INMU vs. VTEB
INMU (BlackRock Intermediate Muni Income Bond ETF) and VTEB (Vanguard Tax-Exempt Bond ETF) are both Municipal Bonds funds. INMU is actively managed, while VTEB is passively managed. Over the past 5 years, INMU returned 1.78%/yr vs 0.88%/yr for VTEB. A 0.73 correlation means they provide meaningful diversification when combined. INMU charges 0.30%/yr vs 0.05%/yr for VTEB.
Performance
INMU vs. VTEB - Performance Comparison
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Returns By Period
In the year-to-date period, INMU achieves a 1.73% return, which is significantly higher than VTEB's 1.46% return.
INMU
- 1D
- 0.00%
- 1M
- 0.57%
- YTD
- 1.73%
- 6M
- 1.98%
- 1Y
- 7.17%
- 3Y*
- 4.89%
- 5Y*
- 1.78%
- 10Y*
- —
VTEB
- 1D
- -0.06%
- 1M
- 0.66%
- YTD
- 1.46%
- 6M
- 1.89%
- 1Y
- 7.14%
- 3Y*
- 3.57%
- 5Y*
- 0.88%
- 10Y*
- 2.09%
INMU vs. VTEB - 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% |
VTEB Vanguard Tax-Exempt Bond ETF | 1.46% | 3.72% | 1.31% | 6.15% | -7.99% | 2.21% |
Correlation
The correlation between INMU and VTEB is 0.69, 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 | 0.69 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.71 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.73 |
Correlation (All Time) Calculated using the full available price history since Mar 19, 2021 | 0.73 |
The correlation between INMU and VTEB has been stable across timeframes, ranging from 0.69 to 0.73 - a consistent structural relationship.
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Return for Risk
INMU vs. VTEB — Risk / Return Rank
INMU
VTEB
INMU vs. VTEB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BlackRock Intermediate Muni Income Bond ETF (INMU) and Vanguard Tax-Exempt Bond ETF (VTEB). 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 | VTEB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.23 | ||
| Sortino ratioReturn per unit of downside risk | +0.30 | ||
| Omega ratioGain probability vs. loss probability | 1.65 | 1.58 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | 2.79 | 2.65 | +0.14 |
| Martin ratioReturn relative to average drawdown | 9.53 | 9.41 | +0.12 |
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 | VTEB | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.87 | 2.64 | +0.23 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.50 | 0.23 | +0.27 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.40 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.60 | 0.47 | +0.12 |
Drawdowns
INMU vs. VTEB - Drawdown Comparison
The maximum INMU drawdown since its inception was -10.67%, smaller than the maximum VTEB drawdown of -17.00%. Use the drawdown chart below to compare losses from any high point for INMU and VTEB.
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Drawdown Indicators
| INMU | VTEB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -10.67% | -17.00% | +6.33% |
Max Drawdown (1Y)Largest decline over 1 year | -2.58% | -2.71% | +0.13% |
Max Drawdown (3Y)Largest decline over 3 years | -4.88% | -5.53% | +0.65% |
Max Drawdown (5Y)Largest decline over 5 years | -10.67% | -12.64% | +1.97% |
Max Drawdown (10Y)Largest decline over 10 years | — | -17.00% | — |
Current DrawdownCurrent decline from peak | -0.66% | -0.52% | -0.14% |
Average DrawdownAverage peak-to-trough decline | -2.81% | -2.33% | -0.48% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.75% | 0.76% | -0.01% |
Volatility
INMU vs. VTEB - Volatility Comparison
The current volatility for BlackRock Intermediate Muni Income Bond ETF (INMU) is 0.81%, while Vanguard Tax-Exempt Bond ETF (VTEB) has a volatility of 0.89%. This indicates that INMU experiences smaller price fluctuations and is considered to be less risky than VTEB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| INMU | VTEB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.81% | 0.89% | -0.08% |
Volatility (6M)Calculated over the trailing 6-month period | 1.88% | 2.01% | -0.13% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.51% | 2.72% | -0.21% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.60% | 3.90% | -0.30% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.54% | 5.26% | -1.72% |
INMU vs. VTEB - Expense Ratio Comparison
INMU has a 0.30% expense ratio, which is higher than VTEB's 0.05% expense ratio.
Dividends
INMU vs. VTEB - Dividend Comparison
INMU's dividend yield for the trailing twelve months is around 3.36%, which matches VTEB's 3.35% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
INMU BlackRock Intermediate Muni Income Bond ETF | 3.36% | 3.48% | 3.47% | 3.44% | 1.92% | 1.14% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
VTEB Vanguard Tax-Exempt Bond ETF | 3.35% | 3.29% | 3.14% | 2.79% | 2.09% | 1.64% | 1.99% | 2.30% | 2.25% | 1.96% | 1.66% | 0.58% |
Frequently Asked Questions
INMU and VTEB have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VTEB has higher volatility (0.89%) compared to INMU (0.81%). In terms of maximum drawdown, INMU dropped -10.67% vs VTEB's -17.00%.
On 5-year performance, INMU leads with 1.78% vs 0.88% for VTEB. On fees, VTEB is cheaper at 0.05% per year. Their volatility is very similar. 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 0.88%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VTEB is cheaper with a 0.05% expense ratio, compared with 0.30% for INMU.
INMU and VTEB have nearly identical dividend yields, around 3.36%.
They also come from different issuers: BlackRock and Vanguard. Their fees differ too: 0.30% for INMU and 0.05% for VTEB.
INMU currently has the higher Sharpe Ratio (2.87 vs 2.64), 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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