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 $45.4 billion in assets under management. It holds a C grade, reflecting a score of 57.5 out of 100, and ranks second among 10 similar funds in its category. The fund’s expense ratio of 0.05% is significantly lower than the category median of 0.19%, while its dividend yield of 3.25% trails the median of 3.35%. Despite its large size, the top 10 holdings represent only 2.5% of assets, with the largest position being BlackRock Liquidity Funds at 1.3%. This structure indicates a broad, low-cost approach to municipal bond exposure.

MUB has delivered a 1-year return of +2.74%, slightly outperforming the category median of +2.47%. However, recent performance shows a downward trend, with losses of -1.95% over three months and -1.70% over six months. The fund’s price of $104.03 sits at the very bottom of its 52-week range, representing just 0.8% of the distance from the low to the high. The rating has remained unchanged at grade C over the last 35 tracked days. Historical data is limited, with price history available for only 3.0 years.

The fund exhibits Very Low volatility at 3.02% annualized and a beta of 0.91, suggesting it moves slightly less than the broader market. A Sharpe ratio of -0.75 indicates that risk-adjusted returns have been negative over the measured period. Maximum drawdowns have reached -4.78%, highlighting potential downside pressure during market stress. Liquidity is supported by an average daily volume of 4,177,685 shares, though the bid/ask spread of 1.78% suggests some trading friction. These metrics collectively describe a fund with low price fluctuation but negative risk-adjusted performance.

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

MUB Top Holdings

Holdings as of 2026-05-31 per the fund's most recent SEC N-PORT-P filing. Top 10 holdings make up 2.5% 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 — SUB overlaps most, holding 2 of the same companies as MUB's top 10 (1.4% 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: 4.77% (as of 2026-09-03) — 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): 14.32 (as of 2026-09-03) — 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 2026-08-01) — The Federal Reserve’s target policy rate, which anchors short-term borrowing costs across the economy.

MUB Liquidity, Domicile & Tax Treatment

Liquidity: Quoted bid/ask spread is 1.78% and average daily volume is 4.2M/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 $45.4B 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