Data as of Oct 28, 2026.
MUB vs OVM: Differences, Returns & Fees
Over the year to Oct 28, 2026, MUB returned −0.4% to OVM's +2.0%, and MUB charges 0.05% to OVM's 0.81%.
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Net assets: $54.1bn on Oct 27, 2026 for iShares National Muni Bond ETF, and $45m on Aug 31, 2026 for Overlay Shares Municipal Bond ETF.
Pair scorecard
MUB costs 0.76 points a year less; their one-year returns differ by 2.4 points.
| Measure | MUB | OVM |
|---|---|---|
| Return | ||
| Total return, 1 year | −0.4% | +2.0% |
| Price change, 1 year | fell 3.5% | fell 3.5% |
| Latest payout, annualized | 5.2% | |
| Return of capital, issuer estimate | 100% of the Oct 29, 2026 payment | |
| Benchmark | ||
| What it tracks | ICE AMT-Free US National Municipal Index | Benchmark: US municipal bonds, measured through MUB |
| Cost and size | ||
| Expense ratio | 0.05% | 0.81% |
| Net assets, MUB as of Oct 27, 2026 and OVM as of Aug 31, 2026 | $54.1bn | $45m |
| Holdings | ||
| Holdings in common | 0% | |
Holdings in common uses holdings dated Aug 31, 2026 and Oct 27, 2026. Method
Risk and return
Oct 11, 2019 to Oct 23, 2026 · 367 weekly returnsOVM returned more: +16.3% to +8.5%. MUB swung less: 7.1% to 7.9%. MUB fell less at its worst: −12.4% to −15.6%.
Full scorecard
9 measures, with how each is measured Open ↓
| Measure | MUB | OVM | Edge | How it is measured |
|---|---|---|---|---|
| Return | ||||
| Total return | +8.5% | +16.3% | OVM | Price change plus distributions, reinvested. |
| Annualized | +1.2% | +2.2% | OVM | Total return as a yearly rate. |
| Price return | −9.3% | −16.9% | MUB | Price change alone, distributions left out. |
| Risk | ||||
| Volatility | 7.1% | 7.9% | MUB | Spread of weekly returns, annualized. Lower is steadier. |
| Downside deviation | 4.9% | 5.6% | MUB | Like volatility, counting only weeks below the Treasury bill rate. |
| Max drawdown | −12.4% | −15.6% | MUB | Deepest fall from a high to the low after it. |
| Risk-adjusted | ||||
| Sharpe | −0.21 | −0.06 | OVM | Return above Treasury bills per unit of volatility. |
| Sortino | −0.30 | −0.08 | OVM | Return above Treasury bills per unit of downside deviation. |
| Calmar | 0.09 | 0.14 | OVM | Annualized return divided by the max drawdown. |
Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 367 weekly returns. Cash rate: the 13-week Treasury bill.
What they share
By the books each fund has filed, MUB and OVM hold 0% of their money in the same securities at the same weight. Holdings dated Aug 31, 2026 and Oct 27, 2026.
half
0% in common
Only in one fund ↓
Side by side
MUB and OVM on the fields both publish, as of Oct 28, 2026. Source: ETFIQ. Cash paid: distributions over the window, as a share of the starting price.
MUB and OVM do different jobs. What does each one do in a portfolio?
- What each follows. MUB follows ICE AMT-Free US National Municipal Index and OVM is measured against US municipal bonds through MUB.
- Holdings in common. 0% of the weight is in the same securities (holdings dated Oct 27, 2026 and Aug 31, 2026).
- One-year total return. Over 1 year to Oct 28, 2026 MUB returned −0.4% and OVM +2.0% with distributions reinvested, a gap of 2.4 points.
Data as of Oct 28, 2026.
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MUB
MUB tracks an index of National Muni Bond. Over the year to Oct 28, 2026 it returned −0.4% with distributions reinvested. The prospectus expense ratio is 0.05% a year.
OVM
Over the year to Oct 28, 2026, OVM paid 5.6% of its starting value in cash distributions while its price fell 3.5%. With every distribution reinvested, the fund returned +2.0%. US municipal bonds (MUB) returned −0.4% over the same days, so a holder was ahead by 2.4 pts. At its price on Oct 28, 2026 the latest distribution annualizes to 5.2%, paid monthly. Overlay Shares estimates that 100% of the distribution paid Oct 29, 2026 was a return of capital (its 19a-1 notice). That is a tax label, not a measure of erosion.
Questions people ask
- Are MUB and OVM in the same category?
- MUB is a bond ETF and OVM is an option-income ETF, so they do different jobs. The table compares what both publish: return, cost and holdings.
- Which returned more over the last year, MUB or OVM?
- In the year to Oct 28, 2026, with distributions reinvested, MUB returned −0.4% and OVM +2.0%.
- Which is cheaper, MUB or OVM?
- MUB is cheaper, by 0.76 percentage points a year. That is about $76 on $10,000 held for a year. Fees come from each fund's prospectus.
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How this is computed
Overlap adds up the smaller of the two weights for each security both funds hold.
Cite this pageCitation, APA and Markdown
ETFIQ, MUB against OVM, data as of Oct 28, 2026. https://etfiq.com/compare/any/mub-vs-ovm
ETFIQ. (Oct 28, 2026). MUB against OVM. Retrieved from https://etfiq.com/compare/any/mub-vs-ovm
[MUB against OVM (ETFIQ, Oct 28, 2026)](https://etfiq.com/compare/any/mub-vs-ovm)
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