Data as of Oct 28, 2026.
MUB vs USO: Differences, Returns & Fees
MUB is a bond index fund and USO a commodity futures fund, and over the year to Oct 28, 2026, USO returned +133.3% against −0.4%.
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Net assets: $54.1bn on Oct 27, 2026 for iShares National Muni Bond ETF, and $1.9bn on Oct 28, 2026 for United States Oil Fund, LP.
Pair scorecard
MUB costs 0.81 points a year less; their one-year returns differ by 133.7 points; MUB is far larger, $54.1bn against $1.9bn.
| Measure | MUB | USO |
|---|---|---|
| Return | ||
| Total return, 1 year | −0.4% | +133.3% |
| Drawdown | ||
| Below its high | 82.3%, high on Jul 14, 2008 | |
| Benchmark | ||
| What it tracks | ICE AMT-Free US National Municipal Index | Oil futures |
| Cost and size | ||
| Expense ratio | 0.05% | 0.86% |
| Net assets, as of Oct 27, 2026 | $54.1bn | $1.9bn |
| Holdings | ||
| Holdings in common | not published | |
Risk and return
Sep 21, 2007 to Oct 23, 2026 · 996 weekly returnsMUB returned more: +76.1% to −65.9%. MUB swung less: 6.5% to 37.9%. MUB fell less at its worst: −12.4% to −98.0%.
Full scorecard
9 measures, with how each is measured Open ↓
| Measure | MUB | USO | Edge | How it is measured |
|---|---|---|---|---|
| Return | ||||
| Total return | +76.1% | −65.9% | MUB | Price change plus distributions, reinvested. |
| Annualized | +3.0% | −5.5% | MUB | Total return as a yearly rate. |
| Price return | +3.4% | −65.9% | MUB | Price change alone, distributions left out. |
| Risk | ||||
| Volatility | 6.5% | 37.9% | MUB | Spread of weekly returns, annualized. Lower is steadier. |
| Downside deviation | 4.7% | 27.4% | MUB | Like volatility, counting only weeks below the Treasury bill rate. |
| Max drawdown | −12.4% | −98.0% | MUB | Deepest fall from a high to the low after it. |
| Risk-adjusted | ||||
| Sharpe | 0.26 | 0.01 | MUB | Return above Treasury bills per unit of volatility. |
| Sortino | 0.36 | 0.01 | 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.
Side by side
MUB and USO on the fields both publish, as of Oct 28, 2026. Source: ETFIQ.
MUB and USO do different jobs. What does each one do in a portfolio?
- What each follows. MUB follows ICE AMT-Free US National Municipal Index and USO follows Oil futures.
- One-year total return. Over 1 year to Oct 28, 2026 MUB returned −0.4% and USO +133.3% with distributions reinvested, a gap of 133.7 points.
- Cost. MUB charges 0.05% of assets a year and USO 0.86%, a gap of 0.81 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.
USO
USO holds oil futures. Over the year to Oct 28, 2026 it returned +133.3% with distributions reinvested. The prospectus expense ratio is 0.86% a year. It sat 82.3% below its high of Jul 14, 2008 on Oct 28, 2026.
Questions people ask
- Which returned more over the last year, MUB or USO?
- In the year to Oct 28, 2026, with distributions reinvested, MUB returned −0.4% and USO +133.3%.
- Which is cheaper, MUB or USO?
- MUB is cheaper, by 0.81 percentage points a year. That is about $81 on $10,000 held for a year. Fees come from each fund's prospectus.
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ETFIQ, MUB against USO, data as of Oct 28, 2026. https://etfiq.com/compare/any/mub-vs-uso
ETFIQ. (Oct 28, 2026). MUB against USO. Retrieved from https://etfiq.com/compare/any/mub-vs-uso
[MUB against USO (ETFIQ, Oct 28, 2026)](https://etfiq.com/compare/any/mub-vs-uso)
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