Muni Bond vs the S&P 500 (MUB): is it outperforming?
As of 12 October 2026, Muni Bond (MUB) is trailing the S&P 500, over the past month and over the longer run. MUB trails the S&P 500 by 3.7 points over one month and ranks #51 of 115 groups Zensei tracks.
Where muni bond stands now
As of 12 October 2026, Muni Bond (MUB) ranks #51 of the 115 groups Zensei tracks by one-month return against the S&P 500. It is out of favor: it trails the S&P 500 on both rotation windows — 3.7 points behind over the past month and 5.0 points behind over the longer, time-shifted window. That is the Underperformers quadrant.
On the shorter tape, MUB's momentum is weakening: the intraday trend that carried the move is cooling across the shorter windows. MUB's relative-strength line has broken below its long-term average — the long-term outperformance trend is no longer intact. Both signals point the same direction here: the market is not rewarding this group on either horizon.
The thing to watch from here is the one-month spread: underperformers only become interesting when the recent window turns positive first — until then, the market is voting elsewhere.
MUB vs SPY: head-to-head returns
Over the week to 12 October 2026, MUB rose 0.0% while the S&P 500 rose 0.4%. MUB and SPY (the S&P 500) over every window Zensei tracks. The spread is the difference: positive means MUB won that window.
Prices as of · computed from daily adjusted closes · how we measure
Muni Bond on the rotation map, against the 11 broad S&P 500 sectors. Vertical: 1-month spread vs the S&P 500. Horizontal: the longer, time-shifted window.
Muni Bond vs the market — common questions
Is muni bond outperforming the S&P 500?
No. As of 12 October 2026, MUB trails the S&P 500 by 3.7 points over the past month.
Is it a good time to invest in muni bond?
Zensei does not give investment advice, but it measures the trend. As of 12 October 2026, muni bond is behind the S&P 500 on both the recent and the longer window. The rotation map and the read on this page show whether that trend is building or fading.
What is MUB?
MUB is iShares National Muni Bond ETF. Zensei uses it to measure muni bond against the S&P 500 (SPY).
What quadrant is muni bond in right now?
As of 12 October 2026, muni bond is in the Underperformers quadrant — trailing the S&P 500 on both windows. The Zensei methodology page explains the quadrants.
Recent changes
- ·First tracked: trailing the market
Related sectors
Track muni bond against the whole market
Zensei Edge maps 100+ sectors and themes against the S&P 500 — with the stocks inside each one, rotation history and alerts when leadership changes hands.