IBMT vs. FMUN
IBMT (iShares iBonds Dec 2031 Term Muni Bond ETF) and FMUN (Fidelity Systematic Municipal Bond Index ETF) are both Municipal Bonds funds. IBMT is passively managed, while FMUN is actively managed. Over the past year, IBMT returned 3.08% vs 4.46% for FMUN. Their 0.61 correlation means they have sometimes moved together and sometimes differently. IBMT charges 0.18%/yr vs 0.05%/yr for FMUN.
Performance
IBMT vs. FMUN - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, IBMT achieves a 0.37% return, which is significantly higher than FMUN's -0.03% return.
IBMT
- 1D
- -0.08%
- 1M
- -1.16%
- 6M
- -0.51%
- YTD
- 0.37%
- 1Y
- 3.08%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 5.63%
FMUN
- 1D
- -0.24%
- 1M
- -2.19%
- 6M
- -0.88%
- YTD
- -0.03%
- 1Y
- 4.46%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 2.46%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $530.62K | $503.69K | $533.19K | |
| $1.12M | $1.36M | $1.09M |
IBMT vs. FMUN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
IBMT iShares iBonds Dec 2031 Term Muni Bond ETF | 0.37% | 5.67% |
FMUN Fidelity Systematic Municipal Bond Index ETF | -0.03% | 3.28% |
Correlation
The correlation between IBMT and FMUN is 0.55, 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. | 0.55 |
Correlation (All Time) Calculated using the full available price history since Apr 7, 2025 | 0.61 |
The correlation between IBMT and FMUN has been stable across timeframes, ranging from 0.55 to 0.61 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
IBMT vs. FMUN — Risk / Return Rank
IBMT
FMUN
IBMT vs. FMUN - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares iBonds Dec 2031 Term Muni Bond ETF (IBMT) and Fidelity Systematic Municipal Bond Index ETF (FMUN). 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.
| IBMT | FMUN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.44 | ||
| Sortino ratioReturn per unit of downside risk | -0.43 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.34 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | 1.21 | 1.61 | -0.41 |
| Martin ratioReturn relative to average drawdown | 3.33 | 4.97 | -1.64 |
Loading charts...
Drawdowns
IBMT vs. FMUN - Drawdown Comparison
The maximum IBMT drawdown since its inception was -3.18%, smaller than the maximum FMUN drawdown of -3.83%. Use the drawdown chart below to compare losses from any high point for IBMT and FMUN.
Loading charts...
Drawdown Indicators
| IBMT | FMUN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -3.18% | -3.83% | +0.65% |
Max Drawdown (1Y)Largest decline over 1 year | -3.10% | -3.21% | +0.11% |
Current DrawdownCurrent decline from peak | -1.47% | -2.35% | +0.88% |
Average DrawdownAverage peak-to-trough decline | -0.76% | -1.11% | +0.35% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.12% | 1.04% | +0.08% |
Volatility
IBMT vs. FMUN - Volatility Comparison
The current volatility for iShares iBonds Dec 2031 Term Muni Bond ETF (IBMT) is 0.65%, while Fidelity Systematic Municipal Bond Index ETF (FMUN) has a volatility of 0.75%. This indicates that IBMT experiences smaller price fluctuations and is considered to be less risky than FMUN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| IBMT | FMUN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.65% | 0.75% | -0.10% |
Volatility (6M)Calculated over the trailing 6-month period | 2.38% | 2.49% | -0.11% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.05% | 3.11% | -0.06% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.84% | 4.03% | -0.19% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.84% | 4.03% | -0.19% |
IBMT vs. FMUN - Expense Ratio Comparison
IBMT has a 0.18% expense ratio, which is higher than FMUN's 0.05% 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
IBMT vs. FMUN - Dividend Comparison
IBMT's dividend yield for the trailing twelve months is around 3.48%, more than FMUN's 3.35% yield.
| Position | TTM | 2025 |
|---|---|---|
FMUN Fidelity Systematic Municipal Bond Index ETF | 3.35% | 2.41% |
IBMT iShares iBonds Dec 2031 Term Muni Bond ETF | 3.25% | 2.98% |
Frequently Asked Questions
IBMT and FMUN have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FMUN has higher volatility (0.75%) compared to IBMT (0.65%). In terms of maximum drawdown, IBMT dropped -3.18% vs FMUN's -3.83%.
On 1-year performance, FMUN leads with 4.46% vs 3.08% for IBMT. On fees, FMUN is cheaper at 0.05% per year. On volatility, IBMT has been the lower-risk option at 0.65%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, FMUN has performed better with a 4.46% return vs 3.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FMUN is cheaper with a 0.05% expense ratio, compared with 0.18% for IBMT.
FMUN has the higher dividend yield at 3.35%, compared with 3.25% for IBMT.
They also come from different issuers: iShares and Fidelity. Their fees differ too: 0.18% for IBMT and 0.05% for FMUN.
FMUN currently has the higher Sharpe Ratio (1.67 vs 1.23), 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.
Find the right allocation for IBMT and FMUN
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer