MUB vs. NYF
MUB (iShares National AMT-Free Muni Bond ETF) and NYF (iShares New York Muni Bond ETF) are both Municipal Bonds funds from iShares - MUB tracks the S&P National AMT-Free Municipal Bond Index while NYF tracks the S&P New York AMT-Free Municipal Bond Index. Both are passively managed. Over the past 10 years, MUB returned 1.90%/yr vs 1.72%/yr for NYF. A 0.52 correlation means they provide meaningful diversification when combined. MUB charges 0.07%/yr vs 0.25%/yr for NYF.
Performance
MUB vs. NYF - Performance Comparison
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Returns By Period
In the year-to-date period, MUB achieves a 1.48% return, which is significantly lower than NYF's 1.80% return. Over the past 10 years, MUB has outperformed NYF with an annualized return of 1.90%, while NYF has yielded a comparatively lower 1.72% annualized return.
MUB
- 1D
- -0.06%
- 1M
- 1.29%
- YTD
- 1.48%
- 6M
- 1.78%
- 1Y
- 6.40%
- 3Y*
- 3.19%
- 5Y*
- 0.93%
- 10Y*
- 1.90%
NYF
- 1D
- -0.07%
- 1M
- 1.46%
- YTD
- 1.80%
- 6M
- 1.84%
- 1Y
- 6.73%
- 3Y*
- 3.15%
- 5Y*
- 0.87%
- 10Y*
- 1.72%
MUB vs. NYF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MUB iShares National AMT-Free Muni Bond ETF | 1.48% | 3.78% | 1.26% | 5.56% | -7.34% | 1.02% | 5.12% | 7.06% | 0.93% | 4.72% |
NYF iShares New York Muni Bond ETF | 1.80% | 3.64% | 1.13% | 5.76% | -7.75% | 1.34% | 4.18% | 6.49% | 0.66% | 5.02% |
Correlation
The correlation between MUB and NYF is 0.88, 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 | 0.88 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.88 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.86 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.79 |
Correlation (All Time) Calculated using the full available price history since Oct 11, 2007 | 0.52 |
Over the past year, MUB and NYF have become more correlated (0.88) than their long-term average of 0.52, meaning their price movements have been converging.
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Return for Risk
MUB vs. NYF — Risk / Return Rank
MUB
NYF
MUB vs. NYF - 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 New York Muni Bond ETF (NYF). 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 | NYF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.24 | ||
| Sortino ratioReturn per unit of downside risk | -0.30 | ||
| Omega ratioGain probability vs. loss probability | 1.46 | 1.54 | -0.07 |
| Calmar ratioReturn relative to maximum drawdown | 2.31 | 2.45 | -0.15 |
| Martin ratioReturn relative to average drawdown | 8.02 | 8.72 | -0.70 |
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Drawdowns
MUB vs. NYF - Drawdown Comparison
The maximum MUB drawdown since its inception was -13.68%, roughly equal to the maximum NYF drawdown of -13.12%. Use the drawdown chart below to compare losses from any high point for MUB and NYF.
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Drawdown Indicators
| MUB | NYF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.68% | -13.12% | -0.56% |
Max Drawdown (1Y)Largest decline over 1 year | -2.79% | -2.76% | -0.03% |
Max Drawdown (3Y)Largest decline over 3 years | -5.34% | -5.68% | +0.34% |
Max Drawdown (5Y)Largest decline over 5 years | -11.88% | -12.71% | +0.83% |
Max Drawdown (10Y)Largest decline over 10 years | -13.68% | -13.12% | -0.56% |
Current DrawdownCurrent decline from peak | -0.47% | -0.28% | -0.19% |
Average DrawdownAverage peak-to-trough decline | -2.23% | -2.30% | +0.07% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.80% | 0.77% | +0.03% |
Volatility
MUB vs. NYF - Volatility Comparison
iShares National AMT-Free Muni Bond ETF (MUB) has a higher volatility of 0.77% compared to iShares New York Muni Bond ETF (NYF) at 0.72%. This indicates that MUB's price experiences larger fluctuations and is considered to be riskier than NYF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MUB | NYF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.77% | 0.72% | +0.05% |
Volatility (6M)Calculated over the trailing 6-month period | 2.27% | 2.13% | +0.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.88% | 2.74% | +0.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.07% | 4.00% | +0.07% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.92% | 4.48% | +0.44% |
MUB vs. NYF - Expense Ratio Comparison
MUB has a 0.07% expense ratio, which is lower than NYF's 0.25% 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. NYF - Dividend Comparison
MUB's dividend yield for the trailing twelve months is around 3.17%, more than NYF's 3.08% 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% |
NYF iShares New York Muni Bond ETF | 3.08% | 2.99% | 2.77% | 2.36% | 2.04% | 1.85% | 1.98% | 2.19% | 2.48% | 2.46% | 2.43% | 2.60% |
Frequently Asked Questions
MUB and NYF have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MUB has higher volatility (0.77%) compared to NYF (0.72%). In terms of maximum drawdown, MUB dropped -13.68% vs NYF's -13.12%.
On 10-year performance, MUB leads with 1.90% vs 1.72% for NYF. On fees, MUB is cheaper at 0.07% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, MUB has performed better with a 1.90% return vs 1.72%. 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 0.25% for NYF.
MUB has the higher dividend yield at 3.17%, compared with 3.08% for NYF.
MUB tracks S&P National AMT-Free Municipal Bond Index, while NYF tracks S&P New York AMT-Free Municipal Bond Index. Their fees differ too: 0.07% for MUB and 0.25% for NYF.
NYF currently has the higher Sharpe Ratio (2.47 vs 2.23), 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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