MUB: iShares National Muni Bond ETF returns, drawdowns and risk
Funds on bonds issued by companies (investment grade and high yield), emerging market governments and US municipalities.
Data updated October 2026
MUB · US exchange · USDCategory: Corporate, high yield and municipal bond ETFsData from September 2007
From September 2007 to October 2026 MUB returned 2.9% a year on average with dividends reinvested, in US dollars: $10,000 invested at the start grew to $17,216.
Its deepest fall was 13.7%, from March 2020 to March 2020, and it took about 5 months to get back to the previous high. Annual volatility was 5.4%; at the last close it was 4.0% below its high.
Against AGG (iShares Core U.S. Aggregate Bond ETF), over the 229 months both have data, the correlation of monthly returns was 0.74: they usually moved together. Beta was 0.84. In months when AGG rose, MUB moved 97% as much on average; in months when AGG fell, 93% as much.
Key figures
- Annual return (CAGR)
- +2.9%
- 1-year return
- −1.7%
- 5 years, a year
- +0.4%
- 10 years, a year
- +1.7%
- Annual volatility
- 5.4%
- Maximum drawdown
- −13.7%
- Sharpe ratio
- 0.27
- Worst year
- 2022: −7.3%
Trailing returns
| Period | MUB | AGG |
|---|---|---|
| 1 year | −1.7% | −1.9% |
| 3 years, a year | +3.5% | +5.2% |
| 5 years, a year | +0.4% | −0.3% |
| 10 years, a year | +1.7% | +1.2% |
To the last close of October 2026. Periods longer than a year are annualised.
Growth of $10,000: MUB vs AGG
Month-end values from October 2007, the first month both funds have data.
MUB drawdowns
Percentage below the previous high, weekly.
Returns by calendar year
| Year | MUB | AGG |
|---|---|---|
| 2026(partial) | −2.0% | −1.8% |
| 2025 | +3.8% | +7.2% |
| 2024 | +1.3% | +1.3% |
| 2023 | +5.6% | +5.7% |
| 2022 | −7.3% | −13.0% |
| 2021 | +1.0% | −1.8% |
| 2020 | +5.1% | +7.5% |
| 2019 | +7.1% | +8.5% |
| 2018 | +0.9% | +0.1% |
| 2017 | +4.7% | +3.5% |
| 2016 | −0.2% | +2.4% |
| 2015 | +2.9% | +0.5% |
| 2014 | +9.3% | +6.0% |
| 2013 | −3.4% | −2.0% |
| 2012 | +5.2% | +3.8% |
| 2011 | +13.0% | +7.7% |
| 2010 | +0.1% | +6.4% |
| 2009 | +7.1% | +3.0% |
| 2008 | +1.2% | +7.9% |
| 2007(partial) | +1.8% | — |
MUB compared
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.
Sharpe ratio uses the return of short-term government bills in the same currency as the risk-free rate. The growth chart uses month-end values; drawdowns and volatility use daily closes.
Questions
What is the average annual return of MUB?
From September 2007 to October 2026 MUB returned 2.9% a year on average (CAGR) with dividends reinvested, in USD. Over the last 5 years: +0.4% a year. Over the last 12 months: −1.7%.
What was the worst drawdown of MUB?
13.7%, from March 2020 to March 2020; it took about 5 months from the previous high to get back to it.
How volatile is MUB?
Annual volatility was 5.4% over the period. Its worst month was −4.6% and 61% of months were positive. Worst calendar year: 2022 (−7.3%).
How closely does MUB follow AGG?
Over 229 months the correlation of monthly returns was 0.74, so they usually moved together, with a beta of 0.84.
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Other Corporate, high yield and municipal bond ETFs
- All Corporate, high yield and municipal bond ETFsReturns and risk side by side
- LQD — iShares iBoxx $ Investment Grade Corporate Bond ETFCAGR +3.9%
- HYG — iShares iBoxx $ High Yield Corporate Bond ETFCAGR +4.8%
- JNK — SPDR Bloomberg High Yield Bond ETFCAGR +15.1%
- VCIT — Vanguard Intermediate-Term Corporate Bond ETFCAGR +4.1%
- EMB — iShares J.P. Morgan USD Emerging Markets Bond ETFCAGR +4.4%
- VCSH — Vanguard Short-Term Corporate Bond ETFCAGR +2.8%
- IEAC — iShares Core € Corp Bond UCITS ETF (Dist)CAGR +0.2%
- IHYG — iShares € High Yield Corp Bond UCITS ETF (Dist)CAGR −0.6%
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.