MUB vs. RLY
MUB (iShares National AMT-Free Muni Bond ETF) and RLY (SPDR SSgA Multi-Asset Real Return ETF) are both exchange-traded funds - MUB is a Municipal Bonds fund tracking the S&P National AMT-Free Municipal Bond Index, while RLY is a Hedge Fund fund actively managed by State Street. MUB is passively managed, while RLY is actively managed. Over the past 10 years, MUB returned 1.94%/yr vs 8.25%/yr for RLY. At a 0.02 correlation, their price movements are largely independent. MUB charges 0.07%/yr vs 0.50%/yr for RLY.
Performance
MUB vs. RLY - Performance Comparison
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Returns By Period
In the year-to-date period, MUB achieves a 1.17% return, which is significantly lower than RLY's 14.36% return. Over the past 10 years, MUB has underperformed RLY with an annualized return of 1.94%, while RLY has yielded a comparatively higher 8.25% annualized return.
MUB
- 1D
- -0.03%
- 1M
- 0.21%
- YTD
- 1.17%
- 6M
- 1.69%
- 1Y
- 6.99%
- 3Y*
- 3.29%
- 5Y*
- 0.77%
- 10Y*
- 1.94%
RLY
- 1D
- -0.06%
- 1M
- -2.10%
- YTD
- 14.36%
- 6M
- 16.24%
- 1Y
- 28.00%
- 3Y*
- 13.90%
- 5Y*
- 9.85%
- 10Y*
- 8.25%
MUB vs. RLY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MUB iShares National AMT-Free Muni Bond ETF | 1.17% | 3.78% | 1.26% | 5.56% | -7.34% | 1.02% | 5.12% | 7.06% | 0.93% | 4.72% |
RLY SPDR SSgA Multi-Asset Real Return ETF | 14.36% | 20.26% | 2.53% | 2.56% | 7.86% | 22.85% | -0.59% | 15.63% | -11.72% | 10.40% |
Correlation
The correlation between MUB and RLY is 0.10, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.10 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.18 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.13 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.07 |
Correlation (All Time) Calculated using the full available price history since Apr 27, 2012 | 0.02 |
The correlation between MUB and RLY shifts across timeframes, from 0.02 (all time) to 0.18 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
MUB vs. RLY — Risk / Return Rank
MUB
RLY
MUB vs. RLY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares National AMT-Free Muni Bond ETF (MUB) and SPDR SSgA Multi-Asset Real Return ETF (RLY). 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 | RLY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.31 | ||
| Sortino ratioReturn per unit of downside risk | -0.15 | ||
| Omega ratioGain probability vs. loss probability | 1.51 | 1.51 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 2.52 | 7.16 | -4.64 |
| Martin ratioReturn relative to average drawdown | 8.85 | 25.86 | -17.01 |
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 | RLY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.42 | 2.73 | -0.31 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.19 | 0.73 | -0.54 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.39 | 0.60 | -0.20 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.58 | 0.36 | +0.22 |
Drawdowns
MUB vs. RLY - Drawdown Comparison
The maximum MUB drawdown since its inception was -13.68%, smaller than the maximum RLY drawdown of -37.75%. Use the drawdown chart below to compare losses from any high point for MUB and RLY.
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Drawdown Indicators
| MUB | RLY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.68% | -37.75% | +24.07% |
Max Drawdown (1Y)Largest decline over 1 year | -2.79% | -3.93% | +1.14% |
Max Drawdown (3Y)Largest decline over 3 years | -5.34% | -10.08% | +4.74% |
Max Drawdown (5Y)Largest decline over 5 years | -11.88% | -18.94% | +7.06% |
Max Drawdown (10Y)Largest decline over 10 years | -13.68% | -34.17% | +20.49% |
Current DrawdownCurrent decline from peak | -0.77% | -3.93% | +3.16% |
Average DrawdownAverage peak-to-trough decline | -2.23% | -9.45% | +7.22% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.79% | 1.09% | -0.30% |
Volatility
MUB vs. RLY - Volatility Comparison
The current volatility for iShares National AMT-Free Muni Bond ETF (MUB) is 0.99%, while SPDR SSgA Multi-Asset Real Return ETF (RLY) has a volatility of 3.47%. This indicates that MUB experiences smaller price fluctuations and is considered to be less risky than RLY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MUB | RLY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.99% | 3.47% | -2.48% |
Volatility (6M)Calculated over the trailing 6-month period | 2.23% | 8.46% | -6.23% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.90% | 10.34% | -7.44% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.06% | 13.57% | -9.51% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.92% | 13.83% | -8.91% |
MUB vs. RLY - Expense Ratio Comparison
MUB has a 0.07% expense ratio, which is lower than RLY's 0.50% expense ratio.
Dividends
MUB vs. RLY - Dividend Comparison
MUB's dividend yield for the trailing twelve months is around 3.18%, more than RLY's 2.93% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MUB iShares National AMT-Free Muni Bond ETF | 3.18% | 3.14% | 3.01% | 2.65% | 2.11% | 1.81% | 2.11% | 2.42% | 2.46% | 2.26% | 2.21% | 2.51% |
RLY SPDR SSgA Multi-Asset Real Return ETF | 2.93% | 3.24% | 3.31% | 3.71% | 5.66% | 12.15% | 2.16% | 3.45% | 2.76% | 1.85% | 2.07% | 1.80% |
Frequently Asked Questions
MUB and RLY have a correlation of 0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
RLY has higher volatility (3.47%) compared to MUB (0.99%). In terms of maximum drawdown, MUB dropped -13.68% vs RLY's -37.75%.
On 10-year performance, RLY leads with 8.25% vs 1.94% for MUB. On fees, MUB is cheaper at 0.07% per year. On volatility, MUB has been the lower-risk option at 0.99%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, RLY has performed better with a 8.25% return vs 1.94%. 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 0.50% for RLY.
MUB has the higher dividend yield at 3.18%, compared with 2.93% for RLY.
MUB is categorized as Municipal Bonds, while RLY is Hedge Fund. They also come from different issuers: iShares and State Street. Their fees differ too: 0.07% for MUB and 0.50% for RLY.
RLY currently has the higher Sharpe Ratio (2.73 vs 2.42), 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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