Dividend Adjusted Return
Sep 18, 2025 - Sep 18, 2026MUB 102.88 (-0.4%)
-MIX 181.40 (-0.5%)
$102.88 -$0.28(-0.27%)as of Friday's close
52‑wk Range
$102.61
$109.00
MORNINGSTAR RATING
RISK & INCOME SCORES
35
Risk Score
More volatile and deeper drawdowns than most peers.
51
Income Score
Income generation is mid-pack for the category.
Risk Score: Blends volatility, maximum drawdown, downside deviation, and beta. Higher means LESS risky than peers — a 90 is a calm fund, a 10 is a wild one. Income Score: Blends yield, distribution growth, and consistency. Higher means stronger, steadier income than peers. Warnings Flag: Appears when our automated checks find structural concerns (leverage, low liquidity, high fees, concentration, and so on). The color reflects the most severe finding; details are on the Investor Warnings page.
BUSINESS SUMMARY
The investment seeks to track the investment results of the ICE AMT-FreeUS National Municipal Index. The underlying index includes municipal bonds, the interest of which is exempt from Federal income taxes and not subject to alternative minimum tax. The fund will invest at least 80% of its assets in the component securities of the underlying index and it will invest at least 90% of its assets in fixed income securities of the types included in the underlying index that BFA believes will help the fund track the underlying index. The current manager has run the fund for 15.2 years.
TOP HOLDINGS
This fund holds 100% bonds and virtually no stocks, so a top-10 list does not apply. Bond funds own hundreds of individual issues and Morningstar does not provide a per-issue list for this fund. See the Fixed Income Statistics for portfolio character.
SECTOR WEIGHTS
This fund holds 100% bonds and virtually no stocks, so stock-sector weights do not apply. See the Fixed Income Statistics and bond style box for portfolio character.
Fixed Income Statistics
| Metric | MUB | Category Avg |
|---|---|---|
| Effective Duration (option-adjusted) | 6.97 yrs | 5.78 yrs |
| Modified Duration | 8.45 yrs | |
| Effective Maturity | 12.49 yrs | 9.13 yrs |
| Yield to Maturity | 3.76% | 4.20% |
| Average Coupon | 4.74% | 4.76% |
| Average Bond Price | 102.13 | |
| Average Credit Quality | High Quality |
Bond Style: Moderate Sensitivity High Quality (interest-rate sensitivity / credit quality)
ASSET ALLOCATION
| US Bonds | 99.9% | |
| Cash | 0.1% |
STYLE BOX
| Limited | Moderate | Extensive | |
| High | ● | ||
| Medium | |||
| Low |
Bond style: Moderate Sensitivity High Quality
Rows: credit quality · Columns: interest-rate sensitivity
Rows: credit quality · Columns: interest-rate sensitivity
WORLD REGIONS
This fund holds 100% bonds and virtually no stocks, so a stock region breakdown does not apply. See the Fixed Income Statistics and bond style box for portfolio character.
RETURNS SUMMARY
| Period | MUB | Category | S&P 500 |
|---|---|---|---|
| 5 Days | -0.3% | -0.4% | +0.2% |
| 1 Month | -2.1% | -2.1% | -0.3% |
| YTD | -1.6% | -1.7% | +12.6% |
| 1 Year | -0.3% | -0.3% | +16.9% |
| 3 Year | +7.7% | +9.3% | +78.1% |
| 5 Year | +0.9% | +1.7% | +84.6% |
| 10 Year | +17.2% | +17.0% | +319.1% |
Category rank (percentile, 1 = best) — 1 Year: top 44% 3 Year: top 81% 5 Year: top 65%
MUB has trailed its category average over every measured period (1-year, 3-year, 5-year).
GROWTH OF $10,000
Over the past 5 years, $10,000 invested in MUB grew to $10,344 (+3.4%). That is 0.6% behind the category average.
As of Aug 31, 2026 (month-end); trailing returns elsewhere update daily.
HISTORICAL TRENDS
Calendar-year results from year-end snapshots. Diamonds mark the category average.
Total Return by Year (%)
Sharpe Ratio by Year
Distribution Yield by Year (%)
MUB beat its category average in 5 of the last 10 calendar years.
Distribution Yield: Total distributions paid that year as a percent of the year-end price. For funds this includes capital-gains distributions, so it can spike in years with large realized gains.
Sharpe Ratio: Return earned above the risk-free rate per unit of volatility — risk-adjusted performance. Higher is better; a negative year means the fund underperformed Treasury bills.
RISK SUMMARY
| Metric | MUB | Category | S&P 500 |
|---|---|---|---|
| Volatility (σ) | |||
| 1 Year | 0.03 | 0.03 | 0.13 |
| 3 Year | 0.04 | 0.03 | 0.15 |
| 5 Year | 0.04 | 0.03 | 0.17 |
| Beta (vs S&P 500) | |||
| 1 Year | 0.09 | 0.07 | — |
| 3 Year | 0.06 | -0.00 | — |
| Sharpe Ratio | |||
| 1 Year | -1.34 | -1.63 | 1.03 |
| 3 Year | -0.51 | -0.45 | 1.13 |
| 5 Year | -0.89 | -1.05 | 0.55 |
| Sortino Ratio | |||
| 3 Year | -0.67 | -0.59 | 1.63 |
| Max Drawdown | |||
| 1 Year | -4.0% | -3.9% | -8.8% |
| 3 Year | -4.8% | -4.4% | -18.7% |
| Capture vs S&P 500 | |||
| 3 Year Upside | 22.4 | 22.6 | — |
| 3 Year Downside | 42.2 | 39.3 | — |
| Downside Deviation | |||
| 3 Year | — | — | — |
Volatility runs above the category average. It has captured more of the market's losses (42) than its gains (22).
Volatility (σ): The standard deviation of returns — how widely results swing around their average. Higher numbers mean a bumpier ride. Beta: Sensitivity to S&P 500 moves. A beta of 1.2 tends to move 20% more than the market in both directions; below 1 means more muted moves. Sharpe Ratio: Return earned above the risk-free rate per unit of volatility. Higher is better; negative means the fund underperformed Treasury bills. Sortino Ratio: Like the Sharpe ratio, but only penalizes downside swings — useful when upside volatility should not count against a fund. Max Drawdown: The deepest peak-to-trough loss over the window. Closer to zero is better; it answers "how bad did it get?" Upside / Downside Capture: The share of the S&P 500's gains (and losses) the fund participated in. The ideal combination is high upside capture with low downside capture. Downside Deviation: Volatility computed from negative returns only — the input to the Sortino ratio.
SEASONALITY
10-Year Seasonality (Average Monthly Return)
Average return by calendar month over the last 10 years (MUB vs S&P 500).
COSTS & EFFICIENCY
| Metric | MUB | Cat Avg |
|---|---|---|
| Costs | ||
| Expense Ratio | 0.05% | 0.50% |
| Turnover Ratio | 11.0% | 31.0% |
| Tracking vs S&P 500 | ||
| Tracking error here is vs the S&P 500 (Morningstar's standard index), not the fund's own benchmark, so sector and bond funds read high even when they track their own index closely. | ||
| 1 Year Tracking Error | 0.4% | 0.9% |
| 3 Year Tracking Error | 0.7% | 1.1% |
| Tracking vs Own Index (Best Fit) | ||
| How closely the fund follows the index it actually tracks. R-squared near 100% and beta near 1.00 indicate tight replication. | ||
| Prospectus Benchmark | ICE AMT-Free US National Muni TR USD | |
| Best-Fit Index | Morningstar US Municipal Bond GR USD | |
| 3 Year R-Squared | 99.7% | |
| 3 Year Beta | 0.90 | |
| 3 Year Alpha | -0.59% | |
| Metric | MUB | Cat Avg |
|---|---|---|
| Tax Efficiency | ||
| 1 Year Tax-Cost Ratio | 0.0% | |
| 3 Year Tax-Cost Ratio | 0.0% | 0.0% |
| 5 Year Tax-Cost Ratio | 0.0% | |
| Market Pricing | ||
| Price / NAV | +100.04% | — |
| NAV | $102.84 | |
| 1 Month Avg Premium/Discount | +0.15% | |
| 1 Year Avg Premium/Discount | +0.18% | +0.12% |
| 1 Year Premium/Discount Range | +0.10% to +0.24% | |
| Liquidity | ||
| 3 Month Avg Dollar Volume | $584.5M | |
| 3 Month Avg Share Volume | 5.6M | |
| Today vs Average | 150.6% | |
Expense Ratio: The annual management fee as a percentage of your investment, deducted from fund assets automatically. 12b-1 Fee: A recurring marketing and distribution charge some mutual funds levy — part of the expense ratio that buys you no management. Turnover Ratio: How much of the portfolio is replaced each year. High turnover raises trading costs and, in taxable accounts, capital-gain distributions. Tracking Error: How far an index fund's returns have strayed from its benchmark. A faithful index fund should be near zero. Tax-Cost Ratio: Morningstar's estimate of the annual return lost to taxes on distributions for an investor in the top federal bracket. Premium / Discount: The gap between an ETF's market price and the value of its holdings (NAV). Persistent premiums mean you overpay buying; discounts shortchange you selling. Dollar Volume: Average daily trading value. Thinly traded ETFs have wider spreads and are harder to exit near fair value.
DISTRIBUTIONS
| Forward Yield | Forward Rate | TTM Yield | TTM Rate | 5-Yr Avg Regular Yield | SEC 30-Day Yield | Frequency |
| 3.33% | $3.42 | 3.33% | $3.42 | 2.55% | 3.58%* | Monthly |
| Yield to Maturity | Average Coupon |
| 3.76% | 4.74% |
The next distribution has not yet been declared.
Distribution Yield & Price — 10 Years
Distributions by Year
Distribution Growth (annualized, regular distributions)
| 1-Yr | 3-Yr | 5-Yr | 10-Yr | 15-Yr | |
| 3.4% | 7.5% | 11.9% | 3.2% | -0.2% |
Most recent increase: +1.3% (2026) · Growth streak: 4 consecutive years.
Five-year dividend growth: 11.9%/yr.
SEC 30-Day Yield: A standardized yield all funds compute the same way: the last 30 days of interest and dividend income, net of expenses, annualized. It reflects current holdings and rates, so it is the best number for comparing funds. An asterisk means fee waivers are propping it up.
PEERS ANALYSIS
The 14 ETFs and mutual funds most similar to MUB by portfolio composition (sectors, regions, style, and size), with MUB highlighted. Click a column header to sort.
| Ticker | Name | Type | Net Assets | Expense | 1Y Return | 3Y Return | Div Yield | MS Rating | Risk Score | Income Score |
|---|---|---|---|---|---|---|---|---|---|---|
| MUB | ETF | $45,378 | 0.05% | -0.3% | +7.7% | 3.33% | ★★★☆☆ | 35 | 51 | |
| VTEB | ETF | $49,073 | 0.03% | -0.5% | +8.5% | 3.53% | ★★★☆☆ | 43 | 62 | |
| SCMB | ETF | $4,178 | 0.03% | -1.1% | +7.5% | 3.67% | ★★★☆☆ | 33 | 73 | |
| VTEI | ETF | $1,589 | 0.08% | -0.5% | — | 3.21% | — | 81 | 32 | |
| VWIUX | Fund | $88,776 | 0.09% | -0.3% | +10.0% | 3.50% | ★★★★☆ | 63 | 53 | |
| BBMUX | Fund | $20,793 | 0.12% | +0.2% | +10.6% | 3.86% | ★★★★☆ | 68 | 82 | |
| CBTAX | Fund | $17,975 | 0.13% | -0.1% | +10.2% | 3.69% | ★★★★☆ | 54 | 84 | |
| SFBDX | Fund | $472 | 0.16% | -0.7% | +8.7% | 3.50% | ★★★★☆ | 45 | 39 | |
| DFNM | ETF | $2,274 | 0.17% | -0.1% | +7.8% | 3.01% | ★★☆☆☆ | 46 | 29 | |
| JMUB | ETF | $8,751 | 0.18% | -0.5% | +9.4% | 3.75% | ★★★☆☆ | 58 | 65 | |
| ITM | ETF | $2,103 | 0.18% | -1.1% | +8.2% | 3.14% | ★★☆☆☆ | 37 | 46 | |
| CUTAX | Fund | $2,323 | 0.18% | -0.4% | +8.1% | 3.10% | ★★★★☆ | 45 | 51 | |
| DFTIX | Fund | $1,262 | 0.19% | -0.1% | +8.1% | 2.93% | ★★☆☆☆ | 46 | 51 | |
| MUST | ETF | $595 | 0.23% | -1.4% | +7.6% | 3.51% | ★★☆☆☆ | 44 | 59 | |
| ATBYX | Fund | $5,227 | 0.23% | -0.2% | +9.9% | 3.72% | ★★★★☆ | 54 | 45 |
INVESTOR WARNINGS
Automated checks for structural risks: leverage, fund size, liquidity, costs, taxes, concentration, index tracking, and volatility.
We found no investor warnings for this fund.
METRICS VS PEERS
Report Tips
- Scores (Risk, Income) are percentile ranks within the ETF's subgroup cohort — higher is better for risk-adjusted performance and income.
- Category comparisons use Morningstar's fund category. Peer comparisons on Pages 6-7 use the 14 closest funds by sector, region, style, and expense.
- Tracking error and relative-performance charts are dividend-adjusted. A 5-year growth-of-$10K curve is used for long-run comparisons.
- For leveraged or inverse ETFs, long-horizon metrics are flagged and should not be interpreted as buy-and-hold returns.
Disclaimer: Fund research reports are provided for informational purposes only and are not a recommendation to buy or sell any security. Data is sourced from Morningstar and exchange feeds, and may be delayed. Past performance does not guarantee future results. Consult the fund's prospectus and your financial advisor before investing.
MUB has performed nearly in line with its category average over the past year.