IBMM vs. FMUN

Last updated Apr 1, 2026

Compare and contrast key facts about iShares iBonds Dec 2024 Term Muni Bond ETF (IBMM) and Fidelity Systematic Municipal Bond Index ETF (FMUN).

IBMM and FMUN are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. IBMM is a passively managed fund by iShares that tracks the performance of the S&P AMT-Free Municipal Series Dec 2024 Index. It was launched on Mar 20, 2018. FMUN is an actively managed fund by Fidelity. It was launched on Jul 11, 2019.

Performance

IBMM vs. FMUN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares iBonds Dec 2024 Term Muni Bond ETF (IBMM) and Fidelity Systematic Municipal Bond Index ETF (FMUN). The values are adjusted to include any dividend payments, if applicable.

IBMM vs. FMUN - Yearly Performance Comparison

	2026 (YTD)
IBMM iShares iBonds Dec 2024 Term Muni Bond ETF	0.00%
FMUN Fidelity Systematic Municipal Bond Index ETF	-1.56%

Returns By Period

IBMM

• 1D: 0.00%
• 1M: 0.00%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

FMUN

• 1D: 0.22%
• 1M: -2.71%
• YTD: -0.40%
• 6M: 1.25%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

IBMM vs. FMUN - Expense Ratio Comparison

IBMM has a 0.18% expense ratio, which is higher than FMUN's 0.05% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

IBMM

iShares iBonds Dec 2024 Term Muni Bond ETF

FMUN

Fidelity Systematic Municipal Bond Index ETF

Return for Risk

IBMM vs. FMUN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares iBonds Dec 2024 Term Muni Bond ETF (IBMM) and Fidelity Systematic Municipal Bond Index ETF (FMUN). 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	IBMM	FMUN	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	—	0.95	—

Dividends

IBMM vs. FMUN - Dividend Comparison

IBMM has not paid dividends to shareholders, while FMUN's dividend yield for the trailing twelve months is around 3.25%.

	TTM	2025
IBMM iShares iBonds Dec 2024 Term Muni Bond ETF	0.00%	0.00%
FMUN Fidelity Systematic Municipal Bond Index ETF	3.25%	2.41%

Drawdowns

IBMM vs. FMUN - Drawdown Comparison

The maximum IBMM drawdown since its inception was 0.00%, smaller than the maximum FMUN drawdown of -3.21%. Use the drawdown chart below to compare losses from any high point for IBMM and FMUN.

Drawdown Indicators

	IBMM	FMUN	Difference
Max Drawdown Largest peak-to-trough decline	0.00%	-3.21%	+3.21%
Current Drawdown Current decline from peak	0.00%	-2.71%	+2.71%
Average Drawdown Average peak-to-trough decline	0.00%	-0.67%	+0.67%

Volatility

Volatility by Period

	IBMM	FMUN	Difference
Volatility (1Y) Calculated over the trailing 1-year period	0.00%	4.16%	-4.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.00%	4.16%	-4.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.00%	4.16%	-4.16%