NYF vs. MUB

Last updated Jun 3, 2026

NYF (iShares New York Muni Bond ETF) and MUB (iShares National AMT-Free Muni Bond ETF) are both Municipal Bonds funds from iShares - NYF tracks the S&P New York AMT-Free Municipal Bond Index while MUB tracks the S&P National AMT-Free Municipal Bond Index. Both are passively managed. Over the past 10 years, NYF returned 1.81%/yr vs 2.00%/yr for MUB. A 0.52 correlation means they provide meaningful diversification when combined. NYF charges 0.25%/yr vs 0.07%/yr for MUB.

Performance

NYF vs. MUB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares New York Muni Bond ETF (NYF) and iShares National AMT-Free Muni Bond ETF (MUB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NYF achieves a 1.55% return, which is significantly higher than MUB's 1.32% return. Over the past 10 years, NYF has underperformed MUB with an annualized return of 1.81%, while MUB has yielded a comparatively higher 2.00% annualized return.

NYF

• 1D: 0.15%
• 1M: 0.57%
• YTD: 1.55%
• 6M: 2.00%
• 1Y: 6.85%
• 3Y*: 3.37%
• 5Y*: 0.85%
• 10Y*: 1.81%

MUB

• 1D: 0.15%
• 1M: 0.53%
• YTD: 1.32%
• 6M: 1.88%
• 1Y: 7.06%
• 3Y*: 3.46%
• 5Y*: 0.91%
• 10Y*: 2.00%

*Multi-year figures are annualized to reflect compound growth (CAGR)

NYF vs. MUB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NYF iShares New York Muni Bond ETF	1.55%	3.64%	1.13%	5.76%	-7.75%	1.34%	4.18%	6.49%	0.66%	5.02%
MUB iShares National AMT-Free Muni Bond ETF	1.32%	3.78%	1.26%	5.56%	-7.34%	1.02%	5.12%	7.06%	0.93%	4.72%

Correlation

The correlation between NYF and MUB is 0.88, 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	0.88
Correlation (3Y) Calculated over the trailing 3-year period	0.88
Correlation (5Y) Calculated over the trailing 5-year period	0.86
Correlation (10Y) Calculated over the trailing 10-year period	0.78
Correlation (All Time) Calculated using the full available price history since Oct 12, 2007	0.52

Over the past year, NYF and MUB have become more correlated (0.88) than their long-term average of 0.52, meaning their price movements have been converging.

Return for Risk

NYF vs. MUB — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

NYF

NYF Risk / Return Rank: 67
NYF Sharpe Ratio Rank: 75
NYF Sortino Ratio Rank: 78
NYF Omega Ratio Rank: 86
NYF Calmar Ratio Rank: 48
NYF Martin Ratio Rank: 50

MUB

MUB Risk / Return Rank: 67
MUB Sharpe Ratio Rank: 74
MUB Sortino Ratio Rank: 78
MUB Omega Ratio Rank: 84
MUB Calmar Ratio Rank: 48
MUB Martin Ratio Rank: 50

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

NYF vs. MUB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares New York Muni Bond ETF (NYF) 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.

	NYF	MUB	Difference
Sharpe ratio Return per unit of total volatility	2.47	2.43	+0.04
Sortino ratio Return per unit of downside risk	3.54	3.55	-0.02
Omega ratio Gain probability vs. loss probability	1.54	1.51	+0.03
Calmar ratio Return relative to maximum drawdown	2.42	2.42	0.00
Martin ratio Return relative to average drawdown	8.71	8.59	+0.11
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NYF vs. MUB - Sharpe Ratio Comparison

The current NYF Sharpe Ratio is 2.47, which is comparable to the MUB Sharpe Ratio of 2.43. The chart below compares the historical Sharpe Ratios of NYF and MUB, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	NYF	MUB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.47	2.43	+0.04
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.21	0.23	-0.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.41	0.41	0.00
Sharpe Ratio (All Time) Calculated using the full available price history	0.47	0.58	-0.11

Drawdowns

NYF vs. MUB - Drawdown Comparison

The maximum NYF drawdown since its inception was -13.12%, roughly equal to the maximum MUB drawdown of -13.68%. Use the drawdown chart below to compare losses from any high point for NYF and MUB.

Drawdown Indicators

	NYF	MUB	Difference
Max Drawdown Largest peak-to-trough decline	-13.12%	-13.68%	+0.56%
Max Drawdown (1Y) Largest decline over 1 year	-2.76%	-2.79%	+0.03%
Max Drawdown (3Y) Largest decline over 3 years	-5.68%	-5.34%	-0.34%
Max Drawdown (5Y) Largest decline over 5 years	-12.71%	-11.88%	-0.83%
Max Drawdown (10Y) Largest decline over 10 years	-13.12%	-13.68%	+0.56%
Current Drawdown Current decline from peak	-0.52%	-0.62%	+0.10%
Average Drawdown Average peak-to-trough decline	-2.31%	-2.23%	-0.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.77%	0.79%	-0.02%

Volatility

NYF vs. MUB - Volatility Comparison

iShares New York Muni Bond ETF (NYF) and iShares National AMT-Free Muni Bond ETF (MUB) have volatilities of 0.95% and 0.98%, 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.

Volatility by Period

	NYF	MUB	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.95%	0.98%	-0.03%
Volatility (6M) Calculated over the trailing 6-month period	2.08%	2.23%	-0.15%
Volatility (1Y) Calculated over the trailing 1-year period	2.79%	2.93%	-0.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.00%	4.06%	-0.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.48%	4.92%	-0.44%

NYF vs. MUB - Expense Ratio Comparison

NYF has a 0.25% 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

NYF vs. MUB - Dividend Comparison

NYF's dividend yield for the trailing twelve months is around 3.09%, 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%
NYF iShares New York Muni Bond ETF	3.09%	2.99%	2.77%	2.36%	2.04%	1.85%	1.98%	2.19%	2.48%	2.46%	2.43%	2.60%

Frequently Asked Questions

Can I hold both NYF and MUB in my portfolio?

NYF and MUB have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NYF or MUB?

MUB has higher volatility (0.98%) compared to NYF (0.95%). In terms of maximum drawdown, NYF dropped -13.12% vs MUB's -13.68%.

Which ETF is better, NYF or MUB?

On 10-year performance, MUB leads with 2.00% vs 1.81% for NYF. 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.

Which ETF has performed better, NYF or MUB?

Over the 10-year period, MUB has performed better with a 2.00% return vs 1.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NYF or MUB?

MUB is cheaper with a 0.07% expense ratio, compared with 0.25% for NYF.

Which ETF pays a higher dividend yield, NYF or MUB?

MUB has the higher dividend yield at 3.17%, compared with 3.09% for NYF.

What is the main difference between NYF and MUB?

NYF tracks S&P New York AMT-Free Municipal Bond Index, while MUB tracks S&P National AMT-Free Municipal Bond Index. Their fees differ too: 0.25% for NYF and 0.07% for MUB.

Which has better risk-adjusted returns?

NYF currently has the higher Sharpe Ratio (2.47 vs 2.43), 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.