ITM vs. SCMB

Last updated Jun 3, 2026

ITM (VanEck Intermediate Muni ETF) and SCMB (Schwab Municipal Bond ETF) are both Municipal Bonds funds - ITM tracks the Bloomberg AMT-Free Intermediate Continuous while SCMB tracks the ICE AMT-Free Core U.S. National Municipal Index - Benchmark TR Gross. Both are passively managed. Over the past 3 years, ITM returned 3.73%/yr vs 3.41%/yr for SCMB. Their correlation of 0.82 suggests significant overlap in exposure. ITM charges 0.24%/yr vs 0.03%/yr for SCMB.

Performance

ITM vs. SCMB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Intermediate Muni ETF (ITM) and Schwab Municipal Bond ETF (SCMB). 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 SCMB's 1.19% 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%

SCMB

• 1D: 0.27%
• 1M: 0.60%
• YTD: 1.19%
• 6M: 1.59%
• 1Y: 6.98%
• 3Y*: 3.41%
• 5Y*: —
• 10Y*: —

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

ITM vs. SCMB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
ITM VanEck Intermediate Muni ETF	0.69%	5.34%	0.73%	5.69%	3.36%
SCMB Schwab Municipal Bond ETF	1.19%	3.78%	0.91%	5.86%	3.05%

Correlation

The correlation between ITM and SCMB is 0.75, 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	0.75
Correlation (3Y) Calculated over the trailing 3-year period	0.82
Correlation (All Time) Calculated using the full available price history since Oct 13, 2022	0.82

The correlation between ITM and SCMB has been stable across timeframes, ranging from 0.75 to 0.82 - a consistent structural relationship.

Return for Risk

ITM vs. SCMB — 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

SCMB

SCMB Risk / Return Rank: 65
SCMB Sharpe Ratio Rank: 72
SCMB Sortino Ratio Rank: 78
SCMB Omega Ratio Rank: 83
SCMB Calmar Ratio Rank: 46
SCMB Martin Ratio Rank: 46

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. SCMB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Intermediate Muni ETF (ITM) and Schwab Municipal Bond ETF (SCMB). 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	SCMB	Difference
Sharpe ratio Return per unit of total volatility	2.64	2.39	+0.25
Sortino ratio Return per unit of downside risk	3.82	3.52	+0.30
Omega ratio Gain probability vs. loss probability	1.56	1.51	+0.05
Calmar ratio Return relative to maximum drawdown	2.11	2.28	-0.17
Martin ratio Return relative to average drawdown	6.79	7.65	-0.86
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. SCMB - Sharpe Ratio Comparison

The current ITM Sharpe Ratio is 2.64, which is comparable to the SCMB Sharpe Ratio of 2.39. The chart below compares the historical Sharpe Ratios of ITM and SCMB, 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	SCMB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.64	2.39	+0.25
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.12	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.28	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.44	0.98	-0.55

Drawdowns

ITM vs. SCMB - Drawdown Comparison

The maximum ITM drawdown since its inception was -24.75%, which is greater than SCMB's maximum drawdown of -6.13%. Use the drawdown chart below to compare losses from any high point for ITM and SCMB.

Drawdown Indicators

	ITM	SCMB	Difference
Max Drawdown Largest peak-to-trough decline	-24.75%	-6.13%	-18.62%
Max Drawdown (1Y) Largest decline over 1 year	-3.43%	-2.92%	-0.51%
Max Drawdown (3Y) Largest decline over 3 years	-5.68%	-5.57%	-0.11%
Max Drawdown (5Y) Largest decline over 5 years	-15.11%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-24.75%	—	—
Current Drawdown Current decline from peak	-1.24%	-0.75%	-0.49%
Average Drawdown Average peak-to-trough decline	-2.98%	-1.32%	-1.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.06%	0.87%	+0.19%

Volatility

ITM vs. SCMB - Volatility Comparison

VanEck Intermediate Muni ETF (ITM) and Schwab Municipal Bond ETF (SCMB) have volatilities of 1.01% and 1.04%, 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.

Volatility by Period

	ITM	SCMB	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.01%	1.04%	-0.03%
Volatility (6M) Calculated over the trailing 6-month period	2.19%	2.17%	+0.02%
Volatility (1Y) Calculated over the trailing 1-year period	2.85%	2.95%	-0.10%
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%	4.16%	+2.94%

ITM vs. SCMB - Expense Ratio Comparison

ITM has a 0.24% expense ratio, which is higher than SCMB's 0.03% 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. SCMB - Dividend Comparison

ITM's dividend yield for the trailing twelve months is around 2.92%, less than SCMB's 3.53% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
SCMB Schwab Municipal Bond ETF	3.53%	3.36%	3.34%	3.10%	0.59%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ITM and SCMB in my portfolio?

ITM and SCMB have a correlation of 0.75, 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 SCMB?

SCMB has higher volatility (1.04%) compared to ITM (1.01%). In terms of maximum drawdown, ITM dropped -24.75% vs SCMB's -6.13%.

Which ETF is better, ITM or SCMB?

On 3-year performance, ITM leads with 3.73% vs 3.41% for SCMB. On fees, SCMB is cheaper at 0.03% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ITM or SCMB?

Over the 3-year period, ITM has performed better with a 3.73% return vs 3.41%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ITM or SCMB?

SCMB is cheaper with a 0.03% expense ratio, compared with 0.24% for ITM.

Which ETF pays a higher dividend yield, ITM or SCMB?

SCMB has the higher dividend yield at 3.53%, compared with 2.92% for ITM.

What is the main difference between ITM and SCMB?

ITM tracks Bloomberg AMT-Free Intermediate Continuous, while SCMB tracks ICE AMT-Free Core U.S. National Municipal Index - Benchmark TR Gross. They also come from different issuers: VanEck and Charles Schwab. Their fees differ too: 0.24% for ITM and 0.03% for SCMB.

Which has better risk-adjusted returns?

ITM currently has the higher Sharpe Ratio (2.64 vs 2.39), 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.