PMIO vs. MUB
PMIO (PGIM Municipal Income Opportunities ETF) and MUB (iShares National AMT-Free Muni Bond ETF) are both Municipal Bonds funds. PMIO is actively managed, while MUB is passively managed. Over the past year, PMIO returned 6.62% vs 6.58% for MUB. Their correlation of 0.82 suggests significant overlap in exposure. PMIO charges 0.25%/yr vs 0.07%/yr for MUB.
Performance
PMIO vs. MUB - Performance Comparison
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Returns By Period
In the year-to-date period, PMIO achieves a 1.96% return, which is significantly higher than MUB's 1.53% return.
PMIO
- 1D
- -0.03%
- 1M
- 1.29%
- YTD
- 1.96%
- 6M
- 2.15%
- 1Y
- 6.62%
- 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%
PMIO vs. MUB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
PMIO PGIM Municipal Income Opportunities ETF | 1.96% | 5.30% | 2.41% |
MUB iShares National AMT-Free Muni Bond ETF | 1.53% | 3.78% | 1.51% |
Correlation
The correlation between PMIO and MUB is 0.80, 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 | 0.80 |
Correlation (All Time) Calculated using the full available price history since Jun 28, 2024 | 0.82 |
The correlation between PMIO and MUB has been stable across timeframes, ranging from 0.80 to 0.82 - a consistent structural relationship.
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Return for Risk
PMIO vs. MUB — Risk / Return Rank
PMIO
MUB
PMIO vs. MUB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PGIM Municipal Income Opportunities ETF (PMIO) 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.
| PMIO | MUB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.72 | ||
| Sortino ratioReturn per unit of downside risk | +1.18 | ||
| Omega ratioGain probability vs. loss probability | 1.69 | 1.48 | +0.21 |
| Calmar ratioReturn relative to maximum drawdown | 2.97 | 2.37 | +0.60 |
| Martin ratioReturn relative to average drawdown | 9.87 | 8.25 | +1.62 |
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Drawdowns
PMIO vs. MUB - Drawdown Comparison
The maximum PMIO drawdown since its inception was -3.39%, smaller than the maximum MUB drawdown of -13.68%. Use the drawdown chart below to compare losses from any high point for PMIO and MUB.
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Drawdown Indicators
| PMIO | MUB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -3.39% | -13.68% | +10.29% |
Max Drawdown (1Y)Largest decline over 1 year | -2.24% | -2.79% | +0.55% |
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 | -0.06% | -0.41% | +0.35% |
Average DrawdownAverage peak-to-trough decline | -0.65% | -2.23% | +1.58% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.67% | 0.80% | -0.13% |
Volatility
PMIO vs. MUB - Volatility Comparison
The current volatility for PGIM Municipal Income Opportunities ETF (PMIO) is 0.60%, while iShares National AMT-Free Muni Bond ETF (MUB) has a volatility of 0.76%. This indicates that PMIO experiences smaller price fluctuations and is considered to be less risky 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
| PMIO | MUB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.60% | 0.76% | -0.16% |
Volatility (6M)Calculated over the trailing 6-month period | 1.62% | 2.27% | -0.65% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.21% | 2.89% | -0.68% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.06% | 4.07% | -1.01% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.06% | 4.93% | -1.87% |
PMIO vs. MUB - Expense Ratio Comparison
PMIO 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
PMIO vs. MUB - Dividend Comparison
PMIO's dividend yield for the trailing twelve months is around 3.91%, more 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% |
PMIO PGIM Municipal Income Opportunities ETF | 3.91% | 4.00% | 2.11% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
PMIO and MUB have a correlation of 0.80, 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 PMIO (0.60%). In terms of maximum drawdown, PMIO dropped -3.39% vs MUB's -13.68%.
On 1-year performance, PMIO leads with 6.62% vs 6.58% for MUB. On fees, MUB is cheaper at 0.07% per year. On volatility, PMIO has been the lower-risk option at 0.60%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, PMIO has performed better with a 6.62% 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 0.25% for PMIO.
PMIO has the higher dividend yield at 3.91%, compared with 3.17% for MUB.
They also come from different issuers: PGIM and iShares. Their fees differ too: 0.25% for PMIO and 0.07% for MUB.
PMIO currently has the higher Sharpe Ratio (3.01 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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