MUB vs. VGK
MUB (iShares National AMT-Free Muni Bond ETF) and VGK (Vanguard FTSE Europe ETF) are both exchange-traded funds - MUB is a Municipal Bonds fund tracking the S&P National AMT-Free Municipal Bond Index, while VGK is a Europe Equities fund tracking the FTSE Developed Europe All Cap Index. Both are passively managed. Over the past 10 years, MUB returned 1.94%/yr vs 9.63%/yr for VGK. At a correlation of -0.01, they often move in opposite directions. MUB charges 0.07%/yr vs 0.06%/yr for VGK.
Performance
MUB vs. VGK - 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 VGK's 5.17% return. Over the past 10 years, MUB has underperformed VGK with an annualized return of 1.94%, while VGK has yielded a comparatively higher 9.63% 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%
VGK
- 1D
- 0.45%
- 1M
- -0.68%
- YTD
- 5.17%
- 6M
- 8.47%
- 1Y
- 16.29%
- 3Y*
- 16.24%
- 5Y*
- 8.08%
- 10Y*
- 9.63%
MUB vs. VGK - 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% |
VGK Vanguard FTSE Europe ETF | 5.17% | 35.83% | 1.88% | 20.19% | -15.98% | 16.89% | 5.43% | 24.85% | -14.89% | 26.98% |
Correlation
The correlation between MUB and VGK is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.37 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.31 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.24 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.10 |
Correlation (All Time) Calculated using the full available price history since Sep 11, 2007 | -0.01 |
The correlation between MUB and VGK shifts across timeframes, from -0.01 (all time) to 0.37 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
MUB vs. VGK — Risk / Return Rank
MUB
VGK
MUB vs. VGK - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares National AMT-Free Muni Bond ETF (MUB) and Vanguard FTSE Europe ETF (VGK). 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 | VGK | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.37 | ||
| Sortino ratioReturn per unit of downside risk | +1.99 | ||
| Omega ratioGain probability vs. loss probability | 1.51 | 1.19 | +0.32 |
| Calmar ratioReturn relative to maximum drawdown | 2.52 | 1.35 | +1.16 |
| Martin ratioReturn relative to average drawdown | 8.85 | 5.01 | +3.84 |
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 | VGK | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.42 | 1.05 | +1.37 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.19 | 0.45 | -0.26 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.39 | 0.51 | -0.12 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.58 | 0.28 | +0.31 |
Drawdowns
MUB vs. VGK - Drawdown Comparison
The maximum MUB drawdown since its inception was -13.68%, smaller than the maximum VGK drawdown of -63.61%. Use the drawdown chart below to compare losses from any high point for MUB and VGK.
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Drawdown Indicators
| MUB | VGK | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -13.68% | -63.61% | +49.93% |
Max Drawdown (1Y)Largest decline over 1 year | -2.79% | -12.09% | +9.30% |
Max Drawdown (3Y)Largest decline over 3 years | -5.34% | -14.31% | +8.97% |
Max Drawdown (5Y)Largest decline over 5 years | -11.88% | -32.74% | +20.86% |
Max Drawdown (10Y)Largest decline over 10 years | -13.68% | -37.24% | +23.56% |
Current DrawdownCurrent decline from peak | -0.77% | -2.83% | +2.06% |
Average DrawdownAverage peak-to-trough decline | -2.23% | -13.34% | +11.11% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.79% | 3.26% | -2.47% |
Volatility
MUB vs. VGK - Volatility Comparison
The current volatility for iShares National AMT-Free Muni Bond ETF (MUB) is 0.99%, while Vanguard FTSE Europe ETF (VGK) has a volatility of 4.86%. This indicates that MUB experiences smaller price fluctuations and is considered to be less risky than VGK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MUB | VGK | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.99% | 4.86% | -3.87% |
Volatility (6M)Calculated over the trailing 6-month period | 2.23% | 12.97% | -10.74% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.90% | 15.57% | -12.67% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.06% | 17.92% | -13.86% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.92% | 18.97% | -14.05% |
MUB vs. VGK - Expense Ratio Comparison
MUB has a 0.07% expense ratio, which is higher than VGK's 0.06% expense ratio. However, 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. VGK - Dividend Comparison
MUB's dividend yield for the trailing twelve months is around 3.18%, more than VGK's 2.83% 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% |
VGK Vanguard FTSE Europe ETF | 2.83% | 2.86% | 3.61% | 3.15% | 3.25% | 3.05% | 2.11% | 3.27% | 3.95% | 2.70% | 3.52% | 3.25% |
Frequently Asked Questions
MUB and VGK have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VGK has higher volatility (4.86%) compared to MUB (0.99%). In terms of maximum drawdown, MUB dropped -13.68% vs VGK's -63.61%.
On 10-year performance, VGK leads with 9.63% vs 1.94% for MUB. On fees, VGK is cheaper at 0.06% 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, VGK has performed better with a 9.63% return vs 1.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VGK is cheaper with a 0.06% expense ratio, compared with 0.07% for MUB.
MUB has the higher dividend yield at 3.18%, compared with 2.83% for VGK.
MUB is categorized as Municipal Bonds, while VGK is Europe Equities. MUB tracks S&P National AMT-Free Municipal Bond Index, while VGK tracks FTSE Developed Europe All Cap Index. They also come from different issuers: iShares and Vanguard. Their fees differ too: 0.07% for MUB and 0.06% for VGK.
MUB currently has the higher Sharpe Ratio (2.42 vs 1.05), 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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