IBMM vs. ZMUN

Last updated Jun 5, 2026

IBMM (iShares iBonds Dec 2024 Term Muni Bond ETF) and ZMUN (F/m Ultrashort Tax-Free Municipal ETF) are both Municipal Bonds funds - IBMM tracks the S&P AMT-Free Municipal Series Dec 2024 Index while ZMUN tracks the Bloomberg Municipal Bond Currently Callable Index. Both are passively managed. IBMM charges 0.18%/yr vs 0.30%/yr for ZMUN.

Performance

IBMM vs. ZMUN - 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 F/m Ultrashort Tax-Free Municipal ETF (ZMUN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

IBMM

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

ZMUN

• 1D: 0.04%
• 1M: 0.31%
• YTD: 1.61%
• 6M: 1.88%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

IBMM vs. ZMUN - Yearly Performance Comparison

	2026 (YTD)
IBMM iShares iBonds Dec 2024 Term Muni Bond ETF	0.00%
ZMUN F/m Ultrashort Tax-Free Municipal ETF	1.29%

Return for Risk

IBMM vs. ZMUN - 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 F/m Ultrashort Tax-Free Municipal ETF (ZMUN). 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	ZMUN	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	—	6.54	—

Drawdowns

IBMM vs. ZMUN - Drawdown Comparison

The maximum IBMM drawdown since its inception was 0.00%, smaller than the maximum ZMUN drawdown of -0.09%. Use the drawdown chart below to compare losses from any high point for IBMM and ZMUN.

Drawdown Indicators

	IBMM	ZMUN	Difference
Max Drawdown Largest peak-to-trough decline	0.00%	-0.09%	+0.09%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	0.00%	-0.01%	+0.01%

Volatility

Volatility by Period

	IBMM	ZMUN	Difference
Volatility (1Y) Calculated over the trailing 1-year period	0.00%	0.54%	-0.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.00%	0.54%	-0.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.00%	0.54%	-0.54%

IBMM vs. ZMUN - Expense Ratio Comparison

IBMM has a 0.18% expense ratio, which is lower than ZMUN's 0.30% expense ratio.

Dividends

IBMM vs. ZMUN - Dividend Comparison

IBMM has not paid dividends to shareholders, while ZMUN's dividend yield for the trailing twelve months is around 2.28%.

Position	TTM	2025
IBMM iShares iBonds Dec 2024 Term Muni Bond ETF	0.00%	0.00%
ZMUN F/m Ultrashort Tax-Free Municipal ETF	2.28%	0.70%

Frequently Asked Questions

Which ETF is better, IBMM or ZMUN?

On fees, IBMM is cheaper at 0.18% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, IBMM or ZMUN?

IBMM is cheaper with a 0.18% expense ratio, compared with 0.30% for ZMUN.

Which ETF pays a higher dividend yield, IBMM or ZMUN?

ZMUN has the higher dividend yield at 2.28%, compared with 0.00% for IBMM.

What is the main difference between IBMM and ZMUN?

IBMM tracks S&P AMT-Free Municipal Series Dec 2024 Index, while ZMUN tracks Bloomberg Municipal Bond Currently Callable Index. They also come from different issuers: iShares and F/m Investments. Their fees differ too: 0.18% for IBMM and 0.30% for ZMUN.