diff --git a/src/generators/dom/visitors/RawMustacheTag.js b/src/generators/dom/visitors/RawMustacheTag.js
index e5e8f40c82..12042c8fab 100644
--- a/src/generators/dom/visitors/RawMustacheTag.js
+++ b/src/generators/dom/visitors/RawMustacheTag.js
@@ -1,3 +1,5 @@
+import deindent from '../../../utils/deindent.js';
+
 export default {
 	enter ( generator, node ) {
 		const name = generator.current.getUniqueName( 'raw' );
@@ -17,7 +19,8 @@ export default {
 
 		const isToplevel = generator.current.localElementDepth === 0;
 
-		const mountStatement = `${before}.insertAdjacentHTML( 'afterend', ${snippet} );`;
+		generator.current.builders.init.addLine( `var last_${name} = ${snippet};` );
+		const mountStatement = `${before}.insertAdjacentHTML( 'afterend', last_${name} );`;
 		generator.uses.detachBetween = true;
 		const detachStatement = `detachBetween( ${before}, ${after} );`;
 
@@ -27,8 +30,13 @@ export default {
 			generator.current.builders.init.addLine( mountStatement );
 		}
 
-		generator.current.builders.update.addBlock( detachStatement );
-		generator.current.builders.update.addBlock( mountStatement );
+		generator.current.builders.update.addBlock( deindent`
+			if ( ( __tmp = ${snippet} ) !== last_${name} ) {
+				last_${name} = __tmp;
+				${detachStatement}
+				${mountStatement}
+			}
+		` );
 
 		generator.current.builders.detachRaw.addBlock( detachStatement );
 	}
diff --git a/test/generator/raw-mustaches-preserved/_config.js b/test/generator/raw-mustaches-preserved/_config.js
new file mode 100644
index 0000000000..698a58f911
--- /dev/null
+++ b/test/generator/raw-mustaches-preserved/_config.js
@@ -0,0 +1,21 @@
+const ns = '<noscript></noscript>';
+
+export default {
+	'skip-ssr': true,
+
+	data: {
+		raw: '<p>does not change</p>'
+	},
+
+	html: `<div>${ns}<p>does not change</p>${ns}</div>`,
+
+	test ( assert, component, target ) {
+		const p = target.querySelector( 'p' );
+
+		component.set({ raw: '<p>does not change</p>' });
+		assert.equal( target.innerHTML, `<div>${ns}<p>does not change</p>${ns}</div>` );
+		assert.strictEqual( target.querySelector( 'p' ), p );
+
+		component.teardown();
+	}
+};
diff --git a/test/generator/raw-mustaches-preserved/main.html b/test/generator/raw-mustaches-preserved/main.html
new file mode 100644
index 0000000000..4f10ae03c0
--- /dev/null
+++ b/test/generator/raw-mustaches-preserved/main.html
@@ -0,0 +1 @@
+<div>{{{raw}}}</div>