VGK vs. MUB
VGK (Vanguard FTSE Europe ETF) and MUB (iShares National AMT-Free Muni Bond ETF) are both exchange-traded funds - VGK is a Europe Equities fund tracking the FTSE Developed Europe All Cap Index, while MUB is a Municipal Bonds fund tracking the S&P National AMT-Free Municipal Bond Index. Both are passively managed. Over the past 10 years, VGK returned 9.63%/yr vs 1.94%/yr for MUB. At a correlation of -0.01, they often move in opposite directions. VGK charges 0.06%/yr vs 0.07%/yr for MUB.
Performance
VGK vs. MUB - Performance Comparison
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Returns By Period
In the year-to-date period, VGK achieves a 5.17% return, which is significantly higher than MUB's 1.17% return. Over the past 10 years, VGK has outperformed MUB with an annualized return of 9.63%, while MUB has yielded a comparatively lower 1.94% annualized return.
VGK
- 1D
- 0.45%
- 1M
- -0.68%
- YTD
- 5.17%
- 6M
- 8.47%
- 1Y
- 16.29%
- 3Y*
- 16.24%
- 5Y*
- 8.08%
- 10Y*
- 9.63%
MUB
- 1D
- -0.03%
- 1M
- 0.21%
- YTD
- 1.17%
- 6M
- 1.69%
- 1Y
- 6.99%
- 3Y*
- 3.29%
- 5Y*
- 0.77%
- 10Y*
- 1.94%
VGK vs. MUB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VGK Vanguard FTSE Europe ETF | 5.17% | 35.83% | 1.88% | 20.19% | -15.98% | 16.89% | 5.43% | 24.85% | -14.89% | 26.98% |
MUB iShares National AMT-Free Muni Bond ETF | 1.17% | 3.78% | 1.26% | 5.56% | -7.34% | 1.02% | 5.12% | 7.06% | 0.93% | 4.72% |
Correlation
The correlation between VGK and MUB is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.37 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.31 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.24 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.10 |
Correlation (All Time) Calculated using the full available price history since Sep 11, 2007 | -0.01 |
The correlation between VGK and MUB shifts across timeframes, from -0.01 (all time) to 0.37 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
VGK vs. MUB — Risk / Return Rank
VGK
MUB
VGK vs. MUB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard FTSE Europe ETF (VGK) 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.
| VGK | MUB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.37 | ||
| Sortino ratioReturn per unit of downside risk | -1.99 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.51 | -0.32 |
| Calmar ratioReturn relative to maximum drawdown | 1.35 | 2.52 | -1.16 |
| Martin ratioReturn relative to average drawdown | 5.01 | 8.85 | -3.84 |
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
| VGK | MUB | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.05 | 2.42 | -1.37 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.45 | 0.19 | +0.26 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.51 | 0.39 | +0.12 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.28 | 0.58 | -0.31 |
Drawdowns
VGK vs. MUB - Drawdown Comparison
The maximum VGK drawdown since its inception was -63.61%, which is greater than MUB's maximum drawdown of -13.68%. Use the drawdown chart below to compare losses from any high point for VGK and MUB.
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Drawdown Indicators
| VGK | MUB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -63.61% | -13.68% | -49.93% |
Max Drawdown (1Y)Largest decline over 1 year | -12.09% | -2.79% | -9.30% |
Max Drawdown (3Y)Largest decline over 3 years | -14.31% | -5.34% | -8.97% |
Max Drawdown (5Y)Largest decline over 5 years | -32.74% | -11.88% | -20.86% |
Max Drawdown (10Y)Largest decline over 10 years | -37.24% | -13.68% | -23.56% |
Current DrawdownCurrent decline from peak | -2.83% | -0.77% | -2.06% |
Average DrawdownAverage peak-to-trough decline | -13.34% | -2.23% | -11.11% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.26% | 0.79% | +2.47% |
Volatility
VGK vs. MUB - Volatility Comparison
Vanguard FTSE Europe ETF (VGK) has a higher volatility of 4.86% compared to iShares National AMT-Free Muni Bond ETF (MUB) at 0.99%. This indicates that VGK's price experiences larger fluctuations and is considered to be riskier 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
| VGK | MUB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.86% | 0.99% | +3.87% |
Volatility (6M)Calculated over the trailing 6-month period | 12.97% | 2.23% | +10.74% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.57% | 2.90% | +12.67% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.92% | 4.06% | +13.86% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.97% | 4.92% | +14.05% |
VGK vs. MUB - Expense Ratio Comparison
VGK has a 0.06% expense ratio, which is lower than MUB's 0.07% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
VGK vs. MUB - Dividend Comparison
VGK's dividend yield for the trailing twelve months is around 2.83%, less than MUB's 3.18% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MUB iShares National AMT-Free Muni Bond ETF | 3.18% | 3.14% | 3.01% | 2.65% | 2.11% | 1.81% | 2.11% | 2.42% | 2.46% | 2.26% | 2.21% | 2.51% |
VGK Vanguard FTSE Europe ETF | 2.83% | 2.86% | 3.61% | 3.15% | 3.25% | 3.05% | 2.11% | 3.27% | 3.95% | 2.70% | 3.52% | 3.25% |
Frequently Asked Questions
VGK and MUB have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VGK has higher volatility (4.86%) compared to MUB (0.99%). In terms of maximum drawdown, VGK dropped -63.61% vs MUB's -13.68%.
On 10-year performance, VGK leads with 9.63% vs 1.94% for MUB. On fees, VGK is cheaper at 0.06% per year. On volatility, MUB has been the lower-risk option at 0.99%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, VGK has performed better with a 9.63% return vs 1.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VGK is cheaper with a 0.06% expense ratio, compared with 0.07% for MUB.
MUB has the higher dividend yield at 3.18%, compared with 2.83% for VGK.
VGK is categorized as Europe Equities, while MUB is Municipal Bonds. VGK tracks FTSE Developed Europe All Cap Index, while MUB tracks S&P National AMT-Free Municipal Bond Index. They also come from different issuers: Vanguard and iShares. Their fees differ too: 0.06% for VGK and 0.07% for MUB.
MUB currently has the higher Sharpe Ratio (2.42 vs 1.05), 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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