SUB vs. HYMB

Last updated Jun 5, 2026

SUB (iShares Short-Term National Muni Bond ETF) and HYMB (SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF) are both Municipal Bonds funds - SUB tracks the ICE Short Maturity AMT-Free US National Municipal Index - Benchmark TR Gross while HYMB tracks the Bloomberg Municipal Yield. Both are passively managed. Over the past 10 years, SUB returned 1.50%/yr vs 2.47%/yr for HYMB. At a 0.33 correlation, their price movements are largely independent. SUB charges 0.07%/yr vs 0.35%/yr for HYMB.

Performance

SUB vs. HYMB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Short-Term National Muni Bond ETF (SUB) and SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF (HYMB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SUB achieves a 0.83% return, which is significantly lower than HYMB's 3.07% return. Over the past 10 years, SUB has underperformed HYMB with an annualized return of 1.50%, while HYMB has yielded a comparatively higher 2.47% annualized return.

SUB

• 1D: 0.05%
• 1M: 0.37%
• YTD: 0.83%
• 6M: 1.21%
• 1Y: 3.15%
• 3Y*: 3.18%
• 5Y*: 1.47%
• 10Y*: 1.50%

HYMB

• 1D: 0.20%
• 1M: 1.19%
• YTD: 3.07%
• 6M: 3.18%
• 1Y: 7.38%
• 3Y*: 5.23%
• 5Y*: 0.46%
• 10Y*: 2.47%

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

SUB vs. HYMB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SUB iShares Short-Term National Muni Bond ETF	0.83%	3.64%	2.17%	2.91%	-2.05%	0.03%	2.51%	2.93%	1.85%	0.75%
HYMB SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF	3.07%	2.04%	5.52%	7.73%	-15.54%	5.16%	3.74%	9.51%	4.91%	3.22%

Correlation

The correlation between SUB and HYMB is 0.53, 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	0.53
Correlation (3Y) Calculated over the trailing 3-year period	0.59
Correlation (5Y) Calculated over the trailing 5-year period	0.58
Correlation (10Y) Calculated over the trailing 10-year period	0.43
Correlation (All Time) Calculated using the full available price history since Apr 15, 2011	0.33

The correlation between SUB and HYMB shifts across timeframes, from 0.33 (all time) to 0.59 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

SUB vs. HYMB — Risk / Return Rank

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

SUB

SUB Risk / Return Rank: 84
SUB Sharpe Ratio Rank: 91
SUB Sortino Ratio Rank: 93
SUB Omega Ratio Rank: 95
SUB Calmar Ratio Rank: 78
SUB Martin Ratio Rank: 62

HYMB

HYMB Risk / Return Rank: 55
HYMB Sharpe Ratio Rank: 55
HYMB Sortino Ratio Rank: 56
HYMB Omega Ratio Rank: 62
HYMB Calmar Ratio Rank: 49
HYMB Martin Ratio Rank: 51

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.

SUB vs. HYMB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Short-Term National Muni Bond ETF (SUB) and SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF (HYMB). 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.

	SUB	HYMB	Difference
Sharpe ratio: Return per unit of total volatility	3.17	1.83	+1.34
Sortino ratio: Return per unit of downside risk	4.59	2.62	+1.98
Omega ratio: Gain probability vs. loss probability	1.71	1.37	+0.34
Calmar ratio: Return relative to maximum drawdown	3.93	2.39	+1.54
Martin ratio: Return relative to average drawdown	11.13	8.46	+2.67
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SUB vs. HYMB - Sharpe Ratio Comparison

The current SUB Sharpe Ratio is 3.17, which is higher than the HYMB Sharpe Ratio of 1.83. The chart below compares the historical Sharpe Ratios of SUB and HYMB, 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

	SUB	HYMB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.17	1.83	+1.34
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.90	0.07	+0.83
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.58	0.22	+0.36
Sharpe Ratio (All Time) Calculated using the full available price history	0.42	0.45	-0.03

Drawdowns

SUB vs. HYMB - Drawdown Comparison

The maximum SUB drawdown since its inception was -9.46%, smaller than the maximum HYMB drawdown of -29.57%. Use the drawdown chart below to compare losses from any high point for SUB and HYMB.

Drawdown Indicators

	SUB	HYMB	Difference
Max Drawdown Largest peak-to-trough decline	-9.46%	-29.57%	+20.11%
Max Drawdown (1Y) Largest decline over 1 year	-0.81%	-3.11%	+2.30%
Max Drawdown (3Y) Largest decline over 3 years	-1.23%	-7.44%	+6.21%
Max Drawdown (5Y) Largest decline over 5 years	-4.35%	-20.15%	+15.80%
Max Drawdown (10Y) Largest decline over 10 years	-9.46%	-29.57%	+20.11%
Current Drawdown Current decline from peak	-0.06%	0.00%	-0.06%
Average Drawdown Average peak-to-trough decline	-0.92%	-3.80%	+2.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.28%	0.88%	-0.60%

Volatility

SUB vs. HYMB - Volatility Comparison

The current volatility for iShares Short-Term National Muni Bond ETF (SUB) is 0.28%, while SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF (HYMB) has a volatility of 1.35%. This indicates that SUB experiences smaller price fluctuations and is considered to be less risky than HYMB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SUB	HYMB	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.28%	1.35%	-1.07%
Volatility (6M) Calculated over the trailing 6-month period	0.79%	3.14%	-2.35%
Volatility (1Y) Calculated over the trailing 1-year period	1.00%	4.06%	-3.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.64%	6.66%	-5.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.59%	11.35%	-8.76%

SUB vs. HYMB - Expense Ratio Comparison

SUB has a 0.07% expense ratio, which is lower than HYMB's 0.35% expense ratio.

Dividends

SUB vs. HYMB - Dividend Comparison

SUB's dividend yield for the trailing twelve months is around 2.52%, less than HYMB's 4.54% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HYMB SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF	4.54%	4.55%	4.29%	4.07%	3.77%	3.19%	3.55%	3.95%	4.03%	3.78%	4.08%	4.54%
SUB iShares Short-Term National Muni Bond ETF	2.52%	2.42%	2.10%	1.73%	0.86%	0.72%	1.23%	1.58%	1.32%	0.95%	0.75%	0.77%

Frequently Asked Questions

Can I hold both SUB and HYMB in my portfolio?

SUB and HYMB have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SUB or HYMB?

HYMB has higher volatility (1.35%) compared to SUB (0.28%). In terms of maximum drawdown, SUB dropped -9.46% vs HYMB's -29.57%.

Which ETF is better, SUB or HYMB?

On 10-year performance, HYMB leads with 2.47% vs 1.50% for SUB. On fees, SUB is cheaper at 0.07% per year. On volatility, SUB has been the lower-risk option at 0.28%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SUB or HYMB?

Over the 10-year period, HYMB has performed better with a 2.47% return vs 1.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SUB or HYMB?

SUB is cheaper with a 0.07% expense ratio, compared with 0.35% for HYMB.

Which ETF pays a higher dividend yield, SUB or HYMB?

HYMB has the higher dividend yield at 4.54%, compared with 2.52% for SUB.

What is the main difference between SUB and HYMB?

SUB tracks ICE Short Maturity AMT-Free US National Municipal Index - Benchmark TR Gross, while HYMB tracks Bloomberg Municipal Yield. They also come from different issuers: iShares and State Street. Their fees differ too: 0.07% for SUB and 0.35% for HYMB.

Which has better risk-adjusted returns?

SUB currently has the higher Sharpe Ratio (3.17 vs 1.83), 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.