APMU vs. IBMO

Last updated Jun 24, 2026

APMU (ActivePassive Intermediate Municipal Bond ETF) and IBMO (iShares iBonds Dec 2026 Term Muni Bond ETF) are both Municipal Bonds funds. APMU is actively managed, while IBMO is passively managed. Over the past 3 years, APMU returned 2.89%/yr vs 2.80%/yr for IBMO. At a 0.40 correlation, their price movements are largely independent. APMU charges 0.36%/yr vs 0.18%/yr for IBMO.

Performance

APMU vs. IBMO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ActivePassive Intermediate Municipal Bond ETF (APMU) and iShares iBonds Dec 2026 Term Muni Bond ETF (IBMO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, APMU achieves a 0.58% return, which is significantly lower than IBMO's 1.03% return.

APMU

• 1D: -0.06%
• 1M: 0.85%
• YTD: 0.58%
• 6M: 0.76%
• 1Y: 3.76%
• 3Y*: 2.89%
• 5Y*: —
• 10Y*: —

IBMO

• 1D: 0.02%
• 1M: 0.19%
• YTD: 1.03%
• 6M: 1.02%
• 1Y: 2.62%
• 3Y*: 2.80%
• 5Y*: 0.72%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

APMU vs. IBMO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
APMU ActivePassive Intermediate Municipal Bond ETF	0.58%	4.50%	0.86%	1.24%
IBMO iShares iBonds Dec 2026 Term Muni Bond ETF	1.03%	3.11%	1.97%	2.03%

Correlation

The correlation between APMU and IBMO is 0.06, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.06
Correlation (3Y) Calculated over the trailing 3-year period	0.38
Correlation (All Time) Calculated using the full available price history since May 3, 2023	0.40

Over the past year, the correlation between APMU and IBMO has dropped to 0.06 - well below their long-term average of 0.40, suggesting their price drivers have been diverging.

Return for Risk

APMU vs. IBMO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

APMU

APMU Risk / Return Rank: 44
APMU Sharpe Ratio Rank: 49
APMU Sortino Ratio Rank: 49
APMU Omega Ratio Rank: 55
APMU Calmar Ratio Rank: 34
APMU Martin Ratio Rank: 32

IBMO

IBMO Risk / Return Rank: 89
IBMO Sharpe Ratio Rank: 81
IBMO Sortino Ratio Rank: 89
IBMO Omega Ratio Rank: 86
IBMO Calmar Ratio Rank: 95
IBMO Martin Ratio Rank: 91

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

APMU vs. IBMO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ActivePassive Intermediate Municipal Bond ETF (APMU) and iShares iBonds Dec 2026 Term Muni Bond ETF (IBMO). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	APMU	IBMO	Difference
Sharpe ratio: Return per unit of total volatility	1.54	2.39	-0.85
Sortino ratio: Return per unit of downside risk	2.24	3.83	-1.59
Omega ratio: Gain probability vs. loss probability	1.31	1.49	-0.18
Calmar ratio: Return relative to maximum drawdown	1.57	6.95	-5.38
Martin ratio: Return relative to average drawdown	4.46	20.64	-16.19

APMU vs. IBMO - Sharpe Ratio Comparison

The current APMU Sharpe Ratio is 1.54, which is lower than the IBMO Sharpe Ratio of 2.39. The chart below compares the historical Sharpe Ratios of APMU and IBMO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

APMU vs. IBMO - Drawdown Comparison

The maximum APMU drawdown since its inception was -4.39%, smaller than the maximum IBMO drawdown of -14.77%. Use the drawdown chart below to compare losses from any high point for APMU and IBMO.

Drawdown Indicators

	APMU	IBMO	Difference
Max Drawdown Largest peak-to-trough decline	-4.39%	-14.77%	+10.38%
Max Drawdown (1Y) Largest decline over 1 year	-2.40%	-0.38%	-2.02%
Max Drawdown (3Y) Largest decline over 3 years	-3.41%	-1.76%	-1.65%
Max Drawdown (5Y) Largest decline over 5 years	—	-8.86%	—
Current Drawdown Current decline from peak	-1.04%	0.00%	-1.04%
Average Drawdown Average peak-to-trough decline	-0.93%	-2.31%	+1.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.85%	0.13%	+0.72%

Volatility

APMU vs. IBMO - Volatility Comparison

ActivePassive Intermediate Municipal Bond ETF (APMU) has a higher volatility of 0.79% compared to iShares iBonds Dec 2026 Term Muni Bond ETF (IBMO) at 0.22%. This indicates that APMU's price experiences larger fluctuations and is considered to be riskier than IBMO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	APMU	IBMO	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.79%	0.22%	+0.57%
Volatility (6M) Calculated over the trailing 6-month period	1.78%	0.79%	+0.99%
Volatility (1Y) Calculated over the trailing 1-year period	2.45%	1.10%	+1.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.81%	2.14%	+0.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.81%	4.50%	-1.69%

APMU vs. IBMO - Expense Ratio Comparison

APMU has a 0.36% expense ratio, which is higher than IBMO's 0.18% expense ratio.

Dividends

APMU vs. IBMO - Dividend Comparison

APMU's dividend yield for the trailing twelve months is around 2.66%, more than IBMO's 2.39% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
APMU ActivePassive Intermediate Municipal Bond ETF	2.66%	2.63%	2.42%	1.31%	0.00%	0.00%	0.00%	0.00%
IBMO iShares iBonds Dec 2026 Term Muni Bond ETF	2.39%	2.37%	2.15%	1.65%	0.89%	0.62%	1.03%	1.01%

Frequently Asked Questions

Can I hold both APMU and IBMO in my portfolio?

APMU and IBMO have a correlation of 0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, APMU or IBMO?

APMU has higher volatility (0.79%) compared to IBMO (0.22%). In terms of maximum drawdown, APMU dropped -4.39% vs IBMO's -14.77%.

Which ETF is better, APMU or IBMO?

On 3-year performance, APMU leads with 2.89% vs 2.80% for IBMO. On fees, IBMO is cheaper at 0.18% per year. On volatility, IBMO has been the lower-risk option at 0.22%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, APMU or IBMO?

Over the 3-year period, APMU has performed better with a 2.89% return vs 2.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, APMU or IBMO?

IBMO is cheaper with a 0.18% expense ratio, compared with 0.36% for APMU.

Which ETF pays a higher dividend yield, APMU or IBMO?

APMU has the higher dividend yield at 2.66%, compared with 2.39% for IBMO.

What is the main difference between APMU and IBMO?

They also come from different issuers: ActivePassive and iShares. Their fees differ too: 0.36% for APMU and 0.18% for IBMO.

Which has better risk-adjusted returns?

IBMO currently has the higher Sharpe Ratio (2.39 vs 1.54), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.