MUB vs. NEA
MUB (iShares National AMT-Free Muni Bond ETF) is Municipal Bonds fund tracking the S&P National AMT-Free Municipal Bond Index, while NEA (Nuveen AMT-Free Quality Municipal Income Fund) is a stock. Over the past 10 years, MUB returned 2.01%/yr vs 3.06%/yr for NEA. At a 0.36 correlation, their price movements are largely independent. MUB charges 0.07%/yr vs 1.41%/yr for NEA.
Performance
MUB vs. NEA - 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 NEA's 2.35% return. Over the past 10 years, MUB has underperformed NEA with an annualized return of 2.01%, while NEA has yielded a comparatively higher 3.06% 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%
NEA
- 1D
- 0.61%
- 1M
- 1.56%
- YTD
- 2.35%
- 6M
- 2.95%
- 1Y
- 15.04%
- 3Y*
- 9.45%
- 5Y*
- 0.04%
- 10Y*
- 3.06%
MUB vs. NEA - 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% |
NEA Nuveen AMT-Free Quality Municipal Income Fund | 2.35% | 11.31% | 9.50% | 0.75% | -23.32% | 8.16% | 10.07% | 22.42% | -5.72% | 8.77% |
Correlation
The correlation between MUB and NEA is 0.52, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.52 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.60 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.58 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.52 |
Correlation (All Time) Calculated using the full available price history since Sep 11, 2007 | 0.36 |
The correlation between MUB and NEA shifts across timeframes, from 0.36 (all time) to 0.60 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
MUB vs. NEA — Risk / Return Rank
MUB
NEA
MUB vs. NEA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares National AMT-Free Muni Bond ETF (MUB) and Nuveen AMT-Free Quality Municipal Income Fund (NEA). 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 | NEA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.95 | ||
| Sortino ratioReturn per unit of downside risk | +1.33 | ||
| Omega ratioGain probability vs. loss probability | 1.50 | 1.28 | +0.21 |
| Calmar ratioReturn relative to maximum drawdown | 2.48 | 2.08 | +0.40 |
| Martin ratioReturn relative to average drawdown | 8.74 | 8.31 | +0.42 |
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 | NEA | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.37 | 1.42 | +0.95 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.22 | 0.00 | +0.22 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.41 | 0.26 | +0.15 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.59 | 0.32 | +0.27 |
Drawdowns
MUB vs. NEA - Drawdown Comparison
The maximum MUB drawdown since its inception was -13.68%, smaller than the maximum NEA drawdown of -43.83%. Use the drawdown chart below to compare losses from any high point for MUB and NEA.
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Drawdown Indicators
| MUB | NEA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.68% | -43.83% | +30.15% |
Max Drawdown (1Y)Largest decline over 1 year | -2.79% | -7.27% | +4.48% |
Max Drawdown (3Y)Largest decline over 3 years | -5.34% | -15.16% | +9.82% |
Max Drawdown (5Y)Largest decline over 5 years | -11.88% | -36.57% | +24.69% |
Max Drawdown (10Y)Largest decline over 10 years | -13.68% | -36.57% | +22.89% |
Current DrawdownCurrent decline from peak | -0.53% | -4.84% | +4.31% |
Average DrawdownAverage peak-to-trough decline | -2.23% | -8.01% | +5.78% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.79% | 1.81% | -1.02% |
Volatility
MUB vs. NEA - Volatility Comparison
The current volatility for iShares National AMT-Free Muni Bond ETF (MUB) is 0.98%, while Nuveen AMT-Free Quality Municipal Income Fund (NEA) has a volatility of 3.05%. This indicates that MUB experiences smaller price fluctuations and is considered to be less risky than NEA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MUB | NEA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.98% | 3.05% | -2.07% |
Volatility (6M)Calculated over the trailing 6-month period | 2.22% | 8.51% | -6.29% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.92% | 10.60% | -7.68% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.06% | 11.49% | -7.43% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.92% | 11.81% | -6.89% |
MUB vs. NEA - Expense Ratio Comparison
MUB has a 0.07% expense ratio, which is lower than NEA's 1.41% expense ratio.
Dividends
MUB vs. NEA - Dividend Comparison
MUB's dividend yield for the trailing twelve months is around 3.17%, less than NEA's 7.19% 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% |
NEA Nuveen AMT-Free Quality Municipal Income Fund | 7.19% | 7.36% | 6.63% | 3.95% | 5.49% | 4.50% | 4.45% | 4.46% | 5.40% | 5.33% | 5.70% | 5.71% |
Frequently Asked Questions
MUB and NEA have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NEA has higher volatility (3.05%) compared to MUB (0.98%). In terms of maximum drawdown, MUB dropped -13.68% vs NEA's -43.83%.
MUB currently has the higher Sharpe Ratio (2.37 vs 1.42), 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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