ITM vs. BIZD
ITM (VanEck Intermediate Muni ETF) and BIZD (VanEck BDC Income ETF) are both exchange-traded funds - ITM is a Municipal Bonds fund tracking the Bloomberg AMT-Free Intermediate Continuous, while BIZD is a Financials Equities fund tracking the MVIS US Business Development Companies Index. Both are passively managed. Over the past 10 years, ITM returned 1.65%/yr vs 7.38%/yr for BIZD. Their -0.02 correlation means they have often moved in opposite directions in the past. ITM charges 0.24%/yr vs 12.86%/yr for BIZD.
Performance
ITM vs. BIZD - Performance Comparison
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Returns By Period
In the year-to-date period, ITM achieves a -1.01% return, which is significantly higher than BIZD's -4.84% return. Over the past 10 years, ITM has underperformed BIZD with an annualized return of 1.65%, while BIZD has yielded a comparatively higher 7.38% annualized return.
ITM
- 1D
- 0.17%
- 1M
- -1.89%
- 6M
- -1.61%
- YTD
- -1.01%
- 1Y
- 3.71%
- 3Y*
- 3.04%
- 5Y*
- -0.05%
- 10Y*
- 1.65%
- ALL TIME*
- 3.22%
BIZD
- 1D
- 2.74%
- 1M
- 1.84%
- 6M
- -1.94%
- YTD
- -4.84%
- 1Y
- -10.71%
- 3Y*
- 3.90%
- 5Y*
- 5.36%
- 10Y*
- 7.38%
- ALL TIME*
- 6.33%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $35.10M | $40.21M | $41.46M | |
| $17.85M | $12.61M | $10.53M |
ITM vs. BIZD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ITM VanEck Intermediate Muni ETF | -1.01% | 5.34% | 0.73% | 5.69% | -9.33% | 0.21% | 5.87% | 8.46% | 0.96% | 6.13% |
BIZD VanEck BDC Income ETF | -4.84% | -4.96% | 15.63% | 27.02% | -8.51% | 36.25% | -7.12% | 30.87% | -6.88% | 0.36% |
Correlation
The correlation between ITM and BIZD is 0.13, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.13 |
Correlation (3Y) Balances recent behavior with more history. | 0.08 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.10 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.03 |
Correlation (All Time) Calculated using the full available price history since Feb 12, 2013 | -0.02 |
The correlation between ITM and BIZD shifts across timeframes, from -0.02 (all time) to 0.13 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
ITM vs. BIZD — Risk / Return Rank
ITM
BIZD
ITM vs. BIZD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Intermediate Muni ETF (ITM) and VanEck BDC Income ETF (BIZD). 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.
| ITM | BIZD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.85 | ||
| Sortino ratioReturn per unit of downside risk | +2.46 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 0.92 | +0.33 |
| Calmar ratioReturn relative to maximum drawdown | 1.09 | -0.57 | +1.65 |
| Martin ratioReturn relative to average drawdown | 2.87 | -0.96 | +3.83 |
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Drawdowns
ITM vs. BIZD - Drawdown Comparison
The maximum ITM drawdown since its inception was -24.75%, smaller than the maximum BIZD drawdown of -55.44%. Use the drawdown chart below to compare losses from any high point for ITM and BIZD.
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Drawdown Indicators
| ITM | BIZD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -24.75% | -55.44% | +30.69% |
Max Drawdown (1Y)Largest decline over 1 year | -3.43% | -18.99% | +15.56% |
Max Drawdown (3Y)Largest decline over 3 years | -4.67% | -22.56% | +17.89% |
Max Drawdown (5Y)Largest decline over 5 years | -14.99% | -22.91% | +7.92% |
Max Drawdown (10Y)Largest decline over 10 years | -24.75% | -55.44% | +30.69% |
Current DrawdownCurrent decline from peak | -2.91% | -15.60% | +12.69% |
Average DrawdownAverage peak-to-trough decline | -2.97% | -6.85% | +3.88% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.30% | 11.22% | -9.92% |
Volatility
ITM vs. BIZD - Volatility Comparison
The current volatility for VanEck Intermediate Muni ETF (ITM) is 0.99%, while VanEck BDC Income ETF (BIZD) has a volatility of 5.43%. This indicates that ITM experiences smaller price fluctuations and is considered to be less risky than BIZD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ITM | BIZD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.99% | 5.43% | -4.44% |
Volatility (6M)Calculated over the trailing 6-month period | 2.36% | 15.32% | -12.96% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.92% | 19.00% | -16.08% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.33% | 17.56% | -13.23% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.10% | 21.83% | -14.73% |
ITM vs. BIZD - Expense Ratio Comparison
ITM has a 0.24% expense ratio, which is lower than BIZD's 12.86% expense ratio.
Dividends
ITM vs. BIZD - Dividend Comparison
ITM's dividend yield for the trailing twelve months is around 3.05%, less than BIZD's 11.96% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BIZD VanEck BDC Income ETF | 11.96% | 11.78% | 10.94% | 10.96% | 11.21% | 8.14% | 10.39% | 9.13% | 10.88% | 9.13% | 8.51% | 9.12% |
ITM VanEck Intermediate Muni ETF | 3.05% | 2.86% | 2.73% | 2.40% | 1.92% | 1.70% | 2.13% | 2.44% | 2.33% | 2.21% | 2.29% | 2.28% |
Frequently Asked Questions
ITM and BIZD have a correlation of 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BIZD has higher volatility (5.43%) compared to ITM (0.99%). In terms of maximum drawdown, ITM dropped -24.75% vs BIZD's -55.44%.
On 10-year performance, BIZD leads with 7.38% vs 1.65% for ITM. On fees, ITM is cheaper at 0.24% per year. On volatility, ITM has been the lower-risk option at 0.99%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, BIZD has performed better with a 7.38% return vs 1.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ITM is cheaper with a 0.24% expense ratio, compared with 12.86% for BIZD.
BIZD has the higher dividend yield at 11.96%, compared with 3.05% for ITM.
ITM is categorized as Municipal Bonds, while BIZD is Financials Equities. ITM tracks Bloomberg AMT-Free Intermediate Continuous, while BIZD tracks MVIS US Business Development Companies Index. Their fees differ too: 0.24% for ITM and 12.86% for BIZD.
ITM currently has the higher Sharpe Ratio (1.28 vs -0.57), 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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