ITM vs. HYMB
ITM (VanEck Intermediate Muni ETF) and HYMB (SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF) are both Municipal Bonds funds - ITM tracks the Bloomberg AMT-Free Intermediate Continuous while HYMB tracks the Bloomberg Municipal Yield. Both are passively managed. Over the past 10 years, ITM returned 1.95%/yr vs 2.46%/yr for HYMB. A 0.54 correlation means they provide meaningful diversification when combined. ITM charges 0.24%/yr vs 0.35%/yr for HYMB.
Performance
ITM vs. HYMB - Performance Comparison
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Returns By Period
In the year-to-date period, ITM achieves a 0.61% return, which is significantly lower than HYMB's 2.87% return. Over the past 10 years, ITM has underperformed HYMB with an annualized return of 1.95%, while HYMB has yielded a comparatively higher 2.46% annualized return.
ITM
- 1D
- -0.09%
- 1M
- 0.79%
- YTD
- 0.61%
- 6M
- 1.22%
- 1Y
- 7.29%
- 3Y*
- 3.70%
- 5Y*
- 0.44%
- 10Y*
- 1.95%
HYMB
- 1D
- -0.04%
- 1M
- 1.19%
- YTD
- 2.87%
- 6M
- 3.18%
- 1Y
- 7.43%
- 3Y*
- 5.09%
- 5Y*
- 0.42%
- 10Y*
- 2.46%
ITM vs. HYMB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ITM VanEck Intermediate Muni ETF | 0.61% | 5.34% | 0.73% | 5.69% | -9.33% | 0.21% | 5.87% | 8.46% | 0.96% | 6.13% |
HYMB SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF | 2.87% | 2.04% | 5.52% | 7.73% | -15.54% | 5.16% | 3.74% | 9.51% | 4.91% | 3.22% |
Correlation
The correlation between ITM and HYMB is 0.78, 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 | 0.78 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.77 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.74 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.62 |
Correlation (All Time) Calculated using the full available price history since Apr 15, 2011 | 0.54 |
Over the past year, ITM and HYMB have become more correlated (0.78) than their long-term average of 0.54, meaning their price movements have been converging.
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Return for Risk
ITM vs. HYMB — Risk / Return Rank
ITM
HYMB
ITM vs. HYMB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Intermediate Muni ETF (ITM) and SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF (HYMB). 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 | HYMB | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 2.58 | 1.84 | +0.74 |
Sortino ratioReturn per unit of downside risk | 3.74 | 2.63 | +1.10 |
Omega ratioGain probability vs. loss probability | 1.55 | 1.37 | +0.17 |
Calmar ratioReturn relative to maximum drawdown | 2.13 | 2.40 | -0.27 |
Martin ratioReturn relative to average drawdown | 6.84 | 8.51 | -1.67 |
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
| ITM | HYMB | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.58 | 1.84 | +0.74 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.10 | 0.06 | +0.04 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.28 | 0.22 | +0.06 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.44 | 0.45 | -0.01 |
Drawdowns
ITM vs. HYMB - Drawdown Comparison
The maximum ITM drawdown since its inception was -24.75%, smaller than the maximum HYMB drawdown of -29.57%. Use the drawdown chart below to compare losses from any high point for ITM and HYMB.
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Drawdown Indicators
| ITM | HYMB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -24.75% | -29.57% | +4.82% |
Max Drawdown (1Y)Largest decline over 1 year | -3.43% | -3.11% | -0.32% |
Max Drawdown (3Y)Largest decline over 3 years | -5.68% | -7.44% | +1.76% |
Max Drawdown (5Y)Largest decline over 5 years | -15.11% | -20.15% | +5.04% |
Max Drawdown (10Y)Largest decline over 10 years | -24.75% | -29.57% | +4.82% |
Current DrawdownCurrent decline from peak | -1.33% | -0.04% | -1.29% |
Average DrawdownAverage peak-to-trough decline | -2.98% | -3.81% | +0.83% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.07% | 0.88% | +0.19% |
Volatility
ITM vs. HYMB - Volatility Comparison
The current volatility for VanEck Intermediate Muni ETF (ITM) is 1.01%, while SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF (HYMB) has a volatility of 1.35%. This indicates that ITM experiences smaller price fluctuations and is considered to be less risky than HYMB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ITM | HYMB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.01% | 1.35% | -0.34% |
Volatility (6M)Calculated over the trailing 6-month period | 2.18% | 3.14% | -0.96% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.84% | 4.05% | -1.21% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.31% | 6.66% | -2.35% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.10% | 11.36% | -4.26% |
ITM vs. HYMB - Expense Ratio Comparison
ITM has a 0.24% expense ratio, which is lower than HYMB's 0.35% expense ratio.
Dividends
ITM vs. HYMB - Dividend Comparison
ITM's dividend yield for the trailing twelve months is around 2.93%, less than HYMB's 4.54% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HYMB SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF | 4.54% | 4.55% | 4.29% | 4.07% | 3.77% | 3.19% | 3.55% | 3.95% | 4.03% | 3.78% | 4.08% | 4.54% |
ITM VanEck Intermediate Muni ETF | 2.93% | 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 HYMB have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HYMB has higher volatility (1.35%) compared to ITM (1.01%). In terms of maximum drawdown, ITM dropped -24.75% vs HYMB's -29.57%.
On 10-year performance, HYMB leads with 2.46% vs 1.95% for ITM. On fees, ITM is cheaper at 0.24% per year. On volatility, ITM has been the lower-risk option at 1.01%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, HYMB has performed better with a 2.46% return vs 1.95%. 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 0.35% for HYMB.
HYMB has the higher dividend yield at 4.54%, compared with 2.93% for ITM.
ITM tracks Bloomberg AMT-Free Intermediate Continuous, while HYMB tracks Bloomberg Municipal Yield. They also come from different issuers: VanEck and State Street. Their fees differ too: 0.24% for ITM and 0.35% for HYMB.
ITM currently has the higher Sharpe Ratio (2.58 vs 1.84), 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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