MUA vs SPY
BlackRock MuniAssets Fund, Inc vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. MUA offers more diversification with 561 holdings.
Side-by-Side Comparison
| Metric | MUA | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 1.67% | 0.09% | |
| AUM | $564M | $821.1B | |
| Dividend Yield | 5.99% | 1.01% | |
| Holdings | 561 | 505 | |
| YTD Return | -2.24% | +12.22% | |
| 1Y Return | +1.36% | +20.83% | |
| 3Y Return (annualized) | +7.19% | +21.70% | |
| 5Y Return (annualized) | -3.36% | +12.98% | |
| Volatility (annualized) | 13.3% | 15.3% | |
| Max Drawdown | -46.6% | -56.5% | |
| Fund Family | BlackRock, Inc. (US) | State Street Investment Management | |
| Category | Tax Preferred | Equity | |
| Inception | Jun 25, 1993 | Jan 22, 1993 |
MUA vs SPY Performance
BlackRock MuniAssets Fund, Inc (MUA) is a ETF from BlackRock, Inc. (US) and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year MUA returned +1.36% while SPY returned +20.83%. Year to date, MUA is down 2.24% versus a gain of 12.22% for SPY.
Over three years, MUA compounded at +7.19% per year against +21.70% for SPY; over five years the annualized figures are -3.36% and +12.98% respectively. Across the full 31-year window we track, SPY has the edge at +8.79% annualized vs +0.29%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 13.3% for MUA. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -46.6% for MUA and -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.19. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
MUA charges 1.67% per year while SPY charges 0.09%. On a $10,000 position that is $167 vs $9 annually, a gap of $158 per year that compounds over a long holding period. On income, MUA currently yields 5.99% against 1.01% for SPY.
Holdings Overlap
MUA and SPY share 0 holdings out of 669 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, MUA or SPY?
MUA has an expense ratio of 1.67% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $158 per year of difference.
Which performed better, MUA or SPY?
Over the past year MUA returned +1.36% vs +20.83% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (31 years), MUA annualized +0.29% vs +8.79% for SPY. Past performance does not guarantee future results.
Which is riskier, MUA or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 13.3% for MUA. Worst drawdown: MUA -46.6% vs SPY -56.5%.
Should I hold both MUA and SPY?
MUA and SPY have a monthly-return correlation of 0.19, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between MUA and SPY?
MUA and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 669 unique securities.
Which pays a higher dividend, MUA or SPY?
MUA yields 5.99% while SPY yields 1.01%, so MUA currently pays the higher dividend yield.
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