VCIT vs MUB: returns, risk and drawdowns compared
Vanguard Intermediate-Term Corporate Bond ETF against iShares National Muni Bond ETF, over the same 16 years (December 2009 to October 2026) with dividends reinvested.
Data updated October 2026
From December 2009 to October 2026, VCIT returned 4.0% a year and MUB 2.7% a year on average, so VCIT came out ahead by 1.3% a year. VCIT was the more volatile of the two (6.0% against 5.0% a year), and the deepest falls from a month-end high were 18.8% for VCIT and 11.6% for MUB.
The correlation of monthly returns was 0.77: they usually moved together. Over 168 rolling 3-year periods, VCIT did better in 78% and MUB in 22%.
Side by side
| VCIT | MUB | |
|---|---|---|
| Annual return (CAGR) | +4.0% | +2.7% |
| Total return | +95% | +57% |
| Annual volatility | 6.0% | 5.0% |
| Maximum drawdown (month-end) | −18.8% | −11.6% |
| Worst month | −7.3% | −4.1% |
| Best month | +6.3% | +5.7% |
| Positive months | 64% | 60% |
| Best year | 2019: +14.1% | 2011: +13.0% |
| Worst year | 2022: −14.0% | 2022: −7.3% |
| 1-year return | −2.3% | −1.7% |
| 5 years, a year | +0.8% | +0.4% |
| 10 years, a year | +2.4% | +1.7% |
| Trading currency | USD | USD |
First nine rows: the same 203 months for both funds. Trailing returns: to each fund’s last close.
Growth of 10,000: VCIT vs MUB
Returns by calendar year
| Year | VCIT | MUB |
|---|---|---|
| 2025 | +9.3% | +3.8% |
| 2024 | +3.2% | +1.3% |
| 2023 | +9.0% | +5.6% |
| 2022 | −14.0% | −7.3% |
| 2021 | −1.8% | +1.0% |
| 2020 | +9.5% | +5.1% |
| 2019 | +14.1% | +7.1% |
| 2018 | −1.7% | +0.9% |
| 2017 | +5.3% | +4.7% |
| 2016 | +5.3% | −0.2% |
| 2015 | +0.9% | +2.9% |
| 2014 | +7.9% | +9.3% |
| 2013 | −1.9% | −3.4% |
| 2012 | +11.1% | +5.2% |
| 2011 | +9.0% | +13.0% |
| 2010 | +10.0% | +0.1% |
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, VCIT or MUB?
From December 2009 to October 2026, VCIT returned +4.0% a year and MUB +2.7% a year, with dividends reinvested. Over rolling 3-year periods VCIT did better in 78% of cases. Past returns do not predict future returns.
Which is riskier, VCIT or MUB?
Over the same months annual volatility was 6.0% for VCIT and 5.0% for MUB; the deepest fall from a month-end high was 18.8% and 11.6%, and the worst single month −7.3% and −4.1%.
How correlated are VCIT and MUB?
The correlation of their monthly returns was 0.77: they usually moved together. Combining them has historically given some diversification.
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.