SUB — iShares Short-Term National Muni Bond ETF

SUB Price Performance — Growth of $10,000

Value of a $10,000 investment in SUB 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.

SUB Drawdown

The "underwater" chart: SUB'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 Short-Term National Muni Bond ETF (SUB) operates within the Municipal Bonds category, which ETFValuer tracks with a total of 10 funds. Issued by iShares, the fund manages $11.4 billion in assets and trades at a price of $106.04. It holds an overall rank of #359 out of 458 tracked ETFs across all categories and has received an ETFValuer grade of C with a score of 52.7 out of 100. The fund charges an expense ratio of 0.07% while offering a dividend yield of 2.52%. The substantial asset under management relative to the small category size suggests significant investor adoption compared to its peers. This combination of low cost and high yield positions the fund as a notable component within its specific sector despite its mid-tier overall ranking.

Over the most recent trading day, the fund recorded a return of -0.08%, followed by a -0.13% decline over both the one-week and one-month periods. A slight positive shift occurred over the three-month horizon with a return of +0.05%, which accelerated to +0.21% over six months. Year-to-date performance stands at +0.63%, while the one-year return reached +2.03%. The longer-term trajectory shows continued growth, with the three-year annualized return sitting at +9.22%. This pattern indicates a divergence where short-term fluctuations were negative before transitioning into positive momentum over the medium and long term.

The fund carries a Very Low volatility label and a beta of 0.26, indicating that its price movements are significantly less sensitive to broader market shifts. Despite this low volatility, the Sharpe ratio is recorded at -2.65, suggesting that the risk-adjusted returns have been negative relative to the risk-free rate over the measured period. The maximum drawdown for the fund is -1.23%, reflecting a limited peak-to-trough decline during the observed timeframe. This combination of low beta and minimal drawdown implies the fund has experienced relatively stable price action with limited downside severity. However, the negative Sharpe ratio highlights that the returns generated have not sufficiently compensated for the risks taken, even if those risks were small in magnitude.

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

SUB Top Holdings

Holdings as of 2026-05-31 per the fund's most recent SEC N-PORT-P filing. Top 10 holdings make up 3.1% 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 SUB's holdings overlap with other ETFs you own or are considering, check the Stock Overlap tool.

Which Funds Overlap With SUB

Holding two funds that own the same companies adds cost and complexity without adding much diversification. These tracked ETFs share the most names with SUB's top 10 — MUB overlaps most, holding 2 of the same companies as SUB's top 10 (0.9% of SUB'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: 4.65% (as of 2026-07-27) — 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): 18.67 (as of 2026-07-27) — 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.

SUB Liquidity, Domicile & Tax Treatment

Liquidity: Quoted bid/ask spread is 8.41% and average daily volume is 442K/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 $11.4B provides ample scale, supporting tight spreads and issuer commitment to keep the fund open.

Domicile & tax treatment: SUB 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.

SUB Performance History

How SUB Compares to Other Municipal Bonds ETFs