ITM vs. FTABX

Last updated Jun 3, 2026

ITM (VanEck Intermediate Muni ETF) and FTABX (Fidelity Tax-Free Bond Fund) are both Municipal Bonds funds. Over the past 10 years, ITM returned 1.96%/yr vs 2.36%/yr for FTABX. A 0.57 correlation means they provide meaningful diversification when combined. ITM charges 0.24%/yr vs 0.25%/yr for FTABX.

Performance

ITM vs. FTABX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Intermediate Muni ETF (ITM) and Fidelity Tax-Free Bond Fund (FTABX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ITM achieves a 0.69% return, which is significantly lower than FTABX's 1.43% return. Over the past 10 years, ITM has underperformed FTABX with an annualized return of 1.96%, while FTABX has yielded a comparatively higher 2.36% annualized return.

ITM

• 1D: 0.24%
• 1M: 0.81%
• YTD: 0.69%
• 6M: 1.44%
• 1Y: 7.45%
• 3Y*: 3.73%
• 5Y*: 0.50%
• 10Y*: 1.96%

FTABX

• 1D: 0.00%
• 1M: 0.55%
• YTD: 1.43%
• 6M: 1.90%
• 1Y: 7.47%
• 3Y*: 4.40%
• 5Y*: 1.01%
• 10Y*: 2.36%

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

ITM vs. FTABX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ITM VanEck Intermediate Muni ETF	0.69%	5.34%	0.73%	5.69%	-9.33%	0.21%	5.87%	8.46%	0.96%	6.13%
FTABX Fidelity Tax-Free Bond Fund	1.43%	5.60%	1.54%	7.51%	-10.74%	2.20%	4.80%	8.58%	0.67%	6.45%

Correlation

The correlation between ITM and FTABX is 0.67, 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	0.67
Correlation (3Y) Calculated over the trailing 3-year period	0.70
Correlation (5Y) Calculated over the trailing 5-year period	0.69
Correlation (10Y) Calculated over the trailing 10-year period	0.66
Correlation (All Time) Calculated using the full available price history since Dec 7, 2007	0.57

The correlation between ITM and FTABX shifts across timeframes, from 0.57 (all time) to 0.69 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

ITM vs. FTABX — Risk / Return Rank

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

ITM

ITM Risk / Return Rank: 67
ITM Sharpe Ratio Rank: 80
ITM Sortino Ratio Rank: 84
ITM Omega Ratio Rank: 88
ITM Calmar Ratio Rank: 41
ITM Martin Ratio Rank: 42

FTABX

FTABX Risk / Return Rank: 67
FTABX Sharpe Ratio Rank: 82
FTABX Sortino Ratio Rank: 87
FTABX Omega Ratio Rank: 90
FTABX Calmar Ratio Rank: 39
FTABX Martin Ratio Rank: 38

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.

ITM vs. FTABX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Intermediate Muni ETF (ITM) and Fidelity Tax-Free Bond Fund (FTABX). 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.

	ITM	FTABX	Difference
Sharpe ratio Return per unit of total volatility	2.64	2.65	-0.01
Sortino ratio Return per unit of downside risk	3.82	4.16	-0.34
Omega ratio Gain probability vs. loss probability	1.56	1.65	-0.09
Calmar ratio Return relative to maximum drawdown	2.11	2.43	-0.33
Martin ratio Return relative to average drawdown	6.79	8.40	-1.61
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ITM vs. FTABX - Sharpe Ratio Comparison

The current ITM Sharpe Ratio is 2.64, which is comparable to the FTABX Sharpe Ratio of 2.65. The chart below compares the historical Sharpe Ratios of ITM and FTABX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	ITM	FTABX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.64	2.65	-0.01
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.12	0.24	-0.13
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.28	0.55	-0.28
Sharpe Ratio (All Time) Calculated using the full available price history	0.44	1.05	-0.62

Drawdowns

ITM vs. FTABX - Drawdown Comparison

The maximum ITM drawdown since its inception was -24.75%, which is greater than FTABX's maximum drawdown of -16.14%. Use the drawdown chart below to compare losses from any high point for ITM and FTABX.

Drawdown Indicators

	ITM	FTABX	Difference
Max Drawdown Largest peak-to-trough decline	-24.75%	-16.14%	-8.61%
Max Drawdown (1Y) Largest decline over 1 year	-3.43%	-3.11%	-0.32%
Max Drawdown (3Y) Largest decline over 3 years	-5.68%	-5.99%	+0.31%
Max Drawdown (5Y) Largest decline over 5 years	-15.11%	-16.14%	+1.03%
Max Drawdown (10Y) Largest decline over 10 years	-24.75%	-16.14%	-8.61%
Current Drawdown Current decline from peak	-1.24%	-0.78%	-0.46%
Average Drawdown Average peak-to-trough decline	-2.98%	-2.12%	-0.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.06%	0.90%	+0.16%

Volatility

ITM vs. FTABX - Volatility Comparison

The current volatility for VanEck Intermediate Muni ETF (ITM) is 1.01%, while Fidelity Tax-Free Bond Fund (FTABX) has a volatility of 1.08%. This indicates that ITM experiences smaller price fluctuations and is considered to be less risky than FTABX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ITM	FTABX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.01%	1.08%	-0.07%
Volatility (6M) Calculated over the trailing 6-month period	2.19%	2.16%	+0.03%
Volatility (1Y) Calculated over the trailing 1-year period	2.85%	2.76%	+0.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.31%	4.16%	+0.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.10%	4.29%	+2.81%

ITM vs. FTABX - Expense Ratio Comparison

ITM has a 0.24% expense ratio, which is lower than FTABX's 0.25% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

ITM vs. FTABX - Dividend Comparison

ITM's dividend yield for the trailing twelve months is around 2.92%, less than FTABX's 3.21% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FTABX Fidelity Tax-Free Bond Fund	3.21%	4.18%	2.81%	2.90%	2.16%	2.27%	2.64%	2.94%	3.01%	3.49%	4.22%	3.29%
ITM VanEck Intermediate Muni ETF	2.92%	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

Can I hold both ITM and FTABX in my portfolio?

ITM and FTABX have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ITM or FTABX?

FTABX has higher volatility (1.08%) compared to ITM (1.01%). In terms of maximum drawdown, ITM dropped -24.75% vs FTABX's -16.14%.

Which has better risk-adjusted returns?

FTABX currently has the higher Sharpe Ratio (2.65 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.