SUBvsMUNIETF Comparison
VS
iShares Short-Term National Muni Bond ETF (SUB) and PIMCO Intermediate Municipal Bond Active ETF (MUNI) belong to the same industry segment: Municipal Bonds. SUB's top 2 sector exposures are Municipal and Non-Corporate. In contrast, MUNI's top sector exposures are Municipal and Sovereign. SUB is less expensive with a Total Expense Ratio (TER) of 0.07%, versus 0.35% for MUNI. SUB is up 1.03% year-to-date (YTD) with +$1.29B in YTD flows. MUNI performs worse with -0.43% YTD performance, and +$672M in YTD flows. Run a side-by-side ETF comparison of SUB and MUNI below, and assess how they stack up in performance, liquidity, risk, exposure, holdings, and more, helping you select the best ETF for your investments.
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SUB vs MUNI performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 09/02/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | SUB MUNI | +0.15%-0.78% | +0.19%-1.58% | +1.03%-0.43% | +1.71%+2.93% | +9.19%+10.45% | +7.64%+3.92% |
| Flows | SUB MUNI | +$292M+$72M | +$403M+$197M | +$1.29B+$672M | +$1.48B+$1.03B | +$2.23B+$2.15B | +$5.78B+$2.56B |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | SUB MUNI | +0.79%+2.52% | +0.78%+2.14% | +1.09%+3.08% | +1.15%+3.00% |
| Max drawdown | SUB MUNI | -0.46%-2.16% | -0.81%-2.39% | -1.33%-4.03% | -4.11%-11.21% |
| Max drawdown duration | SUB MUNI | 35d57d | 117d184d | 52d185d | 804d1045d |
Trading data
SUB | MUNI | |
Last sale 9/3/2026 at 1:30 PM | $105.88 | $51.13 |
| Previous close 09/02/2026 | $105.91 | $51.19 |
| Consolidated volume 09/02/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
Replication quality
Data as of September 3, 2026
1-year trailing difference
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MUNI
is actively managed and doesn’t replicate an indexSUB | MUNI | |
|---|---|---|
| Tracking error | ||
| Tracking difference | ||
| 1 year cumulative return difference | ||
| Best | ||
| Worst | ||
| Daily return difference | ||
| Average | ||
| Worst | ||
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Main metrics
Last update 9/3/2026 at 1:30 PM
Live
Closed
SUB | MUNI | |
|---|---|---|
| Last price | $105.88 | $51.13 |
| 1D performance | -0.03% | -0.13% |
| AuM | $11.60 B | $3.12 B |
| E/R | 0.07% | 0.35% |
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Exposure
Countries
SUB
USA
49.36%
Other
50.64%
MUNI
USA
48.52%
Other
51.48%
Sectors
SUB
Municipal
49.36%
Other
50.64%
MUNI
Municipal
41.12%
Sovereign
7.4%
Other
51.48%
Diversification
SUB
Total weight of top 15 holdings out of 15
3.53%
MUNI
Total weight of top 15 holdings out of 15
16.98%
Top 15 holdings
Data as of July 31, 2026
SUB
New Jersey Economic Development Authority, 5% 1mar2028, USD (2023)
0.37%
US13063EDB92
0.28%
Empire State Development Corp., 5% 15sep2028, USD (2022A)
0.25%
US91412HWB58
0.25%
US646140JM63
0.24%
California, 5% 1nov2027, USD
0.24%
California, 5% 1apr2029, USD
0.24%
US373385QU02
0.22%
Massachusetts, 5.5% 1aug2030, USD (2004A)
0.21%
City of New York, 5.75% 15may2012, USD
0.21%
US207758Y563
0.21%
New York Transitional Finance Authority, 5% 1nov2030, USD (2026)
0.21%
Pennsylvania, 5% 1mar2028, USD
0.20%
US495290ET12
0.20%
New Jersey, 4% 1jun2030, USD
0.20%
MUNI
USA, Notes 3.375% 29feb2028, USD (AY-2028)
2.62%
USA, Notes 3.5% 28feb2031, USD (V-2031)
2.12%
USA, Notes 4.625% 30apr2031, USD (K-2031)
1.40%
Black Belt Energy Gas District, 5% 1jan2034, USD (2026)
1.08%
USA, Notes 4.25% 28feb2031, USD (H-2031)
1.03%
Texas Municipal Gas Acquisition and Supply Corp., 5% 1apr2036, USD (2026)
0.96%
Fort Bend Independent School District, FRN 1aug2055, USD (2025B)
0.94%
Puerto Rico Sales Tax Financing Corp., 0% 1jul2046, USD (10001D)
0.93%
US20775DL830
0.92%
US594654K382
0.88%
US93974FJX24
0.85%
US31350ADW53
0.82%
New York Municipal Water Finance Authority, FRN 15jun2048, USD (2014)
0.81%
US67756AH960
0.81%
New York Transitional Finance Authority, FRN 1nov2042, USD (2014)
0.81%
Frequently asked questions about SUB and MUNI
How have the SUB and MUNI ETFs performed in 2026?
As of September 2, 2026, SUB is up 1.03% year-to-date (YTD), while MUNI has lost -0.43%. That puts SUB better performer ahead so far this year.
Which ETF is attracting more investor money: SUB or MUNI?
Year-to-date, the SUB ETF saw +$1.29B in flows, compared to +$672M for MUNI.
Which ETF is more volatile: SUB or MUNI?
Over the past year, SUB had a volatility of 0.78%, while MUNI experienced 2.14%.
Which ETF is bigger: SUB or MUNI?
As of September 2, 2026, SUB holds $11.60 B in assets under management (AUM), while MUNI manages $3.12 B.
What sectors do the SUB and MUNI ETFs invest in?
SUB leans toward sectors like Municipal. Meanwhile, MUNI focuses on Municipal and Sovereign.
What are the top holdings of the SUB ETF and MUNI ETF?
SUB top holdings include New Jersey Economic Development Authority, 5% 1mar2028, USD (2023), US13063EDB92 and Empire State Development Corp., 5% 15sep2028, USD (2022A). MUNI holds in its top three: USA, Notes 3.375% 29feb2028, USD (AY-2028), USA, Notes 3.5% 28feb2031, USD (V-2031) and USA, Notes 4.625% 30apr2031, USD (K-2031).
Which ETF is more diversified: SUB or MUNI?
SUB holds 2867 securities with 3.53% of its assets in the top 15. MUNI has 353 securities and a top 15 weight of 16.98%.
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Latest news about SUB & MUNI
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