 | 0.60 |
Over the past year, MUB and MUNI have become more correlated (0.84) than their long-term average of 0.60, meaning their price movements have been converging.
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Return for Risk
MUB vs. MUNI — Risk / Return Rank
MUB
MUNI
MUB vs. MUNI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares National AMT-Free Muni Bond ETF (MUB) and PIMCO Intermediate Municipal Bond Active ETF (MUNI). 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 | MUNI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.47 | ||
| Sortino ratioReturn per unit of downside risk | -0.77 | ||
| Omega ratioGain probability vs. loss probability | 1.48 | 1.61 | -0.13 |
| Calmar ratioReturn relative to maximum drawdown | 2.37 | 2.68 | -0.31 |
| Martin ratioReturn relative to average drawdown | 8.25 | 8.61 | -0.36 |
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Drawdowns
MUB vs. MUNI - Drawdown Comparison
The maximum MUB drawdown since its inception was -13.68%, which is greater than MUNI's maximum drawdown of -11.15%. Use the drawdown chart below to compare losses from any high point for MUB and MUNI.
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Drawdown Indicators
| MUB | MUNI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.68% | -11.15% | -2.53% |
Max Drawdown (1Y)Largest decline over 1 year | -2.79% | -2.29% | -0.50% |
Max Drawdown (3Y)Largest decline over 3 years | -5.34% | -4.09% | -1.25% |
Max Drawdown (5Y)Largest decline over 5 years | -11.88% | -11.15% | -0.73% |
Max Drawdown (10Y)Largest decline over 10 years | -13.68% | -11.15% | -2.53% |
Current DrawdownCurrent decline from peak | -0.40% | -0.52% | +0.12% |
Average DrawdownAverage peak-to-trough decline | -2.23% | -1.73% | -0.50% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.80% | 0.71% | +0.09% |
Volatility
MUB vs. MUNI - Volatility Comparison
iShares National AMT-Free Muni Bond ETF (MUB) has a higher volatility of 0.78% compared to PIMCO Intermediate Municipal Bond Active ETF (MUNI) at 0.58%. This indicates that MUB's price experiences larger fluctuations and is considered to be riskier than MUNI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MUB | MUNI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.78% | 0.58% | +0.20% |
Volatility (6M)Calculated over the trailing 6-month period | 2.27% | 1.62% | +0.65% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.88% | 2.23% | +0.65% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.07% | 3.32% | +0.75% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.92% | 3.85% | +1.07% |
MUB vs. MUNI - Expense Ratio Comparison
MUB has a 0.07% expense ratio, which is lower than MUNI's 0.35% expense ratio.
Dividends
MUB vs. MUNI - Dividend Comparison
MUB's dividend yield for the trailing twelve months is around 3.17%, less than MUNI's 3.28% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
MUNI PIMCO Intermediate Municipal Bond Active ETF | 3.28% | 3.26% | 3.50% | 3.09% | 2.13% | 1.62% | 1.92% | 2.44% | 2.38% | 2.37% | 2.37% | 2.20% |
Frequently Asked Questions
MUB and MUNI have a correlation of 0.84, 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 MUNI (0.58%). In terms of maximum drawdown, MUB dropped -13.68% vs MUNI's -11.15%.
On 10-year performance, MUNI leads with 2.12% vs 1.95% for MUB. On fees, MUB is cheaper at 0.07% per year. On volatility, MUNI has been the lower-risk option at 0.58%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, MUNI has performed better with a 2.12% return vs 1.95%. 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 MUNI.
MUNI has the higher dividend yield at 3.28%, compared with 3.17% for MUB.
They also come from different issuers: iShares and PIMCO. Their fees differ too: 0.07% for MUB and 0.35% for MUNI.
MUNI currently has the higher Sharpe Ratio (2.76 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.
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