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) is a municipal bond fund issued by iShares with $46.6 billion in assets under management. It holds a C grade, ranking second among 10 funds in its category and 274th of 458 tracked ETFs overall. The fund’s 0.05% expense ratio is significantly lower than the category median of 0.19%, while its 3.30% dividend yield trails the median of 3.40%. Top holdings represent only 1.4% of assets, with the largest position being the Board of Regents of the University of Texas System at 0.2%.

Price performance shows a divergence between short-term gains and longer-term losses, with one-month returns of +2.09% contrasting against a one-year decline of -0.74%. The fund is currently priced at $103.43, sitting at 37.6% of its 52-week range. Despite recent positive momentum in the one-week and one-month horizons, year-to-date returns remain negative at -1.19%. The ETFValuer grade has remained unchanged at C over the last 35 tracked days, and price history is available for 3.0 years.

With a volatility of 3.67% labeled as Very Low and a beta of 0.90, the fund exhibits modest sensitivity to market movements. A maximum drawdown of -6.27% indicates limited downside severity during the measured period. However, a Sharpe ratio of -1.56 suggests that risk-adjusted returns have been negative relative to the risk-free rate. Liquidity is robust, supported by an average daily volume of 11,243,395 shares.

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

MUB Top Holdings

Holdings as of 2026-08-31 per the fund's most recent SEC N-PORT-P filing. Top 10 holdings make up 1.4% 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 — VTEB overlaps most, holding 2 of the same companies as MUB's top 10 (0.3% 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: 4.96% (as of 2026-10-22) — 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): 19.03 (as of 2026-10-22) — 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: 3.75% (as of 2026-09-01) — The Federal Reserve’s target policy rate, which anchors short-term borrowing costs across the economy.

MUB Liquidity, Domicile & Tax Treatment

Liquidity: Average daily volume is 11.2M/day. Higher volume and a larger fund generally mean lower round-trip trading costs. AUM of $46.6B 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