IBMN vs. VTES
IBMN (iShares iBonds Dec 2025 Term Muni Bond ETF) and VTES (Vanguard Short-Term Tax-Exempt Bond ETF Shares) are both Municipal Bonds funds - IBMN tracks the S&P AMT-Free Municipal Series Dec 2025 Index while VTES tracks the S&P 0-7 Yr National AMT-Free Municipal Bond Index - Benchmark TR Gross. Both are passively managed. Over the past 3 years, IBMN returned 2.44%/yr vs 3.23%/yr for VTES. At a 0.41 correlation, their price movements are largely independent. IBMN charges 0.18%/yr vs 0.07%/yr for VTES.
Performance
IBMN vs. VTES - 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*
- —
VTES
- 1D
- 0.01%
- 1M
- 0.29%
- YTD
- 0.66%
- 6M
- 1.02%
- 1Y
- 3.63%
- 3Y*
- 3.23%
- 5Y*
- —
- 10Y*
- —
IBMN vs. VTES - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
IBMN iShares iBonds Dec 2025 Term Muni Bond ETF | 0.00% | 2.49% | 2.33% | 2.53% |
VTES Vanguard Short-Term Tax-Exempt Bond ETF Shares | 0.66% | 4.19% | 1.85% | 3.32% |
Correlation
The correlation between IBMN and VTES is 0.07, 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 | 0.07 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.35 |
Correlation (All Time) Calculated using the full available price history since Mar 10, 2023 | 0.41 |
Over the past year, the correlation between IBMN and VTES has dropped to 0.07 - well below their long-term average of 0.41, suggesting their price drivers have been diverging.
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Return for Risk
IBMN vs. VTES — Risk / Return Rank
IBMN
VTES
IBMN vs. VTES - 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 Vanguard Short-Term Tax-Exempt Bond ETF Shares (VTES). 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 | VTES | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.82 | ||
| Sortino ratioReturn per unit of downside risk | -0.75 | ||
| Omega ratioGain probability vs. loss probability | 1.66 | 1.70 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 6.02 | 2.48 | +3.53 |
| Martin ratioReturn relative to average drawdown | 24.21 | 7.36 | +16.85 |
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 | VTES | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.12 | 2.94 | -0.82 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.28 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.58 | 1.81 | -1.23 |
Drawdowns
IBMN vs. VTES - Drawdown Comparison
The maximum IBMN drawdown since its inception was -12.40%, which is greater than VTES's maximum drawdown of -2.42%. Use the drawdown chart below to compare losses from any high point for IBMN and VTES.
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Drawdown Indicators
| IBMN | VTES | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -12.40% | -2.42% | -9.98% |
Max Drawdown (1Y)Largest decline over 1 year | -0.25% | -1.47% | +1.22% |
Max Drawdown (3Y)Largest decline over 3 years | -1.10% | -1.80% | +0.70% |
Max Drawdown (5Y)Largest decline over 5 years | -7.36% | — | — |
Current DrawdownCurrent decline from peak | -0.05% | -0.62% | +0.57% |
Average DrawdownAverage peak-to-trough decline | -1.81% | -0.50% | -1.31% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.10% | 0.49% | -0.39% |
Volatility
IBMN vs. VTES - Volatility Comparison
The current volatility for iShares iBonds Dec 2025 Term Muni Bond ETF (IBMN) is 0.00%, while Vanguard Short-Term Tax-Exempt Bond ETF Shares (VTES) has a volatility of 0.35%. This indicates that IBMN experiences smaller price fluctuations and is considered to be less risky than VTES based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IBMN | VTES | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.00% | 0.35% | -0.35% |
Volatility (6M)Calculated over the trailing 6-month period | 0.50% | 0.97% | -0.47% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.71% | 1.24% | -0.53% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.80% | 1.72% | +0.08% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.89% | 1.72% | +2.17% |
IBMN vs. VTES - Expense Ratio Comparison
IBMN has a 0.18% expense ratio, which is higher than VTES'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. VTES - Dividend Comparison
IBMN's dividend yield for the trailing twelve months is around 1.14%, less than VTES's 2.75% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
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% |
VTES Vanguard Short-Term Tax-Exempt Bond ETF Shares | 2.75% | 2.77% | 2.99% | 2.03% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
IBMN and VTES have a correlation of 0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VTES has higher volatility (0.35%) compared to IBMN (0.00%). In terms of maximum drawdown, IBMN dropped -12.40% vs VTES's -2.42%.
On 3-year performance, VTES leads with 3.23% vs 2.44% for IBMN. On fees, VTES 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.
Over the 3-year period, VTES has performed better with a 3.23% return vs 2.44%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VTES is cheaper with a 0.07% expense ratio, compared with 0.18% for IBMN.
VTES has the higher dividend yield at 2.75%, compared with 1.14% for IBMN.
IBMN tracks S&P AMT-Free Municipal Series Dec 2025 Index, while VTES tracks S&P 0-7 Yr National AMT-Free Municipal Bond Index - Benchmark TR Gross. They also come from different issuers: iShares and Vanguard. Their fees differ too: 0.18% for IBMN and 0.07% for VTES.
VTES currently has the higher Sharpe Ratio (2.94 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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