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

In the year to Oct 28, 2026, with distributions reinvested, MUB returned −0.4% and TLT −7.9%.

Which is cheaper, MUB or TLT?

MUB is cheaper, by 0.10 percentage points a year. That is about $10 on $10,000 held for a year. Fees come from each fund's prospectus.

Data as of Oct 28, 2026.

Across categories

MUB vs TLT: Differences, Returns & Fees

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On Aug 31, 2026 MUB's duration was 7.0 years and TLT's 15.1; MUB charges 0.05% to TLT's 0.15%.

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Net assets on Oct 27, 2026: $54.1bn for iShares National Muni Bond ETF and $47.4bn for iShares 20+ Year Treasury Bond ETF.

MUB on its own →TLT on its own →

At a glance

−0.4%

MUB total return, 1 year

−7.9%

TLT total return, 1 year

0.05%

MUB expense ratio

0.15%

TLT expense ratio

Pair scorecard

MUB costs 0.10 points a year less; their one-year returns differ by 7.5 points; MUB is 1.1 times larger.

MUB vs TLT: Differences, Returns & Fees
Measure	MUB	TLT
Return
Measure	MUB	TLT
Total return, 1 year	−0.4%	−7.9%
Drawdown
Measure	MUB	TLT
Below its high		42.6%, high on Aug 4, 2020
Benchmark
Measure	MUB	TLT
What it tracks	ICE AMT-Free US National Municipal Index	ICE U.S. Treasury 20+ Year Bond Index
Cost and size
Measure	MUB	TLT
Expense ratio	0.05%	0.15%
Net assets, as of Oct 27, 2026	$54.1bn	$47.4bn
Holdings
Measure	MUB	TLT
Holdings in common	0%

Holdings in common uses holdings dated Aug 31, 2026. Method

Risk and return

Sep 21, 2007 to Oct 23, 2026 · 996 weekly returns

MUB TLT

Return

Total return edge MUB +76.1% +67.3%

Annualized edge MUB (slight) +3.0% +2.7%

Price return edge MUB +3.4% −7.5%

Risk

Volatility edge MUB 6.5% 14.3%

Max drawdown edge MUB −12.4% −47.8%

Risk-adjusted

Sharpe edge MUB 0.26 0.16

Sortino edge MUB 0.36 0.22

Calmar edge MUB 0.24 0.06

Reading

MUB returned more: +76.1% to +67.3%. MUB swung less: 6.5% to 14.3%. MUB fell less at its worst: −12.4% to −47.8%.

Full scorecard

9 measures, with how each is measured Open ↓

Risk and return: MUB vs TLT: Differences, Returns & Fees
Measure	MUB	TLT	Edge	How it is measured
Return
Total return	+76.1%	+67.3%	MUB	Price change plus distributions, reinvested.
Annualized	+3.0%	+2.7%	MUB (slight)	Total return as a yearly rate.
Price return	+3.4%	−7.5%	MUB	Price change alone, distributions left out.
Risk
Volatility	6.5%	14.3%	MUB	Spread of weekly returns, annualized. Lower is steadier.
Downside deviation	4.7%	10.0%	MUB	Like volatility, counting only weeks below the Treasury bill rate.
Max drawdown	−12.4%	−47.8%	MUB	Deepest fall from a high to the low after it.
Risk-adjusted
Sharpe	0.26	0.16	MUB	Return above Treasury bills per unit of volatility.
Sortino	0.36	0.22	MUB	Return above Treasury bills per unit of downside deviation.
Calmar	0.24	0.06	MUB	Annualized return divided by the max drawdown.

Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 996 weekly returns. Cash rate: the 13-week Treasury bill.

What they share

By the books each fund has filed, MUB and TLT hold 0% of their money in the same securities at the same weight. Holdings dated Aug 31, 2026.

50%

0 half 100%

half

0% in common

Positions both hold · largest shared weight first MUB TLT

Only in one fund ↓

Only in MUB

Board of Regents of the University of Texas System, Series 2025B, due Aug 15, 2036 0.18%

San Antonio Water System, Series 2025D, due May 1, 2055 0.15%

New York State Thruway Authority, Series 2022A, due Mar 15, 2048 0.15%

New York State Dormitory Authority, Series 2019D, due Feb 15, 2047 0.13%

Northwest Independent School District, Series 2025, due Feb 15, 2055 0.12%

Houston Higher Education Finance Corp., Series 2024, due May 15, 2034 0.12%

State of New Jersey, Series 2020A, due Jun 1, 2028 0.12%

Ohio State University (The), Series 2026A, due Jun 1, 2035 0.12%

Only in TLT

U.S. Treasury Bonds, due May 15, 2055 4.46%

U.S. Treasury Bonds, due May 15, 2054 4.40%

U.S. Treasury Bonds, due Aug 15, 2053 4.18%

U.S. Treasury Bonds, due Feb 15, 2054 4.03%

U.S. Treasury Bonds, due Feb 15, 2056 3.94%

U.S. Treasury Bonds, due Aug 15, 2054 3.94%

U.S. Treasury Bonds, due Nov 15, 2053 3.92%

U.S. Treasury Bonds, due Feb 15, 2055 3.80%

Check overlap with more funds →

Side by side

MUB iShares National Muni Bond ETF TLT iShares 20+ Year Treasury Bond ETF

Where it sits Bond ETF Bond ETF

Issuer iShares iShares

What it is Tracks an index of National Muni Bond Tracks an index of 20+ year Treasuries

Total return, 1 year −0.4% −7.9%

Its benchmark over the same days not measured −7.8% (BBLB)

Gap to its benchmark not measured −0.1 pts vs BBLB

Expense ratio 0.05% 0.15%

Holdings 7873 47

Net assets, as of Oct 27, 2026 $54.1bn $47.4bn

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

Client brief · page 1 of 2 Report BR-EB5B0ABD1C

MUB and TLT do different jobs. What does each one do in a portfolio?

What each follows. MUB follows ICE AMT-Free US National Municipal Index and TLT follows ICE U.S. Treasury 20+ Year Bond Index.
Holdings in common. 0% of the weight is in the same securities (holdings dated Aug 31, 2026).
One-year total return. Over 1 year to Oct 28, 2026 MUB returned −0.4% and TLT −7.9% with distributions reinvested, a gap of 7.5 points.

Data as of Oct 28, 2026.

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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.

TLT

TLT tracks an index of 20+ year Treasuries. Over the year to Oct 28, 2026 it returned −7.9% with distributions reinvested, against −7.8% for its benchmark, the ICE U.S. Treasury 20+ Year Bond Index. The prospectus expense ratio is 0.15% a year. It sat 42.6% below its high of Aug 4, 2020 on Oct 28, 2026.

Questions people ask

Which returned more over the last year, MUB or TLT?: In the year to Oct 28, 2026, with distributions reinvested, MUB returned −0.4% and TLT −7.9%.
Which is cheaper, MUB or TLT?: MUB is cheaper, by 0.10 percentage points a year. That is about $10 on $10,000 held for a year. Fees come from each fund's prospectus.

Other comparisons

MUB vs VGLT EDV vs MUB BND vs MUB IUSB vs MUB TLT vs VTEB HYMB vs TLT TLH vs TLT SPTL vs TLT

Where to next

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

Sources and dates

MUB and TLT filings on SEC EDGAR ↗

MUB and TLT prospectus with the expense ratio (SEC) ↗

iShares page for MUB ↗

iShares page for TLT ↗

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

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