MUB vs SPY

Comparison between ISHARES NATIONAL MUNI BOND ETF (MUB, ETF) and SPDR S&P 500 ETF Trust (SPY, ETF).

5-Year PerformanceSPY has outperformed MUB, delivering a return of +13.3% compared to +0.9%

MUB vs SPY - Performance Comparison

Log

Key Characteristics

Financial metrics and valuation ratios

Metric	MUB(ETF)	SPY(ETF)
Net Assets	$43B	$652B
Expense Ratio	0.05%	0.09%
Max Drawdown	14.39%	56.47%
Sharpe Ratio	0.67	2.07
5Y Beta	0.05	1.00
P/E Ratio	N/A	28.24
Forward P/E	N/A	21.85
5Y Dividends CAGR	9.25%	5.43%
5Y EPS CAGR	N/A	25.79%
Debt to Equity	N/A	22.35%
P/S Ratio	N/A	3.55
P/B Ratio	N/A	5.29

Net Assets

MUB

$43B

Winner

SPY

$652B

Expense Ratio

Winner

MUB

0.05%

SPY

0.09%

Max Drawdown

Winner

MUB

14.39%

SPY

56.47%

Sharpe Ratio

MUB

0.67

Winner

SPY

2.07

5Y Beta

Winner

MUB

0.05

SPY

1.00

P/E Ratio

MUB

N/A

SPY

28.24

Forward P/E

MUB

N/A

SPY

21.85

5Y Dividends CAGR

Winner

MUB

9.25%

SPY

5.43%

5Y EPS CAGR

MUB

N/A

SPY

25.79%

Debt to Equity

MUB

N/A

SPY

22.35%

P/S Ratio

MUB

N/A

SPY

3.55

P/B Ratio

MUB

N/A

SPY

5.29

MUB vs SPY - Historical Returns

Returns include dividend reinvestment.

Period	MUB	SPY
1 month	+0.50%	+9.11%
3 months	+0.07%	+6.59%
6 months	+1.40%	+10.56%
1 year	+6.03%	+32.04%
5 years(CAGR)	+0.88%	+13.35%
10 years(CAGR)	+1.98%	+15.49%
Max(CAGR)	+3.12%	+8.50%

MUB

+0.50%

Winner

SPY

+9.11%

MUB

+0.07%

Winner

SPY

+6.59%

MUB

+1.40%

Winner

SPY

+10.56%

MUB

+6.03%

Winner

SPY

+32.04%

5Y(CAGR)

MUB

+0.88%

Winner

SPY

+13.35%

10Y(CAGR)

MUB

+1.98%

Winner

SPY

+15.49%

Max(CAGR)

MUB

+3.12%

Winner

SPY

+8.50%

MUB vs SPY - Annual Returns (1999 - 2026)

Returns include dividend reinvestment.

Year	MUB	SPY
2026	+0.84%	+8.27%
2025	+3.65%	+18.00%
2024	+1.40%	+25.59%
2023	+5.17%	+26.72%
2022	-7.26%	-18.64%
2021	+1.08%	+30.52%
2020	+5.03%	+17.28%
2019	+7.08%	+31.09%
2018	+1.07%	-5.24%
2017	+4.82%	+20.78%
2016	+0.05%	+13.59%
2015	+3.17%	+1.31%
2014	+9.00%	+14.56%
2013	-4.44%	+29.00%
2012	+5.08%	+14.17%
2011	+12.54%	+0.85%
2010	-0.05%	+13.14%
2009	+7.11%	+22.67%
2008	+0.84%	-36.25%
2007	+1.76%	+5.32%
2006	N/A	+13.85%
2005	N/A	+5.32%
2004	N/A	+10.75%
2003	N/A	+24.18%
2002	N/A	-22.42%
2001	N/A	-10.13%
2000	N/A	-8.84%
1999	N/A	+8.61%

MUB vs SPY Drawdown Comparison

The maximum drawdown for MUB was -13.68%, occurring on Mar 19, 2020. Recovery took 100 trading sessions.

The maximum drawdown for SPY was -55.20%, occurring on Mar 9, 2009. Recovery took 1224 trading sessions.

The current MUB drawdown is -0.97%.

Rank	MUB	SPY
#1	-13.68% Mar 9, 2020 - Jul 30, 2020	-55.20% Oct 9, 2007 - Aug 16, 2012
#2	-12.33% Sep 9, 2008 - Jan 8, 2009	-47.50% Mar 24, 2000 - Oct 26, 2006
#3	-11.89% Jul 19, 2021 - Dec 4, 2024	-33.70% Feb 19, 2020 - Aug 10, 2020
#4	-9.74% Nov 30, 2012 - Jul 21, 2014	-24.50% Jan 3, 2022 - Dec 13, 2023
#5	-8.86% Aug 25, 2010 - Jul 13, 2011	-19.34% Sep 20, 2018 - Apr 12, 2019
#6	-6.70% Jul 7, 2016 - Dec 21, 2018	-18.76% Feb 19, 2025 - Jun 26, 2025
#7	-5.67% Jan 17, 2008 - May 20, 2008	-13.02% Jul 20, 2015 - Apr 18, 2016
#8	-5.41% Feb 13, 2012 - Sep 28, 2012	-10.10% Jan 26, 2018 - Aug 6, 2018
#9	-4.80% Jan 12, 2009 - Apr 16, 2009	-9.44% Sep 2, 2020 - Nov 11, 2020
#10	-4.78% Dec 6, 2024 - Sep 10, 2025	-9.30% Jan 19, 2000 - Mar 17, 2000
#11	-3.79% May 20, 2008 - Sep 5, 2008	-9.05% Jul 19, 2007 - Oct 5, 2007
#12	-3.53% May 20, 2009 - Aug 19, 2009	-8.88% Jan 27, 2026 - Apr 14, 2026
#13	-3.16% Sep 30, 2009 - Apr 21, 2010	-8.41% Jul 16, 2024 - Sep 19, 2024
#14	-2.94% Jan 30, 2015 - Nov 23, 2015	-7.35% Sep 14, 2012 - Jan 2, 2013
#15	-2.79% Feb 26, 2026 - Mar 26, 2026	-7.27% Sep 18, 2014 - Oct 31, 2014

Correlation

Correlation between MUB and SPY is 0.86 which considered as a strong positive correlation - the stocks tend to move together.

0.86

-101

Dividend Comparison (1999 - 2026)

MUB vs SPY dividend yield comparison.

Year	MUB	SPY
2026	1.07%	0.24%
2025	3.14%	1.07%
2024	3.01%	1.21%
2023	2.65%	1.40%
2022	2.11%	1.65%
2021	1.81%	1.20%
2020	2.11%	1.52%
2019	2.42%	1.75%
2018	2.46%	2.04%
2017	2.26%	1.80%
2016	2.21%	2.03%
2015	2.51%	2.06%
2014	2.73%	1.87%
2013	3.02%	1.81%
2012	2.89%	2.18%
2011	3.31%	2.05%
2010	3.80%	1.80%
2009	3.61%	1.95%
2008	3.54%	3.02%
2007	1.15%	1.85%
2006	0.00%	1.73%
2005	0.00%	1.73%
2004	0.00%	1.82%
2003	0.00%	1.47%
2002	0.00%	1.70%
2001	0.00%	1.25%
2000	0.00%	1.15%
1999	0.00%	0.24%