IBMR vs. SUB
IBMR (iShares iBonds Dec 2029 Term Muni Bond ETF) and SUB (iShares Short-Term National Muni Bond ETF) are both Municipal Bonds funds from iShares - IBMR tracks the S&P AMT-Free Municipal Series Callable-Adjusted 2029 Index while SUB tracks the ICE Short Maturity AMT-Free US National Municipal Index. Both are passively managed. Over the past 3 years, IBMR returned 3.25%/yr vs 3.07%/yr for SUB. Their 0.66 correlation means they have sometimes moved together and sometimes differently. IBMR charges 0.18%/yr vs 0.07%/yr for SUB.
Performance
IBMR vs. SUB - Performance Comparison
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Returns By Period
In the year-to-date period, IBMR achieves a 0.49% return, which is significantly lower than SUB's 0.81% return.
IBMR
- 1D
- 0.05%
- 1M
- -0.46%
- 6M
- -0.33%
- YTD
- 0.49%
- 1Y
- 1.72%
- 3Y*
- 3.25%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 2.61%
SUB
- 1D
- 0.05%
- 1M
- -0.10%
- 6M
- 0.23%
- YTD
- 0.81%
- 1Y
- 1.90%
- 3Y*
- 3.07%
- 5Y*
- 1.41%
- 10Y*
- 1.44%
- ALL TIME*
- 1.58%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.30M | $1.37M | $1.46M | |
| $47.04M | $43.43M | $47.37M |
IBMR vs. SUB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
IBMR iShares iBonds Dec 2029 Term Muni Bond ETF | 0.49% | 4.45% | 0.06% | 3.46% |
SUB iShares Short-Term National Muni Bond ETF | 0.81% | 3.64% | 2.17% | 2.32% |
Correlation
The correlation between IBMR and SUB is 0.59, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.59 |
Correlation (3Y) Balances recent behavior with more history. | 0.64 |
Correlation (All Time) Calculated using the full available price history since May 11, 2023 | 0.66 |
The correlation between IBMR and SUB has been stable across timeframes, ranging from 0.59 to 0.66 - a consistent structural relationship.
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Return for Risk
IBMR vs. SUB — Risk / Return Rank
IBMR
SUB
IBMR vs. SUB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares iBonds Dec 2029 Term Muni Bond ETF (IBMR) 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.
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.
| IBMR | SUB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.64 | ||
| Sortino ratioReturn per unit of downside risk | -0.88 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 1.35 | -0.14 |
| Calmar ratioReturn relative to maximum drawdown | 1.11 | 2.36 | -1.25 |
| Martin ratioReturn relative to average drawdown | 2.67 | 6.49 | -3.82 |
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Drawdowns
IBMR vs. SUB - Drawdown Comparison
The maximum IBMR drawdown since its inception was -4.83%, smaller than the maximum SUB drawdown of -9.46%. Use the drawdown chart below to compare losses from any high point for IBMR and SUB.
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Drawdown Indicators
| IBMR | SUB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -4.83% | -9.46% | +4.63% |
Max Drawdown (1Y)Largest decline over 1 year | -1.55% | -0.81% | -0.74% |
Max Drawdown (3Y)Largest decline over 3 years | -3.63% | -1.23% | -2.40% |
Max Drawdown (5Y)Largest decline over 5 years | — | -4.33% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -9.46% | — |
Current DrawdownCurrent decline from peak | -0.90% | -0.15% | -0.75% |
Average DrawdownAverage peak-to-trough decline | -1.00% | -0.91% | -0.09% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.64% | 0.29% | +0.35% |
Volatility
IBMR vs. SUB - Volatility Comparison
The current volatility for iShares iBonds Dec 2029 Term Muni Bond ETF (IBMR) is 0.43%, while iShares Short-Term National Muni Bond ETF (SUB) has a volatility of 0.50%. This indicates that IBMR 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.
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Volatility by Period
| IBMR | SUB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.43% | 0.50% | -0.07% |
Volatility (6M)Calculated over the trailing 6-month period | 1.10% | 0.90% | +0.20% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.62% | 1.12% | +0.50% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.00% | 1.65% | +1.35% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.00% | 2.60% | +0.40% |
IBMR vs. SUB - Expense Ratio Comparison
IBMR 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
IBMR vs. SUB - Dividend Comparison
IBMR's dividend yield for the trailing twelve months is around 2.54%, which matches SUB's 2.56% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IBMR iShares iBonds Dec 2029 Term Muni Bond ETF | 2.54% | 2.55% | 2.53% | 1.27% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SUB iShares Short-Term National Muni Bond ETF | 2.56% | 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
IBMR and SUB have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SUB has higher volatility (0.50%) compared to IBMR (0.43%). In terms of maximum drawdown, IBMR dropped -4.83% vs SUB's -9.46%.
On 3-year performance, IBMR leads with 3.25% vs 3.07% for SUB. On fees, SUB is cheaper at 0.07% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, IBMR has performed better with a 3.25% return vs 3.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SUB is cheaper with a 0.07% expense ratio, compared with 0.18% for IBMR.
SUB has the higher dividend yield at 2.56%, compared with 2.54% for IBMR.
IBMR tracks S&P AMT-Free Municipal Series Callable-Adjusted 2029 Index, while SUB tracks ICE Short Maturity AMT-Free US National Municipal Index. Their fees differ too: 0.18% for IBMR and 0.07% for SUB.
SUB currently has the higher Sharpe Ratio (1.71 vs 1.07), 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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