VOE vs. MUB
VOE (Vanguard Mid-Cap Value ETF) and MUB (iShares National AMT-Free Muni Bond ETF) are both exchange-traded funds - VOE is a Mid Cap Value Equities fund tracking the CRSP US Mid Cap Value 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, VOE returned 10.57%/yr vs 1.84%/yr for MUB. At a correlation of -0.04, they often move in opposite directions. VOE charges 0.05%/yr vs 0.07%/yr for MUB.
Performance
VOE vs. MUB - Performance Comparison
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Returns By Period
In the year-to-date period, VOE achieves a 15.00% return, which is significantly higher than MUB's 0.72% return. Over the past 10 years, VOE has outperformed MUB with an annualized return of 10.57%, while MUB has yielded a comparatively lower 1.84% annualized return.
VOE
- 1D
- 0.20%
- 1M
- 3.58%
- 6M
- 11.63%
- YTD
- 15.00%
- 1Y
- 23.81%
- 3Y*
- 14.54%
- 5Y*
- 10.19%
- 10Y*
- 10.57%
- ALL TIME*
- 9.49%
MUB
- 1D
- -0.22%
- 1M
- -0.81%
- 6M
- 0.60%
- YTD
- 0.72%
- 1Y
- 5.86%
- 3Y*
- 2.74%
- 5Y*
- 0.61%
- 10Y*
- 1.84%
- ALL TIME*
- 3.15%
VOE vs. MUB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VOE Vanguard Mid-Cap Value ETF | 15.00% | 12.08% | 14.00% | 9.85% | -7.97% | 28.78% | 2.65% | 27.85% | -12.48% | 17.07% |
MUB iShares National AMT-Free Muni Bond ETF | 0.72% | 3.78% | 1.26% | 5.56% | -7.34% | 1.02% | 5.12% | 7.06% | 0.93% | 4.72% |
Correlation
The correlation between VOE and MUB is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.30 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.28 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.21 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.05 |
Correlation (All Time) Calculated using the full available price history since Sep 10, 2007 | -0.04 |
The correlation between VOE and MUB shifts across timeframes, from -0.04 (all time) to 0.30 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
VOE vs. MUB — Risk / Return Rank
VOE
MUB
VOE vs. MUB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Mid-Cap Value ETF (VOE) 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.
| VOE | MUB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.05 | ||
| Sortino ratioReturn per unit of downside risk | +0.10 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 1.42 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | 3.45 | 2.11 | +1.34 |
| Martin ratioReturn relative to average drawdown | 13.12 | 7.36 | +5.76 |
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Drawdowns
VOE vs. MUB - Drawdown Comparison
The maximum VOE drawdown since its inception was -61.50%, which is greater than MUB's maximum drawdown of -13.68%. Use the drawdown chart below to compare losses from any high point for VOE and MUB.
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Drawdown Indicators
| VOE | MUB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -61.50% | -13.68% | -47.82% |
Max Drawdown (1Y)Largest decline over 1 year | -6.93% | -2.79% | -4.14% |
Max Drawdown (3Y)Largest decline over 3 years | -18.45% | -5.25% | -13.20% |
Max Drawdown (5Y)Largest decline over 5 years | -19.70% | -11.80% | -7.90% |
Max Drawdown (10Y)Largest decline over 10 years | -43.18% | -13.68% | -29.50% |
Current DrawdownCurrent decline from peak | -0.72% | -1.30% | +0.58% |
Average DrawdownAverage peak-to-trough decline | -8.30% | -2.22% | -6.08% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.82% | 0.80% | +1.02% |
Volatility
VOE vs. MUB - Volatility Comparison
Vanguard Mid-Cap Value ETF (VOE) has a higher volatility of 2.36% compared to iShares National AMT-Free Muni Bond ETF (MUB) at 0.64%. This indicates that VOE'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
| VOE | MUB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.36% | 0.64% | +1.72% |
Volatility (6M)Calculated over the trailing 6-month period | 8.20% | 2.32% | +5.88% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.44% | 2.90% | +8.54% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.89% | 4.07% | +11.82% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.73% | 4.90% | +13.83% |
VOE vs. MUB - Expense Ratio Comparison
VOE has a 0.05% 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
VOE vs. MUB - Dividend Comparison
VOE's dividend yield for the trailing twelve months is around 1.84%, less than MUB's 3.21% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MUB iShares National AMT-Free Muni Bond ETF | 3.21% | 3.14% | 3.01% | 2.65% | 2.11% | 1.81% | 2.11% | 2.42% | 2.46% | 2.26% | 2.21% | 2.51% |
VOE Vanguard Mid-Cap Value ETF | 1.84% | 2.10% | 2.11% | 2.27% | 2.27% | 1.78% | 2.36% | 2.05% | 2.75% | 1.86% | 1.92% | 2.05% |
Frequently Asked Questions
VOE and MUB have a correlation of 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VOE has higher volatility (2.36%) compared to MUB (0.64%). In terms of maximum drawdown, VOE dropped -61.50% vs MUB's -13.68%.
On 10-year performance, VOE leads with 10.57% vs 1.84% for MUB. On fees, VOE is cheaper at 0.05% per year. On volatility, MUB has been the lower-risk option at 0.64%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, VOE has performed better with a 10.57% return vs 1.84%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VOE is cheaper with a 0.05% expense ratio, compared with 0.07% for MUB.
MUB has the higher dividend yield at 3.21%, compared with 1.84% for VOE.
VOE is categorized as Mid Cap Value Equities, while MUB is Municipal Bonds. VOE tracks CRSP US Mid Cap Value 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: 0.05% for VOE and 0.07% for MUB.
VOE currently has the higher Sharpe Ratio (2.09 vs 2.04), 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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