MMIT vs. IBMO
MMIT (IQ MacKay Municipal Intermediate ETF) and IBMO (iShares iBonds Dec 2026 Term Muni Bond ETF) are both Municipal Bonds funds. MMIT is actively managed, while IBMO is passively managed. Over the past 5 years, MMIT returned 1.21%/yr vs 0.72%/yr for IBMO. A 0.52 correlation means they provide meaningful diversification when combined. MMIT charges 0.31%/yr vs 0.18%/yr for IBMO.
Performance
MMIT vs. IBMO - Performance Comparison
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Returns By Period
In the year-to-date period, MMIT achieves a 1.65% return, which is significantly higher than IBMO's 1.03% return.
MMIT
- 1D
- 0.04%
- 1M
- 1.25%
- YTD
- 1.65%
- 6M
- 1.77%
- 1Y
- 6.09%
- 3Y*
- 3.69%
- 5Y*
- 1.21%
- 10Y*
- —
IBMO
- 1D
- 0.02%
- 1M
- 0.19%
- YTD
- 1.03%
- 6M
- 1.02%
- 1Y
- 2.62%
- 3Y*
- 2.80%
- 5Y*
- 0.72%
- 10Y*
- —
MMIT vs. IBMO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
MMIT IQ MacKay Municipal Intermediate ETF | 1.65% | 5.03% | 1.46% | 5.42% | -7.40% | 1.55% | 6.17% | 4.76% |
IBMO iShares iBonds Dec 2026 Term Muni Bond ETF | 1.03% | 3.11% | 1.97% | 2.90% | -5.36% | -0.16% | 5.48% | 4.69% |
Correlation
The correlation between MMIT and IBMO is 0.07, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.07 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.37 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.51 |
Correlation (All Time) Calculated using the full available price history since Apr 4, 2019 | 0.52 |
Over the past year, the correlation between MMIT and IBMO has dropped to 0.07 - well below their long-term average of 0.52, suggesting their price drivers have been diverging.
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Return for Risk
MMIT vs. IBMO — Risk / Return Rank
MMIT
IBMO
MMIT vs. IBMO - 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 2026 Term Muni Bond ETF (IBMO). 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| MMIT | IBMO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.03 | ||
| Sortino ratioReturn per unit of downside risk | -0.24 | ||
| Omega ratioGain probability vs. loss probability | 1.50 | 1.49 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 2.36 | 6.95 | -4.59 |
| Martin ratioReturn relative to average drawdown | 7.88 | 20.64 | -12.77 |
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Drawdowns
MMIT vs. IBMO - Drawdown Comparison
The maximum MMIT drawdown since its inception was -12.28%, smaller than the maximum IBMO drawdown of -14.77%. Use the drawdown chart below to compare losses from any high point for MMIT and IBMO.
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Drawdown Indicators
| MMIT | IBMO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -12.28% | -14.77% | +2.49% |
Max Drawdown (1Y)Largest decline over 1 year | -2.59% | -0.38% | -2.21% |
Max Drawdown (3Y)Largest decline over 3 years | -3.96% | -1.76% | -2.20% |
Max Drawdown (5Y)Largest decline over 5 years | -12.28% | -8.86% | -3.42% |
Current DrawdownCurrent decline from peak | -0.52% | 0.00% | -0.52% |
Average DrawdownAverage peak-to-trough decline | -2.26% | -2.31% | +0.05% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.77% | 0.13% | +0.64% |
Volatility
MMIT vs. IBMO - Volatility Comparison
IQ MacKay Municipal Intermediate ETF (MMIT) has a higher volatility of 0.68% compared to iShares iBonds Dec 2026 Term Muni Bond ETF (IBMO) at 0.22%. This indicates that MMIT's price experiences larger fluctuations and is considered to be riskier than IBMO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MMIT | IBMO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.68% | 0.22% | +0.46% |
Volatility (6M)Calculated over the trailing 6-month period | 1.68% | 0.79% | +0.89% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.52% | 1.10% | +1.42% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.55% | 2.14% | +1.41% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.29% | 4.50% | -0.21% |
MMIT vs. IBMO - Expense Ratio Comparison
MMIT has a 0.31% expense ratio, which is higher than IBMO's 0.18% expense ratio.
Dividends
MMIT vs. IBMO - Dividend Comparison
MMIT's dividend yield for the trailing twelve months is around 3.56%, more than IBMO's 2.39% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
IBMO iShares iBonds Dec 2026 Term Muni Bond ETF | 2.39% | 2.37% | 2.15% | 1.65% | 0.89% | 0.62% | 1.03% | 1.01% | 0.00% | 0.00% |
MMIT IQ MacKay Municipal Intermediate ETF | 3.56% | 3.54% | 3.76% | 3.46% | 2.30% | 1.81% | 2.59% | 4.14% | 2.46% | 0.35% |
Frequently Asked Questions
MMIT and IBMO have a correlation of 0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MMIT has higher volatility (0.68%) compared to IBMO (0.22%). In terms of maximum drawdown, MMIT dropped -12.28% vs IBMO's -14.77%.
On 5-year performance, MMIT leads with 1.21% vs 0.72% for IBMO. On fees, IBMO is cheaper at 0.18% per year. On volatility, IBMO has been the lower-risk option at 0.22%. 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 1.21% return vs 0.72%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IBMO is cheaper with a 0.18% expense ratio, compared with 0.31% for MMIT.
MMIT has the higher dividend yield at 3.56%, compared with 2.39% for IBMO.
They also come from different issuers: New York Life and iShares. Their fees differ too: 0.31% for MMIT and 0.18% for IBMO.
MMIT currently has the higher Sharpe Ratio (2.43 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.
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