iShares Short-Term National Muni Bond ETF (SUB) Performance
SUB total return
Distributions reinvested · as of Oct 23, 2026- YTD
- +1.1% since Dec 31, 2025
- 1 year
- +1.9% total return
- 5 years
- +1.5% a year
- 10 years
- +1.5% a year
- Since first price
- +1.6% a year since 2008
SUB trailing returns vs AGG, TLT, SPY
| Period | SUB total return | Price only | U.S. bonds (AGG) | 20+ yr Treasuries (TLT) | S&P 500 (SPY) |
|---|---|---|---|---|---|
| 1 month | +1.2% | +0.9% | +0.9% | +1.5% | −1.0% |
| 3 months | +0.7% | +0.1% | −0.4% | −1.0% | +3.2% |
| 6 months | +0.5% | −0.8% | −1.5% | −3.8% | +7.8% |
| YTD | +1.1% | −0.8% | −1.0% | −3.4% | +12.3% |
| 1 year | +1.9% | −0.6% | −1.1% | −6.9% | +14.4% |
| 3 years | +10.3%+3.3%/yr | +2.9% | +16.6%+5.2%/yr | +9.7%+3.1%/yr | +87.4%+23.3%/yr |
| 5 years | +8.0%+1.5%/yr | −1.5% | −0.8%−0.2%/yr | −32.5%−7.6%/yr | +79.3%+12.4%/yr |
| 10 years | +16.2%+1.5%/yr | −0.1% | +14.0%+1.3%/yr | −18.7%−2.0%/yr | +315.9%+15.3%/yr |
| 15 years | +20.9%+1.3%/yr | −0.3% | +32.2%+1.9%/yr | +9.9%+0.6%/yr | +696.0%+14.8%/yr |
| Since inceptionNov 7, 2008 | +32.4%+1.6%/yr | +4.9% | — | — | — |
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: SUB vs AGG
From Nov 7, 2008: SUB grew to $13,240, AGG to $16,601.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
SUB returns by calendar year
15 of 17 full years positive. Best 2009 (+4.2%), worst 2022 (−2.0%). 2026 is year to date.
SUB annual returns table
| Year | SUB | Largest drop | AGG | TLT | SPY |
|---|---|---|---|---|---|
| 2026YTD | +1.1% | −1.9% | −1.0% | −3.4% | +12.3% |
| 2025 | +3.6% | −1.2% | +7.2% | +4.3% | +17.7% |
| 2024 | +2.2% | −0.9% | +1.3% | −8.1% | +24.9% |
| 2023 | +2.9% | −1.6% | +5.7% | +2.8% | +26.2% |
| 2022 | −2.0% | −4.0% | −13.0% | −31.2% | −18.2% |
| 2021 | +0.0% | −0.5% | −1.8% | −4.6% | +28.7% |
| 2020 | +2.5% | −9.5% | +7.5% | +18.2% | +18.3% |
| 2019 | +2.9% | −0.8% | +8.5% | +14.1% | +31.2% |
| 2018 | +1.8% | −0.6% | +0.1% | −1.6% | −4.6% |
| 2017 | +0.7% | −1.2% | +3.6% | +9.2% | +21.7% |
| 2016 | −0.1% | −1.7% | +2.4% | +1.2% | +12.0% |
| 2015 | +0.8% | −0.9% | +0.5% | −1.8% | +1.2% |
| 2014 | +0.5% | −0.6% | +6.0% | +27.3% | +13.5% |
| 2013 | +0.8% | −2.4% | −2.0% | −13.4% | +32.3% |
| 2012 | +0.5% | −1.5% | +3.8% | +2.6% | +16.0% |
| 2011 | +3.9% | −1.6% | +7.7% | +34.0% | +1.9% |
| 2010 | +0.4% | −3.4% | +6.4% | +9.0% | +15.1% |
| 2009 | +4.2% | −6.4% | +3.0% | −21.8% | +26.4% |
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.
SUB largest drawdowns
Now 0.1% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Mar 6, 2020 | −9.5% | Mar 19, 2020 | May 19, 2020 | 13 days | 2 months |
| Jan 16, 2009 | −6.4% | Feb 26, 2009 | Sep 12, 2011 | 41 days | 2.7 years |
Declines from a closing high (distributions reinvested) of 5% or more. Underwater = time from the peak until the old high was regained.
SUB risk statistics
| Statistic | 3 years | 5 years | 10 years | Since 2008 |
|---|---|---|---|---|
| Annualized return | +2.9% | +1.2% | +1.4% | +1.5% |
| Volatility (annualized) | 1.8% | 2.4% | 2.0% | 1.8% |
| Sharpe ratio | -0.85 | -1.03 | -0.46 | 0.11 |
| Sortino ratio | -0.99 | -1.16 | -0.57 | 0.15 |
| Best month | +1.9% | +1.9% | +1.9% | +2.0% |
| Worst month | −1.4% | −1.4% | −1.4% | −1.4% |
| Best 12 months | +5.3% | +5.3% | +5.3% | +5.3% |
| Worst 12 months | +0.4% | −3.9% | −3.9% | −3.9% |
| Positive months | 72% | 63% | 65% | 64% |
| Beta vs S&P 500 | 0.07 | 0.08 | 0.05 | — |
| Correlation with S&P 500 | 0.48 | 0.56 | 0.41 | — |
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.
SUB rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 204 | −3.9% | +1.2% | +5.3% | 87% |
| 3-year (a year) | 180 | −0.6% | +1.0% | +3.4% | 95% |
| 5-year (a year) | 156 | +0.5% | +1.1% | +2.1% | 100% |
| 10-year (a year) | 96 | +0.6% | +1.2% | +1.5% | 100% |
Every holding period starting at a month-end since 2008. Returns for 3 years and longer are annualized.
SUB performance overview
iShares Short-Term National Muni Bond ETF (SUB) returned +1.9% over the past year and +1.5% a year over ten years, with distributions reinvested. Since its first recorded price in 2008 it has returned +1.6% a year, turning $10,000 into about $13,240. Over the same year U.S. bonds (AGG) returned −1.1%.
The deepest decline was −9.5%, from Mar 6, 2020 to Mar 19, 2020, and it took 2 months to get back to the old high. SUB finished 15 of its 17 full calendar years with a gain; the best year was 2009 (+4.2%) and the worst 2022 (−2.0%). Volatility has been 1.8% a year.
Related: SUB chart, SUB dividends, SUB bond profile. See the SUB overview for the latest quote and fund facts.
SUB performance FAQ
What is the SUB return over the past year?
SUB returned +1.9% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it fell 0.6%.
What is the average annual return of SUB?
SUB has returned +1.5% a year over 5 years, +1.5% a year over 10 years, +1.6% a year since November 7, 2008 (total return, distributions reinvested).
How much would $10,000 invested in SUB be worth?
$10,000 invested in SUB at its first recorded close on November 7, 2008 would be worth about $13,240 on October 23, 2026 with distributions reinvested.
What was the worst year for SUB?
The worst calendar year was 2022, with a total return of −2.0%. The best was 2009 at +4.2%.
What is the biggest drawdown of SUB?
The largest peak-to-trough decline was −9.5% between March 6, 2020 and March 19, 2020. It recovered to the old high on May 19, 2020, 2 months after the bottom.
How volatile is SUB?
Over the past 3 years SUB had an annualized volatility of 1.8% and a Sharpe ratio of -0.85 (excess return over 1–3 month T-bills per unit of risk).