LGRO vs. MNBD

Last updated Jun 5, 2026

LGRO (Level Four Large Cap Growth Active ETF) and MNBD (ALPS Intermediate Municipal Bond ETF) are both exchange-traded funds - LGRO is a Large Cap Growth Equities fund actively managed by ALPS, while MNBD is a Municipal Bonds fund actively managed by ALPS. Both are actively managed. Over the past year, LGRO returned 25.66% vs 6.15% for MNBD. At a 0.13 correlation, their price movements are largely independent. Both charge a 0.50% expense ratio.

Performance

LGRO vs. MNBD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Level Four Large Cap Growth Active ETF (LGRO) and ALPS Intermediate Municipal Bond ETF (MNBD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, LGRO achieves a 8.22% return, which is significantly higher than MNBD's 1.36% return.

LGRO

• 1D: 0.41%
• 1M: 7.37%
• YTD: 8.22%
• 6M: 8.56%
• 1Y: 25.66%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MNBD

• 1D: 0.04%
• 1M: 0.34%
• YTD: 1.36%
• 6M: 1.73%
• 1Y: 6.15%
• 3Y*: 4.42%
• 5Y*: —
• 10Y*: —

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

LGRO vs. MNBD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
LGRO Level Four Large Cap Growth Active ETF	8.22%	18.15%	23.95%	11.74%
MNBD ALPS Intermediate Municipal Bond ETF	1.36%	5.15%	2.41%	4.28%

Correlation

The correlation between LGRO and MNBD is 0.15, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.15
Correlation (All Time) Calculated using the full available price history since Aug 24, 2023	0.13

LGRO vs. MNBD - Sectors Allocation Comparison

Sectors	LGRO	MNBD
Technology	48.1%	-
Consumer Cyclical	14.4%	-
Communication Services	13.4%	-
Financial Services	9.1%	-1.0%
Healthcare	8.1%	-
Industrials	3.0%	-
Energy	2.2%	-
Consumer Defensive	1.8%	-
Basic Materials	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

LGRO vs. MNBD — Risk / Return Rank

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

LGRO

LGRO Risk / Return Rank: 42
LGRO Sharpe Ratio Rank: 48
LGRO Sortino Ratio Rank: 46
LGRO Omega Ratio Rank: 46
LGRO Calmar Ratio Rank: 34
LGRO Martin Ratio Rank: 37

MNBD

MNBD Risk / Return Rank: 70
MNBD Sharpe Ratio Rank: 77
MNBD Sortino Ratio Rank: 82
MNBD Omega Ratio Rank: 87
MNBD Calmar Ratio Rank: 53
MNBD Martin Ratio Rank: 51

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.

LGRO vs. MNBD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Level Four Large Cap Growth Active ETF (LGRO) and ALPS Intermediate Municipal Bond ETF (MNBD). 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.

	LGRO	MNBD	Difference
Sharpe ratio: Return per unit of total volatility	1.65	2.47	-0.82
Sortino ratio: Return per unit of downside risk	2.25	3.62	-1.37
Omega ratio: Gain probability vs. loss probability	1.29	1.53	-0.24
Calmar ratio: Return relative to maximum drawdown	1.69	2.59	-0.90
Martin ratio: Return relative to average drawdown	5.51	8.50	-2.99
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

LGRO vs. MNBD - Sharpe Ratio Comparison

The current LGRO Sharpe Ratio is 1.65, which is lower than the MNBD Sharpe Ratio of 2.47. The chart below compares the historical Sharpe Ratios of LGRO and MNBD, 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

	LGRO	MNBD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.65	2.47	-0.82
Sharpe Ratio (All Time) Calculated using the full available price history	1.19	1.20	-0.01

Drawdowns

LGRO vs. MNBD - Drawdown Comparison

The maximum LGRO drawdown since its inception was -23.26%, which is greater than MNBD's maximum drawdown of -5.89%. Use the drawdown chart below to compare losses from any high point for LGRO and MNBD.

Drawdown Indicators

	LGRO	MNBD	Difference
Max Drawdown Largest peak-to-trough decline	-23.26%	-5.89%	-17.37%
Max Drawdown (1Y) Largest decline over 1 year	-15.24%	-2.38%	-12.86%
Max Drawdown (3Y) Largest decline over 3 years	—	-3.97%	—
Current Drawdown Current decline from peak	-1.80%	-0.88%	-0.92%
Average Drawdown Average peak-to-trough decline	-3.39%	-1.09%	-2.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.67%	0.72%	+3.95%

Volatility

LGRO vs. MNBD - Volatility Comparison

Level Four Large Cap Growth Active ETF (LGRO) has a higher volatility of 4.01% compared to ALPS Intermediate Municipal Bond ETF (MNBD) at 0.87%. This indicates that LGRO's price experiences larger fluctuations and is considered to be riskier than MNBD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	LGRO	MNBD	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.01%	0.87%	+3.14%
Volatility (6M) Calculated over the trailing 6-month period	11.40%	1.94%	+9.46%
Volatility (1Y) Calculated over the trailing 1-year period	15.62%	2.50%	+13.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.29%	3.77%	+15.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.29%	3.77%	+15.52%

LGRO vs. MNBD - Expense Ratio Comparison

Both LGRO and MNBD have an expense ratio of 0.50%.

Dividends

LGRO vs. MNBD - Dividend Comparison

LGRO's dividend yield for the trailing twelve months is around 0.32%, less than MNBD's 3.32% yield.

Position	TTM	2025	2024	2023	2022
LGRO Level Four Large Cap Growth Active ETF	0.32%	0.31%	0.39%	0.26%	0.00%
MNBD ALPS Intermediate Municipal Bond ETF	3.32%	3.32%	3.83%	3.44%	2.40%

Frequently Asked Questions

Can I hold both LGRO and MNBD in my portfolio?

LGRO and MNBD have a correlation of 0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, LGRO or MNBD?

LGRO has higher volatility (4.01%) compared to MNBD (0.87%). In terms of maximum drawdown, LGRO dropped -23.26% vs MNBD's -5.89%.

Which ETF is better, LGRO or MNBD?

On 1-year performance, LGRO leads with 25.66% vs 6.15% for MNBD. Both ETFs have the same 0.50% expense ratio. On volatility, MNBD has been the lower-risk option at 0.87%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, LGRO or MNBD?

Over the 1-year period, LGRO has performed better with a 25.66% return vs 6.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, LGRO or MNBD?

LGRO and MNBD have the same expense ratio: 0.50% per year.

Which ETF pays a higher dividend yield, LGRO or MNBD?

MNBD has the higher dividend yield at 3.32%, compared with 0.32% for LGRO.

What is the main difference between LGRO and MNBD?

LGRO is categorized as Large Cap Growth Equities, while MNBD is Municipal Bonds.

Which has better risk-adjusted returns?

MNBD currently has the higher Sharpe Ratio (2.47 vs 1.65), 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.