Data as of Oct 28, 2026.
MUB vs VOO: Differences, Returns & Fees
Over the year to Oct 28, 2026, MUB returned −0.4% to VOO's +13.7%; 0% of their weight is in the same names.
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Net assets: $54.1bn on Oct 27, 2026 for iShares National Muni Bond ETF, and $1.0tn on Sep 30, 2026 for Vanguard S&P 500 ETF.
Pair scorecard
VOO costs 0.02 points a year less; their one-year returns differ by 14.1 points; VOO is far larger, $1.0tn against $46.6bn.
| Measure | MUB | VOO |
|---|---|---|
| Return | ||
| Total return, 1 year | −0.4% | +13.7% |
| Benchmark | ||
| What it tracks | ICE AMT-Free US National Municipal Index | S&P 500 Index |
| Cost and size | ||
| Expense ratio | 0.05% | 0.03% |
| Net assets, as of Sep 30, 2026 | $46.6bn | $1.0tn |
| Holdings | ||
| Holdings in common | 0% | |
| In the S&P 500, by weight | 100% | |
| Top ten holdings, share of the fund | 39.1% | |
Holdings in common uses holdings dated Sep 30, 2026 and Oct 27, 2026. Method
Risk and return
Sep 17, 2010 to Oct 23, 2026 · 840 weekly returnsVOO returned more: +804.0% to +48.7%. MUB swung less: 5.8% to 15.9%. MUB fell less at its worst: −12.4% to −31.8%.
Full scorecard
9 measures, with how each is measured Open ↓
| Measure | MUB | VOO | Edge | How it is measured |
|---|---|---|---|---|
| Return | ||||
| Total return | +48.7% | +804.0% | VOO | Price change plus distributions, reinvested. |
| Annualized | +2.5% | +14.6% | VOO | Total return as a yearly rate. |
| Price return | −2.7% | +575.9% | VOO | Price change alone, distributions left out. |
| Risk | ||||
| Volatility | 5.8% | 15.9% | MUB | Spread of weekly returns, annualized. Lower is steadier. |
| Downside deviation | 4.1% | 10.9% | MUB | Like volatility, counting only weeks below the Treasury bill rate. |
| Max drawdown | −12.4% | −31.8% | MUB | Deepest fall from a high to the low after it. |
| Risk-adjusted | ||||
| Sharpe | 0.18 | 0.84 | VOO | Return above Treasury bills per unit of volatility. |
| Sortino | 0.25 | 1.22 | VOO | Return above Treasury bills per unit of downside deviation. |
| Calmar | 0.20 | 0.46 | VOO | Annualized return divided by the max drawdown. |
Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 840 weekly returns. Cash rate: the 13-week Treasury bill.
What they share
By the books each fund has filed, MUB and VOO hold 0% of their money in the same securities at the same weight. Holdings dated Sep 30, 2026 and Oct 27, 2026.
half
0% in common
Only in one fund ↓
Side by side
MUB and VOO on the fields both publish, as of Oct 28, 2026. Source: ETFIQ.
MUB and VOO do different jobs. What does each one do in a portfolio?
- What each follows. MUB follows ICE AMT-Free US National Municipal Index and VOO follows S&P 500 Index.
- Holdings in common. 0% of the weight is in the same securities (holdings dated Oct 27, 2026 and Sep 30, 2026).
- One-year total return. Over 1 year to Oct 28, 2026 MUB returned −0.4% and VOO +13.7% with distributions reinvested, a gap of 14.1 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.
VOO
VOO tracks the S&P 500. Over the year to Oct 28, 2026 it returned +13.7% with distributions reinvested, against +13.7% for its benchmark, the S&P 500 Index. The prospectus expense ratio is 0.03% a year. By its holdings published by its issuer as of Sep 30, 2026, 100% of the fund by weight is stocks the S&P 500 also holds, across 507 positions, with the top ten at 39.1%.
Questions people ask
- Which returned more over the last year, MUB or VOO?
- In the year to Oct 28, 2026, with distributions reinvested, MUB returned −0.4% and VOO +13.7%.
- Which is cheaper, MUB or VOO?
- VOO is cheaper, by 0.02 percentage points a year. That is about $2 on $10,000 held for a year. Fees come from each fund's prospectus.
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.
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ETFIQ, MUB against VOO, data as of Oct 28, 2026. https://etfiq.com/compare/any/mub-vs-voo
ETFIQ. (Oct 28, 2026). MUB against VOO. Retrieved from https://etfiq.com/compare/any/mub-vs-voo
[MUB against VOO (ETFIQ, Oct 28, 2026)](https://etfiq.com/compare/any/mub-vs-voo)
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