LMUB vs. IBMM

Last updated Jun 4, 2026

LMUB (iShares Long-Term National Muni Bond ETF) and IBMM (iShares iBonds Dec 2024 Term Muni Bond ETF) are both Municipal Bonds funds from iShares - LMUB tracks the ICE AMT-Free US Long National Municipal Index while IBMM tracks the S&P AMT-Free Municipal Series Dec 2024 Index. Both are passively managed. LMUB charges 0.09%/yr vs 0.18%/yr for IBMM.

Performance

LMUB vs. IBMM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Long-Term National Muni Bond ETF (LMUB) and iShares iBonds Dec 2024 Term Muni Bond ETF (IBMM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

LMUB

• 1D: 0.01%
• 1M: 0.90%
• YTD: 2.32%
• 6M: 2.47%
• 1Y: 9.37%
• 3Y*: —
• 5Y*: —
• 10Y*: —

IBMM

• 1D: 0.00%
• 1M: 0.00%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

LMUB vs. IBMM - Yearly Performance Comparison

	2026 (YTD)
LMUB iShares Long-Term National Muni Bond ETF	1.33%
IBMM iShares iBonds Dec 2024 Term Muni Bond ETF	0.00%

Return for Risk

LMUB vs. IBMM — Risk / Return Rank

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

LMUB

LMUB Risk / Return Rank: 68
LMUB Sharpe Ratio Rank: 69
LMUB Sortino Ratio Rank: 72
LMUB Omega Ratio Rank: 77
LMUB Calmar Ratio Rank: 62
LMUB Martin Ratio Rank: 60

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.

LMUB vs. IBMM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Long-Term National Muni Bond ETF (LMUB) and iShares iBonds Dec 2024 Term Muni Bond ETF (IBMM). 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.

	LMUB	IBMM	Difference
Sharpe ratio: Return per unit of total volatility	2.24	—	—
Sortino ratio: Return per unit of downside risk	3.24	—	—
Omega ratio: Gain probability vs. loss probability	1.45	—	—
Calmar ratio: Return relative to maximum drawdown	3.02	—	—
Martin ratio: Return relative to average drawdown	10.61	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	LMUB	IBMM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.24	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.82	—	—

Drawdowns

LMUB vs. IBMM - Drawdown Comparison

The maximum LMUB drawdown since its inception was -5.51%, which is greater than IBMM's maximum drawdown of 0.00%. Use the drawdown chart below to compare losses from any high point for LMUB and IBMM.

Drawdown Indicators

	LMUB	IBMM	Difference
Max Drawdown Largest peak-to-trough decline	-5.51%	0.00%	-5.51%
Max Drawdown (1Y) Largest decline over 1 year	-3.11%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-1.61%	0.00%	-1.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.89%	—	—

Volatility

Volatility by Period

	LMUB	IBMM	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.44%	—	—
Volatility (6M) Calculated over the trailing 6-month period	3.05%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	4.21%	0.00%	+4.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.97%	0.00%	+5.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.97%	0.00%	+5.97%

LMUB vs. IBMM - Expense Ratio Comparison

LMUB has a 0.09% expense ratio, which is lower than IBMM's 0.18% 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

LMUB vs. IBMM - Dividend Comparison

LMUB's dividend yield for the trailing twelve months is around 3.77%, while IBMM has not paid dividends to shareholders.

Position	TTM	2025
IBMM iShares iBonds Dec 2024 Term Muni Bond ETF	0.00%	0.00%
LMUB iShares Long-Term National Muni Bond ETF	3.77%	3.14%

Frequently Asked Questions

Which ETF is better, LMUB or IBMM?

On fees, LMUB is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, LMUB or IBMM?

LMUB is cheaper with a 0.09% expense ratio, compared with 0.18% for IBMM.

Which ETF pays a higher dividend yield, LMUB or IBMM?

LMUB has the higher dividend yield at 3.77%, compared with 0.00% for IBMM.

What is the main difference between LMUB and IBMM?

LMUB tracks ICE AMT-Free US Long National Municipal Index, while IBMM tracks S&P AMT-Free Municipal Series Dec 2024 Index. Their fees differ too: 0.09% for LMUB and 0.18% for IBMM.