MUB vs TLT

Comparison between ISHARES NATIONAL MUNI BOND ETF (MUB, ETF) and ISHARES 20+ YEAR TREASURY BOND ETF (TLT, ETF).

5-Year PerformanceMUB has outperformed TLT, delivering a return of +0.9% compared to -6.1%

MUB vs TLT - Performance Comparison

Log

Key Characteristics

Financial metrics and valuation ratios

Metric	MUB(ETF)	TLT(ETF)
Net Assets	$43B	$43B
Expense Ratio	0.05%	0.15%
Max Drawdown	14.39%	51.76%
Sharpe Ratio	0.67	-0.08
5Y Beta	0.05	0.06
5Y Dividends CAGR	9.25%	14.06%

Net Assets

MUB

$43B

TLT

$43B

Expense Ratio

Winner

MUB

0.05%

TLT

0.15%

Max Drawdown

Winner

MUB

14.39%

TLT

51.76%

Sharpe Ratio

Winner

MUB

0.67

TLT

-0.08

5Y Beta

Winner

MUB

0.05

TLT

0.06

5Y Dividends CAGR

MUB

9.25%

Winner

TLT

14.06%

MUB vs TLT - Historical Returns

Returns include dividend reinvestment.

Period	MUB	TLT
1 month	+0.50%	-0.60%
3 months	+0.07%	-0.56%
6 months	+1.40%	-1.72%
1 year	+6.03%	+3.54%
5 years(CAGR)	+0.88%	-6.10%
10 years(CAGR)	+1.98%	-1.41%
Max(CAGR)	+3.12%	+3.68%

Winner

MUB

+0.50%

TLT

-0.60%

Winner

MUB

+0.07%

TLT

-0.56%

Winner

MUB

+1.40%

TLT

-1.72%

Winner

MUB

+6.03%

TLT

+3.54%

5Y(CAGR)

Winner

MUB

+0.88%

TLT

-6.10%

10Y(CAGR)

Winner

MUB

+1.98%

TLT

-1.41%

Max(CAGR)

MUB

+3.12%

Winner

TLT

+3.68%

MUB vs TLT - Annual Returns (2002 - 2026)

Returns include dividend reinvestment.

Year	MUB	TLT
2026	+0.84%	+0.39%
2025	+3.65%	+3.96%
2024	+1.40%	-7.53%
2023	+5.17%	+0.84%
2022	-7.26%	-29.39%
2021	+1.08%	-4.49%
2020	+5.03%	+16.83%
2019	+7.08%	+13.52%
2018	+1.07%	-0.53%
2017	+4.82%	+8.72%
2016	+0.05%	+0.45%
2015	+3.17%	-2.87%
2014	+9.00%	+26.91%
2013	-4.44%	-12.20%
2012	+5.08%	+4.20%
2011	+12.54%	+34.98%
2010	-0.05%	+9.14%
2009	+7.11%	-19.78%
2008	+0.84%	+32.03%
2007	+1.76%	+9.50%
2006	N/A	+0.84%
2005	N/A	+8.37%
2004	N/A	+10.01%
2003	N/A	+4.32%
2002	N/A	+9.75%

MUB vs TLT Drawdown Comparison

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

The maximum drawdown for TLT was -48.35%, occurring on Oct 19, 2023. This drawdown has not yet recovered.

The current MUB drawdown is -0.97%. The current TLT drawdown is -40.15%.

Rank	MUB	TLT
#1	-13.68% Mar 9, 2020 - Jul 30, 2020	-48.35% Aug 4, 2020 - Oct 19, 2023
#2	-12.33% Sep 9, 2008 - Jan 8, 2009	-26.58% Dec 30, 2008 - Aug 18, 2011
#3	-11.89% Jul 19, 2021 - Dec 4, 2024	-20.48% Jul 25, 2012 - Dec 10, 2014
#4	-9.74% Nov 30, 2012 - Jul 21, 2014	-17.88% Jul 8, 2016 - Jul 2, 2019
#5	-8.86% Aug 25, 2010 - Jul 13, 2011	-15.80% Jan 30, 2015 - Jun 9, 2016
#6	-6.70% Jul 7, 2016 - Dec 21, 2018	-15.73% Mar 9, 2020 - Apr 21, 2020
#7	-5.67% Jan 17, 2008 - May 20, 2008	-15.69% Jun 13, 2003 - Dec 15, 2004
#8	-5.41% Feb 13, 2012 - Sep 28, 2012	-10.91% Oct 3, 2011 - Dec 19, 2011
#9	-4.80% Jan 12, 2009 - Apr 16, 2009	-10.82% Jun 30, 2005 - Nov 24, 2006
#10	-4.78% Dec 6, 2024 - Sep 10, 2025	-10.41% Dec 19, 2011 - May 17, 2012
#11	-3.79% May 20, 2008 - Sep 5, 2008	-8.63% Apr 21, 2020 - Jul 30, 2020
#12	-3.53% May 20, 2009 - Aug 19, 2009	-8.24% Aug 28, 2019 - Feb 20, 2020
#13	-3.16% Sep 30, 2009 - Apr 21, 2010	-8.03% Dec 4, 2006 - Aug 31, 2007
#14	-2.94% Jan 30, 2015 - Nov 23, 2015	-7.49% Mar 20, 2008 - Sep 4, 2008
#15	-2.79% Feb 26, 2026 - Mar 26, 2026	-6.68% Sep 24, 2002 - Feb 20, 2003

Correlation

Correlation between MUB and TLT is 0.78 which considered as a strong positive correlation - the stocks tend to move together.

0.78

-101

Dividend Comparison (2002 - 2026)

MUB vs TLT dividend yield comparison.

Year	MUB	TLT
2026	1.07%	1.50%
2025	3.14%	4.43%
2024	3.01%	4.30%
2023	2.65%	3.38%
2022	2.11%	2.67%
2021	1.81%	1.50%
2020	2.11%	1.50%
2019	2.42%	2.27%
2018	2.46%	2.63%
2017	2.26%	2.43%
2016	2.21%	2.60%
2015	2.51%	2.61%
2014	2.73%	2.67%
2013	3.02%	3.26%
2012	2.89%	2.68%
2011	3.31%	3.30%
2010	3.80%	4.16%
2009	3.61%	4.05%
2008	3.54%	3.49%
2007	1.15%	4.50%
2006	0.00%	4.52%
2005	0.00%	4.55%
2004	0.00%	4.68%
2003	0.00%	5.30%
2002	0.00%	2.19%