IBMN vs. SUB

Last updated Jun 4, 2026

IBMN (iShares iBonds Dec 2025 Term Muni Bond ETF) and SUB (iShares Short-Term National Muni Bond ETF) are both Municipal Bonds funds from iShares - IBMN tracks the S&P AMT-Free Municipal Series Dec 2025 Index while SUB tracks the ICE Short Maturity AMT-Free US National Municipal Index - Benchmark TR Gross. Both are passively managed. Over the past 5 years, IBMN returned 0.47%/yr vs 1.46%/yr for SUB. At a 0.42 correlation, their price movements are largely independent. IBMN charges 0.18%/yr vs 0.07%/yr for SUB.

Performance

IBMN vs. SUB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares iBonds Dec 2025 Term Muni Bond ETF (IBMN) and iShares Short-Term National Muni Bond ETF (SUB). The values are adjusted to include any dividend payments, if applicable.

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*: —

SUB

• 1D: 0.01%
• 1M: 0.32%
• YTD: 0.79%
• 6M: 1.15%
• 1Y: 3.18%
• 3Y*: 3.19%
• 5Y*: 1.46%
• 10Y*: 1.49%

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

IBMN vs. SUB - 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%
SUB iShares Short-Term National Muni Bond ETF	0.79%	3.64%	2.17%	2.91%	-2.05%	0.03%	2.51%	2.93%	1.09%

Correlation

The correlation between IBMN and SUB 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	0.37
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	0.42

Over the past year, the correlation between IBMN and SUB has dropped to 0.06 - well below their long-term average of 0.42, suggesting their price drivers have been diverging.

Return for Risk

IBMN vs. SUB — Risk / Return Rank

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

IBMN

IBMN Risk / Return Rank: 84
IBMN Sharpe Ratio Rank: 64
IBMN Sortino Ratio Rank: 78
IBMN Omega Ratio Rank: 93
IBMN Calmar Ratio Rank: 92
IBMN Martin Ratio Rank: 93

SUB

SUB Risk / Return Rank: 83
SUB Sharpe Ratio Rank: 90
SUB Sortino Ratio Rank: 92
SUB Omega Ratio Rank: 95
SUB Calmar Ratio Rank: 77
SUB Martin Ratio Rank: 62

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.

IBMN vs. SUB - 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 iShares Short-Term National Muni Bond ETF (SUB). 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	SUB	Difference
Sharpe ratio: Return per unit of total volatility	2.12	3.20	-1.08
Sortino ratio: Return per unit of downside risk	3.51	4.64	-1.13
Omega ratio: Gain probability vs. loss probability	1.66	1.72	-0.05
Calmar ratio: Return relative to maximum drawdown	6.02	3.97	+2.05
Martin ratio: Return relative to average drawdown	24.21	11.24	+12.98
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IBMN vs. SUB - Sharpe Ratio Comparison

The current IBMN Sharpe Ratio is 2.12, which is lower than the SUB Sharpe Ratio of 3.20. The chart below compares the historical Sharpe Ratios of IBMN and SUB, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	IBMN	SUB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.12	3.20	-1.08
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.28	0.90	-0.62
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.57	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.58	0.42	+0.16

Drawdowns

IBMN vs. SUB - Drawdown Comparison

The maximum IBMN drawdown since its inception was -12.40%, which is greater than SUB's maximum drawdown of -9.46%. Use the drawdown chart below to compare losses from any high point for IBMN and SUB.

Drawdown Indicators

	IBMN	SUB	Difference
Max Drawdown Largest peak-to-trough decline	-12.40%	-9.46%	-2.94%
Max Drawdown (1Y) Largest decline over 1 year	-0.25%	-0.81%	+0.56%
Max Drawdown (3Y) Largest decline over 3 years	-1.10%	-1.23%	+0.13%
Max Drawdown (5Y) Largest decline over 5 years	-7.36%	-4.35%	-3.01%
Max Drawdown (10Y) Largest decline over 10 years	—	-9.46%	—
Current Drawdown Current decline from peak	-0.05%	-0.11%	+0.06%
Average Drawdown Average peak-to-trough decline	-1.81%	-0.92%	-0.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.10%	0.28%	-0.18%

Volatility

IBMN vs. SUB - Volatility Comparison

The current volatility for iShares iBonds Dec 2025 Term Muni Bond ETF (IBMN) is 0.00%, while iShares Short-Term National Muni Bond ETF (SUB) has a volatility of 0.28%. This indicates that IBMN experiences smaller price fluctuations and is considered to be less risky than SUB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IBMN	SUB	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.00%	0.28%	-0.28%
Volatility (6M) Calculated over the trailing 6-month period	0.50%	0.79%	-0.29%
Volatility (1Y) Calculated over the trailing 1-year period	0.71%	1.00%	-0.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.80%	1.64%	+0.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.89%	2.60%	+1.29%

IBMN vs. SUB - Expense Ratio Comparison

IBMN has a 0.18% expense ratio, which is higher than SUB's 0.07% 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%.

Dividends

IBMN vs. SUB - Dividend Comparison

IBMN's dividend yield for the trailing twelve months is around 1.14%, less than SUB's 2.53% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
SUB iShares Short-Term National Muni Bond ETF	2.53%	2.42%	2.10%	1.73%	0.86%	0.72%	1.23%	1.58%	1.32%	0.95%	0.75%	0.77%

Frequently Asked Questions

Can I hold both IBMN and SUB in my portfolio?

IBMN and SUB 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, IBMN or SUB?

SUB has higher volatility (0.28%) compared to IBMN (0.00%). In terms of maximum drawdown, IBMN dropped -12.40% vs SUB's -9.46%.

Which ETF is better, IBMN or SUB?

On 5-year performance, SUB leads with 1.46% vs 0.47% for IBMN. On fees, SUB is cheaper at 0.07% 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.

Which ETF has performed better, IBMN or SUB?

Over the 5-year period, SUB has performed better with a 1.46% return vs 0.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IBMN or SUB?

SUB is cheaper with a 0.07% expense ratio, compared with 0.18% for IBMN.

Which ETF pays a higher dividend yield, IBMN or SUB?

SUB has the higher dividend yield at 2.53%, compared with 1.14% for IBMN.

What is the main difference between IBMN and SUB?

IBMN tracks S&P AMT-Free Municipal Series Dec 2025 Index, while SUB tracks ICE Short Maturity AMT-Free US National Municipal Index - Benchmark TR Gross. Their fees differ too: 0.18% for IBMN and 0.07% for SUB.

Which has better risk-adjusted returns?

SUB currently has the higher Sharpe Ratio (3.20 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.