HYG vs MUB: returns, risk and drawdowns compared
iShares iBoxx $ High Yield Corporate Bond ETF against iShares National Muni Bond ETF, over the same 19 years (October 2007 to October 2026) with dividends reinvested.
Data updated October 2026
From October 2007 to October 2026, HYG returned 4.7% a year and MUB 2.9% a year on average, so HYG came out ahead by 1.8% a year. HYG was the more volatile of the two (10.1% against 5.3% a year), and the deepest falls from a month-end high were 30.2% for HYG and 11.6% for MUB.
The correlation of monthly returns was 0.45: they moved together only in part. Over 194 rolling 3-year periods, HYG did better in 86% and MUB in 14%.
Side by side
| HYG | MUB | |
|---|---|---|
| Annual return (CAGR) | +4.7% | +2.9% |
| Total return | +142% | +73% |
| Annual volatility | 10.1% | 5.3% |
| Maximum drawdown (month-end) | −30.2% | −11.6% |
| Worst month | −11.5% | −4.6% |
| Best month | +16.8% | +5.7% |
| Positive months | 65% | 61% |
| Best year | 2009: +28.5% | 2011: +13.0% |
| Worst year | 2008: −17.6% | 2022: −7.3% |
| 1-year return | +1.1% | −1.7% |
| 5 years, a year | +3.2% | +0.4% |
| 10 years, a year | +4.1% | +1.7% |
| Trading currency | USD | USD |
First nine rows: the same 229 months for both funds. Trailing returns: to each fund’s last close.
Growth of 10,000: HYG vs MUB
Returns by calendar year
| Year | HYG | MUB |
|---|---|---|
| 2025 | +8.6% | +3.8% |
| 2024 | +8.0% | +1.3% |
| 2023 | +11.6% | +5.6% |
| 2022 | −11.0% | −7.3% |
| 2021 | +3.8% | +1.0% |
| 2020 | +4.0% | +5.1% |
| 2019 | +14.1% | +7.1% |
| 2018 | −2.0% | +0.9% |
| 2017 | +6.1% | +4.7% |
| 2016 | +13.4% | −0.2% |
| 2015 | −5.0% | +2.9% |
| 2014 | +1.9% | +9.3% |
| 2013 | +5.8% | −3.4% |
| 2012 | +11.7% | +5.2% |
| 2011 | +6.8% | +13.0% |
| 2010 | +11.9% | +0.1% |
| 2009 | +28.5% | +7.1% |
| 2008 | −17.6% | +1.2% |
How the figures are calculated
Total return in the fund’s trading currency, from end-of-day prices with dividends reinvested on the ex-date. The fund’s own ongoing charges are already reflected in its price; trading costs, taxes and currency conversion are not included. Past returns do not predict future returns.
The comparison uses only the months in which both funds have prices, so the figures cover the same period even when one fund is older.
Questions
Which has returned more, HYG or MUB?
From October 2007 to October 2026, HYG returned +4.7% a year and MUB +2.9% a year, with dividends reinvested. Over rolling 3-year periods HYG did better in 86% of cases. Past returns do not predict future returns.
Which is riskier, HYG or MUB?
Over the same months annual volatility was 10.1% for HYG and 5.3% for MUB; the deepest fall from a month-end high was 30.2% and 11.6%, and the worst single month −11.5% and −4.6%.
How correlated are HYG and MUB?
The correlation of their monthly returns was 0.45: they moved together only in part. Combining them has historically smoothed the ups and downs of either one alone.
More comparisons
Source: MarketStack end-of-day prices, total return with dividends reinvested. Figures are historical and descriptive; they are not forecasts and not investment advice. MEDGE Capital does not recommend buying or selling any instrument. Risk disclaimer.