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ITM vs. MUB
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ITM vs. MUB

Last updated Jun 3, 2026

ITM (VanEck Intermediate Muni ETF) and MUB (iShares National AMT-Free Muni Bond ETF) are both Municipal Bonds funds - ITM tracks the Bloomberg AMT-Free Intermediate Continuous while MUB tracks the S&P National AMT-Free Municipal Bond Index. Both are passively managed. Over the past 10 years, ITM returned 1.96%/yr vs 2.00%/yr for MUB. A 0.61 correlation means they provide meaningful diversification when combined. ITM charges 0.24%/yr vs 0.07%/yr for MUB.

Performance

ITM vs. MUB - Performance Comparison

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

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Returns By Period

In the year-to-date period, ITM achieves a 0.69% return, which is significantly lower than MUB's 1.32% return. Both investments have delivered pretty close results over the past 10 years, with ITM having a 1.96% annualized return and MUB not far ahead at 2.00%.

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%

MUB

1D
0.15%
1M
0.53%
YTD
1.32%
6M
1.88%
1Y
7.06%
3Y*
3.46%
5Y*
0.91%
10Y*
2.00%
*Multi-year figures are annualized to reflect compound growth (CAGR)

ITM vs. MUB - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
MUB
iShares National AMT-Free Muni Bond ETF		1.32%3.78%1.26%5.56%-7.34%1.02%5.12%7.06%0.93%4.72%

Correlation

The correlation between ITM and MUB is 0.84, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.84

Correlation (3Y)
Calculated over the trailing 3-year period

0.88

Correlation (5Y)
Calculated over the trailing 5-year period

0.87

Correlation (10Y)
Calculated over the trailing 10-year period

0.81

Correlation (All Time)
Calculated using the full available price history since Dec 7, 2007

0.61

Over the past year, ITM and MUB have become more correlated (0.84) than their long-term average of 0.61, meaning their price movements have been converging.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

VanEck Intermediate Muni ETF

iShares National AMT-Free Muni Bond ETF

Often compared with ITM:
ITM vs. QTUMITM vs. MUSTITM vs. HYMBITM vs. VTEBITM vs. SCMBITM vs. FTABXITM vs. GLD
Often compared with MUB:
MUB vs. VTEBMUB vs. SUBMUB vs. CMFMUB vs. NYFMUB vs. MUNIMUB vs. HYDMUB vs. VWIUX

Return for Risk

ITM vs. MUB — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ITM
ITM Risk / Return Rank: 6767
Overall Rank
ITM Sharpe Ratio Rank: 8080
Sharpe Ratio Rank
ITM Sortino Ratio Rank: 8484
Sortino Ratio Rank
ITM Omega Ratio Rank: 8888
Omega Ratio Rank
ITM Calmar Ratio Rank: 4141
Calmar Ratio Rank
ITM Martin Ratio Rank: 4242
Martin Ratio Rank
MUB
MUB Risk / Return Rank: 6767
Overall Rank
MUB Sharpe Ratio Rank: 7474
Sharpe Ratio Rank
MUB Sortino Ratio Rank: 7878
Sortino Ratio Rank
MUB Omega Ratio Rank: 8484
Omega Ratio Rank
MUB Calmar Ratio Rank: 4848
Calmar Ratio Rank
MUB Martin Ratio Rank: 5050
Martin Ratio Rank
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. MUB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Intermediate Muni ETF (ITM) and iShares National AMT-Free Muni Bond ETF (MUB). 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.

ITMMUBDifference

Sharpe ratio

Return per unit of total volatility

2.64

2.43

+0.20

Sortino ratio

Return per unit of downside risk

3.82

3.55

+0.27

Omega ratio

Gain probability vs. loss probability

1.56

1.51

+0.05

Calmar ratio

Return relative to maximum drawdown

2.11

2.42

-0.32

Martin ratio

Return relative to average drawdown

6.79

8.59

-1.80

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. MUB - Sharpe Ratio Comparison

The current ITM Sharpe Ratio is 2.64, which is comparable to the MUB Sharpe Ratio of 2.43. The chart below compares the historical Sharpe Ratios of ITM and MUB, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

ITMMUBDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.64

2.43

+0.20

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.12

0.23

-0.11

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.28

0.41

-0.13

Sharpe Ratio (All Time)

Calculated using the full available price history

0.44

0.58

-0.15

Drawdowns

ITM vs. MUB - Drawdown Comparison

The maximum ITM drawdown since its inception was -24.75%, which is greater than MUB's maximum drawdown of -13.68%. Use the drawdown chart below to compare losses from any high point for ITM and MUB.

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Drawdown Indicators

ITMMUBDifference

Max Drawdown

Largest peak-to-trough decline

-24.75%

-13.68%

-11.07%

Max Drawdown (1Y)

Largest decline over 1 year

-3.43%

-2.79%

-0.64%

Max Drawdown (3Y)

Largest decline over 3 years

-5.68%

-5.34%

-0.34%

Max Drawdown (5Y)

Largest decline over 5 years

-15.11%

-11.88%

-3.23%

Max Drawdown (10Y)

Largest decline over 10 years

-24.75%

-13.68%

-11.07%

Current Drawdown

Current decline from peak

-1.24%

-0.62%

-0.62%

Average Drawdown

Average peak-to-trough decline

-2.98%

-2.23%

-0.75%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.06%

0.79%

+0.27%

Volatility

ITM vs. MUB - Volatility Comparison

VanEck Intermediate Muni ETF (ITM) and iShares National AMT-Free Muni Bond ETF (MUB) have volatilities of 1.01% and 0.98%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

ITMMUBDifference

Volatility (1M)

Calculated over the trailing 1-month period

1.01%

0.98%

+0.03%

Volatility (6M)

Calculated over the trailing 6-month period

2.19%

2.23%

-0.04%

Volatility (1Y)

Calculated over the trailing 1-year period

2.85%

2.93%

-0.08%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

4.31%

4.06%

+0.25%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

7.10%

4.92%

+2.18%

ITM vs. MUB - Expense Ratio Comparison

ITM has a 0.24% expense ratio, which is higher than MUB's 0.07% expense ratio. However, 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. MUB - Dividend Comparison

ITM's dividend yield for the trailing twelve months is around 2.92%, less than MUB's 3.17% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
MUB
iShares National AMT-Free Muni Bond ETF		3.17%3.14%3.01%2.65%2.11%1.81%2.11%2.42%2.46%2.26%2.21%2.51%

Frequently Asked Questions

ITM and MUB have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

ITM has higher volatility (1.01%) compared to MUB (0.98%). In terms of maximum drawdown, ITM dropped -24.75% vs MUB's -13.68%.

On 10-year performance, MUB leads with 2.00% vs 1.96% for ITM. On fees, MUB is cheaper at 0.07% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, MUB has performed better with a 2.00% return vs 1.96%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

MUB is cheaper with a 0.07% expense ratio, compared with 0.24% for ITM.

MUB has the higher dividend yield at 3.17%, compared with 2.92% for ITM.

ITM tracks Bloomberg AMT-Free Intermediate Continuous, while MUB tracks S&P National AMT-Free Municipal Bond Index. They also come from different issuers: VanEck and iShares. Their fees differ too: 0.24% for ITM and 0.07% for MUB.

ITM currently has the higher Sharpe Ratio (2.64 vs 2.43), 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.

Portfolio Optimizer

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