Which returned more over the last year, MUB or SPY?

In the year to Oct 28, 2026, with distributions reinvested, MUB returned −0.4% and SPY +13.6%.

Which is cheaper, MUB or SPY?

MUB is cheaper, by 0.04 percentage points a year. That is about $4 on $10,000 held for a year. Fees come from each fund's prospectus.

Data as of Oct 28, 2026.

Across categories

MUB vs SPY: Differences, Returns & Fees

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Over the year to Oct 28, 2026, MUB returned −0.4% to SPY's +13.6%; 0% of their weight is in the same names.

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Net assets on Oct 27, 2026: $54.1bn for iShares National Muni Bond ETF and $814.8bn for SPDR S&P 500 ETF Trust.

MUB on its own →SPY on its own →

At a glance

−0.4%

MUB total return, 1 year

+13.6%

SPY total return, 1 year

0.05%

MUB expense ratio

0.09%

SPY expense ratio

Pair scorecard

MUB costs 0.04 points a year less; their one-year returns differ by 14.0 points; SPY is 15.1 times larger.

MUB vs SPY: Differences, Returns & Fees
Measure	MUB	SPY
Return
Measure	MUB	SPY
Total return, 1 year	−0.4%	+13.6%
Benchmark
Measure	MUB	SPY
What it tracks	ICE AMT-Free US National Municipal Index	S&P 500 Index
Cost and size
Measure	MUB	SPY
Expense ratio	0.05%	0.09%
Net assets, as of Oct 27, 2026	$54.1bn	$814.8bn
Holdings
Measure	MUB	SPY
Holdings in common	0%
In the S&P 500, by weight		100%
Top ten holdings, share of the fund		38.1%

Holdings in common uses holdings dated Oct 27, 2026. Method

What they share

By the books each fund has filed, MUB and SPY hold 0% of their money in the same securities at the same weight. Holdings dated Oct 27, 2026.

50%

0 half 100%

half

0% in common

Positions both hold · largest shared weight first MUB SPY

Only in one fund ↓

Only in MUB

UNIVERSITY TEX UNIV REVS 0.16%

SAN ANTONIO TEX WTR REV 0.13%

NEW YORK ST TWY AUTH ST PERS I 0.12%

NORTHWEST TEX INDPT SCH DIST 0.12%

OKLAHOMA TRANSN AUTH OK F/K/A 0.12%

HOUSTON TEX HIGHER ED FIN CORP 0.11%

NEW JERSEY ST 0.11%

OHIO ST UNIV GEN RCPTS 0.11%

Only in SPY

NVIDIA CORP 7.92%

APPLE INC 7.61%

MICROSOFT CORP 5.93%

AMAZON.COM INC 3.73%

ALPHABET INC CL A 2.83%

BROADCOM INC 2.45%

ALPHABET INC CL C 2.26%

META PLATFORMS INC CLASS A 2.06%

Check overlap with more funds →

Side by side

MUB iShares National Muni Bond ETF SPY SPDR S&P 500 ETF Trust

Where it sits Bond ETF Stock ETF

Issuer iShares State Street

What it is Tracks an index of National Muni Bond Tracks the S&P 500

Total return, 1 year −0.4% +13.6%

Its benchmark over the same days not measured +13.7% (VOO)

Gap to its benchmark not measured −0.1 pts vs VOO

Expense ratio 0.05% 0.09%

Holdings 7873 504

Net assets, as of Oct 27, 2026 $54.1bn $814.8bn

MUB and SPY on the fields both publish, as of Oct 28, 2026. Source: ETFIQ.

Alert

About each fund

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.

SPY

SPY tracks the S&P 500. Over the year to Oct 28, 2026 it returned +13.6% with distributions reinvested, against +13.7% for its benchmark, the S&P 500 Index. The prospectus expense ratio is 0.09% a year. By its holdings published by its issuer for Oct 27, 2026, 100% of the fund by weight is stocks the S&P 500 also holds, across 504 positions, with the top ten at 38.1%.

Questions people ask

Which returned more over the last year, MUB or SPY?: In the year to Oct 28, 2026, with distributions reinvested, MUB returned −0.4% and SPY +13.6%.
Which is cheaper, MUB or SPY?: MUB is cheaper, by 0.04 percentage points a year. That is about $4 on $10,000 held for a year. Fees come from each fund's prospectus.

Other comparisons

IVV vs MUB MUB vs VTI MUB vs VOO MUB vs SPYM SPY vs VTEB HYMB vs SPY BINC vs SPY SCHP vs SPY

Where to next

MUB on its own →SPY on its own →Hold both: look the portfolio through →Rankings →MUB dividend history →MUB holdings →SPY dividend history →SPY holdings →Standards and sources →

Sources and dates

MUB filings on SEC EDGAR ↗

MUB prospectus with the expense ratio (SEC) ↗

iShares page for MUB ↗

SPY filings on SEC EDGAR ↗

State Street website ↗

Links are sources, not endorsements. A comparison is not a recommendation.

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 SPY, data as of Oct 28, 2026. https://etfiq.com/compare/any/mub-vs-spy

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Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms.