IBMP vs. MBND

Last updated Jun 24, 2026

IBMP (iShares iBonds Dec 2027 Term Muni Bond ETF) and MBND (SPDR Nuveen Municipal Bond ETF) are both Municipal Bonds funds. IBMP is passively managed, while MBND is actively managed. Over the past 5 years, IBMP returned 0.64%/yr vs 0.64%/yr for MBND. A 0.61 correlation means they provide meaningful diversification when combined. IBMP charges 0.18%/yr vs 0.40%/yr for MBND.

Performance

IBMP vs. MBND - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares iBonds Dec 2027 Term Muni Bond ETF (IBMP) and SPDR Nuveen Municipal Bond ETF (MBND). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IBMP achieves a 1.09% return, which is significantly lower than MBND's 1.16% return.

IBMP

• 1D: 0.08%
• 1M: 0.25%
• YTD: 1.09%
• 6M: 1.21%
• 1Y: 2.89%
• 3Y*: 2.80%
• 5Y*: 0.64%
• 10Y*: —

MBND

• 1D: 0.01%
• 1M: 1.12%
• YTD: 1.16%
• 6M: 1.45%
• 1Y: 4.61%
• 3Y*: 3.52%
• 5Y*: 0.64%
• 10Y*: —

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

IBMP vs. MBND - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
IBMP iShares iBonds Dec 2027 Term Muni Bond ETF	1.09%	3.52%	1.26%	3.49%	-6.09%	-0.41%
MBND SPDR Nuveen Municipal Bond ETF	1.16%	2.90%	2.75%	5.62%	-8.61%	0.49%

Correlation

The correlation between IBMP and MBND is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.21
Correlation (3Y) Calculated over the trailing 3-year period	0.49
Correlation (5Y) Calculated over the trailing 5-year period	0.61
Correlation (All Time) Calculated using the full available price history since Feb 4, 2021	0.61

Over the past year, the correlation between IBMP and MBND has dropped to 0.21 - well below their long-term average of 0.61, suggesting their price drivers have been diverging.

Return for Risk

IBMP vs. MBND — Risk / Return Rank

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

IBMP

IBMP Risk / Return Rank: 88
IBMP Sharpe Ratio Rank: 89
IBMP Sortino Ratio Rank: 93
IBMP Omega Ratio Rank: 92
IBMP Calmar Ratio Rank: 89
IBMP Martin Ratio Rank: 77

MBND

MBND Risk / Return Rank: 53
MBND Sharpe Ratio Rank: 55
MBND Sortino Ratio Rank: 57
MBND Omega Ratio Rank: 69
MBND Calmar Ratio Rank: 41
MBND Martin Ratio Rank: 42

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.

IBMP vs. MBND - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares iBonds Dec 2027 Term Muni Bond ETF (IBMP) and SPDR Nuveen Municipal Bond ETF (MBND). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	IBMP	MBND	Difference
Sharpe ratio: Return per unit of total volatility	2.71	1.72	+0.99
Sortino ratio: Return per unit of downside risk	4.16	2.49	+1.66
Omega ratio: Gain probability vs. loss probability	1.57	1.37	+0.20
Calmar ratio: Return relative to maximum drawdown	4.89	1.90	+3.00
Martin ratio: Return relative to average drawdown	13.55	6.17	+7.37

IBMP vs. MBND - Sharpe Ratio Comparison

The current IBMP Sharpe Ratio is 2.71, which is higher than the MBND Sharpe Ratio of 1.72. The chart below compares the historical Sharpe Ratios of IBMP and MBND, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

IBMP vs. MBND - Drawdown Comparison

The maximum IBMP drawdown since its inception was -15.24%, which is greater than MBND's maximum drawdown of -13.18%. Use the drawdown chart below to compare losses from any high point for IBMP and MBND.

Drawdown Indicators

	IBMP	MBND	Difference
Max Drawdown Largest peak-to-trough decline	-15.24%	-13.18%	-2.06%
Max Drawdown (1Y) Largest decline over 1 year	-0.59%	-2.44%	+1.85%
Max Drawdown (3Y) Largest decline over 3 years	-2.63%	-4.57%	+1.94%
Max Drawdown (5Y) Largest decline over 5 years	-10.00%	-13.18%	+3.18%
Current Drawdown Current decline from peak	0.00%	-0.58%	+0.58%
Average Drawdown Average peak-to-trough decline	-2.70%	-4.16%	+1.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.21%	0.75%	-0.54%

Volatility

IBMP vs. MBND - Volatility Comparison

The current volatility for iShares iBonds Dec 2027 Term Muni Bond ETF (IBMP) is 0.25%, while SPDR Nuveen Municipal Bond ETF (MBND) has a volatility of 1.24%. This indicates that IBMP experiences smaller price fluctuations and is considered to be less risky than MBND based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IBMP	MBND	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.25%	1.24%	-0.99%
Volatility (6M) Calculated over the trailing 6-month period	0.77%	2.11%	-1.34%
Volatility (1Y) Calculated over the trailing 1-year period	1.07%	2.69%	-1.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.56%	3.51%	-0.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.99%	3.43%	+1.56%

IBMP vs. MBND - Expense Ratio Comparison

IBMP has a 0.18% expense ratio, which is lower than MBND's 0.40% expense ratio.

Dividends

IBMP vs. MBND - Dividend Comparison

IBMP's dividend yield for the trailing twelve months is around 2.50%, less than MBND's 3.49% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
IBMP iShares iBonds Dec 2027 Term Muni Bond ETF	2.50%	2.47%	2.35%	2.05%	1.26%	0.86%	1.16%	1.06%
MBND SPDR Nuveen Municipal Bond ETF	3.49%	3.43%	2.72%	2.53%	1.61%	1.62%	0.00%	0.00%

Frequently Asked Questions

Can I hold both IBMP and MBND in my portfolio?

IBMP and MBND have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IBMP or MBND?

MBND has higher volatility (1.24%) compared to IBMP (0.25%). In terms of maximum drawdown, IBMP dropped -15.24% vs MBND's -13.18%.

Which ETF is better, IBMP or MBND?

On 5-year performance, MBND leads with 0.64% vs 0.64% for IBMP. On fees, IBMP is cheaper at 0.18% per year. On volatility, IBMP has been the lower-risk option at 0.25%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IBMP or MBND?

Over the 5-year period, MBND has performed better with a 0.64% return vs 0.64%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IBMP or MBND?

IBMP is cheaper with a 0.18% expense ratio, compared with 0.40% for MBND.

Which ETF pays a higher dividend yield, IBMP or MBND?

MBND has the higher dividend yield at 3.49%, compared with 2.50% for IBMP.

What is the main difference between IBMP and MBND?

They also come from different issuers: iShares and State Street. Their fees differ too: 0.18% for IBMP and 0.40% for MBND.

Which has better risk-adjusted returns?

IBMP currently has the higher Sharpe Ratio (2.71 vs 1.72), 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.