MUB vs. TFI
MUB (iShares National AMT-Free Muni Bond ETF) and TFI (SPDR Nuveen Bloomberg Barclays Municipal Bond ETF) are both Municipal Bonds funds - MUB tracks the S&P National AMT-Free Municipal Bond Index while TFI tracks the Bloomberg US Municipal Managed Money (1-25 Y). Both are passively managed. Over the past 10 years, MUB returned 2.00%/yr vs 1.51%/yr for TFI. A 0.65 correlation means they provide meaningful diversification when combined. MUB charges 0.07%/yr vs 0.23%/yr for TFI.
Performance
MUB vs. TFI - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with MUB having a 1.24% return and TFI slightly lower at 1.19%. Over the past 10 years, MUB has outperformed TFI with an annualized return of 2.00%, while TFI has yielded a comparatively lower 1.51% annualized return.
MUB
- 1D
- -0.08%
- 1M
- 0.56%
- YTD
- 1.24%
- 6M
- 1.74%
- 1Y
- 6.95%
- 3Y*
- 3.43%
- 5Y*
- 0.86%
- 10Y*
- 2.00%
TFI
- 1D
- -0.02%
- 1M
- 0.63%
- YTD
- 1.19%
- 6M
- 1.64%
- 1Y
- 6.67%
- 3Y*
- 2.99%
- 5Y*
- -0.07%
- 10Y*
- 1.51%
MUB vs. TFI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MUB iShares National AMT-Free Muni Bond ETF | 1.24% | 3.78% | 1.26% | 5.56% | -7.34% | 1.02% | 5.12% | 7.06% | 0.93% | 4.72% |
TFI SPDR Nuveen Bloomberg Barclays Municipal Bond ETF | 1.19% | 3.62% | -0.01% | 5.62% | -10.17% | 0.25% | 5.82% | 7.41% | 0.52% | 5.50% |
Correlation
The correlation between MUB and TFI is 0.86, 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 | 0.86 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.90 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.88 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.82 |
Correlation (All Time) Calculated using the full available price history since Sep 14, 2007 | 0.65 |
Over the past year, MUB and TFI have become more correlated (0.86) than their long-term average of 0.65, meaning their price movements have been converging.
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Return for Risk
MUB vs. TFI — Risk / Return Rank
MUB
TFI
MUB vs. TFI - 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 Nuveen Bloomberg Barclays Municipal Bond ETF (TFI). 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 | TFI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.02 | ||
| Sortino ratioReturn per unit of downside risk | +0.05 | ||
| Omega ratioGain probability vs. loss probability | 1.50 | 1.50 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 2.50 | 2.40 | +0.10 |
| Martin ratioReturn relative to average drawdown | 8.85 | 7.91 | +0.94 |
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 | TFI | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.39 | 2.38 | +0.02 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.21 | -0.02 | +0.23 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.41 | 0.30 | +0.10 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.58 | 0.51 | +0.07 |
Drawdowns
MUB vs. TFI - Drawdown Comparison
The maximum MUB drawdown since its inception was -13.68%, smaller than the maximum TFI drawdown of -15.49%. Use the drawdown chart below to compare losses from any high point for MUB and TFI.
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Drawdown Indicators
| MUB | TFI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.68% | -15.49% | +1.81% |
Max Drawdown (1Y)Largest decline over 1 year | -2.79% | -2.79% | 0.00% |
Max Drawdown (3Y)Largest decline over 3 years | -5.34% | -6.81% | +1.47% |
Max Drawdown (5Y)Largest decline over 5 years | -11.88% | -15.41% | +3.53% |
Max Drawdown (10Y)Largest decline over 10 years | -13.68% | -15.49% | +1.81% |
Current DrawdownCurrent decline from peak | -0.70% | -1.21% | +0.51% |
Average DrawdownAverage peak-to-trough decline | -2.23% | -2.97% | +0.74% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.79% | 0.85% | -0.06% |
Volatility
MUB vs. TFI - Volatility Comparison
iShares National AMT-Free Muni Bond ETF (MUB) has a higher volatility of 0.97% compared to SPDR Nuveen Bloomberg Barclays Municipal Bond ETF (TFI) at 0.90%. This indicates that MUB's price experiences larger fluctuations and is considered to be riskier than TFI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MUB | TFI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.97% | 0.90% | +0.07% |
Volatility (6M)Calculated over the trailing 6-month period | 2.22% | 2.10% | +0.12% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.92% | 2.82% | +0.10% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.06% | 4.31% | -0.25% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.92% | 5.00% | -0.08% |
MUB vs. TFI - Expense Ratio Comparison
MUB has a 0.07% expense ratio, which is lower than TFI's 0.23% 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. TFI - Dividend Comparison
MUB's dividend yield for the trailing twelve months is around 3.17%, less than TFI's 3.48% 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% |
TFI SPDR Nuveen Bloomberg Barclays Municipal Bond ETF | 3.48% | 3.32% | 3.01% | 2.41% | 1.87% | 1.71% | 1.91% | 2.14% | 2.26% | 2.16% | 2.39% | 2.40% |
Frequently Asked Questions
MUB and TFI have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MUB has higher volatility (0.97%) compared to TFI (0.90%). In terms of maximum drawdown, MUB dropped -13.68% vs TFI's -15.49%.
On 10-year performance, MUB leads with 2.00% vs 1.51% for TFI. 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 2.00% return vs 1.51%. 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 0.23% for TFI.
TFI has the higher dividend yield at 3.48%, compared with 3.17% for MUB.
MUB tracks S&P National AMT-Free Municipal Bond Index, while TFI tracks Bloomberg US Municipal Managed Money (1-25 Y). They also come from different issuers: iShares and State Street. Their fees differ too: 0.07% for MUB and 0.23% for TFI.
MUB currently has the higher Sharpe Ratio (2.39 vs 2.38), 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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