MMIT vs. IBMN
MMIT (IQ MacKay Municipal Intermediate ETF) and IBMN (iShares iBonds Dec 2025 Term Muni Bond ETF) are both Municipal Bonds funds. MMIT is actively managed, while IBMN is passively managed. Over the past 5 years, MMIT returned 1.11%/yr vs 0.47%/yr for IBMN. At a 0.44 correlation, their price movements are largely independent. MMIT charges 0.31%/yr vs 0.18%/yr for IBMN.
Performance
MMIT vs. IBMN - Performance Comparison
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Returns By Period
MMIT
- 1D
- -0.04%
- 1M
- 0.50%
- YTD
- 1.40%
- 6M
- 1.79%
- 1Y
- 6.45%
- 3Y*
- 3.85%
- 5Y*
- 1.11%
- 10Y*
- —
IBMN
- 1D
- 0.00%
- 1M
- 0.00%
- YTD
- 0.00%
- 6M
- 0.00%
- 1Y
- 1.20%
- 3Y*
- 2.44%
- 5Y*
- 0.47%
- 10Y*
- —
MMIT vs. IBMN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
MMIT IQ MacKay Municipal Intermediate ETF | 1.40% | 5.03% | 1.46% | 5.42% | -7.40% | 1.55% | 6.17% | 7.49% | 2.43% |
IBMN iShares iBonds Dec 2025 Term Muni Bond ETF | 0.00% | 2.49% | 2.33% | 2.42% | -4.43% | -0.41% | 4.83% | 6.87% | 2.91% |
Correlation
The correlation between MMIT and IBMN is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.22 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.33 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.47 |
Correlation (All Time) Calculated using the full available price history since Nov 16, 2018 | 0.44 |
Over the past year, the correlation between MMIT and IBMN has dropped to 0.22 - well below their long-term average of 0.44, suggesting their price drivers have been diverging.
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Return for Risk
MMIT vs. IBMN — Risk / Return Rank
MMIT
IBMN
MMIT vs. IBMN - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for IQ MacKay Municipal Intermediate ETF (MMIT) and iShares iBonds Dec 2025 Term Muni Bond ETF (IBMN). 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.
| MMIT | IBMN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.43 | ||
| Sortino ratioReturn per unit of downside risk | +0.28 | ||
| Omega ratioGain probability vs. loss probability | 1.53 | 1.66 | -0.13 |
| Calmar ratioReturn relative to maximum drawdown | 2.50 | 6.02 | -3.52 |
| Martin ratioReturn relative to average drawdown | 8.50 | 24.21 | -15.71 |
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
| MMIT | IBMN | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.56 | 2.12 | +0.43 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.32 | 0.28 | +0.04 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.63 | 0.58 | +0.04 |
Drawdowns
MMIT vs. IBMN - Drawdown Comparison
The maximum MMIT drawdown since its inception was -12.28%, roughly equal to the maximum IBMN drawdown of -12.40%. Use the drawdown chart below to compare losses from any high point for MMIT and IBMN.
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Drawdown Indicators
| MMIT | IBMN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -12.28% | -12.40% | +0.12% |
Max Drawdown (1Y)Largest decline over 1 year | -2.59% | -0.25% | -2.34% |
Max Drawdown (3Y)Largest decline over 3 years | -3.96% | -1.10% | -2.86% |
Max Drawdown (5Y)Largest decline over 5 years | -12.28% | -7.36% | -4.92% |
Current DrawdownCurrent decline from peak | -0.77% | -0.05% | -0.72% |
Average DrawdownAverage peak-to-trough decline | -2.27% | -1.81% | -0.46% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.76% | 0.10% | +0.66% |
Volatility
MMIT vs. IBMN - Volatility Comparison
IQ MacKay Municipal Intermediate ETF (MMIT) has a higher volatility of 0.77% compared to iShares iBonds Dec 2025 Term Muni Bond ETF (IBMN) at 0.00%. This indicates that MMIT's price experiences larger fluctuations and is considered to be riskier than IBMN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MMIT | IBMN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.77% | 0.00% | +0.77% |
Volatility (6M)Calculated over the trailing 6-month period | 1.66% | 0.50% | +1.16% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.53% | 0.71% | +1.82% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.54% | 1.80% | +1.74% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.30% | 3.89% | +0.41% |
MMIT vs. IBMN - Expense Ratio Comparison
MMIT has a 0.31% expense ratio, which is higher than IBMN's 0.18% expense ratio.
Dividends
MMIT vs. IBMN - Dividend Comparison
MMIT's dividend yield for the trailing twelve months is around 3.57%, more than IBMN's 1.14% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
IBMN iShares iBonds Dec 2025 Term Muni Bond ETF | 1.14% | 2.03% | 2.03% | 1.72% | 0.97% | 0.70% | 1.11% | 1.65% | 0.23% | 0.00% |
MMIT IQ MacKay Municipal Intermediate ETF | 3.57% | 3.54% | 3.76% | 3.46% | 2.30% | 1.81% | 2.59% | 4.14% | 2.46% | 0.35% |
Frequently Asked Questions
MMIT and IBMN have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MMIT has higher volatility (0.77%) compared to IBMN (0.00%). In terms of maximum drawdown, MMIT dropped -12.28% vs IBMN's -12.40%.
On 5-year performance, MMIT leads with 1.11% vs 0.47% for IBMN. On fees, IBMN is cheaper at 0.18% per year. On volatility, IBMN has been the lower-risk option at 0.00%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, MMIT has performed better with a 1.11% return vs 0.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IBMN is cheaper with a 0.18% expense ratio, compared with 0.31% for MMIT.
MMIT has the higher dividend yield at 3.57%, compared with 1.14% for IBMN.
They also come from different issuers: New York Life and iShares. Their fees differ too: 0.31% for MMIT and 0.18% for IBMN.
MMIT currently has the higher Sharpe Ratio (2.56 vs 2.12), 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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