MUB vs. SPLB
MUB (iShares National AMT-Free Muni Bond ETF) and SPLB (SPDR Portfolio Long Term Corporate Bond ETF) are both exchange-traded funds - MUB is a Municipal Bonds fund tracking the S&P National AMT-Free Municipal Bond Index, while SPLB is a Corporate Bonds fund tracking the Bloomberg Barclays Long U.S. Corporate Index. Both are passively managed. Over the past 10 years, MUB returned 1.92%/yr vs 2.20%/yr for SPLB. A 0.54 correlation means they provide meaningful diversification when combined. Both charge a 0.07% expense ratio.
Performance
MUB vs. SPLB - Performance Comparison
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Returns By Period
In the year-to-date period, MUB achieves a 1.28% return, which is significantly lower than SPLB's 1.42% return. Over the past 10 years, MUB has underperformed SPLB with an annualized return of 1.92%, while SPLB has yielded a comparatively higher 2.20% annualized return.
MUB
- 1D
- -0.01%
- 1M
- 1.14%
- YTD
- 1.28%
- 6M
- 1.80%
- 1Y
- 6.40%
- 3Y*
- 3.35%
- 5Y*
- 0.80%
- 10Y*
- 1.92%
SPLB
- 1D
- -0.09%
- 1M
- 2.42%
- YTD
- 1.42%
- 6M
- 1.81%
- 1Y
- 6.82%
- 3Y*
- 4.70%
- 5Y*
- -2.10%
- 10Y*
- 2.20%
MUB vs. SPLB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MUB iShares National AMT-Free Muni Bond ETF | 1.28% | 3.78% | 1.26% | 5.56% | -7.34% | 1.02% | 5.12% | 7.06% | 0.93% | 4.72% |
SPLB SPDR Portfolio Long Term Corporate Bond ETF | 1.42% | 7.05% | -1.74% | 11.20% | -25.68% | -1.99% | 13.47% | 23.49% | -7.35% | 12.26% |
Correlation
The correlation between MUB and SPLB is 0.72, 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 | 0.72 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.79 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.73 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.66 |
Correlation (All Time) Calculated using the full available price history since Mar 11, 2009 | 0.54 |
The correlation between MUB and SPLB shifts across timeframes, from 0.54 (all time) to 0.79 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
MUB vs. SPLB — Risk / Return Rank
MUB
SPLB
MUB vs. SPLB - 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 Portfolio Long Term Corporate Bond ETF (SPLB). 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 | SPLB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.43 | ||
| Sortino ratioReturn per unit of downside risk | +2.04 | ||
| Omega ratioGain probability vs. loss probability | 1.44 | 1.13 | +0.32 |
| Calmar ratioReturn relative to maximum drawdown | 2.22 | 1.08 | +1.14 |
| Martin ratioReturn relative to average drawdown | 7.77 | 2.64 | +5.13 |
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Drawdowns
MUB vs. SPLB - Drawdown Comparison
The maximum MUB drawdown since its inception was -13.68%, smaller than the maximum SPLB drawdown of -34.46%. Use the drawdown chart below to compare losses from any high point for MUB and SPLB.
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Drawdown Indicators
| MUB | SPLB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.68% | -34.46% | +20.78% |
Max Drawdown (1Y)Largest decline over 1 year | -2.79% | -5.42% | +2.63% |
Max Drawdown (3Y)Largest decline over 3 years | -5.34% | -12.91% | +7.57% |
Max Drawdown (5Y)Largest decline over 5 years | -11.88% | -34.46% | +22.58% |
Max Drawdown (10Y)Largest decline over 10 years | -13.68% | -34.46% | +20.78% |
Current DrawdownCurrent decline from peak | -0.66% | -14.11% | +13.45% |
Average DrawdownAverage peak-to-trough decline | -2.23% | -8.02% | +5.79% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.80% | 2.21% | -1.41% |
Volatility
MUB vs. SPLB - Volatility Comparison
The current volatility for iShares National AMT-Free Muni Bond ETF (MUB) is 1.01%, while SPDR Portfolio Long Term Corporate Bond ETF (SPLB) has a volatility of 2.50%. This indicates that MUB experiences smaller price fluctuations and is considered to be less risky than SPLB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MUB | SPLB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.01% | 2.50% | -1.49% |
Volatility (6M)Calculated over the trailing 6-month period | 2.25% | 5.98% | -3.73% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.90% | 8.07% | -5.17% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.06% | 12.71% | -8.65% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.92% | 12.95% | -8.03% |
MUB vs. SPLB - Expense Ratio Comparison
Both MUB and SPLB have an expense ratio of 0.07%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
MUB vs. SPLB - Dividend Comparison
MUB's dividend yield for the trailing twelve months is around 3.17%, less than SPLB's 5.35% 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% |
SPLB SPDR Portfolio Long Term Corporate Bond ETF | 5.35% | 5.25% | 5.20% | 4.60% | 4.53% | 3.00% | 3.01% | 3.79% | 4.50% | 4.06% | 4.34% | 4.70% |
Frequently Asked Questions
MUB and SPLB have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPLB has higher volatility (2.50%) compared to MUB (1.01%). In terms of maximum drawdown, MUB dropped -13.68% vs SPLB's -34.46%.
On 10-year performance, SPLB leads with 2.20% vs 1.92% for MUB. Both ETFs have the same 0.07% expense ratio. On volatility, MUB has been the lower-risk option at 1.01%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPLB has performed better with a 2.20% return vs 1.92%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
MUB and SPLB have the same expense ratio: 0.07% per year.
SPLB has the higher dividend yield at 5.35%, compared with 3.17% for MUB.
MUB is categorized as Municipal Bonds, while SPLB is Corporate Bonds. MUB tracks S&P National AMT-Free Municipal Bond Index, while SPLB tracks Bloomberg Barclays Long U.S. Corporate Index. They also come from different issuers: iShares and State Street.
MUB currently has the higher Sharpe Ratio (2.16 vs 0.73), 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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