JNK vs MUB: returns, risk and drawdowns compared
SPDR Bloomberg High Yield Bond ETF against iShares National Muni Bond ETF, over the same 18 years (January 2008 to October 2026) with dividends reinvested.
Data updated October 2026
From January 2008 to October 2026, JNK returned 15.0% a year and MUB 2.8% a year on average, so JNK came out ahead by 12.2% a year. JNK was the more volatile of the two (12.4% against 5.3% a year), and the deepest falls from a month-end high were 27.4% for JNK and 11.6% for MUB.
The correlation of monthly returns was 0.42: they moved together only in part. Over 191 rolling 3-year periods, JNK did better in 98% and MUB in 2%.
Side by side
| JNK | MUB | |
|---|---|---|
| Annual return (CAGR) | +15.0% | +2.8% |
| Total return | +1300% | +69% |
| Annual volatility | 12.4% | 5.3% |
| Maximum drawdown (month-end) | −27.4% | −11.6% |
| Worst month | −17.6% | −4.6% |
| Best month | +23.1% | +5.7% |
| Positive months | 72% | 60% |
| Best year | 2009: +81.8% | 2011: +13.0% |
| Worst year | 2022: −12.2% | 2022: −7.3% |
| 1-year return | +1.3% | −1.7% |
| 5 years, a year | +3.1% | +0.4% |
| 10 years, a year | +7.2% | +1.7% |
| Trading currency | USD | USD |
First nine rows: the same 226 months for both funds. Trailing returns: to each fund’s last close.
Growth of 10,000: JNK vs MUB
Returns by calendar year
| Year | JNK | MUB |
|---|---|---|
| 2025 | +8.8% | +3.8% |
| 2024 | +7.7% | +1.3% |
| 2023 | +12.4% | +5.6% |
| 2022 | −12.2% | −7.3% |
| 2021 | +4.0% | +1.0% |
| 2020 | +4.5% | +5.1% |
| 2019 | +19.2% | +7.1% |
| 2018 | +8.2% | +0.9% |
| 2017 | +19.1% | +4.7% |
| 2016 | +29.8% | −0.2% |
| 2015 | +5.1% | +2.9% |
| 2014 | +13.0% | +9.3% |
| 2013 | +19.6% | −3.4% |
| 2012 | +30.5% | +5.2% |
| 2011 | +24.0% | +13.0% |
| 2010 | +42.9% | +0.1% |
| 2009 | +81.8% | +7.1% |
| 2008 | −6.5% | +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, JNK or MUB?
From January 2008 to October 2026, JNK returned +15.0% a year and MUB +2.8% a year, with dividends reinvested. Over rolling 3-year periods JNK did better in 98% of cases. Past returns do not predict future returns.
Which is riskier, JNK or MUB?
Over the same months annual volatility was 12.4% for JNK and 5.3% for MUB; the deepest fall from a month-end high was 27.4% and 11.6%, and the worst single month −17.6% and −4.6%.
How correlated are JNK and MUB?
The correlation of their monthly returns was 0.42: 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.