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Q2 2025 Credit Commentary: Up In The Air
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The end of the second quarter of 2025 saw slight rises in the 10-year Treasury yield but slight lowering of yields in the 10-year AAA muni yield.
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Municipal bonds are currently offering attractive tax-adjusted yields that are backed by strong fundamentals.
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Fixed Income Outlook - Q3 2025
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The municipal bond market faced strong headwinds in H1 2025, with tariff and budget policies, including debate over the One Big Beautiful Bill Act, weighing heavily on investor sentiment.
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Top Reasons To Consider Municipal Bonds
Name | Correlation | Market Cap | Return % (1 Year) | Div Yield % |
---|---|---|---|---|
DFDV | -45.15% | $363.21M | +2,422.23% | 0.00% |
JPM | -26.85% | $800.91B | +38.92% | 1.86% |
STTK | -25.54% | $37.09M | -80.88% | 0.00% |
MVO | -24.26% | $69.00M | -38.46% | 20.74% |
FCNCA | -24.00% | $28.33B | +21.99% | 0.36% |
KOS | -23.71% | $1.03B | -62.08% | 0.00% |
NAT | -22.68% | $575.96M | -28.04% | 10.64% |
LPG | -22.42% | $1.18B | -24.56% | 0.00% |
SANM | -21.23% | $5.58B | +48.53% | 0.00% |
INSW | -20.62% | $1.96B | -23.35% | 1.21% |
STNG | -19.95% | $2.32B | -41.78% | 3.50% |
LPLA | -19.88% | $30.41B | +43.35% | 0.32% |
BFH | -19.39% | $2.91B | +34.08% | 1.36% |
RES | -19.34% | $1.15B | -12.01% | 3.09% |
SMHI | -19.30% | $157.62M | -58.52% | 0.00% |
BTU | -18.67% | $1.80B | -34.77% | 2.04% |
TRMD | -18.47% | $1.74B | -52.47% | 22.01% |
NVGS | -18.45% | $1.06B | -9.53% | 1.30% |
TK | -18.23% | $650.10M | +23.51% | 0.00% |
BKR | -18.23% | $39.34B | +15.07% | 2.22% |
Name | Correlation | AUM | Expense Ratio | |
---|---|---|---|---|
ICLO | -25.84% | $319.81M | 0.19% | |
USDU | -25.17% | $129.80M | 0.5% | |
UUP | -24.46% | $196.45M | 0.77% | |
THTA | -23.32% | $34.97M | 0.61% | |
FLJH | -18.90% | $86.40M | 0.09% | |
DBJP | -17.32% | $370.89M | 0.45% | |
DXJ | -17.21% | $3.47B | 0.48% | |
HEWJ | -15.46% | $355.50M | 0.5% | |
PXJ | -15.00% | $26.86M | 0.66% | |
FLTR | -14.35% | $2.44B | 0.14% | |
PSCE | -13.72% | $62.57M | 0.29% | |
FTSL | -13.32% | $2.39B | 0.87% | |
KBWB | -13.03% | $4.80B | 0.35% | |
XES | -12.68% | $162.70M | 0.35% | |
IEZ | -12.38% | $115.72M | 0.4% | |
CLOI | -12.20% | $1.06B | 0.4% | |
OIH | -12.13% | $1.01B | 0.35% | |
LONZ | -11.55% | $737.91M | 0.63% | |
XME | -11.50% | $1.99B | 0.35% | |
FXN | -11.41% | $287.31M | 0.62% |
Name | Correlation | AUM | Expense Ratio | |
---|---|---|---|---|
BTC | 0.01% | $4.85B | 0.15% | |
IWF | -0.02% | $111.47B | 0.19% | |
BCI | -0.03% | $1.64B | 0.26% | |
VIS | 0.03% | $5.96B | 0.09% | |
NANC | 0.04% | $225.67M | 0.74% | |
EPS | -0.04% | $1.16B | 0.08% | |
IWY | -0.05% | $14.01B | 0.2% | |
VONG | 0.05% | $29.36B | 0.07% | |
FV | -0.06% | $3.65B | 0.87% | |
CORN | 0.09% | $43.71M | 0.2% | |
EWJV | -0.09% | $366.17M | 0.15% | |
GRPM | -0.10% | $466.89M | 0.35% | |
TECB | -0.13% | $441.13M | 0.3% | |
CSHI | 0.17% | $541.25M | 0.38% | |
PMAY | 0.21% | $634.72M | 0.79% | |
HEQT | 0.21% | $328.60M | 0.44% | |
BBLU | -0.21% | $278.27M | 0.15% | |
TPMN | -0.22% | $31.06M | 0.65% | |
XLSR | 0.23% | $751.82M | 0.7% | |
XSMO | -0.25% | $1.73B | 0.39% |
Name | Correlation | AUM | Expense Ratio | |
---|---|---|---|---|
VTEB | 95.26% | $37.74B | 0.03% | |
TFI | 94.95% | $3.21B | 0.23% | |
MUB | 93.50% | $38.59B | 0.05% | |
PZA | 93.35% | $2.83B | 0.28% | |
MLN | 93.00% | $513.19M | 0.24% | |
CMF | 92.71% | $3.50B | 0.08% | |
JMUB | 92.69% | $3.06B | 0.18% | |
ITM | 92.43% | $1.87B | 0.18% | |
NYF | 92.27% | $884.52M | 0.25% | |
MMIT | 90.54% | $1.03B | 0.3% | |
FMHI | 89.61% | $746.85M | 0.7% | |
TAXF | 89.24% | $477.91M | 0.29% | |
SCMB | 88.96% | $2.10B | 0.03% | |
HYMB | 88.50% | $2.62B | 0.35% | |
DFNM | 87.96% | $1.58B | 0.17% | |
HYD | 87.08% | $3.31B | 0.32% | |
CGMU | 86.72% | $3.38B | 0.27% | |
HTAB | 86.59% | $410.25M | 0.39% | |
MUNI | 84.97% | $2.00B | 0.35% | |
MMIN | 84.77% | $322.53M | 0.3% |
Name | Correlation | Market Cap | Return % (1 Year) | Div Yield % |
---|---|---|---|---|
AMT | 42.81% | $103.46B | +6.67% | 3.01% |
PSA | 42.21% | $50.67B | -2.63% | 4.16% |
SAFE | 40.72% | $1.12B | -24.96% | 4.55% |
PFSI | 39.84% | $5.23B | +2.83% | 1.19% |
SBAC | 39.70% | $25.01B | +10.93% | 1.80% |
CUBE | 38.71% | $9.64B | -7.56% | 4.92% |
EXR | 37.51% | $31.58B | -6.35% | 4.37% |
FAF | 37.33% | $5.82B | +1.04% | 3.84% |
ELS | 36.79% | $11.82B | -6.57% | 3.23% |
TU | 36.58% | $25.21B | +7.34% | 6.98% |
NNN | 36.45% | $8.11B | -2.22% | 5.40% |
FCPT | 35.80% | $2.67B | +3.30% | 5.33% |
HD | 35.64% | $371.41B | +5.51% | 2.46% |
GTY | 35.62% | $1.51B | -3.68% | 6.87% |
ES | 35.03% | $24.29B | +11.30% | 4.48% |
CCI | 34.98% | $45.27B | +1.59% | 5.56% |
RKT | 34.91% | $2.09B | +2.91% | 0.00% |
MFA | 34.80% | $973.15M | -15.66% | 15.07% |
FTS | 34.66% | $23.66B | +18.07% | 3.72% |
LEN.B | 33.87% | $28.70B | -20.74% | 1.83% |
Name | Correlation | Market Cap | Return % (1 Year) | Div Yield % |
---|---|---|---|---|
LYTS | -0.01% | $540.38M | +19.83% | 1.12% |
BYD | -0.02% | $6.95B | +50.22% | 0.84% |
ACVA | 0.02% | $2.83B | -2.59% | 0.00% |
CRM | 0.02% | $252.36B | +5.12% | 0.62% |
CRUS | 0.03% | $5.45B | -21.37% | 0.00% |
MNOV | 0.03% | $62.29M | -8.63% | 0.00% |
GME | -0.03% | $10.33B | -9.66% | 0.00% |
RYAAY | -0.03% | $30.94B | +19.99% | 0.00% |
NEM | -0.04% | $66.54B | +26.73% | 1.67% |
EGBN | -0.04% | $647.34M | +4.67% | 4.49% |
AVPT | -0.04% | $3.70B | +78.26% | 0.00% |
CEVA | -0.04% | $554.86M | +16.99% | 0.00% |
SSP | 0.05% | $364.00M | +33.44% | 0.00% |
FRHC | 0.05% | $8.90B | +87.22% | 0.00% |
GRMN | 0.06% | $41.94B | +30.61% | 1.46% |
MGM | 0.06% | $10.57B | -15.27% | 0.00% |
SMLR | -0.06% | $633.85M | +36.73% | 0.00% |
FIVE | 0.08% | $7.17B | +24.90% | 0.00% |
STNE | 0.08% | $4.35B | +19.37% | 0.00% |
RXO | -0.09% | $2.93B | -34.14% | 0.00% |
FMB - Traded Fund III First Trust Managed Municipal ETF contains 1342 holdings. The top holdings include 3BWBPW3
Name | Weight |
---|---|
- | 5.22% |
- | 0.88% |
3 3BWBPW3NT MAIN STR NAT GAS INC GA GAS SUPPLY REV 4% | 0.80% |
- | 0.76% |
- | 0.55% |
- | 0.53% |
3 3BYJLM7NT TEXAS MUN GAS ACQUISITION & SUPPLY CORP IV GAS SUPPLY REV 5.5% | 0.51% |
- | 0.50% |
- | 0.50% |
- | 0.49% |
- | 0.47% |
3 3BRMTV6NT PUERTO RICO SALES TAX FING CORP SALES TAX REV 4.5% | 0.45% |
- | 0.45% |
3 3BVBXH3NT SOUTHEAST ENERGY AUTH COMMODITY SUPPLY REV ALA 4% | 0.45% |
- | 0.43% |
- | 0.42% |
- | 0.39% |
- | 0.39% |
- | 0.34% |
- | 0.34% |
- | 0.34% |
3 3BXCNQ6NT NEW YORK N Y 5.25% | 0.33% |
- | 0.33% |
- | 0.33% |
- | 0.32% |
- | 0.32% |
- | 0.32% |
- | 0.31% |
- | 0.30% |
- | 0.30% |
Sector | Weight |
---|---|