TFI vs. MUB
TFI (SPDR Nuveen Bloomberg Barclays Municipal Bond ETF) and MUB (iShares National AMT-Free Muni Bond ETF) are both Municipal Bonds funds - TFI tracks the Bloomberg US Municipal Managed Money (1-25 Y) while MUB tracks the S&P National AMT-Free Municipal Bond Index. Both are passively managed. Over the past 10 years, TFI returned 1.51%/yr vs 2.00%/yr for MUB. A 0.65 correlation means they provide meaningful diversification when combined. TFI charges 0.23%/yr vs 0.07%/yr for MUB.
Performance
TFI vs. MUB - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with TFI having a 1.19% return and MUB slightly higher at 1.24%. Over the past 10 years, TFI has underperformed MUB with an annualized return of 1.51%, while MUB has yielded a comparatively higher 2.00% annualized return.
TFI
- 1D
- -0.02%
- 1M
- 0.63%
- YTD
- 1.19%
- 6M
- 1.64%
- 1Y
- 6.67%
- 3Y*
- 2.99%
- 5Y*
- -0.07%
- 10Y*
- 1.51%
MUB
- 1D
- -0.08%
- 1M
- 0.56%
- YTD
- 1.24%
- 6M
- 1.74%
- 1Y
- 6.95%
- 3Y*
- 3.43%
- 5Y*
- 0.86%
- 10Y*
- 2.00%
TFI vs. MUB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TFI SPDR Nuveen Bloomberg Barclays Municipal Bond ETF | 1.19% | 3.62% | -0.01% | 5.62% | -10.17% | 0.25% | 5.82% | 7.41% | 0.52% | 5.50% |
MUB iShares National AMT-Free Muni Bond ETF | 1.24% | 3.78% | 1.26% | 5.56% | -7.34% | 1.02% | 5.12% | 7.06% | 0.93% | 4.72% |
Correlation
The correlation between TFI and MUB is 0.86, 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 | 0.86 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.90 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.88 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.82 |
Correlation (All Time) Calculated using the full available price history since Sep 14, 2007 | 0.65 |
Over the past year, TFI and MUB have become more correlated (0.86) than their long-term average of 0.65, meaning their price movements have been converging.
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Return for Risk
TFI vs. MUB — Risk / Return Rank
TFI
MUB
TFI vs. MUB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Nuveen Bloomberg Barclays Municipal Bond ETF (TFI) 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.
| TFI | MUB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.02 | ||
| Sortino ratioReturn per unit of downside risk | -0.05 | ||
| Omega ratioGain probability vs. loss probability | 1.50 | 1.50 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 2.40 | 2.50 | -0.10 |
| Martin ratioReturn relative to average drawdown | 7.91 | 8.85 | -0.94 |
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
| TFI | MUB | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.38 | 2.39 | -0.02 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.02 | 0.21 | -0.23 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.30 | 0.41 | -0.10 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.51 | 0.58 | -0.07 |
Drawdowns
TFI vs. MUB - Drawdown Comparison
The maximum TFI drawdown since its inception was -15.49%, which is greater than MUB's maximum drawdown of -13.68%. Use the drawdown chart below to compare losses from any high point for TFI and MUB.
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Drawdown Indicators
| TFI | MUB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.49% | -13.68% | -1.81% |
Max Drawdown (1Y)Largest decline over 1 year | -2.79% | -2.79% | 0.00% |
Max Drawdown (3Y)Largest decline over 3 years | -6.81% | -5.34% | -1.47% |
Max Drawdown (5Y)Largest decline over 5 years | -15.41% | -11.88% | -3.53% |
Max Drawdown (10Y)Largest decline over 10 years | -15.49% | -13.68% | -1.81% |
Current DrawdownCurrent decline from peak | -1.21% | -0.70% | -0.51% |
Average DrawdownAverage peak-to-trough decline | -2.97% | -2.23% | -0.74% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.85% | 0.79% | +0.06% |
Volatility
TFI vs. MUB - Volatility Comparison
The current volatility for SPDR Nuveen Bloomberg Barclays Municipal Bond ETF (TFI) is 0.90%, while iShares National AMT-Free Muni Bond ETF (MUB) has a volatility of 0.97%. This indicates that TFI 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
| TFI | MUB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.90% | 0.97% | -0.07% |
Volatility (6M)Calculated over the trailing 6-month period | 2.10% | 2.22% | -0.12% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.82% | 2.92% | -0.10% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.31% | 4.06% | +0.25% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.00% | 4.92% | +0.08% |
TFI vs. MUB - Expense Ratio Comparison
TFI has a 0.23% 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
TFI vs. MUB - Dividend Comparison
TFI's dividend yield for the trailing twelve months is around 3.48%, 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% |
TFI SPDR Nuveen Bloomberg Barclays Municipal Bond ETF | 3.48% | 3.32% | 3.01% | 2.41% | 1.87% | 1.71% | 1.91% | 2.14% | 2.26% | 2.16% | 2.39% | 2.40% |
Frequently Asked Questions
TFI and MUB have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MUB has higher volatility (0.97%) compared to TFI (0.90%). In terms of maximum drawdown, TFI dropped -15.49% vs MUB's -13.68%.
On 10-year performance, MUB leads with 2.00% vs 1.51% for TFI. 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 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 0.23% for TFI.
TFI has the higher dividend yield at 3.48%, compared with 3.17% for MUB.
TFI tracks Bloomberg US Municipal Managed Money (1-25 Y), while MUB tracks S&P National AMT-Free Municipal Bond Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.23% for TFI and 0.07% for MUB.
MUB currently has the higher Sharpe Ratio (2.39 vs 2.38), 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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