SPDR Nuveen Municipal Bond ETF (MBND) Performance
MBND total return
Distributions reinvested · as of Oct 23, 2026- YTD
- −1.8% since Dec 31, 2025
- 1 year
- −1.6% total return
- 5 years
- +0.2% a year
- Since first price
- +0.1% a year since 2021
MBND trailing returns vs SPY, QQQ, AGG
| Period | MBND total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | +1.7% | +1.4% | −1.0% | −5.0% | +0.9% |
| 3 months | −1.4% | −2.2% | +3.2% | +1.9% | −0.4% |
| 6 months | −2.4% | −4.1% | +7.8% | +8.4% | −1.5% |
| YTD | −1.8% | −4.3% | +12.3% | +15.1% | −1.0% |
| 1 year | −1.6% | −5.0% | +14.4% | +15.9% | −1.1% |
| 3 years | +11.7%+3.8%/yr | +1.7% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| 5 years | +1.1%+0.2%/yr | −12.0% | +79.3%+12.4%/yr | +94.0%+14.2%/yr | −0.8%−0.2%/yr |
| Since inceptionFeb 4, 2021 | +0.8%+0.1%/yr | −12.8% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: MBND vs SPY
From Feb 4, 2021: MBND grew to $10,079, SPY to $21,246.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
MBND returns by calendar year
3 of 4 full years positive. Best 2023 (+5.6%), worst 2022 (−8.6%). 2026 is year to date.
MBND annual returns table
| Year | MBND | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | −1.8% | −6.5% | +12.3% | +15.1% | −1.0% |
| 2025 | +2.9% | −4.5% | +17.7% | +20.8% | +7.2% |
| 2024 | +2.8% | −2.4% | +24.9% | +25.6% | +1.3% |
| 2023 | +5.6% | −4.9% | +26.2% | +54.9% | +5.7% |
| 2022 | −8.6% | −12.3% | −18.2% | −32.6% | −13.0% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
MBND largest drawdowns
Now 3.4% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Aug 3, 2021 | −13.2% | Oct 25, 2022 | Sep 15, 2025 | 1.2 years | 4.1 years |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
MBND risk statistics
| Statistic | 3 years | 5 years | Since 2021 |
|---|---|---|---|
| Annualized return | +2.6% | −0.4% | −0.0% |
| Volatility (annualized) | 5.3% | 5.9% | 5.6% |
| Sharpe ratio | -0.31 | -0.66 | -0.56 |
| Sortino ratio | -0.43 | -0.82 | -0.70 |
| Best month | +5.2% | +5.2% | +5.2% |
| Worst month | −4.0% | −4.0% | −4.0% |
| Best 12 months | +10.5% | +10.5% | +10.5% |
| Worst 12 months | −3.1% | −11.5% | −11.5% |
| Positive months | 61% | 52% | 54% |
| Beta vs S&P 500 | 0.27 | 0.24 | — |
| Correlation with S&P 500 | 0.62 | 0.65 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
MBND rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 57 | −11.5% | +2.2% | +10.5% | 67% |
| 3-year (a year) | 33 | −1.3% | +2.5% | +5.1% | 73% |
| 5-year (a year) | 9 | −0.4% | +0.6% | +1.2% | 89% |
Every holding period starting at a month-end since 2021. Returns for 3 years and longer are annualized.
MBND performance overview
SPDR Nuveen Municipal Bond ETF (MBND) returned −1.6% over the past year and +0.2% a year over five years, with distributions reinvested. Since its first recorded price in 2021 it has returned +0.1% a year, turning $10,000 into about $10,079. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −13.2%, from Aug 3, 2021 to Oct 25, 2022, and it took 2.9 years to get back to the old high. MBND finished 3 of its 4 full calendar years with a gain; the best year was 2023 (+5.6%) and the worst 2022 (−8.6%). Volatility has been 5.6% a year.
Related: MBND chart, MBND dividends. See the MBND overview for the latest quote and fund facts.
MBND performance FAQ
What is the MBND return over the past year?
MBND returned −1.6% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it fell 5.0%.
What is the average annual return of MBND?
MBND has returned +0.2% a year over 5 years, +0.1% a year since February 4, 2021 (total return, distributions reinvested).
How much would $10,000 invested in MBND be worth?
$10,000 invested in MBND at its first recorded close on February 4, 2021 would be worth about $10,079 on October 23, 2026 with distributions reinvested.
What was the worst year for MBND?
The worst calendar year was 2022, with a total return of −8.6%. The best was 2023 at +5.6%.
What is the biggest drawdown of MBND?
The largest peak-to-trough decline was −13.2% between August 3, 2021 and October 25, 2022. It recovered to the old high on September 15, 2025, 2.9 years after the bottom.
How volatile is MBND?
Over the past 3 years MBND had an annualized volatility of 5.3% and a Sharpe ratio of -0.31 (excess return over 1–3 month T-bills per unit of risk).