2015 Year-to-Date Municipal Returns

The tables below show returns for several indices and for various components of the Municipal Bond Index. To make returns in the tables comparable, each total return is divided by the relevant beginning-of-month effective duration, resulting in basis points per unit of duration (bps/dur).

SELECTED S&P INDICES:

Tot Return bps/dur
Municipal Bond Index
Intermediate Index
Investment Grade Index
High Yield Index

3.32%
3.27%
3.61%
2.84%

56
63
59
33

S&P MUNICIPAL BOND INDEX COMPONENTS:

Years to Maturity Tot Return bps/dur
0.000-4.999
5.000-9.999
10.000-14.999
15.000-29.999
30.000+

0.89%
3.11%
3.87%
4.20%
5.78%

44
60
63
54
48

 
Ratings Tot Return bps/dur
Aaa / AAA
Aa / AA
A / A
Baa / BBB
Ba / BB
B / B

2.75%
3.37%
3.76%
1.35%
-1.36%
10.00%

53
61
59
18
-17
93

 
Outperforming Sectors Tot Return bps/dur
Tobacco Settlement
Life Care

12.83%
5.39%

120
74

 
Underperforming Sectors Tot Return bps/dur
Dedicated Tax
Prerefunded/ETM

3.62%
1.01%

19
45

 

Change during Full Year 2015 for the Standard & Poor’s / Investortools AAA rated Non-Callable Municipal Yield Curve:

Dan Garrett, CFA
Vice President
Investortools, Inc.