MUB — iShares National Muni Bond ETF

MUB Price Performance — Growth of $10,000

Value of a $10,000 investment in MUB over time, compared with SPY. Both lines are rebased to $10,000 on the first shared date. Based on total returns — prices are adjusted for dividends and splits, so this assumes distributions were reinvested. Hover or tap the chart for exact values.

MUB Drawdown

The "underwater" chart: MUB's decline from its highest prior value at each point in time. It shows how deep past losses ran and how long the fund took to recover to break-even.

Overview

The iShares National Muni Bond ETF (MUB) operates within the Municipal Bonds category, which currently contains 10 ETFs tracked by ETFValuer. Issued by iShares, this fund holds $45.8 billion in assets under management and trades at a price of $105.77. It carries an overall rank of #206 out of 458 tracked ETFs across all categories and has received an ETFValuer grade of C with a score of 62.3 out of 100. The fund offers a low cost structure with an expense ratio of 0.05% while providing a dividend yield of 3.16%. The substantial asset size and low expense ratio suggest significant investor adoption relative to the smaller category size. These metrics position the fund as a widely held option within its specific municipal bond niche despite its mid-tier overall ranking.

Over the last day, the fund declined by 0.22%, following a 0.10% drop over the previous week. Monthly performance shows a sharper decline of 1.54%, while the three-month return sits at -0.63%. The six-month return is slightly negative at -0.24%, but year-to-date performance has turned positive at +0.21%. The one-year return stands at +5.38%, indicating a recovery from the shorter-term losses. This positive momentum extends to the three-year horizon, where the fund has generated a return of +9.86%. The data reveals a divergence where short-term periods show weakness while longer-term horizons reflect positive growth.

The fund is assigned a Very Low volatility label and maintains a beta of 0.90, suggesting price movements that are generally less pronounced than the broader market. A Sharpe ratio of 0.13 indicates that the risk-adjusted returns have been modest relative to the volatility experienced. The maximum drawdown recorded for the fund is -4.78%, which aligns with the low volatility classification. This combination of figures implies that the ETF tends to experience smaller fluctuations in both up and down markets compared to higher-beta assets. The low beta and volatility label suggest a defensive profile, though the Sharpe ratio reflects that these lower risks have not translated into high excess returns during the measured periods.

AI-generated summary based on the data on this page.

MUB Top Holdings

Holdings as of 2026-05-31 per the fund's most recent SEC N-PORT-P filing. Top 10 holdings make up 2.5% of net assets — a rough gauge of concentration risk (the higher this figure, the more the fund's return depends on a handful of names). To see how MUB's holdings overlap with other ETFs you own or are considering, check the Stock Overlap tool.

Which Funds Overlap With MUB

Holding two funds that own the same companies adds cost and complexity without adding much diversification. These tracked ETFs share the most names with MUB's top 10 — SUB overlaps most, holding 2 of the same companies as MUB's top 10 (1.4% of MUB's assets).

Compares the top 10 reported holdings of each fund, so it's a floor on true overlap — two S&P 500 trackers overlap ~100% even when only 10 names are listed. Use the Stock Overlap tool to search by individual company.

Market Backdrop

10-Year Treasury Yield: 4.61% (as of 2026-07-28) — The yield on 10-year US Treasury bonds — the standard "risk-free rate" benchmark used to contextualize this fund’s Sharpe ratio and returns.

CBOE Volatility Index (VIX): 18.21 (as of 2026-07-28) — A real-time gauge of expected S&P 500 volatility over the next 30 days — useful context for this fund’s own volatility label.

Federal Funds Rate: 3.63% (as of 2026-06-01) — The Federal Reserve’s target policy rate, which anchors short-term borrowing costs across the economy.

MUB Liquidity, Domicile & Tax Treatment

Liquidity: Quoted bid/ask spread is 1.17% and average daily volume is 3.6M/day. Tighter spreads and higher volume mean lower round-trip trading costs; this is a live-market snapshot and can widen during volatile sessions. AUM of $45.8B provides ample scale, supporting tight spreads and issuer commitment to keep the fund open.

Domicile & tax treatment: MUB is a US-domiciled, SEC-registered ('40 Act) exchange-traded fund. Dividends and capital gains distributions are reported to US investors on Form 1099-DIV, and the fund is not subject to the PFIC reporting or UCITS-specific rules that apply to Irish- or Luxembourg-domiciled funds. Non-US investors should note that US-domiciled ETFs are generally subject to 30% US withholding tax on dividends (unless reduced by treaty) and to US estate tax exposure on the position — Irish-domiciled UCITS ETFs tracking the same index often avoid both, which is why non-US residents frequently prefer the UCITS equivalent where one exists. This is general information, not tax advice — consult a tax professional for your situation.

MUB Performance History

How MUB Compares to Other Municipal Bonds ETFs