Data as of Oct 28, 2026.
MUB vs XLB: Differences, Returns & Fees
Over the year to Oct 28, 2026, MUB returned −0.4% to XLB's +18.5%; 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 $8.1bn for State Street Materials Select Sector SPDR ETF.
Pair scorecard
MUB costs 0.03 points a year less; their one-year returns differ by 18.9 points; MUB is 6.7 times larger.
| Measure | MUB | XLB |
|---|---|---|
| Return | ||
| Total return, 1 year | −0.4% | +18.5% |
| Benchmark | ||
| What it tracks | ICE AMT-Free US National Municipal Index | Materials Select Sector Index |
| Cost and size | ||
| Expense ratio | 0.05% | 0.08% |
| Net assets, as of Oct 27, 2026 | $54.1bn | $8.1bn |
| Holdings | ||
| Holdings in common | 0% | |
| In the S&P 500, by weight | 100% | |
| Top ten holdings, share of the fund | 58.5% | |
Holdings in common uses holdings dated Oct 27, 2026. Method
Risk and return
Sep 21, 2007 to Oct 23, 2026 · 996 weekly returnsXLB returned more: +272.8% to +76.1%. MUB swung less: 6.5% to 22.5%. MUB fell less at its worst: −12.4% to −59.0%.
Full scorecard
9 measures, with how each is measured Open ↓
| Measure | MUB | XLB | Edge | How it is measured |
|---|---|---|---|---|
| Return | ||||
| Total return | +76.1% | +272.8% | XLB | Price change plus distributions, reinvested. |
| Annualized | +3.0% | +7.1% | XLB | Total return as a yearly rate. |
| Price return | +3.4% | +146.9% | XLB | Price change alone, distributions left out. |
| Risk | ||||
| Volatility | 6.5% | 22.5% | MUB | Spread of weekly returns, annualized. Lower is steadier. |
| Downside deviation | 4.7% | 15.7% | MUB | Like volatility, counting only weeks below the Treasury bill rate. |
| Max drawdown | −12.4% | −59.0% | MUB | Deepest fall from a high to the low after it. |
| Risk-adjusted | ||||
| Sharpe | 0.26 | 0.35 | XLB | Return above Treasury bills per unit of volatility. |
| Sortino | 0.36 | 0.51 | XLB | Return above Treasury bills per unit of downside deviation. |
| Calmar | 0.24 | 0.12 | 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 XLB hold 0% of their money in the same securities at the same weight. Holdings dated Oct 27, 2026.
half
0% in common
Only in one fund ↓
Side by side
MUB and XLB on the fields both publish, as of Oct 28, 2026. Source: ETFIQ.
MUB and XLB do different jobs. What does each one do in a portfolio?
- What each follows. MUB follows ICE AMT-Free US National Municipal Index and XLB follows Materials Select Sector Index.
- Holdings in common. 0% of the weight is in the same securities (holdings dated Oct 27, 2026).
- One-year total return. Over 1 year to Oct 28, 2026 MUB returned −0.4% and XLB +18.5% with distributions reinvested, a gap of 18.9 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.
XLB
XLB tracks an index of Materials. Over the year to Oct 28, 2026 it returned +18.5% with distributions reinvested. The prospectus expense ratio is 0.08% 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 25 positions, with the top ten at 58.5%.
Questions people ask
- Which returned more over the last year, MUB or XLB?
- In the year to Oct 28, 2026, with distributions reinvested, MUB returned −0.4% and XLB +18.5%.
- Which is cheaper, MUB or XLB?
- MUB is cheaper, by 0.03 percentage points a year. That is about $3 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 XLB, data as of Oct 28, 2026. https://etfiq.com/compare/any/mub-vs-xlb
ETFIQ. (Oct 28, 2026). MUB against XLB. Retrieved from https://etfiq.com/compare/any/mub-vs-xlb
[MUB against XLB (ETFIQ, Oct 28, 2026)](https://etfiq.com/compare/any/mub-vs-xlb)
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