FMB vs. IBMN
FMB (First Trust Managed Municipal ETF) and IBMN (iShares iBonds Dec 2025 Term Muni Bond ETF) are both Municipal Bonds funds. FMB is actively managed, while IBMN is passively managed. Over the past 5 years, FMB returned 0.72%/yr vs 0.47%/yr for IBMN. At a 0.48 correlation, their price movements are largely independent. FMB charges 0.50%/yr vs 0.18%/yr for IBMN.
Performance
FMB vs. IBMN - Performance Comparison
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Returns By Period
FMB
- 1D
- -0.04%
- 1M
- 0.70%
- YTD
- 1.78%
- 6M
- 2.21%
- 1Y
- 7.15%
- 3Y*
- 3.96%
- 5Y*
- 0.72%
- 10Y*
- 2.31%
IBMN
- 1D
- 0.00%
- 1M
- 0.00%
- YTD
- 0.00%
- 6M
- 0.00%
- 1Y
- 1.20%
- 3Y*
- 2.44%
- 5Y*
- 0.47%
- 10Y*
- —
FMB vs. IBMN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
FMB First Trust Managed Municipal ETF | 1.78% | 3.73% | 1.94% | 6.31% | -9.91% | 2.43% | 4.44% | 8.25% | 1.76% |
IBMN iShares iBonds Dec 2025 Term Muni Bond ETF | 0.00% | 2.49% | 2.33% | 2.42% | -4.43% | -0.41% | 4.83% | 6.87% | 2.91% |
Correlation
The correlation between FMB and IBMN is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.22 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.35 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.48 |
Correlation (All Time) Calculated using the full available price history since Nov 16, 2018 | 0.48 |
Over the past year, the correlation between FMB and IBMN has dropped to 0.22 - well below their long-term average of 0.48, suggesting their price drivers have been diverging.
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Return for Risk
FMB vs. IBMN — Risk / Return Rank
FMB
IBMN
FMB vs. IBMN - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust Managed Municipal ETF (FMB) and iShares iBonds Dec 2025 Term Muni Bond ETF (IBMN). 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.
| FMB | IBMN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.57 | ||
| Sortino ratioReturn per unit of downside risk | +0.41 | ||
| Omega ratioGain probability vs. loss probability | 1.60 | 1.66 | -0.07 |
| Calmar ratioReturn relative to maximum drawdown | 2.63 | 6.02 | -3.39 |
| Martin ratioReturn relative to average drawdown | 9.44 | 24.21 | -14.77 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| FMB | IBMN | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.70 | 2.12 | +0.57 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.20 | 0.28 | -0.08 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.51 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.67 | 0.58 | +0.08 |
Drawdowns
FMB vs. IBMN - Drawdown Comparison
The maximum FMB drawdown since its inception was -14.16%, which is greater than IBMN's maximum drawdown of -12.40%. Use the drawdown chart below to compare losses from any high point for FMB and IBMN.
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Drawdown Indicators
| FMB | IBMN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.16% | -12.40% | -1.76% |
Max Drawdown (1Y)Largest decline over 1 year | -2.73% | -0.25% | -2.48% |
Max Drawdown (3Y)Largest decline over 3 years | -4.76% | -1.10% | -3.66% |
Max Drawdown (5Y)Largest decline over 5 years | -14.16% | -7.36% | -6.80% |
Max Drawdown (10Y)Largest decline over 10 years | -14.16% | — | — |
Current DrawdownCurrent decline from peak | -0.50% | -0.05% | -0.45% |
Average DrawdownAverage peak-to-trough decline | -2.61% | -1.81% | -0.80% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.76% | 0.10% | +0.66% |
Volatility
FMB vs. IBMN - Volatility Comparison
First Trust Managed Municipal ETF (FMB) has a higher volatility of 0.88% compared to iShares iBonds Dec 2025 Term Muni Bond ETF (IBMN) at 0.00%. This indicates that FMB's price experiences larger fluctuations and is considered to be riskier than IBMN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FMB | IBMN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.88% | 0.00% | +0.88% |
Volatility (6M)Calculated over the trailing 6-month period | 1.91% | 0.50% | +1.41% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.67% | 0.71% | +1.96% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.71% | 1.80% | +1.91% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.55% | 3.89% | +0.66% |
FMB vs. IBMN - Expense Ratio Comparison
FMB has a 0.50% expense ratio, which is higher than IBMN's 0.18% expense ratio.
Dividends
FMB vs. IBMN - Dividend Comparison
FMB's dividend yield for the trailing twelve months is around 3.50%, more than IBMN's 1.14% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FMB First Trust Managed Municipal ETF | 3.50% | 3.37% | 3.22% | 2.98% | 2.47% | 1.96% | 2.19% | 2.47% | 2.58% | 2.49% | 2.93% | 3.07% |
IBMN iShares iBonds Dec 2025 Term Muni Bond ETF | 1.14% | 2.03% | 2.03% | 1.72% | 0.97% | 0.70% | 1.11% | 1.65% | 0.23% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
FMB and IBMN have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FMB has higher volatility (0.88%) compared to IBMN (0.00%). In terms of maximum drawdown, FMB dropped -14.16% vs IBMN's -12.40%.
On 5-year performance, FMB leads with 0.72% vs 0.47% for IBMN. On fees, IBMN is cheaper at 0.18% per year. On volatility, IBMN has been the lower-risk option at 0.00%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, FMB has performed better with a 0.72% return vs 0.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IBMN is cheaper with a 0.18% expense ratio, compared with 0.50% for FMB.
FMB has the higher dividend yield at 3.50%, compared with 1.14% for IBMN.
They also come from different issuers: First Trust and iShares. Their fees differ too: 0.50% for FMB and 0.18% for IBMN.
FMB currently has the higher Sharpe Ratio (2.70 vs 2.12), 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.
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