INMU vs. MNBD

Last updated Jun 23, 2026

INMU (BlackRock Intermediate Muni Income Bond ETF) and MNBD (ALPS Intermediate Municipal Bond ETF) are both Municipal Bonds funds. Both are actively managed. Over the past 3 years, INMU returned 4.62%/yr vs 4.36%/yr for MNBD. A 0.73 correlation means they provide meaningful diversification when combined. INMU charges 0.30%/yr vs 0.50%/yr for MNBD.

Performance

INMU vs. MNBD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BlackRock Intermediate Muni Income Bond ETF (INMU) and ALPS Intermediate Municipal Bond ETF (MNBD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, INMU achieves a 2.02% return, which is significantly higher than MNBD's 1.85% return.

INMU

• 1D: 0.00%
• 1M: 1.45%
• YTD: 2.02%
• 6M: 2.15%
• 1Y: 6.89%
• 3Y*: 4.62%
• 5Y*: 1.86%
• 10Y*: —

MNBD

• 1D: 0.23%
• 1M: 1.33%
• YTD: 1.85%
• 6M: 2.41%
• 1Y: 6.28%
• 3Y*: 4.36%
• 5Y*: —
• 10Y*: —

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

INMU vs. MNBD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
INMU BlackRock Intermediate Muni Income Bond ETF	2.02%	5.52%	2.77%	6.50%	0.44%
MNBD ALPS Intermediate Municipal Bond ETF	1.85%	5.15%	2.41%	6.13%	3.18%

Correlation

The correlation between INMU and MNBD is 0.59, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.59
Correlation (3Y) Calculated over the trailing 3-year period	0.70
Correlation (All Time) Calculated using the full available price history since May 20, 2022	0.73

The correlation between INMU and MNBD shifts across timeframes, from 0.59 (1 year) to 0.73 (all time), reflecting how their relationship changes across market environments.

Return for Risk

INMU vs. MNBD — Risk / Return Rank

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

INMU

INMU Risk / Return Rank: 76
INMU Sharpe Ratio Rank: 88
INMU Sortino Ratio Rank: 91
INMU Omega Ratio Rank: 93
INMU Calmar Ratio Rank: 56
INMU Martin Ratio Rank: 54

MNBD

MNBD Risk / Return Rank: 73
MNBD Sharpe Ratio Rank: 82
MNBD Sortino Ratio Rank: 86
MNBD Omega Ratio Rank: 90
MNBD Calmar Ratio Rank: 55
MNBD Martin Ratio Rank: 51

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.

INMU vs. MNBD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BlackRock Intermediate Muni Income Bond ETF (INMU) and ALPS Intermediate Municipal Bond ETF (MNBD). 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.

	INMU	MNBD	Difference
Sharpe ratio: Return per unit of total volatility	2.78	2.53	+0.25
Sortino ratio: Return per unit of downside risk	4.09	3.70	+0.39
Omega ratio: Gain probability vs. loss probability	1.62	1.55	+0.07
Calmar ratio: Return relative to maximum drawdown	2.68	2.65	+0.03
Martin ratio: Return relative to average drawdown	9.02	8.44	+0.58

INMU vs. MNBD - Sharpe Ratio Comparison

The current INMU Sharpe Ratio is 2.78, which is comparable to the MNBD Sharpe Ratio of 2.53. The chart below compares the historical Sharpe Ratios of INMU and MNBD, 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

INMU vs. MNBD - Drawdown Comparison

The maximum INMU drawdown since its inception was -10.67%, which is greater than MNBD's maximum drawdown of -5.89%. Use the drawdown chart below to compare losses from any high point for INMU and MNBD.

Drawdown Indicators

	INMU	MNBD	Difference
Max Drawdown Largest peak-to-trough decline	-10.67%	-5.89%	-4.78%
Max Drawdown (1Y) Largest decline over 1 year	-2.58%	-2.38%	-0.20%
Max Drawdown (3Y) Largest decline over 3 years	-4.88%	-3.97%	-0.91%
Max Drawdown (5Y) Largest decline over 5 years	-10.67%	—	—
Current Drawdown Current decline from peak	-0.37%	-0.40%	+0.03%
Average Drawdown Average peak-to-trough decline	-2.79%	-1.09%	-1.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.76%	0.75%	+0.01%

Volatility

INMU vs. MNBD - Volatility Comparison

BlackRock Intermediate Muni Income Bond ETF (INMU) and ALPS Intermediate Municipal Bond ETF (MNBD) have volatilities of 0.67% and 0.70%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	INMU	MNBD	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.67%	0.70%	-0.03%
Volatility (6M) Calculated over the trailing 6-month period	1.91%	1.98%	-0.07%
Volatility (1Y) Calculated over the trailing 1-year period	2.49%	2.49%	0.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.61%	3.76%	-0.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.53%	3.76%	-0.23%

INMU vs. MNBD - Expense Ratio Comparison

INMU has a 0.30% expense ratio, which is lower than MNBD's 0.50% expense ratio.

Dividends

INMU vs. MNBD - Dividend Comparison

INMU's dividend yield for the trailing twelve months is around 3.35%, which matches MNBD's 3.32% yield.

Position	TTM	2025	2024	2023	2022	2021
INMU BlackRock Intermediate Muni Income Bond ETF	3.35%	3.48%	3.47%	3.44%	1.92%	1.14%
MNBD ALPS Intermediate Municipal Bond ETF	3.32%	3.32%	3.83%	3.44%	2.40%	0.00%

Frequently Asked Questions

Can I hold both INMU and MNBD in my portfolio?

INMU and MNBD 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.

Which is riskier, INMU or MNBD?

MNBD has higher volatility (0.70%) compared to INMU (0.67%). In terms of maximum drawdown, INMU dropped -10.67% vs MNBD's -5.89%.

Which ETF is better, INMU or MNBD?

On 3-year performance, INMU leads with 4.62% vs 4.36% for MNBD. On fees, INMU is cheaper at 0.30% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, INMU or MNBD?

Over the 3-year period, INMU has performed better with a 4.62% return vs 4.36%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, INMU or MNBD?

INMU is cheaper with a 0.30% expense ratio, compared with 0.50% for MNBD.

Which ETF pays a higher dividend yield, INMU or MNBD?

INMU has the higher dividend yield at 3.35%, compared with 3.32% for MNBD.

What is the main difference between INMU and MNBD?

They also come from different issuers: BlackRock and ALPS. Their fees differ too: 0.30% for INMU and 0.50% for MNBD.

Which has better risk-adjusted returns?

INMU currently has the higher Sharpe Ratio (2.78 vs 2.53), 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.