iShares National Muni Bond ETF (MUB) Performance
MUB total return
Distributions reinvested · as of Oct 23, 2026- YTD
- −1.1% since Dec 31, 2025
- 1 year
- −0.7% total return
- 5 years
- +0.6% a year
- 10 years
- +1.8% a year
- Since first price
- +2.9% a year since 2007
MUB trailing returns vs AGG, TLT, SPY
| Period | MUB total return | Price only | U.S. bonds (AGG) | 20+ yr Treasuries (TLT) | S&P 500 (SPY) |
|---|---|---|---|---|---|
| 1 month | +1.6% | +1.4% | +0.9% | +1.5% | −1.0% |
| 3 months | −0.9% | −1.7% | −0.4% | −1.0% | +3.2% |
| 6 months | −2.1% | −3.6% | −1.5% | −3.8% | +7.8% |
| YTD | −1.1% | −3.4% | −1.0% | −3.4% | +12.3% |
| 1 year | −0.7% | −3.8% | −1.1% | −6.9% | +14.4% |
| 3 years | +12.0%+3.9%/yr | +2.1% | +16.6%+5.2%/yr | +9.7%+3.1%/yr | +87.4%+23.3%/yr |
| 5 years | +2.8%+0.6%/yr | −10.5% | −0.8%−0.2%/yr | −32.5%−7.6%/yr | +79.3%+12.4%/yr |
| 10 years | +19.1%+1.8%/yr | −7.3% | +14.0%+1.3%/yr | −18.7%−2.0%/yr | +315.9%+15.3%/yr |
| 15 years | +43.4%+2.4%/yr | −2.5% | +32.2%+1.9%/yr | +9.9%+0.6%/yr | +696.0%+14.8%/yr |
| Since inceptionSep 10, 2007 | +73.8%+2.9%/yr | +2.0% | — | — | — |
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: MUB vs AGG
From Sep 10, 2007: MUB grew to $17,382, AGG to $16,958.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
MUB returns by calendar year
15 of 18 full years positive. Best 2011 (+13.0%), worst 2022 (−7.3%). 2026 is year to date.
MUB annual returns table
| Year | MUB | Largest drop | AGG | TLT | SPY |
|---|---|---|---|---|---|
| 2026YTD | −1.1% | −6.3% | −1.0% | −3.4% | +12.3% |
| 2025 | +3.8% | −4.5% | +7.2% | +4.3% | +17.7% |
| 2024 | +1.3% | −2.4% | +1.3% | −8.1% | +24.9% |
| 2023 | +5.6% | −5.8% | +5.7% | +2.8% | +26.2% |
| 2022 | −7.3% | −11.3% | −13.0% | −31.2% | −18.2% |
| 2021 | +1.0% | −2.2% | −1.8% | −4.6% | +28.7% |
| 2020 | +5.1% | −13.7% | +7.5% | +18.2% | +18.3% |
| 2019 | +7.1% | −1.7% | +8.5% | +14.1% | +31.2% |
| 2018 | +0.9% | −2.3% | +0.1% | −1.6% | −4.6% |
| 2017 | +4.7% | −1.3% | +3.6% | +9.2% | +21.7% |
| 2016 | −0.2% | −6.7% | +2.4% | +1.2% | +12.0% |
| 2015 | +2.9% | −2.9% | +0.5% | −1.8% | +1.2% |
| 2014 | +9.4% | −1.4% | +6.0% | +27.3% | +13.5% |
| 2013 | −3.4% | −9.2% | −2.0% | −13.4% | +32.3% |
| 2012 | +5.2% | −5.4% | +3.8% | +2.6% | +16.0% |
| 2011 | +13.0% | −3.6% | +7.7% | +34.0% | +1.9% |
| 2010 | +0.1% | −8.2% | +6.4% | +9.0% | +15.1% |
| 2009 | +7.1% | −4.8% | +3.0% | −21.8% | +26.4% |
| 2008 | +1.2% | −12.3% | +7.9% | +33.9% | −36.8% |
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.
MUB largest drawdowns
Now 3.1% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Mar 9, 2020 | −13.7% | Mar 19, 2020 | Jul 30, 2020 | 10 days | 5 months |
| Sep 9, 2008 | −12.3% | Oct 15, 2008 | Jan 8, 2009 | 36 days | 4 months |
| Jul 19, 2021 | −11.9% | Oct 31, 2022 | Dec 4, 2024 | 1.3 years | 3.4 years |
| Nov 30, 2012 | −9.7% | Jun 24, 2013 | Jul 21, 2014 | 7 months | 1.6 years |
| Aug 25, 2010 | −8.9% | Jan 14, 2011 | Jul 13, 2011 | 5 months | 11 months |
| Jul 7, 2016 | −6.7% | Nov 30, 2016 | Dec 21, 2018 | 5 months | 2.5 years |
Declines from a closing high (distributions reinvested) of 5% or more. Underwater = time from the peak until the old high was regained.
MUB risk statistics
| Statistic | 3 years | 5 years | 10 years | Since 2007 |
|---|---|---|---|---|
| Annualized return | +2.7% | −0.0% | +1.4% | +2.8% |
| Volatility (annualized) | 5.4% | 6.1% | 5.1% | 5.2% |
| Sharpe ratio | -0.30 | -0.58 | -0.14 | 0.31 |
| Sortino ratio | -0.42 | -0.77 | -0.20 | 0.45 |
| Best month | +5.7% | +5.7% | +5.7% | +5.7% |
| Worst month | −3.5% | −3.5% | −4.1% | −4.6% |
| Best 12 months | +9.1% | +9.1% | +9.4% | +17.2% |
| Worst 12 months | −2.0% | −10.8% | −10.8% | −10.8% |
| Positive months | 56% | 47% | 58% | 61% |
| Beta vs S&P 500 | 0.27 | 0.25 | 0.14 | — |
| Correlation with S&P 500 | 0.61 | 0.64 | 0.42 | — |
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.
MUB rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 218 | −10.8% | +3.1% | +17.2% | 80% |
| 3-year (a year) | 194 | −2.2% | +3.0% | +7.8% | 87% |
| 5-year (a year) | 170 | −0.0% | +3.1% | +6.4% | 99% |
| 10-year (a year) | 110 | +1.4% | +2.6% | +4.4% | 100% |
Every holding period starting at a month-end since 2007. Returns for 3 years and longer are annualized.
MUB performance overview
iShares National Muni Bond ETF (MUB) returned −0.7% over the past year and +1.8% a year over ten years, with distributions reinvested. Since its first recorded price in 2007 it has returned +2.9% a year, turning $10,000 into about $17,382. Over the same year U.S. bonds (AGG) returned −1.1%.
The deepest decline was −13.7%, from Mar 9, 2020 to Mar 19, 2020, and it took 4 months to get back to the old high. MUB finished 15 of its 18 full calendar years with a gain; the best year was 2011 (+13.0%) and the worst 2022 (−7.3%). Volatility has been 5.2% a year.
Related: MUB chart, MUB dividends, MUB bond profile. See the MUB overview for the latest quote and fund facts.
MUB performance FAQ
What is the MUB return over the past year?
MUB returned −0.7% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it fell 3.8%.
What is the average annual return of MUB?
MUB has returned +0.6% a year over 5 years, +1.8% a year over 10 years, +2.9% a year since September 10, 2007 (total return, distributions reinvested).
How much would $10,000 invested in MUB be worth?
$10,000 invested in MUB at its first recorded close on September 10, 2007 would be worth about $17,382 on October 23, 2026 with distributions reinvested.
What was the worst year for MUB?
The worst calendar year was 2022, with a total return of −7.3%. The best was 2011 at +13.0%.
What is the biggest drawdown of MUB?
The largest peak-to-trough decline was −13.7% between March 9, 2020 and March 19, 2020. It recovered to the old high on July 30, 2020, 4 months after the bottom.
How volatile is MUB?
Over the past 3 years MUB had an annualized volatility of 5.4% and a Sharpe ratio of -0.30 (excess return over 1–3 month T-bills per unit of risk).