IBMO vs. VCRM
IBMO (iShares iBonds Dec 2026 Term Muni Bond ETF) and VCRM (Vanguard Core Tax-Exempt Bond ETF) are both Municipal Bonds funds - IBMO tracks the S&P AMT-Free Municipal Series Callable-Adjusted Dec 2026 Index while VCRM tracks the S&P Broad AMT-Free Municipal Bond Index. Both are passively managed. Over the past year, IBMO returned 2.78% vs 8.13% for VCRM. At a 0.22 correlation, their price movements are largely independent. IBMO charges 0.18%/yr vs 0.12%/yr for VCRM.
Performance
IBMO vs. VCRM - Performance Comparison
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Returns By Period
In the year-to-date period, IBMO achieves a 0.95% return, which is significantly lower than VCRM's 2.08% return.
IBMO
- 1D
- 0.01%
- 1M
- 0.17%
- YTD
- 0.95%
- 6M
- 1.30%
- 1Y
- 2.78%
- 3Y*
- 2.93%
- 5Y*
- 0.67%
- 10Y*
- —
VCRM
- 1D
- 0.13%
- 1M
- 0.80%
- YTD
- 2.08%
- 6M
- 2.57%
- 1Y
- 8.13%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
IBMO vs. VCRM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
IBMO iShares iBonds Dec 2026 Term Muni Bond ETF | 0.95% | 3.11% | 0.12% |
VCRM Vanguard Core Tax-Exempt Bond ETF | 2.08% | 4.91% | -0.58% |
Correlation
The correlation between IBMO and VCRM is 0.12, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.12 |
Correlation (All Time) Calculated using the full available price history since Nov 22, 2024 | 0.22 |
The correlation between IBMO and VCRM shifts across timeframes, from 0.12 (1 year) to 0.22 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
IBMO vs. VCRM — Risk / Return Rank
IBMO
VCRM
IBMO vs. VCRM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares iBonds Dec 2026 Term Muni Bond ETF (IBMO) and Vanguard Core Tax-Exempt Bond ETF (VCRM). 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.
| IBMO | VCRM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.14 | ||
| Sortino ratioReturn per unit of downside risk | +0.12 | ||
| Omega ratioGain probability vs. loss probability | 1.53 | 1.58 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | 7.38 | 3.00 | +4.38 |
| Martin ratioReturn relative to average drawdown | 21.93 | 11.11 | +10.82 |
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
| IBMO | VCRM | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.54 | 2.68 | -0.14 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.31 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.41 | 1.09 | -0.68 |
Drawdowns
IBMO vs. VCRM - Drawdown Comparison
The maximum IBMO drawdown since its inception was -14.77%, which is greater than VCRM's maximum drawdown of -4.12%. Use the drawdown chart below to compare losses from any high point for IBMO and VCRM.
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Drawdown Indicators
| IBMO | VCRM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.77% | -4.12% | -10.65% |
Max Drawdown (1Y)Largest decline over 1 year | -0.38% | -2.72% | +2.34% |
Max Drawdown (3Y)Largest decline over 3 years | -1.76% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -8.86% | — | — |
Current DrawdownCurrent decline from peak | 0.00% | -0.13% | +0.13% |
Average DrawdownAverage peak-to-trough decline | -2.32% | -1.13% | -1.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.13% | 0.73% | -0.60% |
Volatility
IBMO vs. VCRM - Volatility Comparison
The current volatility for iShares iBonds Dec 2026 Term Muni Bond ETF (IBMO) is 0.19%, while Vanguard Core Tax-Exempt Bond ETF (VCRM) has a volatility of 0.98%. This indicates that IBMO experiences smaller price fluctuations and is considered to be less risky than VCRM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IBMO | VCRM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.19% | 0.98% | -0.79% |
Volatility (6M)Calculated over the trailing 6-month period | 0.83% | 2.17% | -1.34% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.10% | 3.05% | -1.95% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.15% | 3.89% | -1.74% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.52% | 3.89% | +0.63% |
IBMO vs. VCRM - Expense Ratio Comparison
IBMO has a 0.18% expense ratio, which is higher than VCRM's 0.12% 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
IBMO vs. VCRM - Dividend Comparison
IBMO's dividend yield for the trailing twelve months is around 2.39%, less than VCRM's 3.63% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
IBMO iShares iBonds Dec 2026 Term Muni Bond ETF | 2.39% | 2.37% | 2.15% | 1.65% | 0.89% | 0.62% | 1.03% | 1.01% |
VCRM Vanguard Core Tax-Exempt Bond ETF | 3.63% | 3.42% | 0.40% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
IBMO and VCRM have a correlation of 0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VCRM has higher volatility (0.98%) compared to IBMO (0.19%). In terms of maximum drawdown, IBMO dropped -14.77% vs VCRM's -4.12%.
On 1-year performance, VCRM leads with 8.13% vs 2.78% for IBMO. On fees, VCRM is cheaper at 0.12% per year. On volatility, IBMO has been the lower-risk option at 0.19%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, VCRM has performed better with a 8.13% return vs 2.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VCRM is cheaper with a 0.12% expense ratio, compared with 0.18% for IBMO.
VCRM has the higher dividend yield at 3.63%, compared with 2.39% for IBMO.
IBMO tracks S&P AMT-Free Municipal Series Callable-Adjusted Dec 2026 Index, while VCRM tracks S&P Broad AMT-Free Municipal Bond Index. They also come from different issuers: iShares and Vanguard. Their fees differ too: 0.18% for IBMO and 0.12% for VCRM.
VCRM currently has the higher Sharpe Ratio (2.68 vs 2.54), 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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