MUNY vs. MUB
MUNY (Vanguard New York Tax-Exempt Bond ETF) and MUB (iShares National AMT-Free Muni Bond ETF) are both Municipal Bonds funds - MUNY tracks the S&P New York AMT-Free Municipal USD10 Million Par Bond Index while MUB tracks the S&P National AMT-Free Municipal Bond Index. Both are passively managed. Over the past year, MUNY returned 6.68% vs 6.58% for MUB. Their correlation of 0.80 suggests significant overlap in exposure. MUNY charges 0.09%/yr vs 0.07%/yr for MUB.
Performance
MUNY vs. MUB - Performance Comparison
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Returns By Period
In the year-to-date period, MUNY achieves a 1.81% return, which is significantly higher than MUB's 1.53% return.
MUNY
- 1D
- 0.08%
- 1M
- 1.52%
- YTD
- 1.81%
- 6M
- 2.07%
- 1Y
- 6.68%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
MUB
- 1D
- -0.01%
- 1M
- 1.35%
- YTD
- 1.53%
- 6M
- 1.89%
- 1Y
- 6.58%
- 3Y*
- 3.21%
- 5Y*
- 0.96%
- 10Y*
- 1.90%
MUNY vs. MUB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
MUNY Vanguard New York Tax-Exempt Bond ETF | 1.81% | 5.60% |
MUB iShares National AMT-Free Muni Bond ETF | 1.53% | 5.54% |
Correlation
The correlation between MUNY and MUB is 0.79, 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 | 0.79 |
Correlation (All Time) Calculated using the full available price history since May 22, 2025 | 0.80 |
The correlation between MUNY and MUB has been stable across timeframes, ranging from 0.79 to 0.80 - a consistent structural relationship.
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Return for Risk
MUNY vs. MUB — Risk / Return Rank
MUNY
MUB
MUNY vs. MUB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard New York Tax-Exempt Bond ETF (MUNY) 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.
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.
| MUNY | MUB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.02 | ||
| Sortino ratioReturn per unit of downside risk | 0.00 | ||
| Omega ratioGain probability vs. loss probability | 1.53 | 1.48 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | 2.48 | 2.37 | +0.11 |
| Martin ratioReturn relative to average drawdown | 8.34 | 8.25 | +0.09 |
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Drawdowns
MUNY vs. MUB - Drawdown Comparison
The maximum MUNY drawdown since its inception was -2.70%, smaller than the maximum MUB drawdown of -13.68%. Use the drawdown chart below to compare losses from any high point for MUNY and MUB.
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Drawdown Indicators
| MUNY | MUB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -2.70% | -13.68% | +10.98% |
Max Drawdown (1Y)Largest decline over 1 year | -2.70% | -2.79% | +0.09% |
Max Drawdown (3Y)Largest decline over 3 years | — | -5.34% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -11.88% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -13.68% | — |
Current DrawdownCurrent decline from peak | -0.19% | -0.41% | +0.22% |
Average DrawdownAverage peak-to-trough decline | -0.65% | -2.23% | +1.58% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.80% | 0.80% | 0.00% |
Volatility
MUNY vs. MUB - Volatility Comparison
Vanguard New York Tax-Exempt Bond ETF (MUNY) and iShares National AMT-Free Muni Bond ETF (MUB) have volatilities of 0.73% and 0.76%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MUNY | MUB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.73% | 0.76% | -0.03% |
Volatility (6M)Calculated over the trailing 6-month period | 2.35% | 2.27% | +0.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.90% | 2.89% | +0.01% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.87% | 4.07% | -0.20% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.87% | 4.93% | -1.06% |
MUNY vs. MUB - Expense Ratio Comparison
MUNY has a 0.09% expense ratio, which is higher than MUB's 0.07% 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
MUNY vs. MUB - Dividend Comparison
MUNY's dividend yield for the trailing twelve months is around 3.10%, less than MUB's 3.17% 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% |
MUNY Vanguard New York Tax-Exempt Bond ETF | 3.10% | 1.80% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
MUNY and MUB have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MUB has higher volatility (0.76%) compared to MUNY (0.73%). In terms of maximum drawdown, MUNY dropped -2.70% vs MUB's -13.68%.
On 1-year performance, MUNY leads with 6.68% vs 6.58% for MUB. 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 1-year period, MUNY has performed better with a 6.68% return vs 6.58%. 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 0.09% for MUNY.
MUB has the higher dividend yield at 3.17%, compared with 3.10% for MUNY.
MUNY tracks S&P New York AMT-Free Municipal USD10 Million Par Bond Index, while MUB tracks S&P National AMT-Free Municipal Bond Index. They also come from different issuers: Vanguard and iShares. Their fees differ too: 0.09% for MUNY and 0.07% for MUB.
MUNY currently has the higher Sharpe Ratio (2.32 vs 2.29), 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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