SMB vs. MUB
SMB (VanEck Short Muni ETF) and MUB (iShares National AMT-Free Muni Bond ETF) are both Municipal Bonds funds - SMB tracks the Bloomberg AMT-Free Short Continuous while MUB tracks the S&P National AMT-Free Municipal Bond Index. Both are passively managed. Over the past 10 years, SMB returned 1.51%/yr vs 2.00%/yr for MUB. At a 0.31 correlation, their price movements are largely independent. SMB charges 0.20%/yr vs 0.07%/yr for MUB.
Performance
SMB vs. MUB - Performance Comparison
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Returns By Period
In the year-to-date period, SMB achieves a 0.55% return, which is significantly lower than MUB's 1.32% return. Over the past 10 years, SMB has underperformed MUB with an annualized return of 1.51%, while MUB has yielded a comparatively higher 2.00% annualized return.
SMB
- 1D
- 0.14%
- 1M
- 0.61%
- YTD
- 0.55%
- 6M
- 1.43%
- 1Y
- 3.84%
- 3Y*
- 3.62%
- 5Y*
- 1.19%
- 10Y*
- 1.51%
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%
SMB vs. MUB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SMB VanEck Short Muni ETF | 0.55% | 4.61% | 2.41% | 3.14% | -4.50% | 0.12% | 3.30% | 4.54% | 1.86% | 1.16% |
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 SMB and MUB is 0.51, 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 | 0.51 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.60 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.58 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.47 |
Correlation (All Time) Calculated using the full available price history since Feb 29, 2008 | 0.31 |
The correlation between SMB and MUB shifts across timeframes, from 0.31 (all time) to 0.60 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
SMB vs. MUB — Risk / Return Rank
SMB
MUB
SMB vs. MUB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Short Muni ETF (SMB) 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.
| SMB | MUB | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 2.35 | 2.43 | -0.08 |
Sortino ratioReturn per unit of downside risk | 3.46 | 3.55 | -0.09 |
Omega ratioGain probability vs. loss probability | 1.47 | 1.51 | -0.04 |
Calmar ratioReturn relative to maximum drawdown | 3.25 | 2.42 | +0.82 |
Martin ratioReturn relative to average drawdown | 9.17 | 8.59 | +0.57 |
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
| SMB | MUB | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.35 | 2.43 | -0.08 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.48 | 0.23 | +0.25 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.36 | 0.41 | -0.05 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.42 | 0.58 | -0.16 |
Drawdowns
SMB vs. MUB - Drawdown Comparison
The maximum SMB drawdown since its inception was -12.64%, smaller than the maximum MUB drawdown of -13.68%. Use the drawdown chart below to compare losses from any high point for SMB and MUB.
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Drawdown Indicators
| SMB | MUB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -12.64% | -13.68% | +1.04% |
Max Drawdown (1Y)Largest decline over 1 year | -1.17% | -2.79% | +1.62% |
Max Drawdown (3Y)Largest decline over 3 years | -1.80% | -5.34% | +3.54% |
Max Drawdown (5Y)Largest decline over 5 years | -7.48% | -11.88% | +4.40% |
Max Drawdown (10Y)Largest decline over 10 years | -12.64% | -13.68% | +1.04% |
Current DrawdownCurrent decline from peak | -0.25% | -0.62% | +0.37% |
Average DrawdownAverage peak-to-trough decline | -1.14% | -2.23% | +1.09% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.41% | 0.79% | -0.38% |
Volatility
SMB vs. MUB - Volatility Comparison
The current volatility for VanEck Short Muni ETF (SMB) is 0.42%, while iShares National AMT-Free Muni Bond ETF (MUB) has a volatility of 0.98%. This indicates that SMB 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
| SMB | MUB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.42% | 0.98% | -0.56% |
Volatility (6M)Calculated over the trailing 6-month period | 1.21% | 2.23% | -1.02% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.64% | 2.93% | -1.29% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.48% | 4.06% | -1.58% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.26% | 4.92% | -0.66% |
SMB vs. MUB - Expense Ratio Comparison
SMB has a 0.20% 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
SMB vs. MUB - Dividend Comparison
SMB's dividend yield for the trailing twelve months is around 2.70%, 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% |
SMB VanEck Short Muni ETF | 2.70% | 2.63% | 2.38% | 1.83% | 1.32% | 1.24% | 1.50% | 1.58% | 1.49% | 1.23% | 1.12% | 1.13% |
Frequently Asked Questions
SMB and MUB have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MUB has higher volatility (0.98%) compared to SMB (0.42%). In terms of maximum drawdown, SMB dropped -12.64% vs MUB's -13.68%.
On 10-year performance, MUB leads with 2.00% vs 1.51% for SMB. On fees, MUB is cheaper at 0.07% per year. On volatility, SMB has been the lower-risk option at 0.42%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, MUB has performed better with a 2.00% return vs 1.51%. 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 0.20% for SMB.
MUB has the higher dividend yield at 3.17%, compared with 2.70% for SMB.
SMB tracks Bloomberg AMT-Free Short Continuous, while MUB tracks S&P National AMT-Free Municipal Bond Index. They also come from different issuers: VanEck and iShares. Their fees differ too: 0.20% for SMB and 0.07% for MUB.
MUB currently has the higher Sharpe Ratio (2.43 vs 2.35), 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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