INMU vs. OVM
INMU (BlackRock Intermediate Muni Income Bond ETF) and OVM (Overlay Shares Municipal Bond ETF) are both Municipal Bonds funds. Both are actively managed. Over the past 5 years, INMU returned 1.78%/yr vs 1.59%/yr for OVM. A 0.59 correlation means they provide meaningful diversification when combined. INMU charges 0.30%/yr vs 0.82%/yr for OVM.
Performance
INMU vs. OVM - Performance Comparison
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Returns By Period
In the year-to-date period, INMU achieves a 1.73% return, which is significantly lower than OVM's 3.96% return.
INMU
- 1D
- 0.00%
- 1M
- 0.57%
- YTD
- 1.73%
- 6M
- 1.98%
- 1Y
- 7.17%
- 3Y*
- 4.89%
- 5Y*
- 1.78%
- 10Y*
- —
OVM
- 1D
- -0.17%
- 1M
- 1.10%
- YTD
- 3.96%
- 6M
- 4.16%
- 1Y
- 11.81%
- 3Y*
- 5.37%
- 5Y*
- 1.59%
- 10Y*
- —
INMU vs. OVM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
INMU BlackRock Intermediate Muni Income Bond ETF | 1.73% | 5.52% | 2.77% | 6.50% | -7.78% | 2.84% |
OVM Overlay Shares Municipal Bond ETF | 3.96% | 4.14% | 3.42% | 7.35% | -11.26% | 4.45% |
Correlation
The correlation between INMU and OVM is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.49 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.56 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.60 |
Correlation (All Time) Calculated using the full available price history since Mar 19, 2021 | 0.59 |
The correlation between INMU and OVM shifts across timeframes, from 0.49 (1 year) to 0.60 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
INMU vs. OVM — Risk / Return Rank
INMU
OVM
INMU vs. OVM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BlackRock Intermediate Muni Income Bond ETF (INMU) and Overlay Shares Municipal Bond ETF (OVM). 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.
| INMU | OVM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.02 | ||
| Sortino ratioReturn per unit of downside risk | -0.02 | ||
| Omega ratioGain probability vs. loss probability | 1.65 | 1.58 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | 2.79 | 4.86 | -2.07 |
| Martin ratioReturn relative to average drawdown | 9.53 | 18.92 | -9.38 |
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
| INMU | OVM | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.87 | 2.85 | +0.02 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.50 | 0.30 | +0.20 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.60 | 0.43 | +0.17 |
Drawdowns
INMU vs. OVM - Drawdown Comparison
The maximum INMU drawdown since its inception was -10.67%, smaller than the maximum OVM drawdown of -15.58%. Use the drawdown chart below to compare losses from any high point for INMU and OVM.
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Drawdown Indicators
| INMU | OVM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -10.67% | -15.58% | +4.91% |
Max Drawdown (1Y)Largest decline over 1 year | -2.58% | -2.44% | -0.14% |
Max Drawdown (3Y)Largest decline over 3 years | -4.88% | -8.20% | +3.32% |
Max Drawdown (5Y)Largest decline over 5 years | -10.67% | -15.58% | +4.91% |
Current DrawdownCurrent decline from peak | -0.66% | -0.17% | -0.49% |
Average DrawdownAverage peak-to-trough decline | -2.81% | -4.01% | +1.20% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.75% | 0.63% | +0.12% |
Volatility
INMU vs. OVM - Volatility Comparison
The current volatility for BlackRock Intermediate Muni Income Bond ETF (INMU) is 0.81%, while Overlay Shares Municipal Bond ETF (OVM) has a volatility of 1.26%. This indicates that INMU experiences smaller price fluctuations and is considered to be less risky than OVM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| INMU | OVM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.81% | 1.26% | -0.45% |
Volatility (6M)Calculated over the trailing 6-month period | 1.88% | 3.36% | -1.48% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.51% | 4.16% | -1.65% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.60% | 5.39% | -1.79% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.54% | 6.55% | -3.01% |
INMU vs. OVM - Expense Ratio Comparison
INMU has a 0.30% expense ratio, which is lower than OVM's 0.82% expense ratio.
Dividends
INMU vs. OVM - Dividend Comparison
INMU's dividend yield for the trailing twelve months is around 3.36%, less than OVM's 6.11% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
INMU BlackRock Intermediate Muni Income Bond ETF | 3.36% | 3.48% | 3.47% | 3.44% | 1.92% | 1.14% | 0.00% | 0.00% |
OVM Overlay Shares Municipal Bond ETF | 6.11% | 5.45% | 4.91% | 4.66% | 4.21% | 6.10% | 3.97% | 0.58% |
Frequently Asked Questions
INMU and OVM have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
OVM has higher volatility (1.26%) compared to INMU (0.81%). In terms of maximum drawdown, INMU dropped -10.67% vs OVM's -15.58%.
On 5-year performance, INMU leads with 1.78% vs 1.59% for OVM. On fees, INMU is cheaper at 0.30% per year. On volatility, INMU has been the lower-risk option at 0.81%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, INMU has performed better with a 1.78% return vs 1.59%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
INMU is cheaper with a 0.30% expense ratio, compared with 0.82% for OVM.
OVM has the higher dividend yield at 6.11%, compared with 3.36% for INMU.
They also come from different issuers: BlackRock and Liquid Strategies. Their fees differ too: 0.30% for INMU and 0.82% for OVM.
INMU currently has the higher Sharpe Ratio (2.87 vs 2.85), 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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