MUNI.L vs. MUB
Compare and contrast key facts about Invesco US Municipal Bond UCITS ETF Dist (MUNI.L) and iShares National AMT-Free Muni Bond ETF (MUB).
MUNI.L and MUB are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. MUNI.L is a passively managed fund by Invesco that tracks the performance of the ICE BofA US Taxable Municipal Securities Plus Index. It was launched on Feb 10, 2021. MUB is a passively managed fund by iShares that tracks the performance of the S&P National AMT-Free Municipal Bond Index. It was launched on Sep 7, 2007. Both MUNI.L and MUB are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
MUNI.L vs. MUB - Performance Comparison
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MUNI.L vs. MUB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
MUNI.L Invesco US Municipal Bond UCITS ETF Dist | 0.35% | 7.41% | 1.23% | 8.01% | -19.08% | 2.68% |
MUB iShares National AMT-Free Muni Bond ETF | 0.04% | 3.78% | 1.26% | 5.56% | -7.34% | 1.75% |
Returns By Period
In the year-to-date period, MUNI.L achieves a 0.35% return, which is significantly higher than MUB's 0.04% return.
MUNI.L
- 1D
- 0.31%
- 1M
- -2.12%
- YTD
- 0.35%
- 6M
- 1.68%
- 1Y
- 4.74%
- 3Y*
- 4.31%
- 5Y*
- -0.05%
- 10Y*
- —
MUB
- 1D
- 0.42%
- 1M
- -1.55%
- YTD
- 0.04%
- 6M
- 1.52%
- 1Y
- 4.03%
- 3Y*
- 2.67%
- 5Y*
- 0.88%
- 10Y*
- 2.00%
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MUNI.L vs. MUB - Expense Ratio Comparison
MUNI.L has a 0.28% expense ratio, which is higher than MUB's 0.07% expense ratio.
Return for Risk
MUNI.L vs. MUB — Risk / Return Rank
MUNI.L
MUB
MUNI.L vs. MUB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco US Municipal Bond UCITS ETF Dist (MUNI.L) and iShares National AMT-Free Muni Bond ETF (MUB). 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.
| MUNI.L | MUB | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.39 | 0.98 | +0.41 |
Sortino ratioReturn per unit of downside risk | 2.13 | 1.27 | +0.86 |
Omega ratioGain probability vs. loss probability | 1.26 | 1.21 | +0.05 |
Calmar ratioReturn relative to maximum drawdown | 1.73 | 1.33 | +0.40 |
Martin ratioReturn relative to average drawdown | 4.91 | 4.22 | +0.68 |
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
| MUNI.L | MUB | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.39 | 0.98 | +0.41 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.01 | 0.22 | -0.23 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.41 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.09 | 0.58 | -0.67 |
Correlation
The correlation between MUNI.L and MUB is 0.21, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Dividends
MUNI.L vs. MUB - Dividend Comparison
MUNI.L's dividend yield for the trailing twelve months is around 4.56%, more than MUB's 3.19% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MUNI.L Invesco US Municipal Bond UCITS ETF Dist | 4.56% | 4.52% | 4.60% | 4.09% | 3.19% | 2.01% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
MUB iShares National AMT-Free Muni Bond ETF | 3.19% | 3.14% | 3.01% | 2.65% | 2.11% | 1.81% | 2.11% | 2.42% | 2.46% | 2.26% | 2.21% | 2.51% |
Drawdowns
MUNI.L vs. MUB - Drawdown Comparison
The maximum MUNI.L drawdown since its inception was -23.73%, which is greater than MUB's maximum drawdown of -13.68%. Use the drawdown chart below to compare losses from any high point for MUNI.L and MUB.
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Drawdown Indicators
| MUNI.L | MUB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.73% | -13.68% | -10.05% |
Max Drawdown (1Y)Largest decline over 1 year | -3.97% | -3.30% | -0.67% |
Max Drawdown (5Y)Largest decline over 5 years | -23.73% | -11.88% | -11.85% |
Max Drawdown (10Y)Largest decline over 10 years | — | -13.68% | — |
Current DrawdownCurrent decline from peak | -5.98% | -1.87% | -4.11% |
Average DrawdownAverage peak-to-trough decline | -11.78% | -2.24% | -9.54% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.80% | 1.04% | +1.76% |
Volatility
MUNI.L vs. MUB - Volatility Comparison
Invesco US Municipal Bond UCITS ETF Dist (MUNI.L) has a higher volatility of 1.81% compared to iShares National AMT-Free Muni Bond ETF (MUB) at 1.56%. This indicates that MUNI.L's price experiences larger fluctuations and is considered to be riskier than MUB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MUNI.L | MUB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.81% | 1.56% | +0.25% |
Volatility (6M)Calculated over the trailing 6-month period | — | 2.07% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 8.99% | 4.15% | +4.84% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.93% | 4.04% | +10.89% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.91% | 4.91% | +10.00% |