The price movement of MUB is a good indication of how the municipal market is doing.

FORBES: Connect

If the price of MUB is moving higher at a faster rate than IEF (or MUB is rising and IEF is falling), then municipal bonds are outperforming the market.

FORBES: Connect

If the price of IEF is moving higher at a faster rate than MUB (or MUB is falling and IEF is rising), then municipal bonds are underperforming the market.

FORBES: Connect