INTM vs. SUB

Last updated Jun 5, 2026

INTM (Invesco Intermediate Municipal ETF) and SUB (iShares Short-Term National Muni Bond ETF) are both Municipal Bonds funds. INTM is actively managed, while SUB is passively managed. At a 0.31 correlation, their price movements are largely independent. INTM charges 0.35%/yr vs 0.07%/yr for SUB.

Performance

INTM vs. SUB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Intermediate Municipal ETF (INTM) and iShares Short-Term National Muni Bond ETF (SUB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, INTM achieves a 1.82% return, which is significantly higher than SUB's 0.83% return.

INTM

• 1D: 0.08%
• 1M: 0.72%
• YTD: 1.82%
• 6M: 2.27%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

SUB

• 1D: 0.05%
• 1M: 0.37%
• YTD: 0.83%
• 6M: 1.21%
• 1Y: 3.15%
• 3Y*: 3.18%
• 5Y*: 1.47%
• 10Y*: 1.50%

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

INTM vs. SUB - Yearly Performance Comparison

	2026 (YTD)	2025
INTM Invesco Intermediate Municipal ETF	1.82%	4.72%
SUB iShares Short-Term National Muni Bond ETF	0.83%	1.45%

Correlation

The correlation between INTM and SUB is 0.31, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jul 24, 2025	0.31

Return for Risk

INTM vs. SUB — Risk / Return Rank

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

SUB

SUB Risk / Return Rank: 84
SUB Sharpe Ratio Rank: 91
SUB Sortino Ratio Rank: 93
SUB Omega Ratio Rank: 95
SUB Calmar Ratio Rank: 78
SUB Martin Ratio Rank: 62

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.

INTM vs. SUB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Intermediate Municipal ETF (INTM) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	INTM	SUB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	3.17	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.90	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.58	—
Sharpe Ratio (All Time) Calculated using the full available price history	3.05	0.42	+2.62

Drawdowns

INTM vs. SUB - Drawdown Comparison

The maximum INTM drawdown since its inception was -2.65%, smaller than the maximum SUB drawdown of -9.46%. Use the drawdown chart below to compare losses from any high point for INTM and SUB.

Drawdown Indicators

	INTM	SUB	Difference
Max Drawdown Largest peak-to-trough decline	-2.65%	-9.46%	+6.81%
Max Drawdown (1Y) Largest decline over 1 year	—	-0.81%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-1.23%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-4.35%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-9.46%	—
Current Drawdown Current decline from peak	-0.54%	-0.06%	-0.48%
Average Drawdown Average peak-to-trough decline	-0.48%	-0.92%	+0.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.28%	—

Volatility

Volatility by Period

	INTM	SUB	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.28%	—
Volatility (6M) Calculated over the trailing 6-month period	—	0.79%	—
Volatility (1Y) Calculated over the trailing 1-year period	2.53%	1.00%	+1.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.53%	1.64%	+0.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.53%	2.59%	-0.06%

INTM vs. SUB - Expense Ratio Comparison

INTM has a 0.35% expense ratio, which is higher than SUB's 0.07% expense ratio.

Dividends

INTM vs. SUB - Dividend Comparison

INTM's dividend yield for the trailing twelve months is around 2.62%, more than SUB's 2.52% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
INTM Invesco Intermediate Municipal ETF	2.62%	1.15%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SUB iShares Short-Term National Muni Bond ETF	2.52%	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

Can I hold both INTM and SUB in my portfolio?

INTM and SUB have a correlation of 0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, INTM or SUB?

On fees, SUB is cheaper at 0.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, INTM or SUB?

SUB is cheaper with a 0.07% expense ratio, compared with 0.35% for INTM.

Which ETF pays a higher dividend yield, INTM or SUB?

INTM has the higher dividend yield at 2.62%, compared with 2.52% for SUB.

What is the main difference between INTM and SUB?

They also come from different issuers: Invesco and iShares. Their fees differ too: 0.35% for INTM and 0.07% for SUB.