IBMN vs. FMHI
IBMN (iShares iBonds Dec 2025 Term Muni Bond ETF) and FMHI (First Trust Municipal High Income ETF) are both Municipal Bonds funds. IBMN is passively managed, while FMHI is actively managed. Over the past 5 years, IBMN returned 0.47%/yr vs 0.89%/yr for FMHI. At a 0.39 correlation, their price movements are largely independent. IBMN charges 0.18%/yr vs 0.55%/yr for FMHI.
Performance
IBMN vs. FMHI - Performance Comparison
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Returns By Period
IBMN
- 1D
- 0.00%
- 1M
- 0.00%
- YTD
- 0.00%
- 6M
- 0.00%
- 1Y
- 1.20%
- 3Y*
- 2.44%
- 5Y*
- 0.47%
- 10Y*
- —
FMHI
- 1D
- -0.02%
- 1M
- 0.94%
- YTD
- 2.58%
- 6M
- 3.12%
- 1Y
- 8.78%
- 3Y*
- 5.50%
- 5Y*
- 0.89%
- 10Y*
- —
IBMN vs. FMHI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
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% |
FMHI First Trust Municipal High Income ETF | 2.58% | 3.54% | 5.41% | 7.20% | -14.67% | 7.58% | 4.09% | 10.34% | 1.19% |
Correlation
The correlation between IBMN and FMHI 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 | 0.31 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.42 |
Correlation (All Time) Calculated using the full available price history since Nov 16, 2018 | 0.39 |
The correlation between IBMN and FMHI shifts across timeframes, from 0.22 (1 year) to 0.42 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
IBMN vs. FMHI — Risk / Return Rank
IBMN
FMHI
IBMN vs. FMHI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares iBonds Dec 2025 Term Muni Bond ETF (IBMN) and First Trust Municipal High Income ETF (FMHI). 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.
| IBMN | FMHI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.71 | ||
| Sortino ratioReturn per unit of downside risk | -0.89 | ||
| Omega ratioGain probability vs. loss probability | 1.66 | 1.63 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 6.02 | 3.76 | +2.26 |
| Martin ratioReturn relative to average drawdown | 24.21 | 14.13 | +10.08 |
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
| IBMN | FMHI | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.12 | 2.83 | -0.71 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.28 | 0.19 | +0.09 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.58 | 0.56 | +0.02 |
Drawdowns
IBMN vs. FMHI - Drawdown Comparison
The maximum IBMN drawdown since its inception was -12.40%, smaller than the maximum FMHI drawdown of -18.83%. Use the drawdown chart below to compare losses from any high point for IBMN and FMHI.
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Drawdown Indicators
| IBMN | FMHI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -12.40% | -18.83% | +6.43% |
Max Drawdown (1Y)Largest decline over 1 year | -0.25% | -2.35% | +2.10% |
Max Drawdown (3Y)Largest decline over 3 years | -1.10% | -6.17% | +5.07% |
Max Drawdown (5Y)Largest decline over 5 years | -7.36% | -18.83% | +11.47% |
Current DrawdownCurrent decline from peak | -0.05% | -0.02% | -0.03% |
Average DrawdownAverage peak-to-trough decline | -1.81% | -4.52% | +2.71% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.10% | 0.62% | -0.52% |
Volatility
IBMN vs. FMHI - Volatility Comparison
The current volatility for iShares iBonds Dec 2025 Term Muni Bond ETF (IBMN) is 0.00%, while First Trust Municipal High Income ETF (FMHI) has a volatility of 0.96%. This indicates that IBMN experiences smaller price fluctuations and is considered to be less risky than FMHI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IBMN | FMHI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.00% | 0.96% | -0.96% |
Volatility (6M)Calculated over the trailing 6-month period | 0.50% | 2.10% | -1.60% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.71% | 3.12% | -2.41% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.80% | 4.77% | -2.97% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.89% | 5.73% | -1.84% |
IBMN vs. FMHI - Expense Ratio Comparison
IBMN has a 0.18% expense ratio, which is lower than FMHI's 0.55% expense ratio.
Dividends
IBMN vs. FMHI - Dividend Comparison
IBMN's dividend yield for the trailing twelve months is around 1.14%, less than FMHI's 4.25% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
FMHI First Trust Municipal High Income ETF | 4.25% | 4.16% | 4.01% | 3.89% | 3.57% | 2.87% | 3.13% | 3.33% | 3.46% | 0.30% |
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% |
Frequently Asked Questions
IBMN and FMHI 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.
FMHI has higher volatility (0.96%) compared to IBMN (0.00%). In terms of maximum drawdown, IBMN dropped -12.40% vs FMHI's -18.83%.
On 5-year performance, FMHI leads with 0.89% 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, FMHI has performed better with a 0.89% 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 0.55% for FMHI.
FMHI has the higher dividend yield at 4.25%, compared with 1.14% for IBMN.
They also come from different issuers: iShares and First Trust. Their fees differ too: 0.18% for IBMN and 0.55% for FMHI.
FMHI currently has the higher Sharpe Ratio (2.83 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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