iShares Short-Term National Muni Bond (SUB): Historical Returns

Data Source: from January 1978 to January 2024 (~46 years)
Consolidated Returns as of 31 January 2024
Category: Fixed Income
iShares Short-Term National Muni Bond (SUB) ETF
ETF • LIVE PERFORMANCE (USD currency)
0.20%
January 2024

In the last 30 Years, the iShares Short-Term National Muni Bond (SUB) ETF obtained a 2.32% compound annual return, with a 1.45% standard deviation.

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The ETF is related to the following investment themes:

  • Asset Class: Bond
  • Region: North America
  • Country: U.S.
  • Bond - Duration: All-Term

Investment Returns as of Jan 31, 2024

The iShares Short-Term National Muni Bond (SUB) ETF guaranteed the following returns.

Returns are calculated in USD, assuming:
  • no fees or capital gain taxes.
  • the reinvestment of dividends.
  • the actual US Inflation rates.
ISHARES SHORT-TERM NATIONAL MUNI BOND (SUB) ETF
Consolidated returns as of 31 January 2024
Swipe left to see all data
  Chg (%) Return (%) Return (%) as of Jan 31, 2024
  1 Day Time ET(*) Feb 2024 1M 6M 1Y 5Y 10Y 30Y MAX
(~46Y)
iShares Short-Term National Muni Bond (SUB) ETF n.a. n.a. -0.20 2.15 1.61 1.09 0.93 2.32 3.58
US Inflation Adjusted return -0.50 0.49 -1.45 -2.95 -1.81 -0.21 0.04
Returns over 1 year are annualized | Available data source: since Jan 1978
(*) Eastern Time (ET - America/New York)
US Inflation is updated to Jan 2024. Current inflation (annualized) is 1Y: 3.11% , 5Y: 4.16% , 10Y: 2.79% , 30Y: 2.53%

In 2023, the iShares Short-Term National Muni Bond (SUB) ETF granted a 1.37% dividend yield. If you are interested in getting periodic income, please refer to the iShares Short-Term National Muni Bond (SUB) ETF: Dividend Yield page.

Capital Growth as of Jan 31, 2024

An investment of 1$, since February 1994, now would be worth 1.99$, with a total return of 98.74% (2.32% annualized).

The Inflation Adjusted Capital now would be 0.94$, with a net total return of -6.11% (-0.21% annualized).
An investment of 1$, since January 1978, now would be worth 5.06$, with a total return of 405.93% (3.58% annualized).

The Inflation Adjusted Capital now would be 1.02$, with a net total return of 1.78% (0.04% annualized).

Investment Metrics as of Jan 31, 2024

Metrics of iShares Short-Term National Muni Bond (SUB) ETF, updated as of 31 January 2024.

Metrics are calculated based on monthly returns, assuming:
  • no fees or capital gain taxes.
  • the reinvestment of dividends.
  • the actual US Inflation rates.
ISHARES SHORT-TERM NATIONAL MUNI BOND (SUB) ETF
Advanced Metrics
Data Source: 1 January 1978 - 31 January 2024 (~46 years)
Swipe left to see all data
Metrics as of Jan 31, 2024
1M 3M 6M 1Y 3Y 5Y 10Y 20Y 30Y MAX
(~46Y)
Investment Return (%) -0.20 2.56 2.15 1.61 0.06 1.09 0.93 1.64 2.32 3.58
Infl. Adjusted Return (%) details -0.50 1.84 0.49 -1.45 -5.30 -2.95 -1.81 -0.91 -0.21 0.04
US Inflation (%) 0.31 0.70 1.66 3.11 5.66 4.16 2.79 2.57 2.53 3.54
Returns / Inflation rates over 1 year are annualized.
DRAWDOWN
Inflation Adjusted:
Inflation Adjusted:
1Y 3Y 5Y 10Y 20Y 30Y MAX
Deepest Drawdown Depth (%) -1.37 -4.23 -4.23 -4.23 -4.23 -4.23 -4.23
Start to Recovery (# months) details 10 29 29 29 29 29 29
Start (yyyy mm) 2023 02 2021 08 2021 08 2021 08 2021 08 2021 08 2021 08
Start to Bottom (# months) 1 14 14 14 14 14 14
Bottom (yyyy mm) 2023 02 2022 09 2022 09 2022 09 2022 09 2022 09 2022 09
Bottom to End (# months) 9 15 15 15 15 15 15
End (yyyy mm) 2023 11 2023 12 2023 12 2023 12 2023 12 2023 12 2023 12
Longest Drawdown Depth (%)
same as
deepest

same as
deepest

same as
deepest

same as
deepest

same as
deepest

same as
deepest

same as
deepest
Start to Recovery (# months) details
Start (yyyy mm) 2023 02 2021 08 2021 08 2021 08 2021 08 2021 08 2021 08
Start to Bottom (# months) 1 14 14 14 14 14 14
Bottom (yyyy mm) 2023 02 2022 09 2022 09 2022 09 2022 09 2022 09 2022 09
Bottom to End (# months) 9 15 15 15 15 15 15
End (yyyy mm) 2023 11 2023 12 2023 12 2023 12 2023 12 2023 12 2023 12
Longest negative period (# months) details 9 34 45 45 45 45 45
Period Start (yyyy mm) 2023 02 2021 02 2020 01 2020 01 2020 01 2020 01 2020 01
Period End (yyyy mm) 2023 10 2023 11 2023 09 2023 09 2023 09 2023 09 2023 09
Annualized Return (%) -1.22 -0.15 -0.05 -0.05 -0.05 -0.05 -0.05
Deepest Drawdown Depth (%) -3.52 -16.86 -18.22 -19.32 -22.32 -22.32 -22.32
Start to Recovery (# months) details 12* 36* 44* 108* 175* 175* 175*
Start (yyyy mm) 2023 02 2021 02 2020 06 2015 02 2009 07 2009 07 2009 07
Start to Bottom (# months) 8 32 40 104 171 171 171
Bottom (yyyy mm) 2023 09 2023 09 2023 09 2023 09 2023 09 2023 09 2023 09
Bottom to End (# months) 4 4 4 4 4 4 4
End (yyyy mm) - - - - - - -
Longest Drawdown Depth (%)
same as
deepest

same as
deepest

same as
deepest

same as
deepest

same as
deepest

same as
deepest

same as
deepest
Start to Recovery (# months) details
Start (yyyy mm) 2023 02 2021 02 2020 06 2015 02 2009 07 2009 07 2009 07
Start to Bottom (# months) 8 32 40 104 171 171 171
Bottom (yyyy mm) 2023 09 2023 09 2023 09 2023 09 2023 09 2023 09 2023 09
Bottom to End (# months) 4 4 4 4 4 4 4
End (yyyy mm) - - - - - - -
Longest negative period (# months) details 12* 36* 60* 120* 240* 360* 550
Period Start (yyyy mm) 2023 02 2021 02 2019 02 2014 02 2004 02 1994 02 1978 01
Period End (yyyy mm) 2024 01 2024 01 2024 01 2024 01 2024 01 2024 01 2023 10
Annualized Return (%) -1.45 -5.30 -2.95 -1.81 -0.91 -0.21 0.00
Drawdowns / Negative periods marked with * are in progress
RISK INDICATORS
1Y 3Y 5Y 10Y 20Y 30Y MAX
Standard Deviation (%) 3.03 2.69 2.36 1.84 1.65 1.45 1.45
Sharpe Ratio -1.15 -0.80 -0.29 -0.11 0.20 0.04 -0.28
Sortino Ratio -1.73 -1.18 -0.42 -0.16 0.28 0.06 -0.39
Ulcer Index 0.73 2.07 1.62 1.20 0.91 0.74 0.60
Ratio: Return / Standard Deviation 0.53 0.02 0.46 0.50 0.99 1.60 2.47
Ratio: Return / Deepest Drawdown 1.18 0.01 0.26 0.22 0.39 0.55 0.85
% Positive Months details 50% 52% 65% 62% 69% 76% 82%
Positive Months 6 19 39 75 166 275 454
Negative Months 6 17 21 45 74 85 99
LONG TERM RETURNS
Inflation Adjusted:
Inflation Adjusted:
1Y 3Y 5Y 10Y 20Y 30Y MAX
Best 10 Years Return (%) - Annualized 0.93 2.38 3.75 6.79
Worst 10 Years Return (%) - Annualized 0.57 0.57 0.57
Best 10 Years Return (%) - Annualized -1.81 0.46 1.28 2.70
Worst 10 Years Return (%) - Annualized -2.05 -2.05 -2.05
ROLLING PERIODS
Inflation Adjusted:
Inflation Adjusted:
1Y 3Y 5Y 10Y 20Y 30Y MAX
Over the latest 30Y
Best Rolling Return (%) - Annualized 7.67 5.24 4.27 3.75 3.04 2.32
Worst Rolling Return (%) - Annualized -3.95 -0.77 0.46 0.57 1.51
% Positive Periods 91% 96% 100% 100% 100% 100%
SWR - Safe Withdrawal Rate (%) - 100% Success - Annualized 94.29 29.78 18.89 9.48 4.84 3.62
PWR - Perpetual Withdrawal Rate (%) - 100% Success - Annualized - - - - - -
WR calculated based on initial capital | Monthly withdrawals adjusted for inflation | Credits: BestRetirementPortfolio.com
Best Rolling Return (%) - Annualized 9.01 3.07 1.94 1.28 0.70 -0.21
Worst Rolling Return (%) - Annualized -11.22 -6.15 -3.18 -2.05 -1.03
% Positive Periods 53% 46% 47% 65% 71% 0%
SWR - Safe Withdrawal Rate (%) - 100% Success - Annualized 94.29 29.78 18.89 9.48 4.84 3.62
PWR - Perpetual Withdrawal Rate (%) - 100% Success - Annualized - - - - - -
WR calculated based on initial capital | Monthly withdrawals adjusted for inflation | Credits: BestRetirementPortfolio.com
Over all the available data source (Jan 1978 - Jan 2024)
Best Rolling Return (%) - Annualized 10.88 8.11 7.54 6.79 5.66 4.90
Worst Rolling Return (%) - Annualized -3.95 -0.77 0.46 0.57 1.51 2.26
% Positive Periods 94% 98% 100% 100% 100% 100%
SWR - Safe Withdrawal Rate (%) - 100% Success - Annualized 94.29 29.76 17.27 8.90 4.83 3.44
PWR - Perpetual Withdrawal Rate (%) - 100% Success - Annualized - - - - - -
WR calculated based on initial capital | Monthly withdrawals adjusted for inflation | Credits: BestRetirementPortfolio.com
Best Rolling Return (%) - Annualized 9.01 4.04 4.01 2.70 2.11 1.50
Worst Rolling Return (%) - Annualized -11.22 -6.63 -3.18 -2.05 -1.03 -0.27
% Positive Periods 60% 61% 63% 79% 88% 89%
SWR - Safe Withdrawal Rate (%) - 100% Success - Annualized 94.29 29.76 17.27 8.90 4.83 3.44
PWR - Perpetual Withdrawal Rate (%) - 100% Success - Annualized - - - - - -
WR calculated based on initial capital | Monthly withdrawals adjusted for inflation | Credits: BestRetirementPortfolio.com
Terms and Definitions
  • Annualized Portfolio Return: it's the annualized geometric mean return of the portfolio.
  • Deepest/Longest Drawdown: a drawdown refers to the decline in value from a relative peak value to a relative trough. The deepest (or maximum) drawdown is the maximum observed loss from a peak to a trough of a portfolio before a new peak is attained. The longest drawdown is the period observed from a peak to the subsequent peak with the greatest duration.
  • Longest negative period: it's the maximum period for which an overall negative return has been observed.
  • Standard Deviation: it's a measure of the dispersion of returns around the mean.
  • Sharpe Ratio: it's a measure of risk-adjusted performance of the portfolio. It's calculated by dividing the excess return of the portfolio over the risk-free rate by the portfolio standard deviation. The risk-free rate here considered is the 1-3 Mth T-Bill return.
  • Sortino Ratio: another measure of risk-adjusted performance of the portfolio. It's a modification of the Sharpe Ratio (same formula but the denominator is the portfolio downside standard deviation).
  • Ulcer Index: it's a measure of downside risk that quantifies the depth and duration of drawdowns in an investment portfolio.
  • Best/Worst 10Y returns: the best and the worst 10-year return over a time frame.
  • Rolling Returns: N-year returns over a time frame, calculated over all the available data source (best, worst, % of positive returns). Each rolling period, longer than the longest negative period, yielded a non-negative minimum return.
  • Safe Withdrawal Rate (SWR): it's the percentage of the initial portfolio balance that can be withdrawn at the beginning of each month with inflation adjustment, without the portfolio running out of money in any case (money amount withdrawal).
    For instance: Your initial invested capital is 100.000$; withdrawal rate (annualized) is 4%. This means that, in the first month, you will withdraw 100.000 * 4% * 1/12 = 333.33$. The second month, you’ll withdraw 333.33$ plus the inflation monthly rate. You’ll continue adjusting your withdraw monthly for inflation.
  • Perpetual Withdrawal Rate (PWR): it's the percentage of the initial portfolio balance that can be withdrawn at the beginning of each month with inflation adjustment, preserving the original invested capital, adjusted for inflation too.

Correlations as of Jan 31, 2024

Correlation measures to what degree the returns of the two assets move in relation to each other.

Correlation coefficient is a numerical value between -1 and +1. If one variable goes up by a certain amount, the correlation coefficient indicates which way the other variable moves and by how much.
Asset correlations are calculated based on monthly returns.

Monthly correlations of iShares Short-Term National Muni Bond (SUB) ETF vs the main Asset Classes, over different timeframes. Columns are sortable (click on table header to sort).

ISHARES SHORT-TERM NATIONAL MUNI BOND (SUB) ETF
Monthly correlations as of 31 January 2024
Swipe left to see all data
Correlation vs SUB
Asset Class 1 Year 5 Years 10 Years 30 Years Since
Jan 1992
VTI
US Total Stock Market
0.76
0.50
0.36
0.12
0.12
SPY
US Large Cap
0.79
0.50
0.37
0.12
0.12
IJR
US Small Cap
0.47
0.40
0.24
0.06
0.06
VNQ
US REITs
0.75
0.54
0.46
0.15
0.16
QQQ
US Technology
0.67
0.49
0.39
0.09
0.09
PFF
Preferred Stocks
0.48
0.55
0.51
0.33
0.33
EFA
EAFE Stocks
0.78
0.59
0.46
0.12
0.11
VT
World All Countries
0.79
0.55
0.42
0.11
0.11
EEM
Emerging Markets
0.77
0.56
0.43
0.14
0.14
VGK
Europe
0.73
0.57
0.45
0.14
0.14
VPL
Pacific
0.81
0.61
0.44
0.09
0.08
FLLA
Latin America
0.68
0.34
0.28
0.10
0.10
BND
US Total Bond Market
0.88
0.81
0.78
0.61
0.62
TLT
Long Term Treasuries
0.82
0.58
0.58
0.43
0.44
BIL
US Cash
0.58
0.12
0.14
0.25
0.25
TIP
TIPS
0.86
0.68
0.64
0.50
0.51
LQD
Invest. Grade Bonds
0.90
0.82
0.77
0.58
0.58
HYG
High Yield Bonds
0.91
0.65
0.53
0.30
0.31
CWB
US Convertible Bonds
0.58
0.43
0.36
0.16
0.16
BNDX
International Bonds
0.87
0.74
0.69
0.46
0.47
EMB
Emerg. Market Bonds
0.86
0.74
0.67
0.32
0.32
GLD
Gold
0.69
0.42
0.41
0.19
0.18
DBC
Commodities
0.10
0.08
0.01
-0.02
-0.02

If you want to learn more about historical correlations, you can find out here how the main asset class are correlated to each other.

Drawdowns

A drawdown refers to the decline in value from a relative peak value to a relative trough. A maximum drawdown is the maximum observed loss from a peak to a trough of a portfolio before a new peak is attained.

ISHARES SHORT-TERM NATIONAL MUNI BOND (SUB) ETF
Drawdown periods
Drawdown periods - Inflation Adjusted
Data Source: 1 February 1994 - 31 January 2024 (30 Years)
Data Source: 1 January 1978 - 31 January 2024 (~46 years)
Inflation Adjusted:
Swipe left to see all data
Drawdown period
Recovery period
Total
Drawdown Start Bottom #Months End #Months #Months Ulcer Index
-4.23% Aug 2021 Sep 2022 14 Dec 2023 15 29 2.30
-1.61% Jul 2009 Oct 2009 4 Jul 2010 9 13 0.98
-1.60% Aug 2016 Nov 2016 4 May 2017 6 10 0.68
-1.54% Sep 2010 Jan 2011 5 Apr 2011 3 8 0.88
-1.20% Sep 2017 Apr 2018 8 Nov 2018 7 15 0.64
-1.11% Mar 2013 Jun 2013 4 Oct 2013 4 8 0.52
-0.95% Mar 2020 Mar 2020 1 May 2020 2 3 0.66
-0.62% Feb 2015 Apr 2015 3 Oct 2015 6 9 0.38
-0.57% Mar 2002 Mar 2002 1 Apr 2002 1 2 0.33
-0.56% Feb 2009 Feb 2009 1 Mar 2009 1 2 0.32
-0.49% Sep 2008 Sep 2008 1 Nov 2008 2 3 0.25
-0.49% Mar 2004 May 2004 3 Aug 2004 3 6 0.30
-0.41% Aug 2020 Oct 2020 3 Dec 2020 2 5 0.19
-0.40% Aug 2012 Dec 2012 5 Feb 2013 2 7 0.17
-0.40% Feb 1994 Mar 1994 2 May 1994 2 4 0.25
Swipe left to see all data
Drawdown (DD)
Occurrencies (EOM)
Drawdown (DD)
Range #Num Every (Avg) Frequency Cumulative Frequency
All Time High (DD=0%) 215 1.7 Months 59.56%
 
DD = 0% 59.56%
 
0% < DD <= -5% 146 2.5 Months 40.44%
 
DD <= -5% 100.00%
 
-5% < DD <= -10% 0 - 0.00%
 
DD <= -10% 100.00%
 
-10% < DD <= -15% 0 - 0.00%
 
DD <= -15% 100.00%
 
-15% < DD <= -20% 0 - 0.00%
 
DD <= -20% 100.00%
 
-20% < DD <= -25% 0 - 0.00%
 
DD <= -25% 100.00%
 
-25% < DD <= -30% 0 - 0.00%
 
DD <= -30% 100.00%
 
-30% < DD <= -35% 0 - 0.00%
 
DD <= -35% 100.00%
 
-35% < DD <= -40% 0 - 0.00%
 
DD <= -40% 100.00%
 
-40% < DD <= -45% 0 - 0.00%
 
DD <= -45% 100.00%
 
-45% < DD <= -50% 0 - 0.00%
 
DD <= -50% 100.00%
 
-50% < DD <= -55% 0 - 0.00%
 
DD <= -55% 100.00%
 
-55% < DD <= -60% 0 - 0.00%
 
DD <= -60% 100.00%
 
-60% < DD <= -65% 0 - 0.00%
 
DD <= -65% 100.00%
 
-65% < DD <= -70% 0 - 0.00%
 
DD <= -70% 100.00%
 
-70% < DD <= -100% 0 - 0.00%
 
DD <= -100% 100.00%
 
Swipe left to see all data
Drawdown period
Recovery period
Total
Drawdown Start Bottom #Months End #Months #Months Ulcer Index
-22.32% Jul 2009 Sep 2023 171 in progress 4 175 9.21
-5.37% Jun 2003 Oct 2005 29 Jan 2009 39 68 3.52
-1.27% Feb 1994 Dec 1994 11 May 1995 5 16 0.80
-0.95% Apr 1999 Mar 2000 12 Aug 2000 5 17 0.53
-0.92% Feb 2009 Feb 2009 1 Mar 2009 1 2 0.53
-0.85% Mar 2002 Mar 2002 1 Jun 2002 3 4 0.51
-0.69% Jan 2003 Mar 2003 3 May 2003 2 5 0.37
-0.60% Jan 1996 Apr 1996 4 Oct 1996 6 10 0.29
-0.40% Oct 2002 Oct 2002 1 Dec 2002 2 3 0.27
-0.25% Sep 2000 Sep 2000 1 Nov 2000 2 3 0.12
-0.19% Mar 1997 Mar 1997 1 Apr 1997 1 2 0.11
-0.05% Aug 1997 Aug 1997 1 Sep 1997 1 2 0.03
-0.05% Apr 1998 Apr 1998 1 May 1998 1 2 0.03
-0.02% Sep 2001 Sep 2001 1 Oct 2001 1 2 0.01
-0.02% Dec 1996 Dec 1996 1 Jan 1997 1 2 0.01
Swipe left to see all data
Drawdown (DD)
Occurrencies (EOM)
Drawdown (DD)
Range #Num Every (Avg) Frequency Cumulative Frequency
All Time High (DD=0%) 62 5.8 Months 17.17%
 
DD = 0% 17.17%
 
0% < DD <= -5% 190 1.9 Months 52.63%
 
DD <= -5% 69.81%
 
-5% < DD <= -10% 80 4.5 Months 22.16%
 
DD <= -10% 91.97%
 
-10% < DD <= -15% 5 72.2 Months 1.39%
 
DD <= -15% 93.35%
 
-15% < DD <= -20% 11 32.8 Months 3.05%
 
DD <= -20% 96.40%
 
-20% < DD <= -25% 13 27.8 Months 3.60%
 
DD <= -25% 100.00%
 
-25% < DD <= -30% 0 - 0.00%
 
DD <= -30% 100.00%
 
-30% < DD <= -35% 0 - 0.00%
 
DD <= -35% 100.00%
 
-35% < DD <= -40% 0 - 0.00%
 
DD <= -40% 100.00%
 
-40% < DD <= -45% 0 - 0.00%
 
DD <= -45% 100.00%
 
-45% < DD <= -50% 0 - 0.00%
 
DD <= -50% 100.00%
 
-50% < DD <= -55% 0 - 0.00%
 
DD <= -55% 100.00%
 
-55% < DD <= -60% 0 - 0.00%
 
DD <= -60% 100.00%
 
-60% < DD <= -65% 0 - 0.00%
 
DD <= -65% 100.00%
 
-65% < DD <= -70% 0 - 0.00%
 
DD <= -70% 100.00%
 
-70% < DD <= -100% 0 - 0.00%
 
DD <= -100% 100.00%
 
Swipe left to see all data
Drawdown period
Recovery period
Total
Drawdown Start Bottom #Months End #Months #Months Ulcer Index
-4.23% Aug 2021 Sep 2022 14 Dec 2023 15 29 2.30
-1.61% Jul 2009 Oct 2009 4 Jul 2010 9 13 0.98
-1.60% Aug 2016 Nov 2016 4 May 2017 6 10 0.68
-1.54% Sep 2010 Jan 2011 5 Apr 2011 3 8 0.88
-1.20% Sep 2017 Apr 2018 8 Nov 2018 7 15 0.64
-1.11% Mar 2013 Jun 2013 4 Oct 2013 4 8 0.52
-0.95% Mar 2020 Mar 2020 1 May 2020 2 3 0.66
-0.81% Apr 1987 Apr 1987 1 Jun 1987 2 3 0.45
-0.68% Sep 1987 Oct 1987 2 Nov 1987 1 3 0.44
-0.62% Feb 2015 Apr 2015 3 Oct 2015 6 9 0.38
-0.57% Mar 2002 Mar 2002 1 Apr 2002 1 2 0.33
-0.56% Feb 2009 Feb 2009 1 Mar 2009 1 2 0.32
-0.49% Sep 2008 Sep 2008 1 Nov 2008 2 3 0.25
-0.49% Mar 2004 May 2004 3 Aug 2004 3 6 0.30
-0.41% Aug 2020 Oct 2020 3 Dec 2020 2 5 0.19
Swipe left to see all data
Drawdown (DD)
Occurrencies (EOM)
Drawdown (DD)
Range #Num Every (Avg) Frequency Cumulative Frequency
All Time High (DD=0%) 393 1.4 Months 70.94%
 
DD = 0% 70.94%
 
0% < DD <= -5% 161 3.4 Months 29.06%
 
DD <= -5% 100.00%
 
-5% < DD <= -10% 0 - 0.00%
 
DD <= -10% 100.00%
 
-10% < DD <= -15% 0 - 0.00%
 
DD <= -15% 100.00%
 
-15% < DD <= -20% 0 - 0.00%
 
DD <= -20% 100.00%
 
-20% < DD <= -25% 0 - 0.00%
 
DD <= -25% 100.00%
 
-25% < DD <= -30% 0 - 0.00%
 
DD <= -30% 100.00%
 
-30% < DD <= -35% 0 - 0.00%
 
DD <= -35% 100.00%
 
-35% < DD <= -40% 0 - 0.00%
 
DD <= -40% 100.00%
 
-40% < DD <= -45% 0 - 0.00%
 
DD <= -45% 100.00%
 
-45% < DD <= -50% 0 - 0.00%
 
DD <= -50% 100.00%
 
-50% < DD <= -55% 0 - 0.00%
 
DD <= -55% 100.00%
 
-55% < DD <= -60% 0 - 0.00%
 
DD <= -60% 100.00%
 
-60% < DD <= -65% 0 - 0.00%
 
DD <= -65% 100.00%
 
-65% < DD <= -70% 0 - 0.00%
 
DD <= -70% 100.00%
 
-70% < DD <= -100% 0 - 0.00%
 
DD <= -100% 100.00%
 
Swipe left to see all data
Drawdown period
Recovery period
Total
Drawdown Start Bottom #Months End #Months #Months Ulcer Index
-22.32% Jul 2009 Sep 2023 171 in progress 4 175 9.21
-20.46% Jan 1978 Sep 1981 45 Oct 1989 97 142 11.11
-5.37% Jun 2003 Oct 2005 29 Jan 2009 39 68 3.52
-1.27% Feb 1994 Dec 1994 11 May 1995 5 16 0.80
-0.95% Apr 1999 Mar 2000 12 Aug 2000 5 17 0.53
-0.92% Feb 2009 Feb 2009 1 Mar 2009 1 2 0.53
-0.85% Mar 2002 Mar 2002 1 Jun 2002 3 4 0.51
-0.78% Aug 1990 Sep 1990 2 Dec 1990 3 5 0.50
-0.69% Jan 2003 Mar 2003 3 May 2003 2 5 0.37
-0.60% Jan 1990 Mar 1990 3 May 1990 2 5 0.45
-0.60% Jan 1996 Apr 1996 4 Oct 1996 6 10 0.29
-0.41% Oct 1992 Oct 1992 1 Dec 1992 2 3 0.23
-0.40% Oct 2002 Oct 2002 1 Dec 2002 2 3 0.27
-0.38% Mar 1992 Mar 1992 1 May 1992 2 3 0.20
-0.32% Aug 1992 Aug 1992 1 Sep 1992 1 2 0.18
Swipe left to see all data
Drawdown (DD)
Occurrencies (EOM)
Drawdown (DD)
Range #Num Every (Avg) Frequency Cumulative Frequency
All Time High (DD=0%) 94 5.9 Months 16.97%
 
DD = 0% 16.97%
 
0% < DD <= -5% 261 2.1 Months 47.11%
 
DD <= -5% 64.08%
 
-5% < DD <= -10% 104 5.3 Months 18.77%
 
DD <= -10% 82.85%
 
-10% < DD <= -15% 38 14.6 Months 6.86%
 
DD <= -15% 89.71%
 
-15% < DD <= -20% 42 13.2 Months 7.58%
 
DD <= -20% 97.29%
 
-20% < DD <= -25% 15 36.9 Months 2.71%
 
DD <= -25% 100.00%
 
-25% < DD <= -30% 0 - 0.00%
 
DD <= -30% 100.00%
 
-30% < DD <= -35% 0 - 0.00%
 
DD <= -35% 100.00%
 
-35% < DD <= -40% 0 - 0.00%
 
DD <= -40% 100.00%
 
-40% < DD <= -45% 0 - 0.00%
 
DD <= -45% 100.00%
 
-45% < DD <= -50% 0 - 0.00%
 
DD <= -50% 100.00%
 
-50% < DD <= -55% 0 - 0.00%
 
DD <= -55% 100.00%
 
-55% < DD <= -60% 0 - 0.00%
 
DD <= -60% 100.00%
 
-60% < DD <= -65% 0 - 0.00%
 
DD <= -65% 100.00%
 
-65% < DD <= -70% 0 - 0.00%
 
DD <= -70% 100.00%
 
-70% < DD <= -100% 0 - 0.00%
 
DD <= -100% 100.00%
 

Rolling Returns

( more details)

A rolling return is a measure of investment performance that calculates the return of an investment over a set period of time, with the starting date rolling forward. This approach can provide a more accurate representation of the investment's historical performance and helps investors to evaluate the investment's consistency over time.

ISHARES SHORT-TERM NATIONAL MUNI BOND (SUB) ETF
Annualized Rolling Returns
Annualized Rolling Returns - Inflation Adjusted
Data Source: 1 February 1994 - 31 January 2024 (30 Years)
Data Source: 1 January 1978 - 31 January 2024 (~46 years)
Inflation Adjusted:
Swipe left to see all data
Rolling
Period
Worst Period
15th Percentile
50th Percentile
85th Percentile
Best Period
Latest Negative
Periods
Ann.
Return
From
To
Growth
of 1$
Ann.
Return
Growth
of 1$
Ann.
Return
Growth
of 1$
Ann.
Return
Growth
of 1$
Ann.
Return
From
To
Growth
of 1$
1Y -3.95 10/2021
09/2022
0.96$ 0.36 1.00$ 2.28 1.02$ 4.31 1.04$ 7.67 07/2008
06/2009
1.07$ 1.61 8.31%
2Y -1.80 10/2020
09/2022
0.96$ 0.59 1.01$ 2.24 1.04$ 4.15 1.08$ 6.05 07/2007
06/2009
1.12$ 0.73 5.93%
3Y -0.77 10/2020
09/2023
0.97$ 0.63 1.01$ 2.18 1.06$ 4.09 1.12$ 5.24 07/2006
06/2009
1.16$ 0.06 3.08%
5Y 0.46 03/2013
02/2018
1.02$ 0.89 1.04$ 2.34 1.12$ 3.88 1.20$ 4.27 09/1996
08/2001
1.23$ 1.09 0.00%
7Y 0.56 11/2015
10/2022
1.03$ 0.93 1.06$ 2.72 1.20$ 3.42 1.26$ 4.33 11/1994
10/2001
1.34$ 1.15 0.00%
10Y 0.57 10/2012
09/2022
1.05$ 1.16 1.12$ 2.36 1.26$ 3.23 1.37$ 3.75 04/1994
03/2004
1.44$ 0.93 0.00%
15Y 1.14 02/2009
01/2024
1.18$ 1.75 1.29$ 2.16 1.37$ 3.24 1.61$ 3.73 07/1994
06/2009
1.73$ 1.14 0.00%
20Y 1.51 10/2003
09/2023
1.34$ 1.66 1.38$ 2.26 1.56$ 2.79 1.73$ 3.04 03/1994
02/2014
1.82$ 1.64 0.00%
30Y 2.32 02/1994
01/2024
1.98$ 2.32 1.98$ 2.32 1.98$ 2.32 1.98$ 2.32 02/1994
01/2024
1.98$ 2.32 0.00%
Annualized rolling and percentiles/median returns over full calendar month periods
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Rolling
Period
Worst Period
15th Percentile
50th Percentile
85th Percentile
Best Period
Latest Negative
Periods
Ann.
Return
From
To
Growth
of 1$
Ann.
Return
Growth
of 1$
Ann.
Return
Growth
of 1$
Ann.
Return
Growth
of 1$
Ann.
Return
From
To
Growth
of 1$
1Y -11.22 10/2021
09/2022
0.88$ -2.15 0.97$ 0.16 1.00$ 2.16 1.02$ 9.01 07/2008
06/2009
1.09$ -1.45 46.70%
2Y -8.05 11/2020
10/2022
0.84$ -1.65 0.96$ -0.08 0.99$ 2.00 1.04$ 4.17 07/2007
06/2009
1.08$ -3.81 51.34%
3Y -6.15 10/2020
09/2023
0.82$ -1.25 0.96$ -0.20 0.99$ 1.76 1.05$ 3.07 07/2006
06/2009
1.09$ -5.30 53.23%
5Y -3.18 11/2017
10/2022
0.85$ -0.90 0.95$ -0.15 0.99$ 1.40 1.07$ 1.94 02/1997
01/2002
1.10$ -2.95 52.82%
7Y -2.76 10/2016
09/2023
0.82$ -0.76 0.94$ 0.26 1.01$ 1.02 1.07$ 1.86 01/1995
12/2001
1.13$ -2.26 37.55%
10Y -2.05 10/2013
09/2023
0.81$ -0.67 0.93$ 0.18 1.01$ 0.73 1.07$ 1.28 04/1994
03/2004
1.13$ -1.81 34.85%
15Y -1.39 02/2009
01/2024
0.81$ -0.37 0.94$ 0.15 1.02$ 0.78 1.12$ 1.18 07/1994
06/2009
1.19$ -1.39 41.44%
20Y -1.03 10/2003
09/2023
0.81$ -0.84 0.84$ 0.11 1.02$ 0.53 1.11$ 0.70 02/1995
01/2015
1.14$ -0.91 28.93%
30Y -0.21 02/1994
01/2024
0.93$ -0.21 0.93$ -0.21 0.93$ -0.21 0.93$ -0.21 02/1994
01/2024
0.93$ -0.21 100.00%
Annualized rolling and percentiles/median returns over full calendar month periods
Swipe left to see all data
Rolling
Period
Worst Period
15th Percentile
50th Percentile
85th Percentile
Best Period
Latest Negative
Periods
Ann.
Return
From
To
Growth
of 1$
Ann.
Return
Growth
of 1$
Ann.
Return
Growth
of 1$
Ann.
Return
Growth
of 1$
Ann.
Return
From
To
Growth
of 1$
1Y -3.95 10/2021
09/2022
0.96$ 0.75 1.00$ 3.68 1.03$ 6.48 1.06$ 10.88 10/1981
09/1982
1.10$ 1.61 5.35%
2Y -1.80 10/2020
09/2022
0.96$ 0.81 1.01$ 3.73 1.07$ 6.48 1.13$ 9.22 01/1981
12/1982
1.19$ 0.73 3.77%
3Y -0.77 10/2020
09/2023
0.97$ 1.01 1.03$ 3.81 1.11$ 6.46 1.20$ 8.11 03/1980
02/1983
1.26$ 0.06 1.93%
5Y 0.46 03/2013
02/2018
1.02$ 1.13 1.05$ 3.76 1.20$ 6.16 1.34$ 7.54 10/1981
09/1986
1.43$ 1.09 0.00%
7Y 0.56 11/2015
10/2022
1.03$ 1.11 1.08$ 3.42 1.26$ 6.23 1.52$ 7.22 04/1980
03/1987
1.62$ 1.15 0.00%
10Y 0.57 10/2012
09/2022
1.05$ 1.37 1.14$ 3.36 1.39$ 6.09 1.80$ 6.79 01/1981
12/1990
1.92$ 0.93 0.00%
15Y 1.14 02/2009
01/2024
1.18$ 1.93 1.33$ 3.43 1.65$ 5.46 2.22$ 6.24 01/1979
12/1993
2.47$ 1.14 0.00%
20Y 1.51 10/2003
09/2023
1.34$ 2.22 1.55$ 3.52 1.99$ 5.35 2.83$ 5.66 01/1979
12/1998
3.00$ 1.64 0.00%
30Y 2.26 10/1993
09/2023
1.95$ 2.68 2.21$ 3.57 2.86$ 4.71 3.98$ 4.90 07/1979
06/2009
4.20$ 2.32 0.00%
Annualized rolling and percentiles/median returns over full calendar month periods
Swipe left to see all data
Rolling
Period
Worst Period
15th Percentile
50th Percentile
85th Percentile
Best Period
Latest Negative
Periods
Ann.
Return
From
To
Growth
of 1$
Ann.
Return
Growth
of 1$
Ann.
Return
Growth
of 1$
Ann.
Return
Growth
of 1$
Ann.
Return
From
To
Growth
of 1$
1Y -11.22 10/2021
09/2022
0.88$ -2.29 0.97$ 0.54 1.00$ 2.69 1.02$ 9.01 07/2008
06/2009
1.09$ -1.45 39.48%
2Y -8.05 11/2020
10/2022
0.84$ -1.62 0.96$ 0.70 1.01$ 2.57 1.05$ 4.97 06/1984
05/1986
1.10$ -3.81 38.87%
3Y -6.63 01/1978
12/1980
0.81$ -1.20 0.96$ 0.96 1.02$ 2.25 1.06$ 4.04 03/1984
02/1987
1.12$ -5.30 38.42%
5Y -3.18 11/2017
10/2022
0.85$ -0.80 0.96$ 1.02 1.05$ 1.85 1.09$ 4.01 10/1981
09/1986
1.21$ -2.95 36.64%
7Y -2.76 10/2016
09/2023
0.82$ -0.65 0.95$ 0.66 1.04$ 2.00 1.14$ 3.08 10/1981
09/1988
1.23$ -2.26 25.11%
10Y -2.05 10/2013
09/2023
0.81$ -0.22 0.97$ 0.71 1.07$ 1.79 1.19$ 2.70 10/1981
09/1991
1.30$ -1.81 20.51%
15Y -1.39 02/2009
01/2024
0.81$ -0.12 0.98$ 0.80 1.12$ 1.72 1.29$ 2.22 10/1981
09/1996
1.39$ -1.39 20.05%
20Y -1.03 10/2003
09/2023
0.81$ 0.08 1.01$ 0.89 1.19$ 1.65 1.38$ 2.11 10/1981
09/2001
1.51$ -0.91 11.15%
30Y -0.27 10/1993
09/2023
0.92$ 0.34 1.10$ 0.72 1.24$ 1.33 1.48$ 1.50 10/1981
09/2011
1.56$ -0.21 10.82%
Annualized rolling and percentiles/median returns over full calendar month periods

If you need a deeper detail about rolling returns, please refer to the iShares Short-Term National Muni Bond (SUB) ETF: Rolling Returns page.

Seasonality

In which months is it better to invest in iShares Short-Term National Muni Bond (SUB) ETF?

Both the Average Return and the Gain Frequency (Win %) are useful to get an idea of what happened in the past.
For further information about the seasonality, check the Asset Class Seasonality page.
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Monthly Average Return (%) and Gain Frequency
Return (%) Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Average
Gain Frequency
-0.04
60%
-0.32
40%
-0.01
60%
-0.18
60%
0.53
60%
0.19
100%
0.44
100%
-0.24
20%
-0.50
20%
0.07
60%
0.85
100%
0.31
100%
Best 0.7
2023
0.2
2020
1.3
2023
0.2
2021
1.8
2020
0.5
2023
0.7
2022
0.2
2019
0.1
2020
0.4
2019
1.9
2023
0.8
2023
Worst -1.2
2022
-1.4
2023
-1.1
2022
-0.8
2022
-0.7
2023
0.0
2020
0.1
2023
-1.1
2022
-1.3
2022
-0.3
2020
0.0
2021
0.1
2021
Monthly Seasonality over the period Feb 1978 - Jan 2024
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Monthly Average Return (%) and Gain Frequency
Return (%) Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Average
Gain Frequency
0.12
80%
-0.11
50%
-0.05
40%
-0.10
60%
0.36
60%
0.16
90%
0.36
100%
-0.08
40%
-0.35
20%
0.03
50%
0.31
70%
0.29
90%
Best 0.7
2023
0.5
2017
1.3
2023
0.2
2017
1.8
2020
0.5
2023
0.7
2022
0.3
2017
0.3
2015
0.4
2019
1.9
2023
0.8
2023
Worst -1.2
2022
-1.4
2023
-1.1
2022
-0.8
2022
-0.7
2023
-0.2
2017
0.1
2023
-1.1
2022
-1.3
2022
-0.3
2020
-1.2
2016
-0.1
2014
Monthly Seasonality over the period Feb 1978 - Jan 2024
Swipe left to see all data
Monthly Average Return (%) and Gain Frequency
Return (%) Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Average
Gain Frequency
0.48
94%
0.25
80%
0.15
61%
0.25
83%
0.40
83%
0.34
91%
0.37
93%
0.21
80%
0.19
76%
0.23
70%
0.35
85%
0.33
89%
Best 2.0
2009
1.0
1983
1.8
2009
1.2
1980
1.8
2020
1.1
1987
1.0
1982
1.5
1982
0.8
1983
1.1
1981
1.9
2023
1.1
1991
Worst -1.2
2022
-1.4
2023
-1.1
2022
-0.8
1987
-0.7
2023
-0.6
2013
-0.4
2009
-1.1
2022
-1.3
2022
-0.7
2009
-1.2
2016
-0.7
2010
Monthly Seasonality over the period Feb 1978 - Jan 2024

Monthly Returns

This section provides a visual/tabular representation of the performance variability in the iShares Short-Term National Muni Bond (SUB) ETF over time. It illustrates the distribution of monthly returns, showcasing the range and frequency of positive and negative returns.

ISHARES SHORT-TERM NATIONAL MUNI BOND (SUB) ETF
Monthly Returns Distribution
Data Source: 1 February 1994 - 31 January 2024 (30 Years)
Data Source: 1 January 1978 - 31 January 2024 (~46 years)
275 Positive Months (76%) - 85 Negative Months (24%)
454 Positive Months (82%) - 99 Negative Months (18%)
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(Scroll down to see all data)
Investment Returns, up to December 2008, have been derived using the historical series of equivalent ETFs / Assets.
You can find additional information on extended Data Sources here.

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